SEPTEMBER, 2008 – STONE HARBOR, NJ:

RESIDENTIAL – UNDER CONTRACT: 9/1/2008 TO 9/30/2008 = (4)

                                                           ORIGINAL          REDUCED          DAYS ON

ADDRESS                                         LIST PRICE        LIST PRICE        MARKET

10019 Sunrise(3)Bed.,(2.5)Bth.         $1,295,000.               SAME                   1

167 93^rd (4)Bed.,(2)Bth.                       1,695,000.           1,375,000.                 616

10911 Sunset(3)Bed.,(2)Bth.                1,775,000.               SAME                   5

119 90^th (4)Bed.,(3/2)Bth.                     2,995,000.          2,895,000.                  681

RESIDENTIAL – COMPARABLE SALES: 9/1/2008 TO 9/30/2008 = (4)

                                               ORIGINAL     REDUCED     SOLD     CLOSING   DAYS

ADDRESS                             LIST PRICE     PRICE          PRICE        DATE      onMkt

294 86^th(3)Bed.,(1.5)Bth.       $899,000.          $849,000.       $860,000.    9/30/08         345

10501 Corinthian(6)Bed.,(3)Bth.  1,295,000.     SAME        1,200,000.    9/12/08         304

141 101^st(4)Bed.,(3)Bth.        2,175,000.         1,775,000.      1,690,000.   9/20/08          564

* 253 82^nd(5)Bed.,(4)Bth.      2,168,000.         1,895,000.      1,800,000.   9/26/08          362

(*) NEW CONSTRUCTION = 1

                                            (6,537,000.)        (5,814,000.)    (5,550,000.)                     (1,575)

Average Original              Average Reduced              Average SOLD            Days on

List Price = $1,634,250.    List Price = $1,453,500.    Price = $1,387,500.      Market =394

- Difference between ORIGINAL List Price and SOLD Price = (15%)

- Difference between ORIGINAL List Price and REDUCED Price = (11%)

LOTS/LAND – UNDER CONTRACT: 9/1/2008 TO 9/30/2008 = (0)

LOTS/LAND – COMPARABLE SALES: 9/1/2008 TO 9/30/2008 = (0)

COMMERCIAL – UNDER CONTRACT: 9/1/2008 TO 9/30/2008 = (1)

                                                            ORIGINAL          REDUCED          DAYS ON

ADDRESS                                          LIST PRICE        LIST PRICE       MARKET

272 96^th 685sq.ft.                                 $650,000.                   SAME                103

“Love the Cook”

COMMERCIAL – COMPARABLE SALES: 9/1/2008 TO 9/30/2008 = (0)

MULTI-FAMILY – UNDER CONTRACT: 9/1/2008 TO 9/30/2008 = (1)

                                                              ORIGINAL          REDUCED          DAYS ON

ADDRESS                                            LIST PRICE        LIST PRICE         MARKET

8621 Third (2/2)Bed.,(1/1)Bth. 45x55  $789,000.               $600,000.                  182

MULTI-FAMILY – COMPARABLE SALES: 9/1/2008 TO 9/30/2008 = (0)

CONDO/TOWNHOUSE – UNDER CONTRACT: 9/1/2008 TO 9/30/2008 = (2)

                                                                         ORIGINAL          REDUCED          DAYS ON

ADDRESS                                                       LIST PRICE        LIST PRICE        MARKET

235 99^th (2)Bed.,(1)Bth. #”C”                          $549,000.               $499,000.                235

252 89^th (4)Bed.,(3)Bth. North                           997,500.                 899,000.                182

CONDO/TOWNHOUSE – COMPARABLE SALES: 9/1/2008 TO 9/30/2008 = (3)

                                                        ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                                      LIST PRICE     PRICE         PRICE         DATE      onMkt

9816 Second(1)Bed.,(1)Bth.#11      $325,000.           SAME          $287,500.     9/12/08        102

9511 Sunset(1)Bed.,(1)Bth.#203       339,000.          334,000.          305,000.     9/3/08           237

351 96^th(3)Bed.,(2)Bth. #413            317,900.          599,000.          525,000.      9/30/08        238

                                                       (981,900.)          (1,258,000.)    (1,117,500.)                     (577)

Average Original               Average Reduced               Average SOLD           Average Days on

List Price = $327,300.        List Price = $419,333.        Price = $372,500.        Market = 192

- Difference between REDUCED LIST PRICE and SOLD Price = (11%)

TOTAL STONE HARBOR SALE INVENTORY (AS OF 10/4/2008) = (225)

RESIDENTIAL                                                   116

LOTS / LAND                                                      8

COMMERCIAL                                                  10

MULTI-FAMILY                                                22

CONDO / TOWNHOUSE                                   69