2009 – OCTOBER – AVALON,NJ:

RESIDENTIAL – UNDER CONTRACT: 10/1/2009 TO 10/31/2009 = (0)

RESIDENTIAL – COMPARABLE SALES: 10/1/2009 TO 10/31/2009 = (13)

                                               ORIGINAL     REDUCED    SOLD     CLOSING     DOM

ADDRESS                             LIST PRICE    PRICE          PRICE       DATE

234 14^th (3)Bed.,(2)Bth.         $749,000.             SAME         $739,500.    10/2/09        42

170 36^th (6)Bed.,(2)Bth.         1,100,000.           $950,000.       750,000.    10/30/09      102

161 30^th (3)Bed., (2/2)Bth.     1,150,000.             950,000.       755,000.    10/19/09       339

262 77^th (3)Bed.,(2.5)Bth.      1,399,999.          1,150,000.        925,050.    10/30/09      496

294 6th (4)Bed.,(3.5)Bth.       1,399,000.             995,000.        999,000.    10/30/09      95

103 34^th (4)Bed.,(3)Bth.         1,495,000.              SAME        1,275,000.   10/9/09        158

35 W. 22^nd (4)Bed.,(3)Bth.     1,600,000.           1,445,000.     1,300,000.   10/2/09        365

151 20^th (5)Bed.,(5)Bth.         1,795,000.           1,499,000.     1,423,000.    10/23/09     404

* 159 20^th (5)Bed., (5)Bth.     1,595,000.              SAME        1,500,000.    10/17/09     72

58 E. 15^th (4)Bed.,(3)Bth.       2,195,000.            1,795,000.     1,700,000.    10/3/09       218

36 E. 22^nd (3)Bed.,(1)Bth.      1,825,000.               SAME        1,825,000.     10/26/09    20

* 1918 Avalon (5)Bed.,(5)Bth. 2,595,000.          2,250,000.     2,070,000.    10/15/09     644

56 E. 18^th (5)Bed.,(3/2)Bth.    2,695,000.              SAME         2,400,000.     10/13/09    71

(2) NEW CONSTRUCTION

                                              (21,592,999.)        (19,393,000.)  (17,661,550.)              (3026)

Average Original            Average Reduced            Average Sold            Average Days on

List Price = $1,661,000.  List Price = $1,491,769.   Price = $1,358,581.   Market = 233

- Difference between ORIGINAL List Price and SOLD Price = (18%)

- Difference between ORIGINAL List Price and REDUCED Price = (10%)

LOTS/LAND – UNDER CONTRACT: 10/1/2009 TO 10/31/2009 = (0)

LOTS/LAND – COMPARABLE SALES: 10/1/2009 TO 10/31/2009 = (0)

COMMERCIAL – UNDER CONTRACT: 10/1/2009 TO 10/31/2009 – (0)

COMMERCIAL – COMPARABLE SALES: 10/1/2009 TO 10/31/2009 = (0)

MULTI-FAMILY – UNDER CONTRACT: 10/1/2009 TO 10/31/2009 = (0)

MULTI-FAMILY – COMPARABLE SALES: 10/1/2009 TO 10/31/2009 = (0)

CONDO/TOWNHOUSE – UNDER CONTRACT: 10/1/2009 TO 10/31/2009 = (2)

                                                                        ORIGINAL          REDUCED        DAYS ON

ADDRESS                                                      LIST PRICE        PRICE                MARKET

7901 Ocean Dr. (3)Bed.,(2)Bth. #C-6            $565,000.               SAME                  17

276 32^nd (5)Bed.,(3)Bth. West                          749,000.               SAME                  9

CONDO/TOWNHOUSE – COMPARABLE SALES: 10/1/2009 TO 10/31/2009 = (8)

                                                           ORIGINAL     REDUCED     SOLD     CLOSING  DOM

ADDRESS                                        LIST PRICE     PRICE           PRICE        DATE

1668 Ocean (3)Bed., (2) Bth. #B-6   $695,000.          $645,000.        $615,000.     10/2/09     125

*2176 Dune (3)Bed.,(3.5)Bth. #2176  799,000.            650,000.          620,000.      10/9/09    276

1688 Ocean (3)Bed.,(2)Bth. #A-5       695,000.            SAME             625,000.      10/9/09    122

*2168 Dune (3)Bed.,(3)Bth. #2168     899,000.            699,000.          670,000.      10/30/09  297

247 28^th (5)Bed., (3)Bth. West            829,000.            779,000.          700,000.      10/21/09  450

373 40^th (4)Bed.,(3)Bth. West             749,000.            SAME              707,500.     10/23/09  213

3042 Ocean (4)Bed.,(3)Bth. South      739,900.            SAME             730,000.      10/29/09   84

*2007 Dune (4)Bed.,(4.5)Bth. #2        995,000.            825,000.          825,000.      10/3/09    467

(3) NEW CONSTRUCTION - Residential/Commercial

                                                         (6,400,900.)          (5,781,900)     (5,492,500.)               (2634)

Average Original               Average Reduced               Average Sold               Average Days List Price = $800,112.        List Price = $722,737.        Price = $686,562.        on Mkt = 329

- Difference between ORIGINAL List Price and SOLD Price = (14%)

- Difference between ORIGINAL List Price and REDUCED Price = (10%)

TOTAL AVALON SALE INVENTORY (AS OF 12/3/2009) = 386

RESIDENTIAL                                                 206

LOTS/LAND                                                      27

COMMERCIAL                                                17

MULTI-FAMILY                                              9

CONDO/TOWNHOUSE                                  127