Downtown Miami Development Analysis Developers' Inventory of New Condominiums and Sales Activity (2006 - April 30,2012)

Home , 1800 Club, 500 Brickell, Brickell on the River, Icon Brickell, Infinity at Brickell, Latitude on the River

DOWNTOWN MIAMI DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (2006 - APRIL 30,2012)

MIAMI-DADE COUNTY TAX RECORDS MLS DATA 2012 2011 2010 2009 2008 2007 2006 CURRENT 2012 2011 2010

Total Total Developer Total Total Completion Developer Developer Inventory Developer Developer Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Active Pending LP$/ Closed SP$/ Closed SP$/ Closed SP$/ Project Name Street Address Date Inventory Inventory Sold Inventory Inventory Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Listings Listings SqFt Sales SqFt Sales SqFt Sales SqFt Built Sold (Unclosed) Sold (%) Unsold

BRICKELL

1 500 Brickell East Tower 500 Brickell Ave. 2008 320 320 9 100% 0 0 $ - 4 $ 319 71 $ 313 125 $ 313 111 $ 421 0 $ - 0 $ - 14 3 $ 391 6 $ 326 18 $ 310 4 $ 288

2 500 Brickell West Tower 55 S.E. 6 St. 2008 313 313 0 100% 0 0 $ - 2 $ 329 50 $ 290 165 $ 279 96 $ 386 0 $ - 0 $ - 17 4 $ 400 3 $ 311 17 $ 295 3 $ 206

1060 Brickell (Avenue on Brickell 3 1050 Brickell Ave. 2008 261 261 0 100% 0 0 $ - 0 $ - 3 $ 373 156 $ 208 102 $ 361 0 $ - 0 $ - 10 3 $ 373 3 $ 287 9 $ 260 5 $ 188 West Tower)

1060 Brickell (Avenue on Brickell 4 1060 Brickell Ave. 2008 309 309 0 100% 0 0 $ - 0 $ - 0 $ - 180 $ 216 129 $ 379 0 $ - 0 $ - 12 3 $ 362 2 $ 263 18 $ 260 11 $ 217 East Tower)

5 Asia Brickell Key 900 Brickell Key Blvd. 2008 123 114 10 93% 9 9 $ 685 12 $ 725 4 $ 751 12 $ 679 67 $ 738 0 $ - 0 $ - 28 1 $ 946 1 $ 597 13 $ 621 9 $ 558

6 Axis on Brickell South Tower 79 S.W 12 St. 2008 352 322 66 91% 30 54 $ 327 69 $ 322 36 $ 316 13 $ 317 84 $ 378 0 $ - 0 $ - 9 2 $ 377 2 $ 321 10 $ 482 2 $ 272

7 Axis on Brickell North Tower 1111 S.W. 1st Ave. 2008 366 333 75 91% 33 67 $ 305 77 $ 302 26 $ 264 10 $ 308 78 $ 377 0 $ - 0 $ - 4 2 $ 298 2 $ 295 8 $ 274 2 $ 259

8 Brickell on the River North 31 S.E. 5th St. 2006 384 384 0 100% 0 0 $ - 0 $ - 0 $ - 8 $ 219 1 $ 320 0 $ - 375 $ 364 6 21 $ 341 10 $ 252 31 $ 242 35 $ 209

9 Brickell on the River South 41 S.E. 5th St. 2007 327 327 0 100% 0 0 $ - 0 $ - 0 $ - 153 $ 186 157 $ 328 17 $ 331 0 $ - 18 2 $ 303 6 $ 245 19 $ 222 9 $ 204

10 Brickell Station Villas 100 S.W. 10th St.

• Bank takes 42% loss on Brickell Station Villas short sale - South Florida 2009 63 0 0 0% 63 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 0 $ - 0 $ - 0 $ - 0 $ - Business Journal --- Aug. 25, 2009.

• REMS Group Purchased Note - Daily Business Review --- Oct. 20, 2009

11 Brickell View West 1723 S.W. 2nd Ave. 2007 88 27 0 31% 61 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 27 $ 414 0 $ - 0 0 $ - 0 $ - 0 $ - 0 $ - • Currently Being Offered as a Rental

12 Habitat One 1701 S.W. 2nd Ave. 2008 25 0 0 0% 25 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 0 $ - 0 $ - 0 $ - 0 $ - • Currently Being Offered as a Rental

13 Icon Brickell Tower I - North 465 & 475 Brickell Ave. 2008 715 715 31 100% 0 18 $ 545 187 $ 481 351 $ 436 85 $ 543 43 $ 540 0 $ - 0 $ - 54 7 $ 551 10 $ 442 16 $ 434 3 $ 392 • HSBC Holdings, LLC and Bank of America Corp took ownership of Icon Brickell - Wall Street Journal - December 17, 2009

14 Icon Brickell Tower II -South 495 Brickell Ave. 2008 561 561 0 100% 0 33 $ 291 259 $ 420 259 $ 395 10 $ 460 0 $ - 0 $ - 0 $ - 28 6 $ 558 11 $ 464 8 $ 425 0 $ - • HSBC Holdings, LLC and Bank of America Corp took ownership of Icon Brickell - Wall Street Journal - December 17, 2009

15 Icon Brickell - Viceroy 485 Brickell Ave. 2009 338 338 0 100% 0 0 $ - 20 $ 340 318 $ 327 0 $ - 0 $ - 0 $ - 0 $ - 24 5 $ 518 5 $ 398 33 $ 374 23 $ 331 • 162 Hotel Units; 338 Condo Residences

16 Infinity at Brickell Condo 60 S.W. 13th St. 2008 459 452 7 98% 7 30 $ 309 205 $ 268 150 $ 240 43 $ 276 17 $ 333 0 $ - 0 $ - 34 2 $ 396 3 $ 316 9 $ 317 0 $ - • Included in ST Residential Portfolio

17 Latitude on the River 185 S.W. 7th St. 2007 452 412 24 91% 40 0 $ - 0 $ - 9 $ 175 7 $ 196 23 $ 376 349 $ 353 0 $ - 9 18 $ 303 9 $ 192 37 $ 186 23 $ 193 • Currently Being Offered as a Rental

6/28/2012 DOWNTOWN MIAMI DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (2006 - APRIL 30,2012)

MIAMI-DADE COUNTY TAX RECORDS MLS DATA 2012 2011 2010 2009 2008 2007 2006 CURRENT 2012 2011 2010

18 Lofts on Brickell I 1528 Brickell Ave. 2006 24 24 0 100% 0 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 4 $ 427 20 $ 433 1 1 $ 359 0 $ - 1 $ 200 2 $ 215

19 Lofts on Brickell II 1650 Biscayne Blvd. 2007 24 24 0 100% 0 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 24 $ 431 0 $ - 0 0 $ - 0 $ - 0 $ - 6 $ 208

20 Los Suenos De Brickell 145 S.W. 11th St. TBD 64 0 0 0% 0 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 0 $ - 0 $ - 0 $ - 0 $ - • Construction Suspended

21 Neo Vertika 690 S.W. 1st Ct. 2006 443 443 0 100% 0 0 $ - 0 $ - 0 $ - 0 $ - 6 $ 295 12 $ 359 425 $ 388 10 15 $ 302 9 $ 203 58 $ 176 46 $ 163

22 One Plaza West Brickell 1800 S.W. 1st Ave. 2009 188 0 0 0% 188 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 0 $ - 0 $ - 0 $ - 0 $ - • Currently Being Offered as a Rental

23 Park View Towers 115 S.W. 11 St. 2007 50 38 0 76% 12 0 $ - 0 $ - 0 $ - 1 $ 287 0 $ - 37 $ 282 0 $ - 1 2 $ 206 4 $ 165 2 $ 162 3 $ 175 • Currently Being Offered for Purchase or Rental

