Windwalker Real Estate Annual Report Market Overview Sales Activity Map 2011 Metrics & Trends Assessment Values

Transcription

1 Annual Report Windwalker Real Estate Market Overview Sales Activity Map 2011 Metrics & Trends Assessment Values Luxury Market Snapshot Nantucket in Numbers 12 Oak Street Nantucket, MA

2 O V E R V I E W 2011/2012 Review Looking forward to looking back... By all accounts, 2011 demonstrated that the housing recovery, even in luxury second-home markets, remains exceptionally fragile. The transaction momentum posted during the first nine months of the year suggested that the Nantucket real estate market had most certainly turned the corner the market was steadily climbing, posting consistently better quarter-over-quarter sales (#) volumes. Then, during the height of the Nantucket season, significant global and domestic economic concerns surfaced, dealing enough of a blow to buyer confidence as to substantially affect the last three months of the year. The whiplash caused 2011 fourth quarter results to post a dramatic 25 percent decline from both 4Q2010 and 4Q2009. Yet, despite the pronounced fourth quarter slowdown, 2011 full-year sales (#) performance concluded down just slightly (3%) from 2010, showcasing the strength of the first nine months of the year. So while the economy may have dictated the course for the end of the year, buyers demonstrated they are ready to move to the next chapter and will do so as soon as the dust settles. Preliminary 2012 activity suggests the page may be turning Transaction Volume: Though the # of transactions (pg. 6) for all property types was down, the # of single-family homes sales actually improved from 2010 and was off only 10 percent from 2006 levels (one of the top years within the last decade). Preliminary 2012 results indicate transaction volume is thus far exceeding 2011 performance. Property Inventory: Inventory levels (pg.7) continued to ebb during the year and receded 10 percent on a year-over-year basis, alleviating some of the pressure in the supply/demand imbalance. Inventory levels should be watched closely. Shadow inventory could crowd the market as conditions improve. As of this writing, new inventory has increased 50 percent from the same period in If demand maintains its current 2012 pace, however, absorption shouldn t decline. Property Values: 2011 Several value metrics (pg. 6) declined just slightly but the pace of the decline has been slowly improving, suggesting values are bottoming out Property values are naturally subject to buyer sentiment/demand. Should inventory levels not materially spike and economic conditions hold steady, we believe stabilization trends will continue. There are not yet signs of price increases. The Consumer: Several 2011 consumer pollsreported that affluent consumers are not only confident in the economy but desire more quality time and experiences with family and friends. This could further support demand for leisure/second homes on Nantucket. Other Luxury Markets: Other second home markets (pg. 9) exhibited similar 2011 performance. The fate of the Nantucket high-end home market in 2011 may have had more to do with the timing of negative news and the comparatively smaller size of the local market, rather than a fundamental difference in demand. Comparable luxury home markets are also reporting preliminary strong results in Report produced by Jennifer Shalley, Director of Research for Windwalker Real Estate 2

3 O V E R V I E W Inside the Mind of a Nantucket Buyer The performance of every market is driven by the dynamics of supply and demand. In order to understand what lies ahead for Nantucket real estate, we polled Windwalker's agents to understand what's driving the behavior of the Nantucket buyer. What follows below is a snapshot of the firm s collective experience with our clients what they are saying, and what they are thinking. Buyers Passionate About the Island & Dispassionate About the Market Buyers are committed to Nantucket but are patient. There is no sense of urgency. Most do not expect the market to recover at a speed where they need to be concerned about missing out. If one property doesn t work out, another one will. Economics trump their emotion. What motivates them to buy? Value, value, value. Buyers negotiate hard and will walk away from a transaction if they cannot achieve a predetermined sale price. They feel they have nothing to lose by starting with a low offer. Over-analysis. Many of today s buyers have been looking for property longer than one year; they have seen nearly every available property meeting their criteria and they have done their homework. The right time to buy. This belief is driven by identifying an opportunity from which one can t afford to walk away and the belief that metrics are bottoming out, supporting a long-term growth in value. New, turnkey properties. Still at the top of the high-end buyer s list, new or newly renovated properties provide the added benefit of no hassle. This is it. The once-in-a-lifetime opportunity to own in a specific location drives buyers in any type of market. Who are they? Long-time renters who have decided now is the time to get in the market. This buyer may require the ability to rent the property to carry expenses. The vast majority are looking in the <$1MM price range. Developers/investors looking to deploy capital. They seek bargains and are banking on a recovering market. The more renovation work required, the better the chance for profit. Nantucket property owners looking to upgrade, looking for an investment property, or looking to downsize. Domestic Northeast corridor residents. The vast majority of current buyers reside in Massachusetts, New York and Connecticut. There is only a very small portion of international buyers. While we can generally identify the characteristics of today s buyer, to fully understand the forces of supply and demand, one must also understand the Nantucket seller. Unlike the majority of domestic real estate markets, a significant portion of Nantucket property owners do not need to sell. They may desire to sell, but for most this is much as an investment as it is a home and they will not be pressured to sell. When you combine a dispassionate buyer with a seller who isn t necessarily motivated and strongly believes in the value of their property, the result is a market in which there are many offers but relatively few transactions. Buyers patiently await the successful transaction while sellers feel they can hold out for the tide to turn. We don t anticipate this dance between buyers and sellers to materially change in While buyers are still in the driver s seat, transaction volume highly depends on the motivation of the seller. Further, as we have seen in the past three years, positive market momentum may evaporate with the slightest bit of economic uncertainty. As such, market dynamics remain subject to change at any moment. We encourage our buyers and sellers to stay on top of the current market and to continually evaluate their unique situations vis-à-vis current conditions. No one can time the market, but now is as important a time as ever to stay informed and be poised to act. 3

4 2011 Nantucket Real Estate Activity by Area L E G E N D MOM Discount Total number of transactions in 2011 % Change from 2010 Transaction (#) Volume Average Months on Market Average sale price from original list price/ Average sales price from most recent list price Town 13 % Median $1,160,000 MOM 11 Discount 22% 10% Median $480,000 MOM 13 Discount 23% 9% 2 % Mid-Island 14 Median $626,000 MOM 13 Discount 21% 13% 0 % West of Town 14 8 % Brant Point Median $1,275,000 MOM 13 Discount 25% 12% 8 Dionis 60 % Median $3,950,000 MOM 13 Discount 30% 17% 22 Cliff 21 % Median $2,449,250 MOM 13 Discount 22% 14% 3 50 % Fishers Landing Median $742,500 MOM 18 Discount 52% 1% 18 Median $820,000 MOM 12 Discount 29% 17% 0 % Madaket 6 20 % Cisco Median $1,950,000 MOM 17 Discount 22% 13% Cliff Brant Dionis Point Town Fishers Landing West of Town Madaket Nashaquisset Hummock Pond Cisco Miacomet % Hummock Pond Median $881,250 MOM 14 Discount 24% 14% 10 Miacomet 23 % Median $705,250 MOM 6 Discount 14% 7% 4 0 % Nashaquisset Median $677,500 MOM 21 Discount 27% 6% 4

