2009 – APRIL - SEA ISLE CITY, NJ:

RESIDENTIAL – UNDER CONTRACT: 4/1/2009 TO 4/30/2009 = (1)

                                                            ORIGINAL            REDUCED            DAYS ON

ADDRESS                                          LIST PRICE         LIST PRICE          MARKET

4408 Venicean(4)Bed.,(2.5)Bth.         $750,000.                   SAME                       33

RESIDENTIAL – COMPARABLE SALES: 4/1/2009 TO 4/30/2009 = (0)

LOTS/LAND – UNDER CONTRACT: 4/1/2009 TO 4/30/2009 = (0)

LOTS/LAND – COMPARABLE SALES: 4/1/2009 TO 4/30/2009 = (1)

                                           ORIGINAL     REDUCED     SOLD     CLOSING     DAYS ON

ADDRESS                        LIST PRICE       PRICE        PRICE          DATE       MARKET

33 77^th(55’x110’)              $1,100,000.           SAME       $1,100,000.     4/10/09          167

COMMERCIAL – UNDER CONTRACT: 4/1/2009 TO 4/30/2009 = (0)

COMMERCIAL – COMPARABLE SALES: 4/1/2009 TO 4/30/2009 = (0)

MULTI-FAMILY – UNDER CONTRACT: 4/1/2009 TO 4/30/2009 = (2)

                                                              ORIGINAL            REDUCED            DAYS ON

ADDRESS                                            LIST PRICE          LIST PRICE         MARKET

20 40^th (3/2) Bed.,(2/1)Bth. 30’x80’      $799,000.                $499,000.                  202

26 49^th(4/2/2)Bed.,(2/1/1)Bth 50’x110’   995,000.                  SAME                     129

MULTI-FAMILY – COMPARABLE SALES: 4/1/2009 TO 4/30/2009 = (2)

                                                  ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                                LIST PRICE      PRICE         PRICE       DATE        onMkt

209 87^th(40’x100’)                    $259,900.            SAME           $260,000.    4/29/09        56

3410 Landis(4/2)Bed.,(2/1)Bth.599,000.              SAME            511,000.     4/30/09        185

                                                 (858,900)             (858,900.)      (771,000.)                       (241)

Average Original               Average Reduced               Average Sold             Average Days on

List Price = $429,450.        List Price = $429,450.        Price = $385,500.       Market = 120

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

- Difference between ORIGINAL List Price and REDUCED List Price = (0%)

CONDO/TOWNHOUSE – UNDER CONTRACT: 4/1/2009 TO 4/30/2009 = (5)

                                                                         ORIGINAL               REDUCED               DAYS

ADDRESS                                                      LIST PRICE              PRICE         ON MARKET

8400 Landis(3)Bed.,(2)Bth. #5                       $419,900.                     SAME                     78

238 58^th(4)Bed.,(2)Bth. West                            509,900.                    SAME                      28

205 44^th(5)Bed.,(3)Bth.                                     599,000.                    SAME                      23

118 77^th(4)Bed.,(3.5)Bth. West                         749,000.                   650,000.                    421

* 32 47^th(5)Bed.,(3)Bth. East                             829,000.                   SAME                       9

(1) NEW CONSTRUCTION

CONDO/TOWNHOUSE – COMPARABLE SALES: 4/1/2009 TO 4/30/2009 = (18)

                                                         ORIGINAL     REDUCED     SOLD     CLOSING   DAYS

ADDRESS                                       LIST PRICE       PRICE        PRICE        DATE     onMkt

4600 Landis(3)Bed.,(2)Bth #4A       $259,000.            SAME          $239,000.     4/11/09       99

121 39^th(2)Bed.,(1)Bth. 1stFl             369,000.            309,000.         290,000.      4/13/09      579

135 65^th(2)Bed.,1.5)Bth. #14              349,900.           339,900.         320,000.       4/24/09      112

242 40^th(3)Bed.,(2)Bth. East               589,000.           529,000.         460,000.       4/17/09      186

18 51^st(4)Bed.,(2)Bth. 2^nd                    669,900.           579,900.         484,500.       4/15/09      137

18 51^st(4)Bed.,(2)Bth. 1^st                     649,900.           559,900.         484,500.       4/15/09      137

                                                           (2,886,700.)       (2,317,700.)   (2,278,000.)                (1,250)

126 39^th(4)Bed.,(3.5)Bth. East            599,900.            529,900.         515,000.       4/18/09      172

