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

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1 DOWNTOWN MIAMI DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (26 - APRIL 3,212) (Unclosed) (%) BRICKELL 1 5 Brickell East Tower 5 Brickell Ave % Brickell West Tower 55 S.E. 6 St % Brickell (Avenue on Brickell West Tower) 16 Brickell (Avenue on Brickell East Tower) 15 Brickell Ave % Brickell Ave % Asia Brickell Key 9 Brickell Key Blvd % Axis on Brickell South Tower 79 S.W 12 St % Axis on Brickell North Tower 1111 S.W. 1st Ave % Brickell on the River North 31 S.E. 5th St % Brickell on the River South 41 S.E. 5th St % Brickell Station Villas 1 S.W. 1th St. Bank takes 42% loss on Brickell Station Villas short sale - South Florida Business Journal --- Aug. 25, % 63 REMS Group Purchased Note - Daily Business Review --- Oct. 2, Brickell View West 1723 S.W. 2nd Ave. Currently Being Offered as a Rental % Habitat One 171 S.W. 2nd Ave. Currently Being Offered as a Rental % Icon Brickell Tower I - North 465 & 475 Brickell Ave. HSBC Holdings, LLC and Bank of America Corp took ownership of Icon Brickell - Wall Street Journal - December 17, % Icon Brickell Tower II -South 495 Brickell Ave. HSBC Holdings, LLC and Bank of America Corp took ownership of Icon Brickell - Wall Street Journal - December 17, % Icon Brickell - Viceroy 485 Brickell Ave. 162 Hotel Units; 338 Condo Residences % Infinity at Brickell Condo 6 S.W. 13th St. Included in ST Residential Portfolio % Latitude on the River 185 S.W. 7th St. Currently Being Offered as a Rental % /28/212

2 DOWNTOWN MIAMI DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (26 - APRIL 3,212) (Unclosed) (%) 18 Lofts on Brickell I 1528 Brickell Ave % Lofts on Brickell II 165 Biscayne Blvd % Los Suenos De Brickell 145 S.W. 11th St. Construction Suspended TBD 64 % 21 Neo Vertika 69 S.W. 1st Ct % One Plaza West Brickell 18 S.W. 1st Ave. Currently Being Offered as a Rental % Park View Towers 115 S.W. 11 St. Currently Being Offered for Purchase or Rental % Plaza on Brickell - N. Tower 95 Brickell Bay Dr % Plaza on Brickell - S. Tower 951 Brickell Ave % Solaris Condo Brickell Miami 186 S.E. 12th Terr % The Emerald Condo Brickell 218 S.E. 14th St % The Sail on Brickell 17 S.E. 14th St % CENTRAL BUSINESS DISTRICT 29 5 Biscayne 5 Biscayne Blvd % Capital the Security Bldg. 117 N.E. 1st Ave. Foreclosure lawsuit filed over the 45 unsold units -South Florida Business Journal: March 17, % Epic West 2 Biscayne Blvd % Vizcayne South Tower 253 N.E. 2nd St. 33 Vizcayne North Tower 244 Biscayne Blvd % Name Change, formally known as Everglades on the Bay, office actively engaging in sales 34 Flagler First Condominium 11 E. Flagler St % Ivy Miami Condominium 9 SW 3rd St % /28/212

3 DOWNTOWN MIAMI DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (26 - APRIL 3,212) (Unclosed) (%) 36 Met 1 Condo downtown 3 S. Biscayne Blvd % Mint Condo Miami River 92 SW 3rd St. Per Office CO Was Received, Closings have started for original buyers. and Pricing not available until Mid February % The Loft Downtown II 133 N.E. 2nd Ave % Currently Being Offered for Purchase or Rental 39 Wind by Neo 35 S. Miami Ave % MEDIA & ENTERTAINMENT 4 City N.E. 24th St. Currently Being Offered for Purchase or Rental Can purchase unit with tenant for investment % Opera Tower 175 N. Bayshore Dr % Currently Being Offered for Purchase or Rental PARK WEST 42 9 Biscayne 9 Biscayne Blvd % Marina Blue 888 Biscayne Blvd % Marquis Condos 11 Biscayne Blvd % Hotel Rooms; 36 Residences 45 Ten Museum Park 14 Biscayne Blvd % WYNWOOD - EDGEWATER 46 Cynergi 27 N. Miami Ave. Hugo Amaya, president of Osaka Air purchased Note - Daily Business Review --- Oct. 2, % Currently Being Offered as a Rental ---EWM 47 Edgewater Lofts 22 N.E. 4th Ave % Gallery Art 333 N.E. 24th St % Midtown Midblock 325 N.E. 1st St % 172 Currently Being Offered as a Rental 5 Midtown Two (Mid-Rise) 3451 N.E. 1st Ave % Midtown Two (Mews Building) 3449 N.E. 1st Ave % Midtown Two (High-Rise) 347 E. Coast Ave % /28/212