5 0 Shawkemo 100 % 2 75 % Median MOM Discount Monomoy Median $3,555,000 MOM 14 Discount 24% 21% 1 Quaise 67 % 3 Pocomo 200 % Median $1,500,000 MOM 13 Discount 31% 26% Median $2,725,000 MOM 6 Discount 17% 8% 3 Wauwinet 40 % Median $2,800,000 MOM 25 Discount 31% 21% 3 Squam 50 % Median $3,000,000 MOM 15 Discount 42% 20% 2 33 % Shimmo Median $3,987,500 MOM 27 Discount 42% 23% Wauwinet % Quidnet Median $3,100,000 MOM 3 Discount 16% 16% Pocomo Squam Quidnet 2 Polpis 75 % Median $1,447,500 MOM 4 Discount 18% 18% Shimmo Monomoy Shawkemo Quaise Polpis % Sconset Median $1,772,500 MOM 12 Discount 20% 11% Mid Island Naushop Surfside Madequecham Tom Nevers Sconset 15 7 % Tom Nevers Median $1,266,000 MOM 13 Discount 23% 8% 18 Median $743,750 MOM 8 Discount 20% 13% 25 % Surfside % Naushop Median $735,000 MOM 20 Discount 26% 10% 0 Madequecham 100 % Median MOM Discount Data excludes foreclosures. Transaction numbers vary widely by area; for specific information, see pages

6 M A R K E T D A T A Nantucket: Sales Trends & Performance Metrics $1,400,000 Nantucket Cumulative Real Estate Sales & Transactions: Global economic uncertainty moderates the local recovery 900 $1,200, $1,000, Sales $ in 000 s $800,000 $600,000 $400, # of Transactions $200, $ Sales Volume Number of Transactions Normalized Sales Volume (linear) 0 After staging a rebound in 2010, the 2011 Nantucket real estate market lost some of the steam in its recovery, especially during the final months of the year. Economic uncertainty led to a historically slow fourth quarter and a significant decline in $10mm+ property sales from the previous year, causing a 21 percent decline in total dollar volume and a 3 percent decline in transaction volume from Still, full-year results surpassed 2009 data by 13 percent in dollar volume and 15 percent in transaction activity. Whether this slowdown is temporary or long term remains to be seen and will largely depend on economic stability in Preliminary 2012 results suggest the 2011 fourth quarter slowdown may have been temporary as both transactions and dollar volume are surpassing post-2008 performance. Performance by Property Type: 2011 vs Fundamental market metrics largely positive Single-Family Homes Vacant Land Commercial Properties % of Change % of Change % of Change Transaction Volume (#) % % % Median Sale Price ($000 s) $1.250 $ % $843 $850-1% $895 $ % Average Months on Market % % % Sale Price as a % of Original List Price 77% 78% -1% 75% 77% -3% 85% 82% 4% Sale Price as a % of Last List Price 89% 91% -3% 88% 84% 5% 94% 86% 9% Inventory % % % ** December 31, 2011 data as compared to December 31, 2010 exclusive of foreclosures. Despite somewhat disappointing results in overall 2011 sales volume, fundamental market metrics were not overly negative and, in some cases, showed improvement. Even with high-end sales largely absent, single-family home transactions increased 4 percent, while months on market remained steady and inventory notably declined. The number of vacant land transactions slipped from 2010, but total dollar volume improved handsomely thanks to several waterfront transactions. Commercial property activity remained consistently anemic and the majority of transfers were in the Mid-Island area, resulting in lower average sale prices than core town commercial values. The number of transactions across all property types remains healthy, although prices suggest values may still be under pressure. 6 *Sales data excludes foreclosures and timeshare sales. Sources: LINK Nantucket, Nantucket Land Bank

7 Windwalker Real Estate Year-End Report 2011 M A R K E T D A T A Nantucket: Sales Trends & Performance Metrics 2011 Nantucket Real Estate by Price Point Another solid year for the low-end; high-end retracts Excluding foreclosures, the <$1 million segment of the market was the only price point to experience an increased share of transactions from This pick-up in activity led to a shortened marketing time as well as an improved sale price compared to other price points. The $1 $2 million segment of the market held the course from the prior year in market share, months on market and average discount. The high-end, the $5 $10 million and $10 million + price points, did not fare as well in A dearth of demand led to longer marketing times and steeper price discounts for those sellers that were able to attract buyers. $2 $5MM % of Total Sales: 20% g 1% from 2010 Avg. MoM: 12 Months Avg. Discount : 13% $5 $10MM % of Total Sales: 4% g -.5% from 2010 Avg. MoM: 15 Months Avg. Discount: 16% $1 S2MM % of Total Sales: 29% ui 0% from 2000 Avg. MoM: 12 Months Avg. Discount : 13% >$10M % of Total Sales: 1% k 1% from 2010 Avg. MoM: 15 Months Avg. Discount : 20% <$1MM % of Total Sales: 48% k + 2% from 2010 Avg. MoM: 11 Months Avg. Discount : 9% Absorption & Sales Discounts Data indicates subtle improvement in % 25 90% 80% Absorption (months) % 60% 50% 40% 30% Listing Discount 5 20% 10% % Absorption Projected Months on Market Sale Price / Last List Price Sale Price / Original List Price The 2011 sales pace, coupled with a decline in overall property inventory, boosted the absorption rate of Nantucket real estate. Should sales activity hold steady, it will take approximately 17 months to clear current property listings. This is down from 26 months in 2009 and 19 months in While encouraging, there is still the potential for shadow inventory to be listed as the market improves. The listing discount, as measured by the sales price compared to the most recent asking price, slipped just slightly in 2011 to 89 percent. A similar metric, the sales price as compared to the original list price, also fell one percent to 77 percent in The rate of decline in these price metrics has slowed since 2009, suggesting prices are beginning to stabilize with moderated inventory levels. 7

