2009 – JANUARY - SEA ISLE CITY,NJ:

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

                                                           ORIGINAL          REDUCED           DAYS ON

ADDRESS                                        LIST PRICE          PRICE                 MARKET

240 93^rd (5)Bed.,(3.5)Bth. Front        $1,990,000.           $1,750,000.                289

240 93^rd (5)Bed.,(3.5)Bth. BayFront   2,550,000.             1,750,000.                285

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

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

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

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

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

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

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

CONDO/TOWNHOUSE – UNDER CONTRACT: 1/1/2009 TO 1/31/2009 = (6)

                                                                         ORIGINAL          REDUCED          DAYS ON

ADDRESS                                                       LIST PRICE           PRICE              MARKET

3800 Pleasure(2)Bed.,(1)Bth. #405                  $425,000.              $379,900.                 78

354 43rdPl(3)Bed.,(2)Bth. #1East                      395,000.                SAME                     19

* 33 75^th(5)Bed.,(3.5)Bth. West                         899,000.               879,000.                   176

28 79^th (4)Bed.,(3)Bth. East                             1,225,000.               885,000.                   105

* 17 76^th(5)Bed.,(3.5)Bth. West                         975,000.                 SAME                     2

7709 Pleasure (4)Bed.,(3.5)Bth. South            1,995,000.                SAME                     158

(2) NEW CONSTRUCTION

CONDO/TOWNHOUSE – COMPARABLE SALES: 1/1/2009 TO 1/31/2009 = (6)

                                                         ORIGINAL     REDUCED     SOLD     CLOSING   DAYS

ADDRESS                                       LIST PRICE      PRICE         PRICE        DATE     onMkt

3502 Landis(3)Bed.,(2)Bth. #6        $469,000.          $399,000.        $367,500.     1/2/09         414

115 32^nd(4)Bed.,(2.5)Bth. East          549,000.            539,000.          515,000.     1/29/09        80

5712 Central(4)Bed.,(2.5)Bth. East   535,000.             SAME            525,000.     1/20/09        50

* 130 48^th (5)Bed.,(3.5)Bth. East      745,000.             729,000.          700,000.     1/16/09        216

* 138 78^th(5)Bed.,(3.5)Bth. West      829,000.             815,000.          800,000.     1/2/09          338

26 55^th(5)Bed.,(4)Bth. East              1,179,000.             SAME           995,000.      1/23/09       227

(2) NEW CONSTRUCTION

                                                  ($ 4,306,000.)         ($ 4,196,000.)   ($ 3,902,500.)              (1,325)

Average Original               Average Reduced               Average Sold               Average Days List Price = $717,667.        List Price = $699,333.        Price = $650,417.         on Mkt. = 221

- Difference between Original List Price and SOLD Price = (9%)

- Difference between Original List Price and Reduced Price = (3%)

TOTAL SEA ISLE CITY SALE INVENTORY (AS OF 2/2/2009) = 304

RESIDENTIAL  (18) - LOTS/LAND (5)  - COMMERCIAL  (10)  - MULTI-FAMILY  (15)

CONDO/TOWNHOUSE  (256)

2009 – FEBRUARY - SEA ISLE CITY, NJ:

RESIDENTIAL – UNDER CONTRACT: 2/1/2009 TO 2/28/2009 = (2)

                                                           ORIGINAL               REDUCED               DAYS ON

ADDRESS                                        LIST PRICE              LIST PRICE            MARKET

130 40^TH(2)Bed.,(1)Bth.23’x 93’      $325,000.                     $299,900.                     57

126 73^rd (3)Bed.,(2)Bth. 50’x 110’     825,000.                       775,000.                     24

RESIDENTIAL – COMPARABLE SALES: 2/1/2009 TO 2/28/2009 = (0)

LOTS/LAND – UNDER CONTRACT: 2/1/2009 TO 2/28/2009 = (0)

LOTS/LAND – COMPARABLE SALES: 2/1/2009 TO 2/28/2009 = (0)

COMMERCIAL – UNDER CONTRACT: 2/1/2009 TO 2/28/2009 = (1)

                                                             ORIGINAL               REDUCED              DAYS ON

ADDRESS                                           LIST PRICE             LIST PRICE           MARKET

8405 Landis 73’x 61’ lot                       $299,900.                       SAME                       15

         Office/Professional – 2,495 sq.ft.

