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

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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 Aventura, FL 0 0.. www.isgworld.com MAY 0

In s A S S E E N I N A GLOBAL PERSPECTIVE ON PRIME PROPERTY AND WEALTH MOST IMPORTANT NOW Ld York Hg Kg R Shuffield Paris Singapore Geneva Shanghai Beijing mth of January... WWW.THEWEALTHREPORT.T MIA has overtaken York s JFK Airport as U.S. airport with most internatial flights. MIA was also th busiest passen THE WEALTH REPORT A GLOBAL PERSPECTIVE ON PRIME PROPERTY AND WEALTH 0 0 THE CITIES THAT MATTER TO HNWIs GLOBAL CITIES SURVEY CBS MIAMI - April, 0 Berlin 0 HNWI High Net Worth Individuals HEAD LIS ger airport worldwide for - President of Coral Gables-based EWM [-Dade] is still track to sell more [] homes than we ve ever sold in history Real Deal - March 0 ly pp su t es w lo to lls fa ry to n ve in ow ad Nati s sh Th e Re al De al - Ju ne 0 level since 00: report CoreLogic shows that in April shadow inventory, or pending supply, fell. percent in last year to. milli units.that represents a four-mths supply and lowest supply level since October 00.

May 00 As of May 00,,000 cdo units were proposed to be built in Downtown and. As of May 00,,000 cdo units were proposed to be built in Downtown and. In reality, ly,0 units were built and finished Only,0 units are left! While ISG strived to make informati in this Report as timely and accurate as possible, third party sources were used and ISG refore makes no claims, promises, or guarantees about accuracy, completeness, or adequacy of ctents of this report and expressly disclaims liability for errors and omissis in its ctents.

DAYta Beach Total Total Available Available Developer Developer Inventory Inventory for for miniums miniums Built Built From From 00-00 00-00 downtown miami & Available Developer Inventory of s built from 00-00,,0,,0 INVENTORY BUILT AS OF JANUARY AS AS OF OF JANUARY APRIL SINCE 00 00 0 Sources: Integrated Realty Informati System (IRIS); -Dade County Property Appraiser; Multiple Listing Service (MLS); Florida Divisi of Corporatis; Google Map and Streets; Internet; project specific Developer owned websites; -site sales staff (if available) and field visits to each building or site.,0 INVENTORY BUILT SINCE 00 0,0 AS OFJANUARY 00,0 AS OF APRIL 0 Greater Fort Lauderdale, Available Developer Inventory of s built from 00-00 Beaches ( Beach, Beach, Bal Harbour, Sunny Isles, Aventura, Hallandale/Hollywood Beach) Available Developer Inventory of s built from 00-00 INVENTORY BUILT SINCE 00, AS OF JANUARY 00 AS OF APRIL 0 0,00 INVENTORY BUILT SINCE 00,00 AS OFJANUARY 00 AS OF APRIL 0

Greater Fort Lauderdale Greater Fort Lauderdale MLS Shadow Inventory Market Study - All Active Listings & Pending & Closed sales from Jan April 0th, 0 vs. Jan - April 0th, 0 DEFINITIONS Shadow Inventory Definiti A term that refers to real estate properties that are eir in foreclosure and have not yet been sold or homes that owners are delaying putting market until prices improve. Shadow inventory can create uncertainty about best time to sell (for owners) and when a local market can expect full recovery. Also, shadow inventory typically causes reported data housing inventory to understate actual number of inventory in market. Definiti Bulk Purchases made within last years in new cdo developments built no earlier than 00 and are now available for sale MLS as resale inventory. MLs shadow INVENTORY downtown miami & Downtown & MLS Shadow Inventory Market Study - All Active Listings & Pending & Closed Sales from Jan April 0th, 0 vs. Jan - April 0th, 0,00 00 00 00 0, Active MLS Listings Beaches Beaches MLS Shadow Inventory Market Study - All Active Listings & Pending & Closed Sales from Jan April 0th, 0 vs. Jan - April 0th, 0 MLS SHADOW INVENTORY 0 Pending Sales Under Ctract Closed MLS Sales $ $0 Active Price $0 $ Sold Price January st - April 0th, 0 January st - April 0th, 0 MLs shadow INVENTORY 00 000 00,, Active MLS Listings January st - April 0th, 0 January st - April 0th, 0 Pending Sales Under Ctract Closed MLS Sales $ $ Active Price $ Sold Price $ 0 0 000 00 0 Active MLS Listings 0 Pending Sales Under Ctract Closed MLS Sales $0 $ Active Price $ $0 Sold Price January st - April 0th, 0 January st - April 0th, 0