8 V A L U A T I O N S H A P S H O T The Art and Science of Assessment Values Estimating the value of real property is a delicate balance of art and science. The property valuation shift during the past few years has many buyers and sellers leaning more heavily toward science, in search of the best market metric to value a specific property. While there are several market metrics which could and should be used to estimate present value, many clients have been narrowing in on the average sale price as a percentage of the assessed value. To best understand this metric and its implications on value, it is important to understand how assessments are calculated. Assessed Values of Single-Family Homes on Nantucket Average sale price to AV is improving but does this signal anything meaningful? $ % Total Assessed Value of All Homes ($ in Billions) $ $9.500 $9.000 $ % 100% 80% 60% 40% 20% $ % Total Assessed Value -SF Homes Avg Sale Price as a % of AV Source: Nantucket Assessor's Office; LINK Nantucket Primer on Assessed Value Assessed values are for tax purposes and represent a snapshot value in time. They are not indicative of current market value as the time delay in valuation is significant. For the fiscal year 2011, assessment data was based on sales that occurred during The valuation is naturally backward-looking. When property values are in flux, there may be a more pronounced difference between current market values and assessed values. Each year, the assessor s office reviews the sold properties in order to determine the level and uniformity of the assessment value as compared to the sales price. The resulting values (assessed value divided by sale price) should fall within a range of 90% and 110%. In the case that they do not, valuation adjustments will be made to certain condition factors (ie house style, location, land value) which form the basis of valuing real property. Any change in a condition factor is then applied en masse to all properties. Mass appraisal techniques cannot adjust for all of the unique qualities of a specific property. Throughout the past five years, the average sale price as compared to the assessed value (red line above) has changed substantially as market values deviated significantly from assessed values. In 2007, when market values were still increasing, the average sale price exceeded the assessed value by 32 percent. In 2011, assessed values (2009 data) notably declined and the average sale price represented a 3 percent premium to the assessed value as sales values recovered from the 2009 market. As the market improves, sale prices will likely represent an even higher premium to assessed values until and if the market reaches an equilibrium point. Looking forward, it is important to be mindful that assessment data is frozen in time and cannot adjust to current market dynamics or unique qualities of a property. While the average sale price as compared to assessed value may provide a general indication of value, it will not be particularly useful in a market where property values are in flux. Buyers and sellers should look to a variety of market metrics, not just one, to determine the value of a property. 8

9 Windwalker Real Estate Year-End Report 2011 B E Y O N D N A N T U C K E T Residential Sales Analysis Across Luxury Markets Residential Snapshot in Other Second Home Destinations: Weakness in Prices and Marketing Time; Inventory Levels and Sales Volume Improve Average Sales Price ($000 s) The Hamptons Aspen/Snowmass Palm Beach Nantucket % change % change % change % change $1,628 $1,662-2% $5,317 $5,262 1% $4,914 $5,001-2% $1,668 $2,292-27% Median Sales Price ($000 s) $845 $906-7% $3,775 $4,325-13% $2,800 $2,775 1% $1,227 $1,305-6% Total Number of Home Sales 1,605 1,632-2% % % % Total Number of High-End ($10mm+) Sales % % % % Number of days on Market % % % % Listing Inventory 1,165 1,597-27% 1,030 1,088-5% % % Sources: Prudential Douglas Elliman/Miller Samuel Inc/Corcoran; Estin Report; Palm Beach Tax Rolls/MLS; LINK & Nantucket Listing Service What market analysts are saying The Hamptons Aspen/Snowmass Palm Beach From peak to trough, prices fell about 30 percent. That was an overcorrection; we ve already recovered about half of it. I think there s room for pricing to grow going forward, but that s going to take a few years. JONATHAN MILLER, PRESIDENT OF APPRAISAL FIRM MILLER SAMUEL Despite the decline in listing inventory, the number of days on market continued to expand, reaching its highest level in more than two years. JONATHAN MILLER, PRESIDENT OF APPRAISAL FIRM MILLER SAMUEL Overall, 2011 showed an increase in activity in many areas of the market. We ve seen a lot of interest in the high-end homes $7 million and over, as well as in prime lots of vacant land. It is encouraging to see an increase in the number of sales in the Hamptons. It reflects the level of activity we are currently experiencing. CIA COMNAS, EXECUTIVE MANAGING DIRECTOR BROWN HARRIS STEVENS Year-over-year, the 2011 Aspen/Snowmass real estate market is up 15 percent in dollar volume and 25 percent in unit sales over 2010 due to the strength in the first half of the year. TIM ESTIN, BROKER AT MASON MORSE The market looked like it was storming back to life in the first half of 2011, but it fizzled in the second half. A poor performance in December left 2011 dollar volume essentially flat compared with 2010 dollar volume. THE ASPEN TIMES The first half of 2011 was buoyed by a handful of record sales. That made it appear that the market was stronger than it really was. BRENT WALDRON, BROKER AT CHAFFIN LIGHT RE Even though the inventory of total active listings has fallen 19 percent from its 2009 high, it continues to remain at historically high levels. There continue to be more properties for sale than buyers, and over supply/ under-demand translates into price pressure. TIM ESTIN, BROKER AT MASON MORSE Our research indicates that a strong increase in both the total dollars of home sales and actual number of home sales, coupled with a decrease in the average home price evidences an effectively adjusted pricing market. LESLIE EVANS, REAL ESTATE ATTORNEY Several price categories were substantially more active during the first half of this year than they were in For instance, five homes sold for more than $20 million between January 1 through June 30 of this year, compared to the sole house sold during the same period last year. PALM BEACH DAILY NEWS The price category that saw the largest increase in the number of transactions involved houses that sold for less than $2.5 million. PALM BEACH DAILY NEWS 9