133 74^th(4)Bed.,(2.5)Bth. West           619,000.           599,000.         547,000.       4/30/09       97

137 38^th(5)Bed.,(3.5)Bth. East            599,000.             SAME          557,000.       4/29/09       117

121 81^st(4)Bed.,(3)Bth. West              689,000.            599,711.        575,000.        4/28/09       390

114 49^th(5)Bed.,(3)Bth. West              625,000.            614,900.        592,000.        4/30/09      104

138 74^th(5)Bed.,(3)Bth. East               724,900.            629,000.        595,000.        4/28/09       231

                                                           (3,856,800.)      (3,571,511.)  (3,381,000.)                  (1,111)

130 48^th(5)Bed.,(3.5)Bth. West          745,000.            729,000.         685,000.        4/24/09      314

126 74^th(5)Bed.,(3.5)Bth. West          815,000.            729,000.         700,000.        4/8/09        464

130 75^th(5)Bed.,(3.5)Bth. West          749,000.             SAME           715,000.        4/25/09      135

* 137 59^th(4)Bed.,(3.5)Bth. East         825,000.            795,000.        780,000.         4/8/09        202

* 21 48^th(5)Bed.,(4)Bth. North         1,019,000.            999,000.        945,000.        4/17/09      233

6513 Pleasure(5)Bed.,(3.5)Bth. No  1,395,000.         1,295,000.        997,500.        4/29/09      105

(2) NEW CONSTRUCTION        (5,548,000.)      (5,296,000.)    (4,822,500.)                  (1,453)

                                                        (12,291,500.)     (11,185,211.)  (10,481,500.)               (3,814)

Average Original               Average Reduced               Average Sold              Average Days on

List Price = $682,861.        List Price = $621,401.        Price = $582,305.        Market = 212

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

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

TOTAL SEA ISLE CITY SALE INVENTORY (AS OF 6-5-2009) = 280

RESIDENTIAL                                                      15

LOTS/LAND                                                           6

COMMERCIAL                                                     10

MULTI-FAMILY                                                   11

CONDO/TOWNHOUSE                                       238

2009 – MAY – SEA ISLE CITY, NJ:

RESIDENTIAL – UNDER CONTRACT: 5/1/2009 TO 5/31/2009 = (2)

                                                            ORIGINAL               REDUCED               DAYS ON

ADDRESS                                          LIST PRICE            LIST PRICE            MARKET

5006 Pleasure(3)Bed.,(2.5)Bth.           $825,000.                  $789,000.                      62

18 18st (5)Bed.,(3.5)Bth.                    2,600,000.                     SAME                        14

RESIDENTIAL – COMPARABLE SALES: 5/1/2009 TO 5/31/2009 = (0)

LOTS/LAND – UNDER CONTRACT: 5/1/2009 TO 5/31/2009 = (0)

LOTS/LAND – COMPARABLE SALES: 5/1/2009 TO 5/31/2009 = (0)

COMMERCIAL – UNDER CONTRACT: 5/1/2009 TO 5/31/2009 = (0)

COMMERCIAL – COMPARABLE SALES: 5/1/2009 TO 5/31/2009 = (0)

MULTI-FAMILY – UNDER CONTRACT: 5/1/2009 TO 5/31/2009 = (0)

MULTI-FAMILY – COMPARABLE SALES: 5/1/2009 TO 5/31/2009 = (0)

CONDO/TOWNHOUSE – UNDER CONTRACT: 5/1/2009 TO 5/31/2009 = (15)

                                                                   ORIGINAL               REDUCED               DAYS ON

ADDRESS                                                LIST PRICE              LIST PRICE           MARKET

3900 Pleasure(2)Bed.,(1.5)Bth. #303        $329,900.                    $319,900.                    100

6400 Central (3)Bed.,(2)Bth. #C                 410,000.                      389,000.                     118

300 Landis (2)Bed.,(2)Bth. #F                     399,900.                      SAME                        78

113 75^th (4)Bed.,(2.5)Bth. East                    632,000.                      599,000.                     111

221 45^th (5)Bed.,(3)Bth. East                       629,000.                      599,000.                     122

137 81^st (4)Bed.,(3)Bth. East                       829,000.                      699,000.                      408

129 82^nd (4)Bed.,(3.5)Bth. West                  729,000.                       SAME                         14

5600 Landis (4)Bed.,(3)Bth. East                769,000.                      729,000.                       136

130 75^th (5)Bed.,(3.5)Bth. East                    749,000.                        SAME                        153