4 DOWNTOWN MIAMI DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (26 - APRIL 3,212) (Unclosed) (%) 53 Midtown Four 331 N.E. 1st Ave % Relaunching building May 212. Pricing Not yet Available 54 Moonbay 52 N.E. 29th St % New Wave 725 N.E. 22nd St % Onyx on the Bay 665 N.E. 25th St. Hyperion bought Onyx loan before Corus failed - South Florida Business Journal ---September 15, % Palermo 425 N.E. 3th St % Currently Being Offered as a Rental 58 Paramount Bay 266 N. Bayshore Dr. Included in ST Residential Portfolio Office will open until August % Platinum 48 N.E. 3 St % Quantum on the Bay South Quantum on the Bay North 19 N. Bayshore Dr % Star Lofts On The Bay 7 N.E. 25th St % The 18 Club 18 N. Bayshore Dr % TOTAL UNITS BUILT % Despite much higher sales figures provided by on-site sales office, our number represents 75% "" due to lack of verifiable sales data in either MLS or Miami-Dade County Tax Records 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 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. 6/28/212

5 AVENTURA DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (26 - APRIL 3, 212) (Unclosed) (%) Listing 1 Alaqua 31 NE 185 St % Eastside 3 NE 188 St % NE 188 St % Atrium 3131 NE 188 St % Artech 295 NE 188 St % Peninsula II - Chinese Drywall 331 NE 183 St % Venture East 188 NE 2 Ave % Venture West 2775 NE 187 St % Uptown Lofts 329 NE 188 St % Terzetto at Aventura Currently Renting 2865 NE 185 St % TOTALS % 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 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. 7/5/212

6 BAL HARBOUR DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (26 - APRIL 3, 212) (Unclosed) (%) Listing 1 Harbour House 1275 Collins Ave % St. Regis - North Tower 971 Collins Ave Under Construction Dec % , ,273 St. Regis - Center Tower 971 Collins Ave. Under Construction 24 Hotel Units office says they are 1% sold St. Regis - South Tower 971 Collins Ave. Under Construction Dec. 211 Dec % % , , ,314 TOTAL % , 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 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. 7/5/212

7 HALLANDALE & HOLLYWOOD DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (26- APRIL 3, 212) NEW CONSTRUCTION PROJECTS BROWARD COUNTY TAX RECORDS Unclosed % HALLANDALE 1 Beach Club III 18 S. Ocean Dr % Duo East 1755 Hallandale Beach Blvd % Duo West 1745 Hallandale Beach Blvd % Ocean Marine Yacht Club 1945 S. Ocean Dr % HOLLYWOOD 5 Diplomat 3535 S. Ocean Dr % Ocean Palms 311 S. Ocean Dr % Van Buren St % Regent Park at Young Circle 1919 Van Buren St % Radius 183 Radius Dr % Trump Hollywood 2711 S. Ocean Dr. BH III, purchased the mortgage on the property for 16 million - South Florida Business Journal - 11/18/ % TOTAL % 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 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. 1/18/21