10 Sold Properties: Listed by Area Area Date Sold Address Type Selling Price Original Price Recent Price F/REO* Months on Market Brant Point 11/11/11 54 Hulbert Avenue Single Family $4,500,000 <1 Brant Point 09/14/11 16 Brant Point Road Single Family $2,925,000 76% 93% 16 Brant Point 03/23/11 3 Dolphin Court Single Family $2,000,000 73% 73% 18 Brant Point 10/07/11 10 Walsh Street Single Family $1,816,000 79% 79% 1 Brant Point 03/11/11 34B Walsh Street Single Family $1,700,000 53% 83% 19 Brant Point 05/13/11 5 Cornish Street Single Family $1,316,000 97% 97% 9 Brant Point 02/16/11 65 Walsh Street Land $1,300,000 67% 87% 25 Brant Point 11/02/11 5E Stone Barn Way Condo $1,250,000 60% 94% 24 Brant Point 09/07/11 29 East Lincoln Avenue Single Family $1,200,000 77% 89% 20 Brant Point 09/30/11 25 Walsh Street Single Family $1,030,000 86% 86% 2 Brant Point 04/26/11 2 North Beach Street, Lot 2B Single Family $900,000 92% 92% 3 Brant Point 11/29/11 9 North Beach Street Single Family $672,500 84% 93% 6 Brant Point 12/06/11 33 Jefferson (portion) Land $465,000 Brant Point 04/15/11 10 Cornish Street Single Family $400,000 57% 94% 7 Cisco 10/05/11 1 Falmouth Avenue Single Family $3,100,000 64% 93% 50 Cisco 08/31/11 23 Westerwyck Way Single Family $2,100,000 84% 88% 7 Cisco 04/01/11 6 Davis Lane Single Family $2,000,000 Cisco 06/21/11 8 Osprey Way Single Family $1,900,000 76% 76% 4 Cisco 09/26/11 3 Moby Way Single Family $1,824,200 87% 87% 3 Cisco 10/14/11 5 New Hummock Circle Single Family $1,430,000 77% 89% 22 Cliff 06/22/11 0 Chase Links Land $12,625,000 72% 81% 8 Cliff 08/12/11 3 Sherburne Turnpike Single Family $6,450,000 96% 96% 3 Cliff 10/14/11 18 Lincoln Circle Single Family $5,995,000 89% 89% 16 Cliff 06/06/11 22 Capaum Pond Road Single Family $5,500,000 79% 86% 9 Cliff 12/07/11 18 Lincoln Avenue (portion) Land $3,600,000 Cliff 07/26/11 8 Deacons Way Single Family $3,525,000 76% 88% 20 Cliff 04/25/11 8 North Star Lane Single Family $3,200,000 82% 84% 7 Cliff 11/07/11 18 Cliff Road Single Family $3,000,000 51% 58% F 19 Cliff 10/28/11 8 Mooers Avenue Single Family $2,900,000 91% 91% 4 Cliff 06/23/ Cliff Road Single Family $2,814,000 76% 85% 12 Cliff 09/06/11 20 Capaum Pond Road Single Family $2,498,500 88% 94% 34 Cliff 03/01/11 22 Sherburne Turnpike Single Family $2,400,000 96% 96% 5 Cliff 04/20/11 3 Kite Hill Lane Single Family $2,200,000 90% 90% 1 Cliff 09/30/11 30 Crooked Lane Single Family $1,860,000 81% 93% 11 Cliff 08/05/ Cliff Road (portion) Land $1,750,000 Cliff 06/29/ Cliff Road Single Family $1,700,000 57% 85% 26 Cliff 02/23/11 18 Derrymore Road Single Family $1,350,000 68% 85% 25 Cliff 12/07/11 23 & 25 Pilgrim Road Land $1,225,000 73% 82% 6 10 *F = foreclosure REO = lender real estate owned

11 Windwalker Real Estate Year-End Report 2011 Area Date Sold Address Type Selling Price Original Price Recent Price F/REO Months on Market Cliff 04/08/11 10B Hinckley Lane Land $1,200,000 76% 76% 12 Cliff 06/24/11 0 Delaney/68 Cliff Road Land $845,000 Cliff 04/25/11 14 North Star Lane Land $840,000 Cliff 05/09/11 7 Delaney Road Single Family $840,000 73% 86% 9 Dionis 11/17/11 15 East Tristram's Avenue Single Family $17,000,000 57% 74% Dionis 10/25/ Eel Point Road Single Family $11,800,000 61% 83% 22 Dionis 09/09/11 7 Huckleberry Lane Single Family $6,865,000 Dionis 04/05/11 7 Huckleberry Lane Single Family $5,300,000 89% 89% 10 Dionis 03/31/11 16 Eel Point Road Single Family $2,600,000 91% 91% 4 Dionis 01/31/11 20 Swift Rock Road Single Family $2,100,000 70% 70% 5 Dionis 03/17/11 16 Swift Rock Road Single Family $865,000 62% 87% 17 Dionis 02/03/11 7 Swift Rock Road Single Family $710,000 59% 84% 17 Fishers Landing 02/28/11 9 Fishers Landing Single Family $750,000 53% 97% 16 Fishers Landing 01/28/11 14 The Grove Single Family $742,500 47% 100% F 19 Fishers Landing 02/07/11 14 The Grove Single Family $699,000 44% 100% REO 19 Hummock Pond 11/28/11 7 Aurora Way Single Family $1,270,000 64% 85% 40 Hummock Pond 06/30/11 23 Meadow View Drive Single Family $1,012,500 83% 92% 2 Hummock Pond 01/20/11 63 Millbrook Road Land $750,000 Hummock Pond 12/07/11 56 Hummock Pond Road Single Family $473,250 80% 80% 1 Madaket 06/10/11 14 Tennessee Avenue Single Family $4,265,000 78% 78% 6 Madaket 09/14/11 12 Tennessee Avenue Single Family $2,475,000 66% 85% 9 Madaket 04/29/11 15 & 17 Head of the Plains Single Family $2,300,000 66% 70% 23 Madaket 12/29/11 12 Washington Avenue Single Family $1,350,000 75% 85% 10 Madaket 12/05/11 45 Starbuck Road Single Family $1,250,000 57% 71% 10 Madaket 04/08/11 17 Columbus Avenue Single Family $950,000 81% 81% 9 Madaket 06/30/11 13 Columbus Avenue Single Family $950,000 88% 88% 1 Madaket 07/20/11 9 Washington Avenue Single Family $940,000 65% 94% 12 Madaket 10/27/11 47 Warren's Landing Road Single Family $900,000 56% 75% 13 Madaket 11/04/11 24 Rhode Island Avenue Single Family $740,000 58% 94% 30 Madaket 05/16/ Madaket Road Single Family $625,000 Madaket 01/05/ Madaket Road Land $590,250 Madaket 08/01/11 28 Rhode Island Avenue Single Family $420,000 64% 64% 6 Madaket 06/23/11 64 Arkansas Avenue # 458 Single Family $305,000 93% 93% 10 Madaket 12/02/11 22 Arkansas Avenue Single Family $299,000 60% 100% 19 Madaket 06/06/11 52 Arkansas Avenue Single Family $290,000 92% 92% 4 Madaket 09/14/11 50 Arkansas Avenue Condo $145,000 REO Madaket 08/09/11 50 Arkansas Avenue Condo $143,500 F 11