24 Plaza on Brickell - N. Tower 950 Brickell Bay Dr. 2008 560 560 10 100% 0 0 $ - 65 $ 363 66 $ 359 57 $ 387 362 $ 394 0 $ - 0 $ - 31 15 $ 457 24 $ 388 41 $ 337 5 $ 301

25 Plaza on Brickell - S. Tower 951 Brickell Ave. 2008 440 440 13 100% 0 0 $ - 4 $ 316 17 $ 311 31 $ 344 375 $ 355 0 $ - 0 $ - 19 7 $ 403 13 $ 346 30 $ 313 11 $ 289

26 Solaris Condo Brickell Miami 186 S.E. 12th Terr. 2006 138 138 0 100% 0 0 $ - 0 $ - 1 $ 162 2 $ 165 1 $ 333 17 $ 521 117 $ 396 4 7 $ 314 5 $ 234 15 $ 192 31 $ 178

27 The Emerald Condo Brickell 218 S.E. 14th St. 2006 142 142 0 100% 0 0 $ - 0 $ - 0 $ - 1 $ 229 6 $ 422 13 $ 694 122 $ 398 7 2 $ 383 4 $ 266 12 $ 223 16 $ 217

28 The Sail on Brickell 170 S.E. 14th St. 2006 154 134 1 87% 20 0 $ - 7 $ 218 0 $ - 3 $ 211 9 $ 433 105 $ 418 9 $ 353 0 4 $ - 8 $ 224 18 $ 204 3 $ 232

CENTRAL BUSINESS DISTRICT

29 50 Biscayne 50 Biscayne Blvd. 2007 529 513 0 100% 0 16 $ 320 40 $ 375 42 $ 293 35 $ 323 118 $ 429 278 $ 410 0 $ - 52 10 $ 417 11 $ 305 32 $ 272 15 $ 283

30 Capital Lofts @ the Security Bldg. 117 N.E. 1st Ave.

• Foreclosure lawsuit filed over the 45 unsold units -South Florida Business 2008 57 12 0 21% 45 0 $ - 0 $ - 6 $ 210 6 $ 254 0 $ - 0 $ - 0 0 $ - 0 $ - 1 $ 166 0 $ - Journal: March 17, 2010

31 Epic West 200 Biscayne Blvd 2008 342 342 5 100% 0 26 $ 513 138 $ 486 99 $ 442 72 $ 603 2 $ 678 0 $ - 0 $ - 17 3 $ 707 7 $ 503 14 $ 521 7 $ 423

32 Vizcayne South Tower 253 N.E. 2nd St.

33 Vizcayne North Tower 244 Biscayne Blvd. 2008 849 573 41 67% 276 89 $ 345 258 $ 284 81 $ 299 81 $ 380 23 $ 363 0 $ - 0 $ - 36 1 $ 473 4 $ 277 10 $ 294 0 $ -

• Name Change, formally known as Everglades on the Bay, Sales office actively engaging in sales

34 Flagler First Condominium 101 E. Flagler St. 2008 91 87 14 96% 4 9 $ 165 29 $ 154 5 $ 152 0 $ - 30 $ 277 0 $ - $ - 0 8 $ - 1 $ 192 2 $ 129 1 $ 159 0

35 Ivy Miami Condominium 90 SW 3rd St. 2008 500 497 5 99% 3 7 $ 269 25 $ 271 25 $ 279 219 $ 366 216 $ 377 0 $ - $ - 34 11 $ 358 14 $ 268 25 $ 236 3 $ 227 0

6/28/2012 DOWNTOWN MIAMI DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (2006 - APRIL 30,2012)

MIAMI-DADE COUNTY TAX RECORDS MLS DATA 2012 2011 2010 2009 2008 2007 2006 CURRENT 2012 2011 2010

36 Met 1 Condo downtown 300 S. Biscayne Blvd. 2008 447 367 82 82% 80 2 $ 386 13 $ 384 21 $ 313 101 $ 279 148 $ 413 0 $ - $ - 10 1 $ 410 3 $ 300 6 $ 229 2 $ 251 0

37 Mint Condo Miami River 92 SW 3rd St. 2009 602 581 100 97% 18 91 $ 325 260 $ 309 130 $ 319 0 $ - 0 $ - 0 $ - 0 $ - 21 4 $ 402 6 $ 317 5 $ 289 0 $ - • Per Sales Office CO Was Received, Closings have started for original buyers. Inventory and Pricing not available until Mid February

38 The Loft Downtown II 133 N.E. 2nd Ave. 2007 496 496 0 100% 0 0 $ - 0 $ - 37 $ 173 6 $ 180 59 $ 282 394 $ 260 0 $ - 16 7 $ 272 13 $ 185 30 $ 172 22 $ 161 • Currently Being Offered for Purchase or Rental

39 Wind by Neo 350 S. Miami Ave. 2008 486 486 0 100% 0 15 $ 266 1 $ 267 192 $ 213 61 $ 242 217 $ 370 0 $ - 0 $ - 20 8 $ 318 10 $ 254 32 $ 239 15 $ 218

MEDIA & ENTERTAINMENT

40 City 24 350 N.E. 24th St. 2007 120 67 5 56% 53 10 $ 246 7 $ 267 5 $ 271 4 $ 259 36 $ 318 0 $ - 0 $ - 12 2 $ 328 4 $ 271 2 $ 283 1 $ 214 • Currently Being Offered for Purchase or Rental • Can purchase unit with tenant for investment

41 Opera Tower 1750 N. Bayshore Dr. 2008 635 266 26 42% 369 0 $ - 1 $ 190 0 $ - 10 $ 347 229 $ 412 0 $ - 0 $ - 7 9 $ 415 4 $ 252 13 $ 221 4 $ 234 • Currently Being Offered for Purchase or Rental PARK WEST

42 900 Biscayne 900 Biscayne Blvd. 2008 509 509 0 100% 0 0 $ - 103 $ 448 108 $ 403 88 $ 424 210 $ 480 0 $ - 0 $ - 47 3 $ 563 5 $ 472 42 $ 442 12 $ 378

43 Marina Blue 888 Biscayne Blvd. 2008 516 497 0 96% 19 11 $ 313 26 $ 302 0 $ - 98 $ 246 362 $ 417 0 $ - 0 $ - 25 8 $ 425 23 $ 309 33 $ 298 22 $ 296

44 Marquis Condos 1100 Biscayne Blvd. 2009 306 289 50 94% 17 22 $ 406 109 $ 370 108 $ 314 0 $ - 0 $ - 0 $ - 0 $ - 11 0 $ 515 6 $ 483 12 $ 394 21 $ 327 • 56 Hotel Rooms; 306 Residences

45 Ten Museum Park 1040 Biscayne Blvd. 2007 200 200 0 100% 0 0 $ - 0 $ - 4 $ 314 8 $ 300 25 $ 471 163 $ 462 0 $ - 8 8 $ 528 5 $ 352 23 $ 282 10 $ 256

WYNWOOD - EDGEWATER

46 Cynergi 2700 N. Miami Ave.

• Hugo Amaya, president of Osaka Air purchased Note - Daily Business 2008 100 4 0 4% 96 0 $ - 0 $ - 0 $ - 0 $ - 4 $ 469 0 $ - 0 $ - 0 0 $ - 0 $ - 0 $ - 0 $ - Review --- Oct. 20, 2009 • Currently Being Offered as a Rental ---EWM

47 Edgewater Lofts 2200 N.E. 4th Ave. 2008 69 69 11 100% 0 0 $ - 1 $ 230 14 $ 170 27 $ 153 16 $ 313 0 $ - 0 $ - 0 0 $ - 1 $ 148 1 $ 153 0 $ -

48 Gallery Art 333 N.E. 24th St. 2008 176 176 0 100% 0 0 $ - 0 $ - 18 $ 187 100 $ 193 58 $ 417 0 $ - 0 $ - 10 2 $ 351 1 $ 281 3 $ 183 3 $ 223