DOWNTOWN MIAMI & THE MIAMI BEACHES THE GREATER fort LAUDERDALE 0 0 Total Pre-Cstructi Units Available For Sale In Beaches Apogee Beach Bellini Williams Island AVENTURA Chateau Beach SUNNY ISLES Mansis At Acqualina SUNNY ISLES Regalia SUNNY ISLES HOLLYWOOD THE PRE-CONSTRUCTION PIPELI % SOLD 0% SOLD 0% SOLD 0% SOLD 0% SOLD UNITS UNITS Total Pre-Cstructi Units Available For Sale In Downtown / 0 UNITS UNITS UNITS UNITS - % SOLD 0 Avg. DOM My 0% SOLD UNITS 0 Avg. DOM Days On Market (DOM) MLS Analysis for Closed Sales in 0 & 0 Percentage Sold [Under Csrtucti] Percentage Sold Millecento 0 - N/A House DOWNTOWN 00% SOLD 0% SOLD 0% SOLD UNITS UNITS UNITS Project Units [Total],0 UNITS - % SOLD 0

. 00 East - 00. 00 West -. 00-00. 00-00. Asia Key - 00 Key. Axis -. Axis - st East East - th...00-00 00-00...00 - - West West - th 00.0..00-00 00 - Villas 00 0th Stati - 00...00 00 00 00 View West - nd...asia - 00 Asia - 00 Key Habitat Key- Key 0 ndkey...axis - -Tower I Axis Ic...Axis - st Axis -Tower Ic II - st.. - - th th. Infinity 0 th.. - - th th.0. Latitude -- 00 0th th 0. Stati Villas - 00 0th Stati Villas.. -. View WestWest -I ndnd View -.. II - 0. Habitat - 0 ndnd Habitat - 0 I -. Ic Tower I - th.. LosIc Suenos DeTower - Ic Tower II -st. Ic Tower II - 0.. Neo Vertika - 0 Ct. Infinity West - 0. Infinity - 0 th.. - 00 th st. Latitude th. Latitude th. Park View Towers - I - Dr.. I -.. - 0. II - 0. II 0.. Los Suenos De -- th. Los Suenos De - th.0. Solaris Neo Vertika - 0 0. Neo Vertika - 0 st st Ct. Ct. - th Terr.. Emerald -. West - 00. West - 00 st st th.. Park SailView 0 Towers - - th. Park View Towers -.. Viceroy Ic - 0-0. Dr. Dr.. - CENTRAL DISTRICT. BUSISS - - th. Solaris - th Terr.Terr... 0Solaris - 0. Emerald th. Emerald th 0. Capital - nd. Sail 0 th. Sail 0 th..epic WestIc - 00 Way Viceroy -. Viceroy Ic -.CENTRAL nd BUSISS DISTRICT CENTRAL BUSISS DISTRICT.. 0 0-. 0-0-. Flagler First 0 E. Capital - nd 0. 0. Capital - nd Flagler. Ivy 0 rd. Epic West 00. Epic West - 00 WayWay.. Met --00 S. nd. - nd.. Mint - -- rd. First -II0 E. Flagler.. Flagler Loft nd. Flagler FirstDowntown - 0 E.- Flagler Ivy 0. Ivy - 0- rdrd.. Wind by Neo - 0 S.. - 00 S.. MetMet - 00 S. MEDIA & ENTERTAINMENT. Mint rd. Mint rd 0..CityLoft - 0 thii Downtown - nd. LoftTower Downtown II -N. nd.. Opera shore Wind by Neo -0 0 S. Dr.. Wind by Neo 0 S. PARK WEST MEDIA & ENTERTAINMENT MEDIA & ENTERTAINMENT. 00 00-0 th 0. 0. CityCity -0 -th. Marina Blue. Opera Tower 0 N. shore. Opera Tower - 0 N. shore Dr. Dr..PARK Marquis WEST - 00 PARK WEST - 00.. Ten00 Museum Park - 00. 