12 Sold Properties 2011 Area Date Sold Address Type Selling Price Original Price Recent Price F/REO Months on Market Miacomet 06/29/11 70 Miacomet Avenue Land $6,000,000 Miacomet 03/21/11 4 Pond View Drive Single Family $2,250, % 100% 1 Miacomet 02/22/ Miacomet Road Single Family $1,500,000 60% 91% 19 Miacomet 05/02/11 7 Raceway Drive Single Family $785,000 92% 92% 8 Miacomet 05/31/11 5 Catherine Lane Single Family $760,500 82% 95% 13 Miacomet 08/12/11 79 Somerset Road Single Family $650,000 84% 84% 3 Miacomet 11/23/11 5 Doc Ryder Drive Single Family $550,000 85% 92% 4 Miacomet 03/31/11 4 Reacher Lane Single Family $530,000 98% 98% 3 Miacomet 08/26/11 4 Salros Road Commercial $500,000 <1 Miacomet 12/21/11 45 Miacomet Avenue Single Family $408,000 88% 88% 1 Mid Island 01/12/11 9 Sheep Commons Lane Single Family $1,900,000 79% 100% 30 Mid Island 04/15/11 74 & 76 Cato Lane Single Family $1,695, % 100% Mid Island 12/01/11 4 Milestone Crossing Single Family $1,670,000 84% 84% 5 Mid Island 03/04/11 13 Old South Road Commercial $1,433,000 Mid Island 06/03/11 5 Amelia Drive Commercial $1,105,000 REO Mid Island 07/11/11 7 Cynthia Lane Multi-Family $1,010,364 F Mid Island 03/28/11 9 Amelia Drive Commercial $1,000,000 F Mid Island 09/01/11 8 Pond Road Single Family $890,000 77% 92% 17 Mid Island 12/05/11 7 Topping Lift Single Family $800,000 84% 89% 3 Mid Island 04/01/11 3 West Creek Road Commercial $790,000 Mid Island 11/07/11 12 Witherspoon Drive Single Family $780,000 84% 87% 14 Mid Island 11/25/11 4 Halyard Lane Single Family $710,000 86% 95% 32 Mid Island 10/11/11 16 Cherry Street Single Family $675,000 99% 102% 2 Mid Island 04/29/11 21 Ticcoma Way Land $662,500 67% 111% Mid Island 05/04/11 21 Ticcoma Way Land $662,500 45% 70% 44 Mid Island 01/28/11 8 Gray Avenue Single Family $615,000 46% 88% 15 Mid Island 05/31/11 41 Fairgrounds Road Single Family $600, % 100% Mid Island 06/27/11 36 Hooper Farm Road Single Family $599,000 F Mid Island 12/02/11 33 Vesper Lane Single Family $597,500 F Mid Island 09/07/11 8 Daffodil Lane Co-Op $589,000 66% 94% 30 Mid Island 12/15/11 16A Waydale Road Single Family $583,000 91% 91% <1 Mid Island 03/29/11 65 Fairgrounds Road Condo $575,000 61% 95% REO 2 Mid Island 09/23/11 8 Celtic Drive Single Family $574,666 F Mid Island 12/08/11 25 A Daffodil Lane Single Family $570,000 76% 96% 4 Mid Island 09/07/11 5 Daley Court Single Family $565,000 95% 95% <1 Mid Island 02/14/11 12 Alexandria Drive Multi-Family $550,000 89% 89% 2 Mid Island 04/21/11 4 Dennis Drive Single Family $532,500 67% 94% 19 Mid Island 06/01/11 36 Friendship Lane Single Family $530,000 99% 99% 1 Mid Island 04/26/ Bartlett Road Single Family $525, % 100% <1 Mid Island 12/13/11 7 Square Rigger Road Single Family $522,000 F 12

13 Windwalker Real Estate Year-End Report 2011 Area Date Sold Address Type Selling Price Original Price Recent Price F/REO Months on Market Mid Island 08/11/11 40C Nobadeer Farm Road Condo $500, % Mid Island 04/28/11 2 Vesper Lane Single Family $495,000 Mid Island 04/11/11 23 Macys Lane Single Family $480,000 64% 87% 11 Mid Island 06/17/11 16 Greglen Avenue Single Family $460,000 REO Mid Island 10/27/11 5 Trotters Lane Single Family $432,800 93% 93% <1 Mid Island 04/21/11 7 Arrowhead Drive Land $425,000 Mid Island 05/23/11 7 Mary Ann Drive Single Family $425,000 86% 86% REO <1 Mid Island 06/29/11 98C Hinsdale Road Condo $407,500 63% 95% 39 Mid Island 11/03/11 22 Essex Road Single Family $405,000 52% 81% 28 Mid Island 02/14/11 16E Sparks Avenue Condo $400,000 81% 89% 5 Mid Island 06/30/11 13 Essex Road Single Family $400,000 72% 89% 9 Mid Island 10/24/11 6 Second Way Single Family $399,000 67% 67% REO 20 Mid Island 01/05/11 16 Macys Lane D1 & D2 Commercial $380,000 Mid Island 11/22/11 3 Williams Street Single Family $350,000 78% 90% 3 Mid Island 10/25/11 40C Nobadeer Farm Road Condo $338,000 REO Mid Island 03/18/11 40D Nobadeer Farm Road Condo $325,000 REO Mid Island 05/25/11 23 Old South Road Single Family $325,000 50% 93% REO 21 Mid Island 12/20/11 16A Park Circle Condo $320,000 97% 97% 10 Mid Island 07/11/11 4A Mary Ann Drive Condo $310,000 78% 96% REO 3 Mid Island 03/01/11 46A Macys Lane Condo $305,000 REO Mid Island 03/09/11 46B Macys Lane Condo $300,000 REO Mid Island 05/18/11 12 Essex Road Single Family $295,000 Mid Island 02/28/11 46B Macys Lane Condo $280,500 F Mid Island 10/19/11 11B Park Circle Condo $274,800 F Mid Island 08/12/11 17A Essex Road Condo $255,000 Mid Island 12/20/11 69 & 69R Surfside Vacant $250,000 Mid Island 08/01/11 31A Pine Crest Drive Land $225,000 92% 92% 10 Mid Island 10/21/11 1 Sun Island Road Land $225,000 Mid Island 12/27/11 15 Youngs Way # 2 Commercial $210,000 Mid Island 12/27/11 15 Youngs Way # 1 Commercial $185,000 Mid Island 12/27/11 15 Youngs Way # 3 Commercial $185,000 Mid Island 07/27/11 69 Bartlett Road Land $160, % 100% Mid Island 11/04/11 Old South Road Land $159,000 Mid Island 11/04/11 23A Pine Crest Drive Land $159,000 73% 74% 7 Mid Island 07/08/ Old South Road Condo $95,900 REO Monomoy 08/30/11 4 Monomoy Road Single Family $5,335,000 76% 89% 14 Monomoy 05/23/11 23 Brewster Road Single Family $1,775,000 F Nashaquisset 08/31/11 16 Washaman Avenue Co-Op $840,000 60% 96% 37 Nashaquisset 03/25/11 5 Autopscot Circle Co-Op $690,000 60% 99% 30 13