* 137 49^th (5)Bed.,(3.5)Bth. East                 799,000.                       779,000.                       168

109 79^th (5)Bed.,(3.5)Bth. West                   810,000.                       798,000.                       194

* 118 53^rd (5)Bed.,(3.5)Bth. West                799,000.                         SAME                        110

* 33 82^nd (5)Bed.,(4.5)Bth. West               1,175,000.                         SAME                        109

* 9 75^th (4)Bed., (4.5)Bth. East                   1,229,000.                   1,199,000.                       259

6613 Pleasure(5)Bed.,(5.5)Bth. No.           2,200,000.                        SAME                        49

(4) NEW CONSTRUCTION

CONDO/TOWNHOUSE – COMPARABLE SALES: 5/1/2009 TO 5/31/2009 = (16)

                                                        ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                                      LIST PRICE     PRICE          PRICE         DATE     onMkt

4114 Central(1)Bed.,(1)Bth. #315   $229,000.            SAME          $220,000.     5/14/09       82

4114 Central(3)Bed.,(2)Bth. #101     335,000.            269,900.         245,000.     5/21/09       411

221 87^th(3)Bed.,(1.5)Bth. #304          425,000.            349,900.         335,000.     5/1/09         373

122 47^th(4)Bed.,(2)Bth. West             599,000.            SAME            575,000.     5/29/09       97

119 80^th(5)Bed.,(4)Bth. West           $699,900.        $679,900.        $645,000.      5/27/09       144

110 79^th(4)Bed.,(3.5)Bth. East           739,900.          699,000.          650,000.      5/29/09        349

* 4801 Central(5)Bed.,(4)Bth. So.     743,000.          710,000.          667,500.      5/29/09        340

122 77^th(5)Bed.,(3.5)Bth. West          739,999.          729,000.         697,000.      5/15/09         218

* 126 74^th(5)Bed.,(3.5)Bth. East        815,000.          729,000.         702,000.       5/29/09         515

57 83^rd(4)Bed.,(2.5)Bth. West           799,900.           749,000.         725,000.       5/20/09        228

8204 Central(4)Bed.,(3.5)Bth. So.     799,900.           749,000.         749,000.      5/15/09         212

* 118 53^rd(5)Bed.,(3.5)Bth. East        799,000.            SAME           760,000.      5/15/09         245

133 51^st (4)Bed.,(3.5)Bth. East           850,000.           799,000.         775,000.      5/15/09        189

25 82^nd (5)Bed.,(3)Bth. East               850,000.            SAME           820,000.      5/22/09         48

* 17 76^th(5)Bed.,(3.5)Bth. West         975,000.            SAME           925,000.      5/22/09         227

* 21 48^th(5)Bed.,(4)Bth. So.            1,019,000.            SAME           990,000.      5/8/09           254

(5) NEW CONSTRUCTION

                                                       (11,418,599.)    (10,934,700.)  (10,480,500.)                  (3,932)

Average Original               Average Reduced               Average Sold              Average Days on

List Price = $713,662.        List Price = $683,419.        Price = $655,031.        Market = 246

- Difference between ORIGINAL List Price and SOLD Price = (8%)

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

TOTAL SEA ISLE CITY SALE INVENTORY (AS OF 6-6-2009) = 277

RESIDENTIAL                                                       15

LOTS/LAND                                                            5

COMMERCIAL                                                      10

MULTI-FAMILY                                                    11

CONDO/TOWNHOUSE                                         236

2009 – JUNE – SEA ISLE CITY, NJ:

RESIDENTIAL - UNDER CONTRACT: 6/1/2009 TO 6/30/2009 = (0)

RESIDENTIAL – COMPARABLE SALES: 6/1/2009 TO 6/30/2009 = (1)

                                                    ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                                  LIST PRICE     PRICE          PRICE       DATE       onMkt

5006 Pleasure(3)Bed.,(2.5)Bth.   $825,000.          $789,000.       $765,000.    6/26/09       96

LOTS/LAND – UNDER CONTRACT: 6/1/2009 TO 6/30/2009 = (0)

LOTS/LAND – COMPARABLE SALES: 6/1/2009 TO 6/30/2009 = (0)

COMMERCIAL – UNDER CONTRACT: 6/1/2009 TO 6/30/2009 = (0)

COMMERCIAL – COMPARABLE SALES: 6/1/2009 TO 6/30/2009 = (0)

MULTI-FAMILY – UNDER CONTRACT: 6/1/2009 TO 6/30/2009 = (0)

