Report on the Princeton townhome market

1. Weichert, Princeton Office Offers analysis of the Princeton, NJ Condo & Townhouse Market

5. Year to Date Princeton Condo & Townhouse Snapshot, 2009 Towns YTD 2007 YTD 2008 YTD 2009 Settled Units 57 23 22 Average Settled Price $583,912 $513,914 $567,724 Total Settled Volume $33,283,000 $11,306,100 $13,057,650 Average Sold Price/ Original Price 97.7% 97.8% 97.7%

6. Princeton Borough & Township Market Snapshot, 8/11/09 Towns Active Listings Pending Sales in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings Pton -Boro Condo/ Thouses 12 0 99 0 0 4 33% 0 1 0 Pton Twp: Condo/ Thouses 20 3 6.7 2 -1 4 20% 3 1 2

7. Princeton Twp. Inventory (all styles)

8. Princeton Twp. Condo/Townhouses Inventory

9. Princeton Boro. Active Inventory (all styles)

10. Princeton Boro. Condo/Townhouses Active Inventory

11. Sample Market Absorption Rate 107 current active listings 4 reported sales in last 30 days = 24.3 months absorption rate Anytown., NJ 5-6 Months Market Absorption Rate indicates a normal market.

12. Market Scale for Supply & Demand High Supply/Low Demand Low Supply/High Demand Normal Weichert has been studying market conditions for more than 3 decades and has found a direct correlation between market absorption and property values. As absorption rates increase beyond a normal market level of 5-6 months, property values depreciate annually. Market Absorption in Months 1 2 3 4 5 6 7 8 9 10 11 12 Normal

13. Princeton Boro. Condo/Townhouses Absorption Rate

14. Princeton Twp. Condo/Townhouses Absorption Rate