14 Sold Properties 2011 Area Date Sold Address Type Selling Price Original Price Recent Price F/REO Months on Market Nashaquisset 06/03/11 33 Washaman Avenue Co Op $665,000 82% 92% 14 Nashaquisset 10/28/11 30 Washaman Avenue Co Op $630,000 89% 89% 4 Naushop 05/20/11 76 Goldfinch Drive Single Family $930,000 89% 89% 3 Naushop 10/20/11 56 Goldfinch Drive Single Family $900,000 69% 90% 24 Naushop 10/28/11 11 Kittiwake Lane Single Family $800,000 78% 97% 15 Naushop 11/14/11 17 Kittiwake Lane Single Family $775,000 65% 90% 39 Naushop 04/01/11 24 Goldfinch Drive Single Family $772,000 67% 97% 26 Naushop 09/02/11 9 Goldfinch Drive Single Family $735,000 74% 94% 6 Naushop 12/02/11 1 Dovekie Court Single Family $700,000 55% 93% 40 Naushop 07/29/11 4 Dovekie Court Single Family $600,000 72% 86% 25 Naushop 05/24/11 2 Dovekie Court Single Family $580,000 83% 83% 2 Naushop 03/04/11 55 Goldfinch Drive Land $340,000 86% 86% <1 Naushop 05/03/11 11 Killdeer Lane Land $268,000 F Pocomo 02/24/11 17 Lauretta Lane Single Family $3,400,000 69% 77% 17 Pocomo 12/20/11 15 Lauretta Lane Single Family $1,500,000 68% 68% 8 Pocomo 12/01/11 30 Pocomo Road Single Family $1,100,000 69% 77% 14 Polpis 06/29/11 4 Quaise Pastures Road Single Family $2,725,000 83% 92% 6 Polpis 09/30/ Polpis Road Single Family $1,845,000 75% 75% 3 Polpis 12/05/11 34 Polpis Road Single Family $1,050,000 89% 89% 4 Quidnet 11/15/11 66 Quidnet Road Single Family $4,494,000 82% 82% 3 Quidnet 12/02/11 2 Sesachacha Single Family $3,100,000 86% 86% 3 Quidnet 12/15/11 57 Quidnet Road Single Family $1,300,000 Sconset 08/05/11 4 Butterfly Lane/6 Baxter Road Single Family $4,995,000 89% 89% <1 Sconset 05/09/11 7 Morey Lane Single Family $3,800,000 85% 93% 21 Sconset 12/16/11 8 Bunker Hill Single Family $3,625,000 68% 91% 16 Sconset 05/11/11 27 Shell Street Single Family $3,575,000 91% 91% 15 Sconset 10/12/11 13 Hawks Circle Single Family $3,550,000 87% 87% 3 Sconset 11/10/11 15 Cottage Avenue Single Family $3,500,000 92% 92% 2 Sconset 07/20/11 26 Sankaty Road Single Family $2,925,000 Sconset 09/13/11 24 Burnell Street Single Family $2,695, % 100% 1 Sconset 10/28/11 44 Baxter Road Single Family $2,685,000 91% 91% 2 Sconset 11/18/11 50 Burnell Street Single Family $2,500,000 Sconset 05/16/11 24 Cannonbury Lane Single Family $2,400,000 83% 90% 7 Sconset 09/22/11 23 Ocean Avenue Single Family $2,300,000 68% 92% 11 Sconset 06/06/11 32 Baxter Road Single Family $2,200,000 75% 88% 12 Sconset 12/29/11 11 Black Fish Lane Single Family $2,150,000 77% 77% 12 14

15 Windwalker Real Estate Year-End Report 2011 Area Date Sold Address Type Selling Price Original Price Recent Price F/REO Months on Market Sconset 10/03/11 30 Coffin Street (portion) Land $1,937,500 91% 91% <1 Sconset 01/20/11 17 Blackfish Lane Single Family $1,875,000 56% 75% 6 Sconset 09/15/11 43 Main Street Single Family $1,831,956 64% 76% 24 Sconset 07/28/11 43 Shell Street Single Family $1,795,000 49% 100% 18 Sconset 09/16/11 7 Hawks Circle Single Family $1,750,000 92% 92% 4 Sconset 08/12/11 28 Morey Lane Single Family $1,700,000 77% 85% 12 Sconset 09/29/11 69 Baxter Road Single Family $1,680,000 86% 86% <1 Sconset 02/14/11 20 Coffin Street Single Family $1,500,000 42% 75% 30 Sconset 09/09/11 12 Codfish Park Road Single Family $1,500,000 81% 92% 12 Sconset 07/25/11 39 Sankaty Road Single Family $1,400,000 64% 88% 31 Sconset 11/18/11 68 Sankaty Road Land $1,300,000 76% 87% 3 Sconset 12/13/11 10 King Street Single Family $1,300,000 90% 90% <1 Sconset 05/18/11 11 Pochick Street Single Family $1,281, % 100% Sconset 10/21/11 5 Burnell Street Single Family $1,250,000 71% 83% 15 Sconset 09/29/11 6 North Road Single Family $1,205,000 71% 95% 7 Sconset 07/22/11 10 Magnolia Street Single Family $1,150,000 90% 90% <1 Sconset 09/15/11 6 Center Street Single Family $1,100,000 Sconset 10/26/11 26 Lincoln Street Single Family $1,050,000 81% 81% 29 Sconset 05/23/11 14 Broadway Single Family $885,000 96% 96% 5 Sconset 01/26/ Milestone Road Single Family $650,000 93% 93% F 4 Sconset 08/25/11 1 Hydrangea Lane Land $600,000 Sconset 03/18/ Milestone Road Single Family $575,000 96% 100% REO 1 Shimmo 03/08/11 28 Gardner Road Single Family $5,575,000 66% 74% 17 Shimmo 01/11/11 2 Juniper Hill Single Family $2,400,000 51% 80% 37 Squam 08/30/11 10,12,14 Squam Road Land $5,150,000 48% 69% 22 Squam 07/28/11 41 Squam Road Land $3,000,000 Squam 11/02/ Squam Road Land $1,550,000 68% 91% 8 Surfside 12/07/11 11 Pequot Street Single Family $1,825,000 89% 89% 4 Surfside 08/03/11 58 Nobadeer Avenue Land $1,500,000 67% 67% <1 Surfside 09/23/11 26 Nonantum Avenue Single Family $1,400,000 9 Surfside 01/28/11 21 Boulevarde Single Family $1,300,000 87% 90% 8 Surfside 09/01/11 41 Pochick Avenue Single Family $1,250,000 85% 85% 11 Surfside 03/10/11 26 Nonantum Avenue (portion) Single Family $1,120,000 33% 33% 2 Surfside 07/01/11 6 Weweeder Avenue Single Family $989, % 100% 1 Surfside 08/15/11 21A Daffodil Lane Single Family $800, % 100% 1 Surfside 05/17/11 8 Maclean Lane Single Family $750,000 86% 94% 7 Surfside 05/20/11 54 Weweeder Avenue Land $737,500 57% 82% 32 Surfside 05/06/11 25B Evergreen Way Co-op $665,000 96% 96% Surfside 05/17/11 37 Surfside Road Single Family $655, % 15