8 MIAMI BEACH---NOW INCLUDING SOUTH BEACH DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (26 -APRIL 3, 212) NEW CONSTRUCTION PROJECTS Canyon Ranch North Tower 6899 Collins Ave 2 MIAMI BEACH 176 units purchased and closed on 1/8/29 by FL 681 COLLINS N LLC Canyon Ranch Center Building 3 Canyon Ranch South Tower 6799 Collins Ave 28 units purchased and closed on 1/8/29 by FL 681 COLLINS S LLC 4 Casablanca Villas 6362 Collins Ave 27 units recently sold as a bulk purchase. Per new owner, units will be available for rent only and for sale in 5 years. 5 Cabana 6261 Collins Ave Construction Suspended - Unclosed (%) 681 Collins Ave % Terra Beach Villas 6 Collins Ave % Mei Condominium 5875 Collins Ave % Fontainebleau III 4391 Collins Ave Remaining (25 units) purchased by BH III on July Condo with option to participate in hotel program 9 Mosaic 381 Collins Ave % , The Caribbean - North Tower 3737 Collins Ave % The Caribbean - South Tower 3737 Collins Ave New York City-based Melohn Properties bought mortgage from Corus Bank (South Florida Business Journal - 12 Eden House 67 Indian Creek Dr Formally Known as Nobe Bay 13 Regatta at Indian Creek 658 Indian Creek Dr % Nobe 635 Indian Creek Dr Received CO 15 6 Indian Creek 6 Indian Creek Dr % Arte City - The Governor st St Remaining inventory occupied by tenants. Available for 41 p/ 17 Arte City - Artepark North 2135 Washington Court Under Financial Restructuring 18 Arte City - Artepark South 21 Park Ave Under Financial Restructuring SOUTH BEACH 19 The Perry South Beach 2399 Collins Ave % % % % TBD 211 % 4 1% 4 1 1, TBD % % 79% 7% 38% , Goldenrlt Name Change, formally known as Residences above the Gansevoort y@aol.c / Paradiso and 24th and Collins Gansevoort South Beach has 34 hotel rooms, including 86 suites 2 Cipriani South Beach 321 Collins Ave Per sales office groundbreaking date unknown 28 TBD % % 4 1,69 7/5/212

9 MIAMI BEACH---NOW INCLUDING SOUTH BEACH DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (26 -APRIL 3, 212) NEW CONSTRUCTION PROJECTS Unclosed (%) 21 W South Beach Residences 221 Collins Ave Condo with option to participate in hotel program 22 Boulan South Beach 22 21st Street Name Change, formally known as Parc Place, office actively engaging in sales % , , , , , , , % , Apogee on South Beach 8 S. Pointe Dr % 1 1, , , , , ,33 24 Continuum II North 5 S. Pointe Dr % , , , , , , , , Capri South Beach St Bulk Buyer Purchased the remaining 46 units for 29.6 million / Condovultures,com, June 11, Ocean House 125 Ocean Dr I Star Property, Formally known as South of Fifth TOTALS % % , , , % Despite much higher sales figures provided by on-site sales office, our number represents 75% "" 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 231 Collins Ave., Miami Beach, FL 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 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. 7/5/212

10 SUNNY ISLES DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY OF NEW CONDOMINIUMS AND SALES ACTIVITY (26 - APRIL 3th, (Unclosed) (%) Listing 1 Acqualina Collins Avenue 188 Condo residences & 97 Condo hotel residences % Jade Beach 171 Collins Avenue % Jade Ocean Collins Avenue % , Ocean Collins Avenue % Solis 1571 Collins Avenue Construction Suspended 6 St. Tropez - Tower I 15 Sunny Isles Blvd % St. Tropez - Tower II 2 Sunny Isles Blvd % St. Tropez - Tower III Will be released in June Sunny Isles Blvd. 7 Trump Tower I 161 Collins Avenue % Trump Tower II 1591 Collins Avenue % Trump Tower III 1581 Collins Avenue % Turnberry Ocean Colony- 1 South Tower Turnberry Ocean Colony - 11 North Tower 13 % 1647 Collins Avenue % , Collins Avenue % TOTALS TBD % % Acqualina Note: Dade County Property Appraiser reflects the address of Collins Avenue, while website reflects units represented exceed condo units listed, as closings did not differentiate between a condo or condo-hotel. 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 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. 7/5/212

11 SUNRISE DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (25 - April 3, 212) NEW AND/OR UNDER CONSTRUCTION PROJECTS (CONDO CONVERSIONS NOT INCLUDED) BROWARD COUNTY TAX RECORDS Description - Unclosed % 1 Artesia - (See Attached Brochures, Photos & Unit Mix) Multiple Low-rise Condo Bldgs. Villa Flora Villa Alhambra Villa Bari Villa Carrara Villa Biarritz Villa Castille 32 NW 125th Ave 2925 NW 126th Ave 291 NW 126th Ave 2955 NW 126 Ave 29 NW 125th Ave 355 NW 126 Ave Multiple Low-rise Condo Bldgs. Multiple Low-rise Condo Bldgs. Multiple Low-rise Condo Bldgs. Multiple Low-rise Condo Bldgs. Multiple Low-rise Condo Bldgs. Multiple Low-rise Condo Bldgs % % % % % % Courtyard Villas (2 to 3 Villas per building) Phase I NW 126th Way Townhomes/Villas % Phase II NW 126th Way Townhomes/Villas % Phase III NW 126th Way Townhomes/Villas % Phase IV - Preconstruction - Summer Club Villas (2 Villas per building) NW 126th Way Townhomes/Villas Summer % Phase I NW 125th Way Townhomes/Villas % Town Villas (2 Villas per building) Phase I NW 125th Way Townhomes/Villas % Terrace Homes (3-5 Villas per building) Phase I NW 125th Way Townhomes/Villas March % Tao- (See Attached Brochures, Photos & Unit Mix) North Tower 2641 N. Flamingo Rd Condos % South Tower 2681 N. Flamingo Rd Condos % TOTALS % 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 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. 7/5/212

