2009 – NOVEMBER – AVALON,NJ:

RESIDENTIAL – UNDER CONTRACT: 11/1/2009 TO 11/30/2009 = (10)

                                                          ORIGINAL               REDUCED               DAYS ON

ADDRESS                                        LIST PRICE             LIST PRICE            MARKET

156 9^TH (3)Bed.,(1)Bth.                     $765,000.                   SAME                        15

274 16^th (4)Bed.,(2)Bth.                      825,000.                    SAME                        5

273 48^th (2)Bed.,(1)Bth.                      925,000.                    SAME                        166

124 10^th (4)Bed.,(2)Bth.                    1,050,000.                   SAME                         10

73 W. 11^th (4)Bed.,(2)Bth.                1,095,000.                   SAME                          73

246 16^th (5)Bed.,(4/2)Bth.                 1,599,000.                1,550,000.                       59

4528 Ocean (4)Bed.,(2.5)Bth.           1,548,000.                   SAME                          23

154 36^th (5)Bed.,(3.5)Bth.                 1,949,000.                   SAME                          10

225 75^th (7)Bed.,(7)Bth.                    3,150,000.                2,149,000.                       625

* 184 70^th (5)Bed.,(5)Bth.                 3,995,000.                    SAME                         233

(1) NEW CONSTRUCTION

RESIDENTIAL – COMPARABLE SALES: 11/1/2009 TO 11/30/2009 = (11)

                                                 ORIGINAL     REDUCED     SOLD     CLOSING     DOM

ADDRESS                               LIST PRICE      PRICE          PRICE         DATE

559 22^nd (3)Bed.,(1)Bth.           $799,000.          $557,000.        $400,000.       11/27/09      1,022

264 14^th (3)Bed.,(2)Bth.             769,000.             SAME            755,000.        11/21/09       67

233 19^th (3)Bed.,(1)Bth.             895,000.             SAME            805,000.        11/25/09      106

215 54^th (5)Bed.,(3)Bth.           1,399,000.         1,375,000.       1,100,000.       11/18/09       268

744 21^st (6)Bed.,(4)Bth.            1,250,000.            SAME         1,150,000.        11/3/09        110

388 22^nd (4)Bed.,(2)Bth.           1,595,000.         1,395,000.       1,325,000.        11/19/09      159

479 24^th (4)Bed.,(2)Bth.            1,280,000.            SAME          1,360,000.        11/16/09      52

* 1998 Ocean (5)Bed.,(4.5)Bth. 2,595,000.        2,090,000.       1,890,000.        11/6/09        631

4350 Fourth (4)Bed.,(2.5)Bth.   2,299,000.            SAME         2,050,000.        11/25/09      218

150 38^th (5)Bed.,(4.5)Bth.         2,595,000.            SAME          2,300,000.        11/20/09      105

316 60^th (4)Bed.,(3/2)Bth.         4,295,000.            SAME          4,005,000.        11/23/09       111

(1) NEW CONSTRUCTION

                                                (19,771,000.)       (18,800,000.)  (17,140,000.)                      (2849)

Average Original               Average Reduced               Average Sold              Average Days on

List Price = $1,797,364.     List5 Price = $1,709,091.   Price = $1,558,182.     Market = 259

- Difference between ORIGINAL List Price and SOLD Price = (13%)

- Difference between ORIGINAL List Price and REDUCED Price = (9%)

LOTS/LAND – UNDER CONTRACT: 11/1/2009 TO 11/30/2009 = (0)

LOTS/LAND – COMPARABLE SALES: 11/1/2009 TO 11/30/2009 = (2)

                                                       ORIGINAL     REDUCED     SOLD     CLOSING     DOM

ADDRESS                                    LIST PRICE     PRICE           PRICE        DATE

249 51^ST (60’x 110’)                      $925,000.           $895,000.        $850,000.     11/25/09      85

257 70^th (60’x 110’)                      1,395,000.              SAME          1,500,000.     11/6/09       296

                                                     (2,320,000.)          (2,290,000.)    (2,350,000.)                   (381)

Average Original                Average Reduced               Average Sold            Average Days on

List Price = $1,160,000.      List Price = $1,145,000.      Price = $1,175,000.   Market = 190

- Difference between ORIGINAL List Price and SOLD Price = (1%) Higher than List Price

- Difference between ORIGINAL List Price and REDUCED Price = (1%)

COMMERCIAL – UNDER CONTRACT: 11/1/2009 TO 11/30/2009 = (0)

COMMERCIAL – COMPARABLE SALES: 11/1/2009 TO 11/30/2009 = (0)

MULTI-FAMILY – UNDER CONTRACT: 11/1/2009 TO 11/30/2009 = (0)

MULTI-FAMILY – COMPARABLE SALES: 11/1/2009 TO 11/30/2009 = (0)

CONDO/TOWNHOUSE – UNDER CONTRACT: 11/1/2009 TO 11/30/2009 = (7)

                                                                         ORIGINAL               REDUCED               DOM

ADDRESS                                                       LIST PRICE             LIST PRICE

280 79^th (3)Bed.,(2)Bth. #C-2                          $510,000.                    SAME                          46

1708 Ocean (3)Bed.,(2)Bth. #5                          849,000.                    695,000.                       466

* 2160 Dune (3)Bed.,(3)Bth. #2160                  859,000.                     699,000.                      303

261 27^th (4)Bed.,(2.5)Bth. #261                        749,900.                      SAME                         6

344 41^st (5)Bed.,(3)Bth. #344                            849,000.                     795,000.                      219

241 33^rd (4)Bed.,(2.5)Bth. #East                       997,000.                      849,000.                      649

1100 Ocean (3)Bed.,(2)Bth. #310                    1,525,000.                   1,399,000.                    183

(1) NEW CONSTRUCTION Residential/Commercial

CONDO/TOWNHOUSE – COMPARABLE SALES: 11/1/2009 TO 11/30/2009 = (5)

                                                         ORIGINAL     REDUCED     SOLD     CLOSING    DOM

ADDRESS                                      LIST PRICE      PRICE          PRICE       DATE 

700 First (2)Bed.,(2)Bth. #203        $599,000.             SAME            $512,500.   11/30/09    236

2108 Ocean (3)Bed.,(2)Bth. 2ndFl   599,000.             549,000.           549,000.    11/20/09    224

272 29^th (4)Bed.,(3)Bth. East            749,000.            649,000.            625,000.    11/21/09    263

* 2318 Dune (3)Bed.,(3)Bth. #2318  849,000.            779,000.           725,000.    11/20/09    235

516 20^th (4)Bed.,(3.5)Bth. South     1,575,000.           985,000.           850,000.     11/19/09   930

(1) NEW CONSTRUCTION Residential/Commercial

                                                      (4,371,000.)         (3,561,000.)     (3,261,500.)                  (1888)

Average Original               Average Reduced               Average Sold              Average Days on

List Price = $874,200.        List Price = $712,200.        Price = $652,300.        Market = 378

- Difference between ORIGINAL List Price and SOLD Price = (25%)

- Difference between ORIGINAL List Price and REDUCED Price = (19%)

TOTAL AVALON SALE INVENTORY (AS OF 12/4/2009) = 386

RESIDENTIAL                                             206

LOTS/LAND                                                  27

COMMERCIAL                                            17

MULTI-FAMILY                                          9

CONDO/TOWNHOUSE                              127