49 Midtown Midblock 3250 N.E. 1st St. 2007 172 0 0 0% 172 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 0 $ - 0 $ - 0 $ - 0 $ - • Currently Being Offered as a Rental

50 Midtown Two (Mid-Rise) 3451 N.E. 1st Ave. 2007 62 60 1 97% 2 3 $ 182 3 $ 192 2 $ 148 1 $ 167 12 $ 373 38 $ 401 0 $ - 5 1 $ 315 4 $ 197 0 $ - 0 $ -

51 Midtown Two (Mews Building) 3449 N.E. 1st Ave. 2007 14 14 0 100% 0 0 $ - 0 $ - 0 $ - 0 $ - 8 $ 429 6 $ 353 0 $ - 0 0 $ - 0 $ - 0 $ - 1 $ 131

52 Midtown Two (High-Rise) 3470 E. Coast Ave. 2007 256 256 0 100% 0 0 $ - 0 $ - 5 $ 127 3 $ 188 67 $ 364 181 $ 371 0 $ - 6 7 $ 392 7 $ 241 33 $ 155 28 $ 167

6/28/2012 DOWNTOWN MIAMI DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (2006 - APRIL 30,2012)

MIAMI-DADE COUNTY TAX RECORDS MLS DATA 2012 2011 2010 2009 2008 2007 2006 CURRENT 2012 2011 2010

53 Midtown Four 3301 N.E. 1st Ave. 2007 327 87 0 27% 240 0 $ - 0 $ - 0 $ - 0 $ - 87 $ 377 0 $ - 0 $ - 6 1 $ 291 3 $ 228 7 $ 183 3 $ 172 • Relaunching building May 2012. Pricing Not yet Available

54 Moonbay 520 N.E. 29th St. 2007 61 61 2 100% 0 0 $ - 0 $ - 0 $ - 1 $ 157 22 $ 294 36 $ 407 0 $ - 0 4 $ - 0 $ - 3 $ 129 2 $ 150

55 New Wave 725 N.E. 22nd St. 2006 78 78 0 100% 0 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 9 $ 322 69 $ 353 1 4 $ 294 1 $ 237 7 $ 196 5 $ 205

56 Onyx on the Bay 665 N.E. 25th St. 2007 118 101 9 86% 17 4 $ 273 10 $ 240 0 $ - 1 $ 275 20 $ 304 57 $ 421 0 $ - 6 3 $ 343 1 $ 230 3 $ 214 3 $ 206 • Hyperion bought Onyx loan before Corus failed - South Florida Business Journal ---September 15, 2009

57 Palermo 425 N.E. 30th St. 2008 22 1 0 5% 21 0 $ - 0 $ - 0 $ - 0 $ - 1 $ 361 0 $ - 0 $ - 0 0 $ - 0 $ - 0 $ - 0 $ - • Currently Being Offered as a Rental

58 Paramount Bay 2066 N. Bayshore Dr. 2009 346 255 85 74% 91 105 $ 466 65 $ 444 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 9 2 $ 564 3 $ 364 0 $ - 0 $ - • Included in ST Residential Portfolio • Sales Office will open until August 2011

59 Platinum 480 N.E. 30 St. 2006 119 98 4 82% 21 0 $ - 0 $ - 1 $ 249 2 $ 248 1 $ 243 90 $ 349 0 $ - 5 5 $ 308 3 $ 206 8 $ 164 8 $ 209

60 Quantum on the Bay South 1900 N. Bayshore Dr. 2008 698 698 0 100% 0 0 $ - 0 $ - 34 $ 254 124 $ 260 540 $ 314 0 $ - 0 $ - 36 16 $ 321 22 $ 261 40 $ 285 19 $ 244 Quantum on the Bay North

61 Star Lofts On The Bay 700 N.E. 25th St. 2007 47 47 0 100% 0 0 $ - 0 $ - 2 $ 264 10 $ 344 11 $ 365 24 $ 424 0 $ - 8 0 $ 496 1 $ 207 1 $ 208 2 $ 276

62 The 1800 Club 1800 N. Bayshore Dr. 2007 469 469 0 100% 0 1 $ 334 24 $ 321 49 $ 322 75 $ 308 220 $ 419 100 $ 429 0 $ - 10 8 $ 369 13 $ 301 28 $ 274 24 $ 220

TOTAL UNITS BUILT 17502 15484 0 88% 2018 622 $ 346 2024 $ 331 2343 $ 292 2213 $ 292 4419 $ 387 1981 $ 402 1137 $ 384 758 268 $ 407 316 $ 295 839 $ 268 485 $ 243

Sources: Integrated Realty Information System (IRIS); Dade County Property Appraiser; Multiple Listing Service (MLS); Florida Division of Corporations; Google Map and Streets; Internet; project specific Developer owned websites; on-site sales staff (if available) and field visits to each building or site.

Disclaimer: While ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this Report and expressly disclaims liability for errors and omissions in its contents.

6/28/2012 AVENTURA DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (2006 - APRIL 30, 2012)

MIAMI-DADE COUNTY TAX RECORDS MLS DATA

2012 2011 2010 2009 2008 2007 2006 CURRENT 2012 2011 2010

Total Total Developer Total Total Completion Developer Developer Inventory Developer Developer Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Active Pending LP$/ Closed SP$/ Closed SP$/ Closed SP$/ Project Name Street Address Date Inventory Inventory Sold Inventory Inventory Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Listing Listings SqFt Sales SqFt Sales SqFt Sales SqFt Built Sold (Unclosed) Sold (%) Unsold

1 Alaqua 3001 NE 185 St. 2007 193 193 0 100% 0 0 $ - 0 $ - 0 $ - 19 $ 225 11 $ 259 163 $ 300 0 $ - 11 2 $ 286 5 $ 189 19 $ 192 9 $ 216

2 Eastside 3000 NE 188 St. 2007 39 39 0 100% 0 0 $ - 0 $ - 0 $ - 0 $ - 9 $ 338 30 $ 315 0 $ - 2 0 $ 270 2 $ 176 11 $ 142 4 $ 168

3 3030 3030 NE 188 St. 2007 45 29 0 64% 16 2 $ 116 9 $ 213 7 $ 229 0 $ - 6 $ 401 5 $ 416 0 $ - 1 0 $ 200 0 $ - 2 $ 198 1 $ 245

4 Atrium 3131 NE 188 St. 2007 192 192 0 100% 0 0 $ - 2 $ 253 5 $ 243 25 $ 265 37 $ 301 123 $ 331 0 $ - 15 4 $ 348 6 $ 303 19 $ 247 16 $ 249

5 Artech 2950 NE 188 St. 2008 232 232 1 100% 0 8 $ 280 53 $ 305 13 $ 292 141 $ 274 16 $ 586 0 $ - 0 $ - 18 5 $ 355 4 $ 330 8 $ 286 0 $ -

Peninsula II - 6 3301 NE 183 St. 2007 223 223 8 100% 0 13 $ 303 68 $ 276 22 $ 274 21 $ 243 17 $ 299 74 $ 321 0 $ - 12 2 $ 359 8 $ 305 22 $ 242 8 $ 197 Chinese Drywall

7 Venture East 18800 NE 2 Ave 2006 308 308 0 100% 0 0 $ - 0 $ - 0 $ - 10 $ 155 21 $ 184 36 $ 264 241 $ 297 7 12 $ 250 10 $ 170 28 $ 182 27 $ 166

8 Venture West 2775 NE 187 St. 2006 191 191 0 100% 0 0 $ - 0 $ - 0 $ - 6 $ 209 15 $ 240 15 $ 330 155 $ 297 5 8 $ 248 11 $ 191 16 $ 152 15 $ 160

9 Uptown Lofts 3029 NE 188 St. 2006 213 213 0 100% 0 0 $ - 0 $ - 0 $ - 10 $ 271 13 $ 331 41 $ 499 149 $ 432 10 5 $ 356 4 $ 225 32 $ 219 24 $ 206