16 Sold Properties 2011 Area Date Sold Address Type Selling Price Original Price Recent Price F/REO Months on Market Surfside 03/15/11 5 Rachel Drive Single Family $625,000 61% 100% Surfside 12/21/11 42 Monohansett Road Single Family $552,500 F Surfside 02/28/11 27 Surfside Road Single Family $550,000 74% 85% 10 Surfside 07/29/ Surfside Road Land $500, % 100% Surfside 06/29/11 7 Maclean Lane Single Family $435,000 97% 97% 4 Surfside 08/15/11 21B Daffodil Lane Co Op $300,000 72% 72% 1 Tom Nevers 10/11/11 9 Parsons Lane Single Family $2,250,000 94% 94% 2 Tom Nevers 12/06/11 2 Wanoma Way (34 Bosworth) Single Family $2,100,000 48% 76% 17 Tom Nevers 04/13/ Tom Nevers Road Single Family $1,750,000 51% 95% 40 Tom Nevers 05/25/11 8 Mayhew Road Single Family $1,525,000 87% 87% 3 Tom Nevers 06/17/11 24 Longwood Drive Single Family $1,425,000 71% 95% 17 Tom Nevers 09/30/11 7 Sandsbury Road Single Family $1,325,000 71% 87% 7 Tom Nevers 07/29/11 15 Longwood Drive Single Family $1,275,000 86% 93% 8 Tom Nevers 04/11/11 15 Chuck Hollow Road Single Family $1,266,000 67% 106% 26 Tom Nevers 07/25/11 1 Old Tom Nevers Road Single Family $1,150,000 77% 96% 6 Tom Nevers 02/25/11 5 Longwood Drive Single Family $1,100,000 81% 81% 5 Tom Nevers 11/07/11 6 Heath Lane Single Family $1,100,000 87% 94% 4 Tom Nevers 10/21/11 9 Sandsbury Road Single Family $895,000 90% 100% 2 Tom Nevers 03/07/11 24 Flintlock Road Single Family $865,000 F Tom Nevers 03/01/11 28 Clarendon Street Single Family $702, % 108% 2 Tom Nevers 08/18/11 21 Flintlock Road Land $575,000 53% 70% 38 Town 02/08/11 9 Howard Street Single Family $4,049,000 82% 89% 13 Town 09/28/11 51 Sparks Avenue Land $3,735,000 Town 04/15/11 9 North Liberty Street Single Family $3,600,000 91% 91% 9 Town 05/18/11 10 Madaket Road Single Family $3,340,000 88% 88% 5 Town 08/01/11 6 Darling Street Single Family $3,300,000 67% 85% 7 Town 09/16/11 56 Centre Street Commercial $3,280,000 94% 94% 9 Town 09/19/11 25 India Street Single Family $2,900,000 61% 83% 19 Town 11/21/11 7 Woodbury Lane Single Family $2,860,000 88% 97% 3 Town 07/28/ Main Street Single Family $2,800,000 64% 81% 16 Town 06/15/11 10 Barnabas Lane Single Family $2,675,000 96% 96% 1 Town 12/15/11 18 Madaket Road/Hedgebury Single Family $2,627,500 76% 88% 6 Town 06/10/11 4/6/6B Saratoga Lane Single Family $2,565, % Town 09/02/ Main Street Single Family $2,500,000 59% 76% 15 Town 09/29/11 43 India Street Single Family $2,500,000 64% 85% 29 Town 09/30/11 54 Center Street Single Family $2,450,000 84% 84% 22 Town 08/31/11 12 Candle House Lane Single Family $2,420,000 81% 93% 29 Town 02/03/11 53 West Chester Street Single Family $2,300,000 88% 88% 14 Town 11/29/11 37 Milk Street Single Family $2,250,000 56% 82% 37 16

17 Windwalker Real Estate Year-End Report 2011 Area Date Sold Address Type Selling Price Original Price Recent Price F/REO Months on Market Town 03/01/11 26 Fair Street Single Family $2,162,500 66% 87% 3 Town 06/10/11 4 Angola Street Single Family $2,100,000 81% 88% 14 Town 11/30/11 16 Gingy Lane Single Family $2,000,000 72% 87% 3 Town 12/09/11 20A Madaket Road/Hedgebury Single Family $1,975,000 82% 82% 3 Town 05/05/11 58A Main Street Commercial $1,850, % Town 10/14/11 2 Flora Street Single Family $1,787,500 64% 92% 11 Town 04/19/11 66 Orange Street Single Family $1,650,000 64% 87% 8 Town 10/14/11 58A Main Street Commercial $1,640,000 Deed in Lieu Town 12/29/11 2 Winn Street Land $1,600,000 Town 04/14/ Main Street Single Family $1,525,000 54% 85% 17 Town 01/05/11 15 Williams Street Single Family $1,500,000 63% 88% 18 Town 11/14/11 26 West Chester Street Single Family $1,500,000 75% 84% 6 Town 06/16/11 76 Union Street Single Family $1,450,000 54% 91% 43 Town 03/07/11 8 Jefferson Lane Single Family $1,400,000 88% 88% 3 Town 08/23/11 25C Washington Street Single Family $1,354,000 91% 91% 11 Town 05/17/11 11 Lily Street Single Family $1,350,000 62% 81% 19 Town 10/21/11 67 Union Street Single Family $1,330,000 81% 89% 5 Town 11/08/11 43 Pine Street Single Family $1,320,000 66% 78% 28 Town 06/07/11 7 Gardner Street Single Family $1,300,000 95% 95% 1 Town 06/13/11 16 Quince Street Single Family $1,275,000 64% 95% 20 Town 12/19/11 64 Milk Street Single Family $1,195,000 74% 100% 4 Town 09/13/11 4 Saratoga Lane Single Family $1,172,500 84% 84% 2 Town 10/25/11 3 Eagle Lane Single Family $1,170,000 77% 87% 29 Town 03/31/11 67 Orange Street Single Family $1,160,000 90% 97% 9 Town 11/03/11 68 Union Street Single Family $1,155,000 58% 89% 33 Town 04/12/11 79 Union Street Single Family $1,100,000 88% 88% 5 Town 08/17/11 1 Lowell Place Single Family $1,100,000 85% 85% 2 Town 12/15/11 9 Mill Street (portion) Land $1,100,000 92% 92% 1 Town 11/04/11 9 Angola Street Land $1,040,000 72% 83% 31 Town 09/26/11 29 Liberty Street Single Family $1,000,000 Town 02/11/11 28 Mill Street Single Family $975,000 89% 100% 1 Town 12/23/11 6 Saratoga Lane Single Family $970,000 Town 06/30/11 4 Copper Lane Land $955,000 96% 96% 4 Town 03/18/11 44 York Street Single Family $950,000 67% 87% 11 Town 09/26/11 80 Washington Street # 5 Condo $918,709 F Town 07/28/11 3 Cottage Court Single Family $870,000 94% 94% 1 Town 09/07/11 2 Hussey Street Multi-Family $865,000 82% 82% 13 Town 08/22/11 22 Vestal Street Single Family $850,000 71% 90% 6 Town 12/06/11 5 Spring Street Single Family $835,000 64% 93% 14 Town 01/11/11 1 Brocks Court Single Family $770,000 44% 100% REO 8 Town 09/23/11 1 Gardners Court #4 Condo $757,000 66% 76% 11 17

