DECEMBER-2008-AVALON, NJ:

RESIDENTIAL – UNDER CONTRACT: 12/1/2008 TO 12/31/2008 = (3)

                                                           ORIGINAL          REDUCED          DAYS ON

ADDRESS                                         LIST PRICE        LIST PRICE       MARKET

215 53^rd (3)bed.,(1.5)Bth.                   $950,000.              $910,000.                 49

568 22^nd (4)Bed.,(3)bth.                      1,995,000.             1,675,000.                656

2888 Ocean Dr. (5)Bed.,(4)Bth.          2,200,000.             1,995,000.                307

RESIDENTIAL – COMPARABLE SALES: 12/1/2008 TO 12/31/2008 = (5)

                                               ORIGINAL     REDUCED     SOLD     CLOSING     DAYS

ADDRESS                            LIST PRICE      PRICE          PRICE       DATE         onMkt

282 17^th (4)Bed.,(4)Bth.        $1,289,000.        $1,179,000.     $999,999.    12/30/08       50

635 7^th (4)Bed.,(2)bth.             1,385,000.         1,190,000.      1,120,000.   12/13/08       304

594 24^th (6)Bed.,(4)Bth.          1,395,000.             SAME        1,200,000.   12/11/08        213

56 W 13^th (4)Bed.,(3)Bth.       1,390,000.             SAME         1,300,000.   12/19/08       128

* 308 76^th (5)Bed.,(5)Bth.       1,995,000.             SAME         1,925,000.   12/4/08         254

(*) NEW CONSTRUCTION = (1)

(7,454,000.)     (7,149,000.)     ( 6,544,999.)                       (949)

Average Original               Average Reduced               Average Sold               Average Days

List Price = $1,490,800.     List Price = $1,429,800.     Price = $1,308,999.     on Market = 199

- Difference between ORIGINAL List Price and SOLD Price = (12%)

- Difference between ORIGINAL List Price and REDUCED Price = (4%)

VACANT LOT / LAND – UNDER CONTRACT: 12/1/2008 TO 12/31/2008 = (0)

VACANT LOT / LAND – COMPARABLE SALES: 12/1/2008 TO 12/31/2008 = (1)

                                                         ORIGINAL     REDUCED     SOLD     CLOSING   DAYS

ADDRESS                                       LIST PRICE    PRICE          PRICE       DATE       onMkt

670 First Ave. 14,500 sq.ft. Inlet Lot  $3,995,000.     SAME       $3,400,000.  12/1/0/08      730

COMMERCIAL – UNDER CONTRACT: 12/1/2008 TO 12/31/2008 = (0)

COMMERCIAL – COMPARABLE SALES: 12/1/2008 TO 12/31/2008 = (0)

MULTI-FAMILY – UNDER CONTRACT: 12/1/2008 TO 12/31/2008 = (0)

MULTI-FAMILY – COMPARABLE SALES: 12/1/2008 TO 12/31/2008 = (1)

                                                 ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                              LIST PRICE      PRICE          PRICE        DATE       onMkt

10 W 15^th (3/3)Bed.,(1/1)Bth. $1,495,000.        $1,350,000.     $1,260,000.  12/15/08      266

CONDO/TOWNHOUSE – UNDER CONTRACT: 12/1/2008 TO 12/31/2008 = (4)

                                                                         ORIGINAL          REDUCED          DAYS ON

ADDRESS                                                        LIST PRICE        LIST PRICE      MARKET

300 79^th (3)Bed.,(2)Bth. #B4                            $630,000.                  SAME                    24

321 40^th (5)Bed.,(4)Bth. East                            1,095,000.                775,000.                  746

323 40^th (5)Bed.,(4)Bth. West                           1,195,000.                825,000.                  915

2008 Ocean (4)Bed.,(2.5)Bth. North                    969,000.                  SAME                   64

CONDO/TOWNHOUSE – COMPARABLE SALES: 12/1/2008 TO 12/31/2008 = (7)

                                                        ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                                      LIST PRICE      PRICE         PRICE       DATE       onMkt

235 33^RD (4)Bed.,(2.5)Bth. East     $799,000.           $700,000.       $560,000.    12/9/08       264

2689 Dune (3)Bed.,(2)Bth. 2ndFl     570,000.               SAME         570,000.     12/5/08       4

551 21^st (4)Bed.,(3.5)Bth. “A”        1,135,000.          1,099,000.       999,000.     12/12/08     96

2002 Ocean (5)Bed.,(5.5)Bth. No   2,100,000.          1,899,000.      1,800,000.   12/22/08     258

OCEANVIEW CONDOS - RENOVATION OF AVALON INN:

                                                            ORIGINAL     ASKING     SOLD     CLOSING    DAYS

ADDRESS                                         LIST PRICE     PRICE      PRICE        DATE       onMkt

7929 DUNE (1)Bed.,(1)Bth. #101         $319,990.       SAME       $324,940.     12/18/08        171

7929 DUNE (2)Bed.,(1)Bth. #207           330,990.       SAME         333,605.     12/16/08         164

7929 DUNE (1)Bed.,(1)Bth. #116           379,990..      SAME         390,415.     12/23/08         207 

                                                             (5,634,970.)   (5,298,970.) (4,977,960.)                    (1,164)

Average Original               Average Reduced               Average Sold               Average Days

Listing Price = $804,996.   List Price = $756,996.        Price = $713,994.        on Market = 166

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

- Difference between ORIGINAL List Price and REDUCED Price = (6%)

TOTAL AVALON SALE INVENTORY ( AS OF 1/3/2009) = (376)

RESIDENTIAL                                          195

VACNT LOTS / LAND                             22

COMMERCIAL                                        18

MULTI-FAMILY                                      6

CONDO/TOWNHOUSE                          135