COMMERCIAL – COMPARABLE SALES: 2/1/2009 TO 2/28/2009 = (0)

MULTI-FAMILY – UNDER CONTRACT: 2/1/2009 TO 2/28/2009 = (0)

MULTI-FAMILY – COMPARABLE SALES: 2/1/2009 TO 2/28/2009 = (0)

CONDO/TOWNHOUSE – UNDER CONTRACT: 2/1/2009 TO 2/28/2009 = (14)

                                                                      ORIGINAL               REDUCED            DAYS ON

ADDRESS                                                    LIST PRICE             LIST PRICE         MARKET

4600 Landis(3)Bed.,(2)Bth. #4A                  $259,000.                       SAME                        46

4114 Central(3)Bed.,(2)Bth. #101                  335,000.                      269,900.                      321

121 39^th(2)Bed.,(1)Bth. 1stFl                          369,000.                      309,000.                      505

135 65^th(2)Bed.,(1.5)Bth. #14                         349,900.                      339,900.                      50

382 43rdPl(3)Bed.,(1)Bth. #C                         379,900.                       SAME                        162

8 84^th(2)Bed.,(1)Bth. 1^st Fl                              499,000.                      450,000.                       131

374 43rdPl(3)Bed.,(2)Bth. #5                          499,500.                       SAME                         34

126 39^th(4)Bed.,(3.5)Bth. East                         599,900.                      529,900.                       113

125 80^th(4)Bed.,(2)Bth. East                            599,000.                      569,000.                       124

133 53^rd(5)Bed.,(3.5)Bth.                                 795,000.                        SAME                         42

* 137 59^th(4)Bed.,(3.5)Bth. East                      825,000.                       795,000.                       159

* 137 56^th(6)Bed.,(4.5)Bth. East                      799,000.                         SAME                         42

* 5000 Central(5)Bed.,(3.5)Bth. North            825,000.                         SAME                         199

300 46thPl(4)Bed.,(3)Bth. West                    1,099,000.                       999,000.                        122

(3) NEW CONSTRUCTION

CONDO/TOWNHOUSE – COMPARABLE SALES: 2/1/2009 TO 2/28/2009 = (8)

                                                              ORIGINAL     REDUCED     SOLD    CLOSE    DAYS

ADDRESS                                           LIST PRICE       PRICE        PRICE      DATE   onMkt

4114 Central(1)Bed.,(1)Bth. #210        $265,000.          $249,000.      $222,000.   2/17/09      318

3710 Central(3)Bed.,(1)Bth. #A,1stFl    283,900.            259,000.        252,500.   2/4/09        142

6804 Landis(5)Bed.,(3)Bth. North          575,000.             SAME          550,000.  2/29/09       112

9205 Pleasure(2)Bed.,(2)Bth. #202        649,900.            609,900.        575,000.   2/25/09       207

8911 Pleasure(4)Bed.,(2)Bth. West     1,200,000.            725,000.        680,000.   2/27/09       466

* 33 75^th(5)Bed.,(3.5)Bth. West             899,000.             879,000.        830,000.   2/10/09       208

* 5600 Pleasure(5)Bed.,(4)Bth. South   969,000.               SAME          925,000.  2/27/09        239

7709 Pleasure(4)Bed.,(3.5)Bth. South  1,995,000.             SAME       1,800,000.  2/23/09        191

(2)NEW CONSTRUCTION

                                                        (6,836,800.)         (6,260,900.)   (5,834,500.)                 (1,883)

Average Original               Average Reduced               Average Sold              Average Days on

List Price = $854,600.        List Price = $782,612.        Price = $729,312.        Market = 235

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

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

TOATL SEA ISLE CITY SALE INVENTORY (AS OF 3/6/2009) = 301

RESIDENTIAL                                                      16

LOTS/LAND                                                           4

COMMERCIAL                                                     10

MULTI-FAMILY                                                   12

CONDO/TOWNHOUSE                                        259

2009 – MARCH – SEA ISLE CITY,NJ:

RESIDENTIAL – UNDER CONTRACT: 3/1/2009 TO 3/31/2009 = (0)

RESIDENTIAL – COMPARABLE SALES: 3/1/2009 TO 3/31/2009 = (4)

                                               ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                            LIST PRICE     PRICE           PRICE       DATE       onMkt

130 40^th (2)Bed.,(1)Bth.         $325,000.         $299,900.        $277,000.     3/28/09        103

126 73^rd (3)Bed.,(2)Bth.           825,000.           775,000.          733,000.     3/28/09         70

240 93^rd (5)Bed.,(3.5)Bth.Front   1,990,000.    1,750,000.      1,550,000.   3/13/09         363

240 93^rd (5)Bed.,(3.5)Bth. Bay     2,550,000.   1,750,000.       1,550,000.   3/13/09        359

                                                 (5,690,000.)     (4,574,900.)   (4,110,000.)                   (895)

Average Original            Average Reduced            Average Sold            Average Days on

List Price = 1,422,500.    List Price = $1,143,725.    Price = $1,027,500.    Market = 224

- Difference between ORIGINAL List Price and SOLD Price = (28%)

- Difference between ORIGINAL List Price and REDUCED Price = (20%)

LOTS / LAND – UNDER CONTRACT: 3/1/2009 TO 3/31/2009 = (1)

                                                         ORIGINAL               REDUCED               DAYS ON

ADDRESS                                       LIST PRICE             LIST PRICE            MARKET

33 77^th St. 55’x 110’                         $1,100,000.                   SAME                         133

LOTS / LAND – COMPARABLE SALES: 3/1/2009 TO 3/31/2009 = (0)

COMMERCIAL – UNDER CONTRACT: 3/1/2009 TO 3/31/2009 = (0)

COMMERCIAL – COMPARABLE SALES: 3/1/2009 TO 3/31/2009 = (1)

                                                    ORIGINAL     REDUCED     SOLD     CLOSING    DAYS

ADDRESS                                 LIST PRICE      PRICE          PRICE        DATE      onMkt

8405 E.Landis Ave.                     $299,900.             SAME         $290,000.     3/30/09       56

          Office/Professional 2,495sq.ft.