18 Sold Properties 2011 Area Date Sold Address Type Selling Price Original Price Recent Price F/REO Months on Market Town 09/27/11 54 West Chester Street Single Family $750,000 91% 91% 2 Town 08/30/11 1 Joy Street Single Family $700, % 101% <1 Town 08/18/11 134R Main Street Condo $690,000 77% 87% 22 Town 09/29/11 5 Gardner Perry Lane Single Family $685,000 86% 98% 12 Town 01/31/ Orange Street Single Family $650, % Town 09/15/11 1 Spring Street Single Family $645,000 46% 81% 34 Town 04/25/11 132R Main Street Single Family $630,000 91% 91% 6 Town 05/20/11 16 New Lane Land $625, % Town 07/29/ Fair Street Single Family $625,000 90% 90% 1 Town 06/13/ Main Street Single Family $614,000 48% 82% 6 Town 02/11/11 1 Joy Street Single Family $575,000 64% 92% 3 Town 03/11/11 62 Orange Street (Rear) Condo $575,000 81% 85% 10 Town 04/01/11 7 Joy Street Single Family $560,000 90% 90% 5 Town 08/22/11 22 West York Lane Multi-Family $560,000 83% 97% 7 Town 03/01/11 4 Beaver Street Single Family $550,000 79% 79% 2 Town 04/15/11 7 & 9 Williams Street Single Family $550, % Town 11/14/11 22 Atlantic Avenue Single Family $500,000 96% 96% 1 Town 08/02/11 16 Cherry Street Single Family $475,000 REO Town 06/10/11 76 Center Street # 5 Condo $380,000 96% 100% F 7 Town 09/30/11 47 Pleasant Street # 2 Condo $375,000 95% 95% 1 Town 12/22/11 7 Williams Street Single Family $348, % 103% 1 Town 01/19/11 14 Cherry Street Single Family $325,000 33% 100% REO 54 Town 06/17/11 76 Center Street # 5 Condo $275,000 REO Town 12/27/11 16B Cherry Street Land $190,000 79% 83% 5 Wauwinet 06/20/11 16 Medouie Creek Land $8,000,000 47% 67% 45 Wauwinet 11/02/11 36 Wauwinet Road Single Family $2,800,000 Wauwinet 05/05/11 9 Eat Fire Spring Road Single Family $2,275,000 92% 92% 4 West of Town 11/21/11 4 Wannacomet Road Single Family $2,750,000 89% 89% 2 West of Town 12/15/11 9 Old Westmoor Farm Road Single Family $2,731,500 80% 92% REO 10 West of Town 03/29/11 4 Wamasquid Place Single Family $1,175,000 84% 84% 1 West of Town 06/02/11 52 Hummock Pond Road Single Family $1,000,000 48% 63% 37 West of Town 08/11/11 57 Madaket Road Single Family $804,900 F 0 West of Town 05/17/11 55 Meadow View Drive Single Family $750, % 100% West of Town 01/19/11 7 Marsh Hawk Lane Single Family $640,000 85% 92% 4 West of Town 04/11/11 9 Equator Drive Single Family $612,000 67% 90% 14 West of Town 07/12/11 29 Surfside Road Single Family $605,000 84% 88% 30 West of Town 06/24/11 34 Madaket Road Single Family $590,000 98% 98% 2 West of Town 11/30/11 5 Marble Way # 2 Condo $510,000 West of Town 02/24/11 30 Dukes Road (portion) Land $500,000 56% 76% 23 West of Town 02/18/11 23 Friendship Lane Single Family $450,000 76% 87% 23 West of Town 11/30/11 57 Madaket Road Single Family $440,000 REO 18

19 S N A P S H O T Nantucket in Numbers Windwalker Real Estate Year-End Report 2011 $16.9 billion 2011 taxable value of all Nantucket property (15%) Decline in taxable value of all Nantucket property from 2010 $513 million Nantucket real estate sales* in 2011 (21%) Decline in 2011 sales volume from 2010 $1.2 billion Nantucket real estate sales in Number of real estate transactions during 2011 (3%) Decline in 2011 transaction volume from Number of real estate transactions during 2005 Photo: tgolcott.com Cover images: Front cover harbor scene: Quint Waters Front cover door image: tgolcott.com Back cover image: Quint Waters 54 Number of building permits issued for new single-family dwellings in Number of building permits issued for new single-family dwellings in 2005 $843,000 Median value of a vacant lot in 2011 $700,000 Median value of a vacant lot in 2005 $1.25 million Median value of a single family home in 2011 $1.50 million Median value of a single family home in % Foreclosures as a percentage of all 2011 transactions 103% Average sale price as a percentage of 2011 assessed value 135% Average sale price as a percentage of 2005 assessed value $ Nantucket residential tax rate per $1,000 of assessed value $ Palm Beach Residential tax rate per $1,000 of assessed value 89% Average 2011 sale price as a percentage of the most recent asking price 483 Inventory listed for sale as of December 31, Inventory listed for sale as of December 31, ,106 Number of round-trip automobiles to Nantucket during 2011, flat to 2010 *Excludes foreclosures 19

20 Windwalker Real Estate 12 Oak Street Nantucket, MA Don't have the App? Get it for free: iphone: get.neoreader.com BBerry: appworld.blackberry.com Sales Rentals Research Blog 20