Terzetto at Aventura 10 2865 NE 185 St. 2010 62 0 0 0% 0 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 0 $ - 0 $ - 0 $ - 0 $ - Currently Renting

TOTALS 1698 1620 9 95% 16 23 $ 233 132 $ 262 47 $ 260 232 $ 235 145 $ 327 487 $ 347 545 $ 342 81 38 $ 297 50 $ 236 157 $ 201 104 $ 201

7/5/2012 BAL HARBOUR DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (2006 - APRIL 30, 2012)

MIAMI-DADE COUNTY TAX RECORDS MLS DATA

2012 2011 2010 2009 2008 2007 2006 CURRENT 2012 2011 2010

Total Total Total Total Developer Completion Developer Developer Developer Developer Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Active Pending LP$/ Closed SP$/ Closed SP$/ Closed SP$/ Project Name Street Address Inventory Sold Date Inventory Inventory Inventory Inventory Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Listing Listings SqFt Sales SqFt Sales SqFt Sales SqFt (Unclosed) Built Sold Sold (%) Unsold

1 Harbour House 10275 Collins Ave. 2007 457 448 2 98% 9 0 $ - 7 $ 387 48 $ 408 112 $ 416 58 $ 508 221 $ 678 0 $ - 65 7 $ 535 6 $ 368 40 $ 394 36 $ 385

2 St. Regis - North Tower 9701 Collins Ave Dec. 2011 115 75 9 65% 40 43 $1,281 23 $ 1,273 0 0 0 0 0 0 0 0 0 0 • Under Construction

St. Regis - Center Tower 9701 Collins Ave. 3 1 $ 1,314 0 0 0 0 0 0 • Under Construction Dec. 2011 38 38 38 100% 0 0 $ - 0 $ - 0 0 0 0 0 0 0 0 0 0 • 240 Hotel Units • Sales office says they are 100% sold St. Regis - South Tower 9701 Collins Ave. Dec. 2011 115 74 20 64% 41 43 $1,334 11 $ 1,205 0 0 0 0 0 0 0 0 0 0 • Under Construction

TOTAL 725 635 69 88% 90 86 $1,308 41 $ 955 48 $ 408 112 $ 416 58 $ 508 221 $ 678 $ - $ - 68 8 $ 925 6 $ 368 40 $ 394 36 $ 385

7/5/2012 HALLANDALE & HOLLYWOOD DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (2006- APRIL 30, 2012) NEW CONSTRUCTION PROJECTS

BROWARD COUNTY TAX RECORDS MLS DATA 2012 2011 2010 2009 2008 2007 2006 2005 CURRENT 2012 2011 2010

Total Total Developer Total Total Completion Developer Developer Inventory Developer Developer Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Active Pending LP$/ Closed SP$/ Closed SP$/ Closed SP$/ Project Name Street Address Date Inventory Inventory Sold - Inventory Inventory Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Listings Listings SqFt Sales SqFt Sales SqFt Sales SqFt Built Sold Unclosed Sold % Unsold

HALLANDALE

1 Beach Club III 1800 S. Ocean Dr. 2007 444 444 0 100% 0 0 $ - 0 $ - 14 $ 305 39 $ 307 36 $ 401 355 $ 468 0 $ - 0 $ - 50 10 $ 343 29 $ 323 65 $ 273 49 $ 281

2 Duo East 1755 Hallandale Beach Blvd. 2007 199 199 0 100% 0 0 $ - 0 $ - 0 $ - 35 $ 211 45 $ 214 119 $ 209 0 $ - 0 $ - 13 5 $ 248 5 $ 209 18 $ 190 11 $ 174

3 Duo West 1745 Hallandale Beach Blvd. 2007 199 199 0 100% 0 0 $ - 0 $ - 0 $ - 14 $ 196 21 $ 199 164 $ 205 0 $ - 0 $ - 19 6 $ 217 7 $ 201 17 $ 205 11 $ 159

4 Ocean Marine Yacht Club 1945 S. Ocean Dr. 2007 283 283 0 100% 0 0 $ - 0 $ - 14 $ 273 124 $ 251 137 $ 362 8 $ 411 0 $ - 0 $ - 21 4 $ 361 5 $ 310 14 $ 250 16 $ 260

HOLLYWOOD

5 Diplomat 3535 S. Ocean Dr. 2006 135 135 0 100% 0 0 $ - 0 $ - 0 $ - 7 $ 317 28 $ 348 50 $ 441 50 $ 485 0 $ - 11 2 $ 502 3 $ 399 19 $ 340 11 $ 294

6 Ocean Palms 3101 S. Ocean Dr. 2006 240 240 0 100% 0 0 $ - 0 $ - 0 $ - 7 $ 313 33 $ 334 23 $ 335 177 $ 365 0 $ - 9 3 $ 427 6 $ 376 25 $ 297 29 $ 309

7 1900 Van Buren St. 2005 87 87 0 100% 0 0 $ - 0 $ - 0 $ - 1 $ 122 0 $ - 0 $ - 0 $ - 86 $ 291 1 0 $ 137 4 $ 112 11 $ 100 10 $ 113 Regent Park at Young Circle 1919 Van Buren St. 2005 166 166 0 100% 0 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 166 $ 300 3 5 $ 117 3 $ 114 7 $ 106 37 $ 108

8 Radius 1830 Radius Dr. 2007 285 285 0 100% 0 0 $ - 0 $ - 0 $ - 74 $ 150 178 $ 237 33 $ 262 0 $ - 0 $ - 13 4 $ 189 5 $ 172 30 $ 136 7 $ 138

9 Trump Hollywood 2711 S. Ocean Dr. • BH III, purchased the mortgage on the property for $160 2009 200 190 35 95% 10 25 $ 561 109 $ 493 18 $ 567 3 $ 738 0 $ - 0 $ - 0 $ - 0 $ - 7 1 $ 580 2 $ 489 3 $ 390 1 $ 457 million - South Florida Business Journal - 11/18/2010

TOTAL 2238 2228 35 97% 10 25 $ 561 109 $ 493 46 $ 381 304 $ 289 478 $ 299 752 $ 333 227 $ 425 252 $ 296 147 40 $ 312 69 $ 271 209 $ 229 182 $ 229

Sources: Integrated Realty Information System (IRIS); Broward County Property Appraiser; Multiple Listing Service (MLS); Florida Division of Corporations; Google Map and Streets; Internet; project specific Developer owned websites; on-site sales staff (if available) and field visits to each building or site.

10/18/2010 MIAMI BEACH---NOW INCLUDING SOUTH BEACH DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (2006 -APRIL 30, 2012) NEW CONSTRUCTION PROJECTS