MULTI-FAMILY – UNDER CONTRACT: 3/1/2009 TO 3/31/2009 = (2)

                                                               ORIGINAL            REDUCED            DAYS ON

ADDRESS                                             LIST PRICE          LIST PRICE          MARKET

209 87^th 40’x100’                                    $259,900.                    SAME                     26

3410 Landis(4/2)Bed.,(2/1)Bth.30x100    599,900.                    SAME                     147

MULTI-FAMILY – COMPARABLE SALES: 3/1/2009 TO 3/31/2009 = (0)

CONDO/TOWNHOUSE – UNDER CONTRACT: 3/1/2009 TO 3/31/2009 = (14)

                                                                          ORIGINAL          REDUCED          DAYS ON

ADDRESS                                                       LIST PRICE         LIST PRICE        MARKET

221 87^th(3)Bed.,(1.5)Bth. #304                        $425,000.                $349,900.               319

33 36^th (3)Bed.,(1.5)Bth. #2B                            447,500.                  399,900.                522

4111 Landis(2)Bed.,(2)Bth. #3rdFl.E                474,900.                   SAME                  2

242 40^th (3)Bed.,(2)Bth. East                             589,000.                  529,000.                147

18 51^st (4)Bed.,(2)Bth. 1^st Fl                              649,900.                  559,900.                 86

18 51^st (4)Bed.,(2)Bth. 2ndFl                             669,900.                  579,900.                 86

122 47^th (4)Bed.,(2)Bth. West                            599,000.                   SAME                   16

133 74^th (4)Bed.,(2.5)Bth. West                         619,000.                  599,000.                 57

121 81^st (4)Bed.,(3)Bth. West                             689,000.                  599,711.                345

114 49^th (5)Bed.,(3)Bth. West                            625,000.                  614,900.                 59

138 74^th (5)bed.,(3)Bth. East                              724,900.                  629,000.                 186

* 130 48^th (5)Bed.,(3.5)Bth. West                      745,000.                  729,000.                 277

* 137 56^th (6)Bed.,(4.5)Bth. West                      799,000.                    SAME                  52

6513 Pleasure(5)Bed.,(3.5)Bth. North             1,395,000. 1,295,000.                 72

(2) NEW CONSTRUCTION

CONDO/TOWNHOUSE – COMPARABLE SALES: 3/1/2009 TO 3/31/2009 = (14)

                                                         ORIGINAL     REDUCED     SOLD     CLOSING   DAYS

ADDRESS                                      LIST PRICE      PRICE         PRICE        DATE      onMkt

147 42^nd(2)Bed.,(1)Bth. #206          $335,000.          $299,000.        $280,000.   3/28/09        247

3800 Pleasure(2)Bed.,(1)Bth.#405    425,000.            379,900.          355,000.   3/20/09        147

354 43rdPl(3)Bed.,(2)Bth. #1E          395,000.            SAME            360,000.   3/6/09            53

382 43rdPl(3)Bed.,(1)Bth. #C            379,900.            SAME            360,825.   3/27/09         197

8 84^th(2)Bed.,(1)Bth. 1stFl                 499,000.            450,000.         414,000.   3/14/09          165

374 43rdPl(3)Bed.,(2)Bth. #5            499,500.             SAME           450,000.   3/28/09           78

125 80^th((4)Bed.,(2)Bth. East             599,000.            569,000.         537,500.   3/24/09          163

137 74^th(5)Bed.,(3.5)Bth. West          750,000.            659,000.         625,000. 3/31/09          187

33 78^th(4)Bed.,(3)Bth. East                799,000.            729,000.          675,000.  3/31/09           313

* 5000 Central(5)Bed.,(3.5)Bth. So   815,000.             799,000.         760,000.  3/23/09           243

133 53^rd(5)Bed.,(3.5)Bth. West         795,000.              SAME           765,000.  3/28/09           80

28 79^th(4)Bed.,(3)Bth. East             1,225,000.             885,000.         800,000.  3/13/09           340

29 73^rd(5)Bed.,(3)Bth. East               817,000.              SAME            817,000.  3/31/09           1

300 46thPl(4)Beed.,(3)Bth. West    1,099,000.             999,000.         975,000.  3/13/09           179

(1) NEW CONSTRUCTION

                                                      (9,432,400.)            (8,655,300.)   (8,174,325.)                (2,393)

Average Original            Average Reduced            Average Sold            Average Days on

List Price = $673,743.     List Price = $618,236.     Price = $583,880.      Market = 171

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

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

TOTAL SEA ISLE CITY SALE INVENTORY (AS OF 4/10/09) = (307)

RESIDENTIAL                                                       18

LOTS / LAND                                                          3

COMMERCIAL                                                      8

MULTI-FAMILY                                                    12

CONDO/TOWNHOUSE                                        266