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Oceanfront Market Update - Sales
Market Snapshot/Sold Market Analysis

Sold Market Analysis

AVAILABLE PROPERTIES

As of January 15, 2008

	Listings	Avg. Price	Median Price	DOM

Single Family
Avalon	188	$2,248,973	$1,972,500	251
Avalon Manor	16	$1,078,931	$ 955,000	257
Stone Harbor	102	$2,515,775	$2,395,000	195
Stone Harbor Manor	3	$ 646,867	$ 699,000	248
SUB TOTAL	309	$2,260,904	$1,995,000	233

Lots / Land
Avalon	18	$1,837,833	$1,492,500	315
Avalon Manor	9	$ 718,867	$ 679,000	271
Stone Harbor	9	$2,155,333	$1,849,000	294
Stone Harbor Manor	1	$ 955,000	$ 955,000	125
SUB TOTAL	37	$1,620,103	$1,289,000	294

Multi-Family Duplex
Avalon	9	$1,245,666	$1,119,000	325
Stone Harbor	17	$1,645,765	$1,595,000	340
SUB TOTAL	26	$1,507,269	$1,447,000	335

Multi-Family Four-Plex
Avalon	1	$1,990,000	$1,990,000	125

Multi-Family Triplex
Avalon	1	$2,695,000	$2,695,000	138
Stone Harbor	1	$4,000,000	$4,000,000	548
SUB TOTAL	2	$3,347,500	$3,347,500	343

Condo
Avalon	44	$658,292	$649,500	232
Stone Harbor	35	$722,483	$699,000	293
Stone Harbor Manor	3	$826,667	$775,000	309
SUB TOTAL	82	$691,851	$694,000	260

Townhouse
Avalon	83	$1,049,539	$899,000	294
Stone Harbor	19	$1,159,469	$1,049,000	197
Stone Harbor Manor	1	$749,000	$749,00	308
SUB TOTAL	103	1,066,899	$945,000	279

All Available Units	561	$1,736,283	$1,349,000	254

Current Market Snapshot

SOLD MARKET ANALYSIS

Avalon/Stone Harbor 2007 4th Quarter

	Sales	Avg. Price	Median Price	Avg. DOM	Active	Median Price

Single Family
Avalon	19	$1,762,500	$1,400,000	266	198	$1,992,500
Avalon Manor	-	-	-	-	17	$1,015,000
Stone Harbor	15	$970,347	$1,962,500	326	111	$2,300,000
Stone Harbor Manor	1	$560,000	$560,000	54	3	$699,000
TOTALS	35	$1,817,220	$1,550,000	286	329	$1,995,000

Lots / Land
Avalon	-	-	-	-	17	$1, 690,000
Avalon Manor	-	-	-	-	9	$679,000
Stone Harbor	1	$865,000	$865,000	141	9	$1,849,000
Stone Harbor Manor	-	-	-	-	1	$995,000
TOTALS	1	$865,000	$865,000	141	36	$1,292,000

Multi-Family
Avalon	-	-	-	-	11	$1,195,000
Stone Harbor	1	$865,000	$865,000	141	19	$1,595,000
TOTALS	1	$865,000	$865,000	141	30	$1,530,000

Condo/Townhouses
Avalon	14	$700,279	$717,000	164	134	$849,000
Stone Harbor	6	$659,417	$654,500	170	61	$775,000
Stone Harbor Manor	2	$742,500	$752,500	144	4	$773,000
TOTALS	22	$692,973	$687,500	164	199	$799,000

TOTAL LISTINGS	59	$1,365,731	$940,000	235	598	$1,299,000

Current Market Snapshot

YEAR END SOLD MARKET ANALYSIS

Single Family By Location 2006-2007

Price Range By Location Total Market Price Summary All Sold Listings Number of Sales

	Sales		Avg. Price		Median Price
	2006	2007	2006	2007	2006	2007
Beachfront
Avalon	9	3	5,152,777	6,875,000	4,600,000	4,450,000
Stone Harbor	2	4	4,975,000	4,273,750	4,975,000	4,072,500
TOTAL	11	7	5,120,545	5,388,571	4,700,000	4,450,000

Beachblock
Avalon	8	22	2,871,875	2,688,682	2,937,500	2,625,000
Stone Harbor	7	2	2,866,428	3,212,500	3,200,000	2,312,500
TOTAL	15	24	2,869,333	2,732,333	3,200,000	2,625,000