MIAMI-DADE COUNTY TAX RECORDS MLS DATA 2012 2011 2010 2009 2008 2007 2006 CURRENT 2012 2011 2010

Total Total Total Total Total Completion Developer Developer Developer Developer Developer Closed SP$/ Closed SP$/ Closed SP$/ Closed Closed Closed SP$/ Closed SP$/ Active Pending Closed SP$/ Closed SP$/ Closed SP$/ Project Name Street Address SP$/ SqFt SP$/ SqFt LP$/ SqFt Date Inventory Inventory Inventory Sold Inventory Inventory Sales SqFt Sales SqFt Sales SqFt Sales Sales Sales SqFt Sales SqFt Listings Listings Sales SqFt Sales SqFt Sales SqFt Built Sold - Unclosed Sold (%) Unsold MIAMI BEACH 1 Canyon Ranch North Tower 6899 Collins Ave 2008 207 185 64 89% 22 26 $688 62 $621 7 $634 7 $857 19 $1,053 0 $ - 0 $ - 9 2 $987 11 $659 14 $711 4 $534 • 176 units purchased and closed on 10/08/2009 by FL 6801 COLLINS N LLC Canyon Ranch Center 2 6801 Collins Ave 2008 80 80 0 100% 0 0 $0 0 $0 0 $0 23 $630 57 $818 0 $ - 0 $ - 15 2 $701 3 $490 19 $498 8 $419 Building 3 Canyon Ranch South Tower 6799 Collins Ave 2007 143 143 0 100% 0 0 $0 7 $467 19 $635 6 $389 81 $649 24 $ 635 0 $ - 13 1 $734 5 $600 16 $483 10 $541 • 28 units purchased and closed on 10/08/2009 by FL 6801 COLLINS S LLC 4 Casablanca Villas 6362 Collins Ave • 27 units recently sold as a bulk purchase. Per new owner, 2008 44 44 0 100% 0 0 $0 2 $168 33 $163 9 $235 0 $0 0 $ - 0 $ - 0 0 $0 1 $279 0 $0 1 $304 units will be available for rent only and for sale in 5 years. 5 Cabana 6261 Collins Ave TBD 211 0 0 0% 0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $ - 0 $ - 0 0 $0 0 $0 0 $0 0 $0 • Construction Suspended 6 Terra Beach Villas 6000 Collins Ave 2010 117 117 3 100% 0 5 $292 52 $228 57 $258 0 $0 0 $0 0 $ - 0 $ - 2 1 $348 6 $291 16 $298 0 $0 7 Mei Condominium 5875 Collins Ave 2008 134 134 2 100% 0 2 $581 8 $548 21 $577 70 $587 31 $902 0 $ - 0 $ - 14 4 $776 5 $547 9 $519 7 $597 8 Fontainebleau III 4391 Collins Ave • Remaining Inventory (25 units) purchased by BH III on July 2008 286 286 40 100% 0 0 $0 2 $245 29 $496 18 $606 199 $956 0 $ - 0 $ - 14 2 $947 9 $713 15 $603 9 $621 • Condo with option to participate in hotel program 9 Mosaic 3801 Collins Ave 2006 84 84 0 100% 0 0 $0 0 $0 0 $0 2 $567 6 $675 35 $ 881 41 $ 757 3 2 $1,007 3 $721 11 $574 6 $601

10 The Caribbean - North Tower 3737 Collins Ave 2008 35 35 0 100% 0 0 $0 2 $432 31 $480 2 $373 0 $0 0 $ - 0 $ -

11 The Caribbean - South Tower 3737 Collins Ave 4 1 $1,104 3 $750 9 $528 14 $518 2008 68 68 0 100% 0 0 $0 6 $422 35 $618 20 $681 7 $993 0 $ - 0 $ - • New York City-based Melohn Properties bought mortgage from Corus Bank (South Florida Business Journal - 12 Eden House 6700 Indian Creek Dr TBD 98 98 98 100% 0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $ - 0 $ - 0 0 $0 0 $0 0 $0 0 $0 • Formally Known as Nobe Bay 13 Regatta at Indian Creek 6580 Indian Creek Dr 2006 52 52 0 100% 0 0 $0 0 $0 0 $0 9 $335 5 $438 7 $ 523 31 $ 380 3 1 $547 0 $0 10 $239 1 $279 14 63 Nobe 6305 Indian Creek Dr 2010 28 22 0 79% 6 0 $0 12 $221 10 $227 0 $0 0 $0 0 $ - 0 $ - 0 0 $0 0 $0 6 $221 0 $0 • Received CO 15 6000 Indian Creek 6000 Indian Creek Dr 2006 34 34 0 100% 0 0 $0 0 $0 0 $0 3 $260 2 $331 3 $ 568 26 $ 563 2 1 $408 1 $335 1 $190 3 $260 16 Arte City - The Governor 435 21st St • Remaining inventory occupied by tenants. Available for 2008 61 43 0 70% 18 0 $0 0 $0 0 $0 2 $462 41 $498 0 $ - 0 $ - 4 0 $453 0 $0 0 $0 2 $340 $410 p/SqFt 17 Arte City - Artepark North 2135 Washington Court 2010 55 21 18 38% 34 3 $575 0 $0 0 $0 0 $0 0 $0 0 $ - 0 $ - 0 1 $0 3 $575 0 $0 0 $0 • Under Financial Restructuring 18 Arte City - Artepark South 2100 Park Ave 2010 58 19 17 25% 39 2 $424 0 $0 0 $0 0 $0 0 $0 0 $ - 0 $ - 2 2 $514 2 $424 0 $0 0 $0 • Under Financial Restructuring SOUTH BEACH

19 The Perry South Beach 2399 Collins Ave

Goldenrlt• Name Change, formally known as Residences above the 2008 259 4 0 2% 0 0 $0 0 $0 0 $0 0 $0 4 $1,069 0 $ - 0 $ - 0 0 $0 0 $0 0 $0 0 $0 [email protected] / Paradiso and 24th and Collins • Gansevoort South Beach has 340 hotel rooms, including 86 suites 20 Cipriani South Beach 3201 Collins Ave TBD 65 0 0 0% 0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $ - 0 $ - 0 0 $0 0 $0 0 $0 0 $0 • Per sales office groundbreaking date unknown

7/5/2012 MIAMI BEACH---NOW INCLUDING SOUTH BEACH DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (2006 -APRIL 30, 2012) NEW CONSTRUCTION PROJECTS

MIAMI-DADE COUNTY TAX RECORDS MLS DATA 2012 2011 2010 2009 2008 2007 2006 CURRENT 2012 2011 2010

21 W South Beach Residences 2201 Collins Ave 2009 406 297 124 73% 109 9 $1,867 60 $1,638 60 $1,676 44 $1,921 0 $0 0 $ - 0 $ - 38 2 $1,795 18 $1,439 38 $1,417 1 $683 • Condo with option to participate in hotel program 22 Boulan South Beach 220 21st Street • Name Change, formally known as Parc Place, Sales office 2010 57 39 16 68% 18 2 $750 21 $451 0 $0 0 $0 0 $0 0 $ - 0 $ - 8 0 $1,002 2 $750 21 $451 0 $0 actively engaging in sales 23 Apogee on South Beach 800 S. Pointe Dr 2008 67 67 0 100% 0 0 $0 0 $0 1 $1,756 0 $0 66 $1,371 0 $ - 0 $ - 9 0 $2,581 1 $2,177 8 $1,779 9 $1,303 24 Continuum II North 50 S. Pointe Dr 2008 211 189 22 90% 22 0 $0 11 $1,134 18 $1,134 6 $1,043 132 $1,031 0 $ - 0 $ - 40 2 $1,285 6 $1,312 26 $1,157 15 $1,013 25 Capri South Beach 1445 16 St • Bulk Buyer Purchased the remaining 46 units for $29.6 2008 58 46 16 79% 12 5 $762 6 $771 3 $726 10 $779 6 $968 0 $ - 0 $ - 6 5 $1,220 6 $767 6 $783 1 $776 million / $436 PSF - Condovultures,com , June 11, 2010 26 Ocean House 125 Ocean Dr 2008 28 2 0 7% 26 0 $0 0 $0 1 $476 1 $1,831 0 $0 0 $ - 0 $ - 3 1 $1,529 0 $0 0 $0 0 $0 • I Star Property, Formally known as South of Fifth

TOTALS 2946 2109 420 51% 306 54 $742 251 $565 325 $704 232 $722 656 $829 69 $ 652 98 $ 567 189 30 $997 85 $755 225 $653 104 $586

Despite much higher sales figures provided by on-site sales office, our number represents 75% "Unsold" Developer Inventory due to lack of verifiable sales data in either MLS or Miami-Dade County Tax Records * Gansevoort South Beach / Paradiso According to the Miami-Dade County Tax Records the address of this project is 2301 Collins Ave., Miami Beach, FL 33139 Sources: Integrated Realty Information System (IRIS); Miami Dade County Property Appraiser; Multiple Listing Service (MLS); Florida Division of Corporations; Google Map and Streets; Internet; project specific Developer owned websites; on-site sales staff (if available) and field visits to each building or site. Disclaimer: While ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this Report and expressly disclaims liability for errors and omissions in its contents.