MULTI-FAMILY – COMPARABLE SALES: 6/1/2009 TO 6/30/2009 = (2)

                                                   ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                                 LIST PRICE      PRICE         PRICE       DATE       onMkt

20 40^th(3/2)Bed.,(2/1)Bth.          $799,000.           $499,000.      $450,000.     6/30/09      272

26 49^th(4/2/2)Bed.,(2/1/1)Bth.      955,000.               SAME         850,000.     6/15/09      188

CONDO/TOWNHOUSE – UNDER CONTRACT: 6/1/2009 TO 6/30/2009 = (9)

                                                              ORIGINAL            REDUCED            DAYS ON

ADDRESS                                            LIST PRICE          LIST PRICE         MARKET

30 37^th(3)Bed.,(1.5)Bth. #2E                   $379,000.                 $310,000.                  371

4400 Pleasue(2)Bed.,(1.5)Bth. 24-44^th     329,000.                    SAME                     37

* 6300 Landis(2)Bed.,(2)Bth. #A              385,000.                   SAME                     11

221 45^th(5)Bed.,(3)Bth. West                    629,000.                   599,000.                   169

8300 Pleasure(5)Bed.,(3)Bth. North          719,000.                   599,000.                   210

116 42^nd(4)Bed.,(3)Bth. West                    599,900.                     SAME                     21

125 72^nd(4)Bed.,(2)Bth. East                     605,000.                    599,999.                   16

316 46^thPlace (4)Bed.,(3.5)Bth. East            965,000.                    844,331.                   123

* 26 49^th(5)Bed.,(3)Bth. West                   879,900.                      SAME                     8

(2) NEW CONSTRUCTION

CONDO/TOWNHOUSE – COMPARABLE SALES: 6/1/2009 TO 6/30/2009 = (15)

                                                         ORIGINAL     REDUCED     SOLD     CLOSING   DAYS

ADDRESS                                       LIST PRICE      PRICE         PRICE        DATE     onMkt

6400 Central(3)Bed.,(2)Bth. #C       $410,000.          $389,000.       $375,000.      6/26/09     155

300 Landis(2)Bed.,(2)Bth. #F            399,900.              SAME          379,000.      6/19/09      107

8400 Landis(3)Bed.,(2)Bth. #5           419,900.             SAME           395,000.     6/26/09       143

238 58^th(4)Bed.,(2)Bth. West              509,900.             SAME          495,000.      6/18/09       87

113 75^th(4)Bed.,(2.5)Bth. East            632,000.             599,000.       550,000.       6/12/09      139

205 44^th(5)Bed.,(3)Bth. East               599,000.              SAME         575,000.       6/12/09       89

221 45^th(5)Bed.,(3)Bth. East               629,000.             599,000.       580,000.       6/19/09       166

137 81^st(4)Bed.,(3)Bth. East                829,000.            699,000.       655,000.       6/19/09        447

130 75^th(5)Bed.,(3.5)Bth. East             749,000.             SAME         715,000.       6/11/09        182

* 137 49^th(5)Bed.,(3.5)Bth. East          799,000.            779,000.       750,000.       6/26/09        200

* 118 53^rd(5)Bed.,(3.5)Bth. West         799,000.              SAME        760,000.      6/29/09        148

* 137 56^th(6)Bed.,(4.5)Bth. East           799,000.              SAME       760,000.       6/3/09          149

* 137 56^th(6)Bed.,(4.5)Bth. West          799,000.             SAME        775,000.       6/12/09       158

13 50^th (4)Bed.,(3.5)Bth. South             949,900.             899,900.      841,000.      6/29/09       424

* 33 82^nd(5)Bed.,(4.5)Bth. West         1,175,000.              SAME     1,045,000.      6/15/09       147

(5) NEW CONSTRUCTION

(10,498,600.)    (10,214,600.)   (9,650,000.)                  (2,741)

Average Original            Average Reduced            Average Sold            Average Days on

List Price = $699,907.     List Price = $680,973.     Price = $643,333.      Market = 183

- Difference between ORIGINAL List Price and SOLD Price = (8%)

- Difference between ORIGINAL List Price and REDUCED Price = (3%)

TOATL SEA ISLE CITY SALE INVENTORY (AS OF 7/30/2009) = 275

RESIDENTIAL                                                    17

LOTS/LAND                                                         7

COMMERCIAL                                                   9

MULTI-FAMILY                                                 11

CONDO/TOWNHOUSE                                      231