Bayfront
Avalon	20	14	3,499,700	2,894,643	3,284,500	3,000,000
Avalon Manor	1	2	975,000	1,000,000	975,000	1,000,000
Stone Harbor	4	9	3,233,750	2,706,778	2,957,500	1,950,000
Stone Harbor Manor	1	1	310,000	725,000	310,000	725,000

TOTAL	26	26	3,356,100	2,392,731	3,172,000	2,450,000

Current Market Snapshot

YEAR END SOLD MARKET ANALYSIS

By Location & Price 2006-2007

Single Family By Location Total Market Price Summary All Sold Listings Number of Sales

Price Range	Sales
	2006	2007
Beachfront
$2 million - $2,999,999	0	1
$3 million - $3,999,999	3	0
$4 million - $4,999,999	3	4
$5 million and up	5	3
Total	11	8

Beachblock
Up to $2 million	3	3
$2 million - $2,999,999	4	11
$3 million - $3,999,999	8	7
$4 million - $4,999,999	0	2
$5 million and up	0	1
Total	15	24

Bayfront
Up to $2 million	6	12
$2 million - $2,999,999	6	6
$3 million - $3,999,999	7	6
$4 million - $4,999,999	4	1
$5 million and up	3	1
Total	26	26

All Condo-Townhouse Market At A Glance

7%

2006 vs. 2007

42%

Stone Harbor Market At A Glance

15%

2006 vs. 2007

Single-family

40%

12%

Condo/
Townhouse

39%

Avalon Market History
Soaring Real Estate Market at the Shore

An article published in the Philadelphia Inquirer on Tuesday, June 15, talked about the soaring Real Estate Market at the shore. We gathered some of the excerpts that may be of interest to you.

"Things are heating up at the Shore...We're talking real estate. The fastest growing, highest-priced housing market around here is by the sea, by the sea, by the beautiful sea."

"Demand continues to grow, but there's only so much land, especially beachfront, so the values go up, up, up..."

"Cape May County showed the biggest gain in median home price ~ 77% adjusted for inflation from last year."

"Unlike real estate markets in the Philadelphia metropolitan area, the Shore housing market has two strong components: buyers looking for primary residences and those purchasing second homes for vacation or investment."

"You have the baby boomers and retirees wanting to move here because of the quality of life. That all adds up to incredible demand right now." *Source: Philadelphia Inquirer 6/15/04

Oceanfront Market Update 2007 Sales:

	Positive Momentum Continues! The pace of sales continues to out perform last years market!!
	YTD Single Family: 165 in 2007 vs. 158 in 2006

Oceanfront Market Update 2006 Sales:

	Total sales were down 48%, the average sale price is up nearly 24%...
	In Avalon, the average sale price for a single-family home was up an astounding 42% (median +21%) over the same time last year. Stone Harbor is down only 1.5% while the median price is up 16%. The average price for a condo/townhouse in Avalon was up by 22%.
	There have been 63% more sales over $3 million in Avalon and 67% more sales over $4 million on the island.
	We achieved a record-setting $9 million sale handled by the Avalon Real Estate Agency.
	We had one $5 million bay front sale in Avalon and we have a property with a $5.5 million list price under contract in Stone Harbor.
	Single-family home sales under $3 million are down 58% on the island.
	Bay front sales are up 33% in Avalon and are flat in Stone Harbor. The average sale price is up 35% in Avalon and down 13% in Stone Harbor.
	Beach front sales are up 150% in Avalon, with an average sale price of $5,260,000, a 28% increase. No Stone Harbor beach fronts have sold yet in 2006, although one is under contract. In 2005, one beach front property in Stone Harbor sold for $4.2 million.
	The Avalon Real Estate Agency's nearly 75% market share in beach front sales is more than four times the number-two agency.
	While beach block sales are down 59%, the average sale price is up 32%, a function of high demand for quality locations. The Avalon Real Estate Agency leads all agencies in securing beach block buyers with a 48% market share (by dollar volume).