7/5/2012 SUNNY ISLES DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (2006 - APRIL 30th, 2012

MIAMI-DADE COUNTY TAX RECORDS MLS DATA 2012 2011 2010 2009 2008 2007 2006 CURRENT 2012 2011 2010 Total Total Developer Total Total Completion Developer Developer Inventory Developer Developer Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Active Pending LP$/ Closed SP$/ Closed SP$/ Closed SP$/ Project Name Street Address Date Inventory Inventory Sold Inventory Inventory Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Listing Listings SqFt Sales SqFt Sales SqFt Sales SqFt Built Sold (Unclosed) Sold (%) Unsold

1 Acqualina 17875 Collins Avenue 2006 188 188 0 100% 0 0 $0 0 $0 0 $0 9 $569 34 $623 37 $653 108 $526 17 3 $927 4 $792 18 $736 18 $694 188 Condo residences & 97 Condo hotel residences

2 Jade Beach 17001 Collins Avenue 2008 248 248 0 100% 0 0 $0 0 $0 11 $512 121 $599 116 $693 0 $0 0 $0 17 4 $888 7 $720 24 $559 11 $510

3 Jade Ocean 17121 Collins Avenue 2009 256 256 0 100% 0 0 $0 148 $740 108 $657 0 $0 0 $0 0 $0 0 $0 16 2 $1,117 5 $889 11 $687 2 $660

4 Ocean 4 17201 Collins Avenue 2006 283 283 0 100% 0 0 $0 0 $0 0 $0 12 $372 36 $424 177 $467 58 $469 18 6 $539 5 $406 28 $425 20 $371

5 Solis 15701 Collins Avenue TBD 130 0 0 0% 0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 0 $0 0 $0 0 $0 0 $0 Construction Suspended 6 St. Tropez - Tower I 150 Sunny Isles Blvd. 2009 72 71 4 99% 1 4 $516 8 $491 11 $435 44 $505 0 $0 0 $0 0 $0 4 0 $592 0 $0 1 $494 0 $0

St. Tropez - Tower II 200 Sunny Isles Blvd. 2009 72 71 0 99% 1 4 $457 21 $461 31 $440 15 $493 0 $0 0 $0 0 $0 10 1 $518 1 $411 0 $0 0 $0

St. Tropez - Tower III 250 Sunny Isles Blvd. 2009 72 48 21 60% 24 11 $504 16 $509 0 $0 0 $0 0 $0 0 $0 0 $0 1 0 $531 0 $0 0 $0 0 $0 Will be released in June 2011 7 Trump Tower I 16001 Collins Avenue 2008 271 271 0 100% 0 0 $0 0 $0 0 $0 104 $369 167 $516 0 $0 0 $0 19 9 $666 7 $463 7 $492 8 $373

8 Trump Tower II 15901 Collins Avenue 2008 271 270 10 100% 1 6 $548 17 $516 151 $413 50 $501 36 $544 0 $0 0 $0 11 2 $630 1 $425 10 $380 5 $428

9 Trump Tower III 15801 Collins Avenue 2010 271 263 30 97% 8 14 $534 200 $467 19 $440 0 $0 0 $0 0 $0 0 $0 7 2 $585 0 $0 0 $0 0 $0 Turnberry Ocean Colony- 10 16047 Collins Avenue 2007 130 130 0 100% 0 0 $0 0 $0 0 $0 17 $520 98 $741 15 $700 0 $0 9 1 $1,096 5 $845 9 $690 6 $683 South Tower Turnberry Ocean Colony - 11 16051 Collins Avenue 2006 130 130 0 100% 0 0 $0 0 $0 0 $0 6 $508 17 $620 16 $695 91 $564 6 2 $984 3 $836 7 $695 10 $591 North Tower TOTALS 2394 2229 65 89% 35 39 $512 410 $531 331 $483 378 $493 504 $594 245 $629 257 $520 135 32 $756 38 $643 115 $573 80 $539

Acqualina Note: Dade County Property Appraiser reflects the address of 17885 Collins Avenue, while Developer website reflects 17875. Closed units represented exceed condo units listed, as closings did not differentiate between a condo or condo-hotel.

7/5/2012 SUNRISE DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (2005 - April 30, 2012)

NEW AND/OR UNDER CONSTRUCTION PROJECTS (CONDO CONVERSIONS NOT INCLUDED)

BROWARD COUNTY TAX RECORDS MLS DATA 2012 2011 2010 2009 2008 2007 2006 CURRENT 2012 2011 2010

Total Total Total Developer Total Developer Total Developer Developer Closed Average $ Closed Average $ Closed Average $ Closed Average $ Closed Average $ Closed Average $ Closed Average $ Active Pending Average Closed Average $ Closed Average $ Closed Average $ Project Name Street Address Description Completion Date Developer Inventory Sold - Inventory Sold Inventory Built Inventory Sales PSF Sales PSF Sales PSF Sales PSF Sales PSF Sales PSF Sales PSF Listings Listings $ PSF Sales PSF Sales PSF Sales PSF Inventory Sold Unclosed % Unsold

1 Artesia - (See Attached Brochures, Photos & Unit Mix)

Multiple Low-rise Condo Bldgs.

Multiple Low-rise Condo Villa Flora 3020 NW 125th Ave 2006 52 52 0 100% 0 0 $ - 0 $ - 1 $ - 8 $ 151 15 $ 195 0 $ - 28 $ 274 6 1 $ 151 2 $ 104 7 $ 143 2 $ 107 Bldgs. Multiple Low-rise Condo Villa Alhambra 2925 NW 126th Ave 2007 68 68 0 100% 0 0 $ - 0 $ - 1 $ 208 5 $ 141 7 $ 183 55 $ 273 0 $ - 6 2 $ 124 3 $ 130 8 $ 125 1 $ 150 Bldgs. Multiple Low-rise Condo Villa Bari 2901 NW 126th Ave 2007 66 66 0 100% 0 0 $ - 0 $ - 1 $ 201 4 $ 139 11 $ 178 50 $ 270 0 $ - 1 2 $ 147 4 $ 130 7 $ 125 7 $ 133 Bldgs. Multiple Low-rise Condo Villa Carrara 2955 NW 126 Ave 2007 52 52 0 100% 0 0 $ - 0 $ - 0 $ - 4 $ 149 28 $ 160 20 $ 283 0 $ - 3 0 $ 188 0 $ - 0 $ - 2 $ 146 Bldgs. Multiple Low-rise Condo Villa Biarritz 2900 NW 125th Ave 2007 66 66 0 100% 0 0 $ - 0 $ - 0 $ - 7 $ 162 14 $ 166 45 $ 253 0 $ - 2 3 $ 137 3 $ 130 8 $ 121 0 $ - Bldgs. Multiple Low-rise Condo Villa Castille 3055 NW 126 Ave 2007 52 52 0 100% 0 0 $ - 0 $ - 1 $ 182 2 $ 137 49 $ 200 0 $ - 0 $ - 1 0 $ 160 0 $ - 5 $ 176 1 $ 179 Bldgs. Courtyard Villas (2 to 3 Villas per building)

Phase I NW 126th Way Townhomes/Villas 2009 18 18 0 100% 0 0 $ - 0 $ - 0 $ - 18 $ 165 0 $ - 0 $ - 0 $ -

Phase II NW 126th Way Townhomes/Villas 2009 18 18 0 100% 0 0 $ - 0 $ - 0 $ - 18 $ 188 0 $ - 0 $ - 0 $ - 2 0 $ 215 3 $ 197 6 $ 197 12 $ 190 Phase III NW 126th Way Townhomes/Villas 2010 72 72 0 100% 0 0 $ - 7 $ 192 65 $ 178 0 $ - 0 $ - 0 $ - 0 $ - Phase IV - Preconstruction - NW 126th Way Townhomes/Villas Summer 2011 23 23 11 100% 0 3 $ 190 9 $ 182 0 $ 0 $ - 0 $ - 0 $ - 0 $ - Completion Summer Club Villas (2 Villas per building)