00-00. Marina Blue WYNWOOD-EDGEWATER. Marina Blue - Marquis. Marquis - 00.. Cynergi - 00 N.- 00. Ten Museum Park 00. Ten Museum Park.WYNWOOD-EDGEWATER Edgewater - -00 00 th WYNWOOD-EDGEWATER..Gallery Art- 00 - N. th Cynergi. Cynergi - 00 N... Midblock - 0 st Edgewater 00. Edgewater - 00 - thth 0.. II (Mid-rise) st Gallery Art th. Gallery Art -II th st.. Midblock -(Mews) 0 -st. Midblock - 0 st.0. IIII(High-rise) 0 Coast (Mid-rise) -- E.st 0. II (Mid-rise) - st. II (Mews) st. IV 0 st. II (Mews) - st (High-rise) - 0 E. Coast.. Mo bay -II0 th E. Coast. II (High-rise) - 0. IV 0 st. Wave nd. IV - 0 st Mo - 0 th.. Onyx bay -. Mo bay - 0 th th. Wave nd. Wave -.. Palermo nd Onyx -0th th. Onyx th Dr...Paramount - 0 Nshore Palermo 0th. Palermo - 0th.. Platinum - 0-0 0N shore Dr. Paramount. Paramount - 0 N shore Dr. 0.. Quantum 00 N shore Dr. Platinum - 0 0-. Platinum - 0 0. Star th 0. Quantum 00 N shore Dr. 0. Quantum - 00 N shore Dr. -N th.. Star 00-00 shore. Star Club - th Dr. - 00 N shore.. 0000 ClubClub - 00 N shore Dr. Dr. downtown miami & - building by building THE REALITY IS: 0 0 0 00 0 0 00 BUILDINGS. % SOLD. ONLY,0 UNITS REMAIN. 0 0 0 0 0 0 0 0 00% SOLD OUT %- % SOLD OUT 0%- % SOLD OUT *Representing Buildings Built From Mid 00 through Dec., 00 While ISG strived to make informati in this Report as timely and accurate as possible, third party sources were used and ISG refore makes no claims, promises, or guarantees about accuracy, completeness, or adequacy of ctents of this Report and expressly disclaims liability for errors and omissis in its ctents. Under 0% SOLD OUT Rental

GrEATEr FOrT LAUDErDALE, Units Built Units for sale BUILDINGS* HALLANDALE HOLLYWOOD, Units Built 0 Units for sale BUILDINGS* SUNNY ISLES, Units Built Units for sale BUILDINGS* AVENTUrA, Units Built Units for sale 0 BUILDINGS* BAL HArBOUr Units Built 0 Units for sale BUILDINGS* MIAMI BEACH SOUTH BEACH, Units Built Units for sale BUILDINGS* Downtown 0,0 Units Built,0 Units for sale BUILDINGS * 0 0 remaining standing inven tory developed since 00 0 0 0 0 0 While ISG strived to make informati in this Report as timely and accurate as possible, third party sources were used and ISG refore makes no claims, promises, or While ISG strived to make informati in this Report guarantees as timely about and accuracy, accurate completeness, as possible, or third adequacy party of sources ctents were of this used Report and ISG expressly disclaims liability for errors and omissis in its ctents. refore makes no claims, promises, or guarantees about accuracy, completeness, or adequacy of ctents of this Report and