Oceanfront Market Update 2005 Sales:

	The oceanfront market continues to perform well with 23% increases over a record setting 2004 in both average and median sale prices as of 12/31/2005.
	Avalon has transferred 14 properties as compared to 13 this time last year at an average of $4,355,000 and median of $4,043,000. One oceanfront property has sold in Stone Harbor at $4,200,000 (full price) this year as compared to 5 last year.
	Properties have sold a bit quicker in 2005 at 178 days vs. 241 days in 2004. Avalon's low sale for 2005 is $2,185,000 and $7,480,000 is the high sale.
	R.J. Soens was personally involved in 30% of the above sales this year (first place tie) and Avalon Real Estate was involved in 50%.

Current Market Snapshot

YEAR END SOLD MARKET ANALYSIS

Total Market Price Summary 2006-2007

Single Family By Location Price Range By Location All Sold Listings Number of Sales

All Single-Family Market At A Glance

12%

2006 vs. 2007

6%

Good News!

All available inventory
is down nearly 10%
since October 2007

Market Price	Sales
Market Price	2006	2007
Single Family
Up to $1 million	27	42
$1 million - $2 million	75	73
$2 million - $3 million	27	33
$3 million - $4 million	21	19
$4 million and up	15	8

Condo/Townhouse
Up to $500,000	37	53
$500,000 - $700,000	66	120
$700,000 - $1 million	79	88
$1 million and up	18	20
	12	14

Current Market Snapshot

YEAR END SOLD MARKET ANALYSIS

All Sold Listings 2006-2007

Single Family By Location Price Range By Location Total Market Price Summary Number of Sales

	Units	Avg. Price	Median Price
2006	406	1,389,000	968,000
2007	498	1,192,000	837,000

Current Market Snapshot

YEAR END SOLD MARKET ANALYSIS

Number of Sales 2006-2007

Single Family By Location Price Range By Location Total Market Price Summary All Sold Listings

Avalon Market At A Glance

12%

2006 vs. 2007

Single-family

6%

5%

Condo/
Townhouse

58%

2007 Year End Market History
Avalon sales in all categories

Year

Units Sold

Avg. Sale Price

+941%

2007

165

$1,613,000

2006

158

$1,883,000

2005

302

$1,458,342

2004

351

$1,348,000

2003

313

$988,191

2002

344

$756,565

2001

245

$711,553

2000

314

$665,200

1999

348

$455,100

1998

348

$357,500

1997

354

$356,300

1996

290

$285,451

1995

262

$303,111

1994

214

$285,498

1993

202

$305,715

1992

230

$300,807

1991

220

$303,790

1990

224

$339,660

1989

256

$318,270

1988

389

$281,370

1987

315

$214,750

1986

286

$191,450

1985

231

$267,450

1984

226

$158,890

1983

228

$158,160

1982

233

$154,890

Number of Sales	2006	2007
Single Family
Avalon	106	99
Avalon Manor	2	3
Sea Isle City	14	11
Stone Harbor	43	60
Stone Harbor Manor	1	3
TOTAL	166	176

Condo/Townhouse
Avalon	40	63
Sea Isle City	136	213
Stone Harbor	33	20
Stone Harbor Manor	2	3
TOTAL	211	299

Average Price	2006	2007
Single Family
Avalon	2,383,793	2,092,338
Avalon Manor	871,500	853,333
Sea Isle City	998,837	1,003,132
Stone Harbor	2,260,221	1,984,000
Stone Harbor Manor	310,000	595,000
OVERALL AVG.	2,204,269	1,942,271

Condo/Townhouse
Avalon	884,000	843,000
Sea Isle City	805,000	731,000
Stone Harbor	676,174	596,000
Stone Harbor Manor	765,000	862,000
OVERALL AVG.	799,481	747,000

Median Price	2006	2007
Single Family
Avalon	1,864,000	1,795,000
Avalon Manor	871,500	560,000
Sea Isle City	950,000	815,000
Stone Harbor	1,900,000	1,617,000
Stone Harbor Manor	310,000	560,000
TOTAL	1,800,000	1,595,000

Condo/Townhouse
Avalon	750,000	843,000
Sea Isle City	775,000	703,000
Stone Harbor	640,000	604,000
Stone Harbor Manor	765,000	860,000
TOTAL	760,000	705,000

Average Days on Market	2006	2007
Single Family
Avalon	212	223
Avalon Manor	270	285
Sea Isle City	195	160
Stone Harbor	202	263
Stone Harbor Manor	316	130
TOTAL AVERAGE	209	232

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