Phase I NW 125th Way Townhomes/Villas 2008-2010 86 86 0 100% 0 0 $ - 4 $ 194 36 $ 185 26 $ 154 20 $ 156 0 $ - 0 $ - 6 0 $ 230 2 $ 189 5 $ 179 5 $ 172

Town Villas (2 Villas per building)

Phase I NW 125th Way Townhomes/Villas 2010 18 18 0 100% 0 0 $ - 17 $ 193 1 $ 166 0 $ - 0 $ - 0 $ - 0 $ - 0 0 $ - 0 $ - 0 $ - 1 $ 196

Terrace Homes (3-5 Villas per building)

Phase I NW 125th Way Townhomes/Villas March 2011 65 65 22 100% 0 14 $ 192 29 $ 194 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 5 0 $ 216 0 $ - 0 $ - 0 $ -

2 Tao- (See Attached Brochures, Photos & Unit Mix)

North Tower 2641 N. Flamingo Rd Condos 2006 198 198 0 100% 0 0 $ - 114 $ 150 40 $ 211 44 $ 246 0 $ - 0 $ - 0 $ - 7 2 $ 163 2 $ 198 1 $ 195 2 $ 186

South Tower 2681 N. Flamingo Rd Condos 2006 198 198 0 100% 0 0 $ - 137 $ 152 34 $ 202 27 $ 190 0 $ - 0 $ - 0 $ - 3 0 $ 207 2 $ 184 1 $ 200 1 $ 337

TOTALS 1052 1052 33 100% 0 17 $ 191 308 $ 180 180 $ 192 163 $ 166 144 $ 177 170 $ 270 28 $ 274 42 10 $ 176 21 $ 158 48 $ 170 34 $ 180

7/5/2012 PLANTATION DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (2005 -April 30, 2012) NEW AND/OR UNDER CONSTRUCTION PROJECTS (CONDO CONVERSIONS NOT INCLUDED)

BROWARD COUNTY TAX RECORDS MLS DATA 2012 2011 2010 2009 2008 2007 2006 2005 CURRENT 2012 2011 2010

Total Total Total Developer Total Developer Completion Total Developer Developer Closed Average Closed Average Closed Average Closed Average Closed Average $ Closed Average $ Closed Average $ Closed Average $ Active Pending Average Closed Average $ Closed Average $ Closed Average $ Project Name Street Address Description Developer Inventory Sold - Inventory Sold Date Inventory Built Inventory Sales $ PSF Sales $ PSF Sales $ PSF Sales $ PSF Sales PSF Sales PSF Sales PSF Sales PSF Listings Listings $ PSF Sales PSF Sales PSF Sales PSF Inventory Sold Unclosed % Unsold

3 VERANDA 510 NW 84TH AVE Condo 2007 201 171 12 85% 30 5 $ 189 72 $ 181 11 $ 178 1 $ 127 18 $ 330 52 $ 331 0 $ - 0 $ - 2 3 $ 200 3 $ 148 7 $ 145 4 $ 144

TOTALS 201 171 12 78% 30 5 $ 189 72 $ 181 11 $ 178 1 $ 127 18 $ 330 52 $ 331 0 $ - 0 $ - 2 3 $ 200 3 $ 148 7 $ 145 4 $ 144

7/5/2012 FORT LAUDERDALE DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (2005 - April 30, 2012) NEW CONSTRUCTION PROJECTS

4 Lauderdale One 2421 NE 65th Street 2005 123 123 0 100% 0 0 $ - 0 $ - 4 $ 119 9 $ 208 10 $ 296 7 $ 306 33 $ 357 60 $ 342 2 4 $ 112 1 $ 103 13 $ 102 9 $ 114

5 Lauderdale Tower 2900 NE 30th Street 2006 108 108 0 100% 0 0 $ - 0 $ - 0 $ - 10 $ 147 4 $ 259 29 $ 245 65 $ 271 0 $ - 7 3 $ 214 2 $ 144 12 $ 149 20 $ 125

6 Le Cercle 3250 NE 28th Street 2005 91 91 0 100% 0 0 $ - 0 $ - 1 $ 158 10 $ 189 8 $ 233 6 $ 274 5 $ 291 61 $ 290 0 0 $ - 2 $ 137 5 $ 131 9 $ 143

7 Porto Venezia 2765 NE 14th Street 2008 10 10 0 100% 0 0 $ - 0 $ - 1 $ 247 9 $ 217 0 $ - 0 $ - 0 $ - 0 $ - 1 0 $ 310 0 $ - 0 $ - 0 $ -

FORT LAUDERDALE BEACH Sapphire Condominium 8 2831 N. Ocean Blvd. 2009 86 86 0 100% 0 0 $ - 32 $ 298 37 $ 269 17 $ 345 0 $ - 0 $ - 0 $ - 0 $ - North 6 1 $ 393 3 $ 636 19 $ 324 12 $ 314 Sapphire Condominium 9 2821 N. Ocean Blvd. 2009 86 86 0 100% 0 0 $ - 17 $ 325 55 $ 292 14 $ 355 0 $ - 0 $ - 0 $ - 0 $ - South 10 Symphony Tower One 600 W Las Olas Blvd. 2005 151 151 0 100% 0 0 $ - 0 $ - 11 $ 233 11 $ 259 11 $ 328 12 $ 417 46 $ 394 60 $ 355 4 2 $ 285 4 $ 235 9 $ 215 20 $ 215

11 Symphony Tower Two 610 W Las Olas Blvd. 2006 186 186 0 100% 0 0 $ - 0 $ - 13 $ 220 12 $ 219 16 $ 279 19 $ 369 126 $ 297 0 $ - 9 1 $ 278 2 $ 252 30 $ 225 10 $ 226 Fountains on Ocean Blvd - 2501 & 2509 N. Ocean 12 2009 31 31 0 100% 0 0 $ - 11 $ 232 6 $ 251 14 $ 312 0 $ - 0 $ - 0 $ - 0 $ - 0 0 $ - 1 $ 262 3 $ 265 10 $ 261 North Blvd. Fountains on Ocean Blvd - 2401 & 2409 N. Ocean 13 2009 30 30 0 100% 0 0 $ - 12 $ 215 7 $ 262 11 $ 329 0 $ - 0 $ - 0 $ - 0 $ - 1 0 $ 308 1 $ 327 2 $ 280 7 $ 268 South Blvd. Ritz Carlton (Castillo Grand 1 North Ft. Lauderdal 14 Residences) Beach Blvd. 2007 28 28 0 100% 0 0 $ - 0 $ - 1 $ 431 4 $ 599 7 $ 704 16 $ 791 0 $ - 0 $ - 10 0 $ 969 1 $ 813 4 $ 678 4 $ 849 • 28 Condo Residences; 34 Condo Hotel Residences 101 S. Ft. Lauderdale 15 Las Olas Beach Club 2006 150 150 0 100% 0 0 $ - 0 $ - 4 $ 401 1 $ 419 3 $ 483 142 $ 473 0 $ - 0 $ - 8 3 $ 489 5 $ 403 7 $ 455 16 $ 396 Beach Blvd. 16 The Vue North 2011 N. Ocean Blvd. 2005 79 79 0 100% 0 0 $ - 0 $ - 4 $ 308 11 $ 300 2 $ 406 6 $ 416 12 $ 432 44 $ 382 5 0 $ 337 1 $ 214 4 $ 221 8 $ 250