12 PLANTATION DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (25 -April 3, 212) NEW AND/OR UNDER CONSTRUCTION PROJECTS (CONDO CONVERSIONS NOT INCLUDED) BROWARD COUNTY TAX RECORDS Description - Unclosed % 3 VERANDA 51 NW 84TH AVE Condo % TOTALS % 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 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. 7/5/212

13 FORT LAUDERDALE DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (25 - April 3, 212) NEW CONSTRUCTION PROJECTS BROWARD COUNTY TAX RECORDS Unclosed % FORT LAUDERDALE 4 Lauderdale One 2421 NE 65th Street % Lauderdale Tower 29 NE 3th Street % Le Cercle 325 NE 28th Street % Porto Venezia 2765 NE 14th Street % FORT LAUDERDALE BEACH Sapphire Condominium 8 North Sapphire Condominium 9 South 2831 N. Ocean Blvd % N. Ocean Blvd % Symphony Tower One 6 W Las Olas Blvd % Symphony Tower Two 61 W Las Olas Blvd % Fountains on Ocean Blvd & 259 N. Ocean 12 North Blvd. Fountains on Ocean Blvd & 249 N. Ocean 13 South Blvd. Ritz Carlton (Castillo Grand 1 North Ft. Lauderdal 14 Residences) Beach Blvd. 28 Condo Residences; 34 Condo Hotel Residences 11 S. Ft. Lauderdale 15 Las Olas Beach Club Beach Blvd % % % The Vue North 211 N. Ocean Blvd % The Vue South 21 N. Ocean Blvd % DOWNTOWN FORT LAUDERDALE 18 Nola Lofts 313 NE 2nd Street % Strada NE 3rd Avenue 65 Units Purchased by Related FULLY RENTED % % Foundry Lofts 411 NW 1st Avenue % The Mills Loft 41 NW 1st Avenue % Avenue Lofts Condo Two 435 N. Andrews Avenue % Avenue Lofts Condo Three 445 N. Andrews Avenue % Avenue Lofts Condo Four 444 NW 1st Avenue % Avenue Lofts Condo Five 434 NW 1st Avenue % Coconut Grove Residences 12 Holiday Drive % /5/212

14 LAS OLAS - Unclosed % 27 Aria 516 Hendricks Isle % FORT LAUDERDALE DEVELOPMENT ANALYSIS DEVELOPERS' INVENTORY AND SALES ACTIVITY (25 - April 3, 212) 212 NEW CONSTRUCTION PROJECTS 211 BROWARD COUNTY TAX RECORDS Place Des Arts 31 Hendricks Isle % Hendricks 45 Hendricks Isle % The Meritage 4 Hendricks Isle % Las Olas by the River 52 SE 5th Avenue % Nu River Landing 511 SE 5th Avenue % Las Olas Place 35 SE 2nd St % Las Olas Grand 411 N. New River Drive % Watergarden 347 N. New River Drive % Las Olas River House 333 Las Olas Way % Sole at Ft. Lauderdale 533 NE 3rd Avenue % The Port Condo 1819 SE 17th Street % Waverly at Las Olas 111 N. Federal Highway % TOTALS % 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 owned websites; on-site sales staff (if available) and field visits to each building or site. 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. 7/5/212

miami report MIAMI S A LOOK At WHAT S LEFT MAY 2012 An in-depth analysis of South Florida s New Developer Condominium Inventory

miami report MIAMI S A LOOK At WHAT S LEFT MAY 2012 An in-depth analysis of South Florida s New Developer Condominium Inventory miami report Updated through APRIL o th 0 An in-depth analysis of Florida s Developer minium Inventory MIAMI S SHADOW A LOOK INVENtorY At WHAT S LEFT ALSO: DAYS ON THE MARKET FACTS st Street, suite 00