17 The Vue South 2001 N. Ocean Blvd. 2005 79 79 0 100% 0 0 $ - 0 $ - 1 $ 336 4 $ 264 3 $ 322 9 $ 457 10 $ 444 52 $ 368 4 1 $ 288 2 $ 225 12 $ 270 1 $ 257

DOWNTOWN FORT LAUDERDALE

18 Nola Lofts 313 NE 2nd Street 2005 52 52 0 100% 0 0 $ - 0 $ - 1 $ 160 12 $ 143 2 $ 272 5 $ 350 2 $ 324 30 $ 289 0 1 $ - 0 $ - 6 $ 143 7 $ 153

19 Strada 315 315 NE 3rd Avenue 2007 117 61 4 52% 56 1 $ 265 0 $ - 3 $ 175 3 $ 264 15 $ 389 35 $ 388 0 $ - 0 $ - 11 1 $ 244 1 $ 130 7 $ 158 3 $ 160 • 65 Units Purchased by Related FULLY RENTED 20 Foundry Lofts 411 NW 1st Avenue 2008 36 36 0 100% 0 0 $ - 3 $ 189 5 $ 233 4 $ 221 4 $ 300 20 $ 374 0 $ - 0 $ - 1 0 $ 393 0 $ - 3 $ 140 2 $ 208

21 The Mills Loft 410 NW 1st Avenue 2007 34 34 0 100% 0 0 $ - 4 $ 201 4 $ 202 4 $ 246 4 $ 260 18 $ 372 0 $ - 0 $ - 1 0 $ 242 2 $ 218 4 $ 178 3 $ 248

22 Avenue Lofts Condo Two 435 N. Andrews Avenue 2005 20 20 0 100% 0 0 $ - 0 $ - 1 $ 151 1 $ 262 0 $ - 0 $ - 2 $ 357 16 $ 263 2 0 $ 201 3 $ 161 1 $ 123 6 $ 249 23 Avenue Lofts Condo Three 445 N. Andrews Avenue 2005 12 12 0 100% 0 0 $ - 0 $ - 0 1 $ 137 2 $ 245 2 $ 315 2 $ 364 5 $ 266 0 0 $ - 1 $ 161 1 $ 179 4 $ 193

24 Avenue Lofts Condo Four 444 NW 1st Avenue 2006 23 23 0 100% 0 0 $ - 0 $ - 0 $ - 1 $ 134 2 $ 327 5 $ 244 15 $ 259 0 $ - 0 0 $ - 3 $ 156 4 $ 125 1 $ 118

25 Avenue Lofts Condo Five 434 NW 1st Avenue 2006 23 23 0 100% 0 0 $ - 0 $ - 0 $ - 3 $ 98 2 $ 226 3 $ 297 15 $ 310 0 $ - 0 0 $ - 3 $ 131 2 $ 176 3 $ 145

26 Coconut Grove Residences 1200 Holiday Drive 2007 63 63 0 100% 0 0 $ - 6 $ 280 18 $ 323 11 $ 434 17 $ 807 11 $ 581 0 $ - 0 $ - 6 1 $ 618 0 $ - 9 $ 342 16 $ 334

7/5/2012 FORT LAUDERDALE DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (2005 - April 30, 2012) NEW CONSTRUCTION PROJECTS

BROWARD COUNTY TAX RECORDS MLS DATA 2012 2011 2010 2009 2008 2007 2006 2005 CURRENT 2012 2011 2010 Total Total Total Total Total Developer Completion Developer Developer Developer Developer Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed SP$/ Closed Average Closed SP$/ Active Pending LP$/ Closed SP$/ Closed SP$/ Closed SP$/ Project Name Street Address Inventory Date Inventory Inventory Inventory Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales SqFt Sales $ PSF Sales SqFt Listings Listings SqFt Sales SqFt Sales SqFt Sales SqFt Sold - Inventory Built Sold Unsold Unclosed Sold % LASFORT OLAS LAUDERDALE 27 Aria 516 Hendricks Isle 2007 12 2 0 17% 10 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 2 $ 583 0 $ - 0 $ - 0 0 $ - 0 $ - 0 $ - 0 $ - 28 Place Des Arts 301 Hendricks Isle 2005 10 10 0 100% 0 0 $ - 0 $ - 0 $ - 3 $ 189 0 $ - 0 $ - 3 $ 396 4 $ 367 1 0 $ 276 1 $ 232 2 $ 191 2 $ 229

29 45 Hendricks 45 Hendricks Isle 2007 14 14 0 100% 0 0 $ - 0 $ - 0 $ - 0 $ - 4 $ 314 10 $ 486 0 $ - 0 $ - 0 0 $ - 2 $ 354 1 $ 274 4 $ 215 30 The Meritage 40 Hendricks Isle 2006 8 8 0 100% 0 0 $ - 0 $ - 0 $ - 0 $ - 2 $ 311 0 $ - 6 $ 512 0 $ - 2 1 $ 657 0 $ - 2 $ 221 2 $ 236

31 Las Olas by the River 520 SE 5th Avenue 2005 239 239 0 100% 0 0 $ - 41 $ 225 22 $ 183 14 $ 195 24 $ 242 33 $ 275 42 $ 374 63 $ 388 6 3 $ 180 7 $ 165 21 $ 151 24 $ 153

32 Nu River Landing 511 SE 5th Avenue 2006 409 409 0 100% 0 0 $ - 0 $ - 5 $ 177 33 $ 183 19 $ 251 30 $ 353 322 $ 354 0 $ - 12 10 $ 230 19 $ 197 51 $ 183 53 $ 184

33 350 Las Olas Place 350 SE 2nd St. 2005 163 163 0 100% 0 0 $ - 0 $ - 3 $ 242 17 $ 245 12 $ 295 10 $ 360 17 $ 400 104 $ 326 6 3 $ 245 6 $ 258 10 $ 236 15 $ 239 34 Las Olas Grand 411 N. New River Drive 2005 212 212 0 100% 0 0 $ - 0 $ - 0 $ - 16 $ 286 18 $ 372 24 $ 490 18 $ 506 136 $ 328 12 3 $ 406 8 $ 347 19 $ 352 13 $ 334

35 Watergarden 347 N. New River Drive 2005 314 314 0 100% 0 0 $ - 0 $ - 3 $ 274 22 $ 331 34 $ 363 37 $ 426 35 $ 494 183 $ 358 8 2 $ 359 2 $ 335 9 $ 330 4 $ 329

36 Las Olas River House 333 Las Olas Way 2005 284 284 0 100% 0 0 $ - 0 $ - 20 $ 271 27 $ 277 36 $ 317 27 $ 416 33 $ 493 141 $ 431 10 4 $ 403 14 $ 323 22 $ 281 32 $ 273

37 Sole at Ft. Lauderdale 533 NE 3rd Avenue 2005 247 247 0 100% 0 0 $ - 0 $ - 2 $ 92 57 $ 91 14 $ 136 35 $ 293 56 $ 303 83 $ 300 4 7 $ 172 7 $ 133 20 $ 107 51 $ 103

38 The Port Condo 1819 SE 17th Street 2005 129 129 0 100% 0 0 $ - 0 $ - 3 $ 228 10 $ 228 13 $ 248 10 $ 296 21 $ 427 72 $ 361 6 0 $ 254 3 $ 231 12 $ 215 7 $ 164

39 Waverly at Las Olas 111 N. Federal Highway 2005 223 223 0 100% 0 0 $ - 0 $ - 5 $ 131 27 $ 138 16 $ 205 19 $ 334 14 $ 336 142 $ 232 4 10 $ 178 11 $ 152 32 $ 129 7 $ 143

TOTALS 3882 3816 4 98% 66 1 $ 265 126 $ 246 240 $ 236 403 $ 250 304 $ 328 582 $ 392 900 $ 378 1256 $ 332 149 60 $ 335 118 $ 256 352 $ 229 385 $ 243

Disclaimer: While Related ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this Report and expressly disclaims liability for errors and omissions in its contents.

7/5/2012