Seattle Condominium Market

THE POLARIS PACIFIC REPORT Seattle Condominium Market JULY 2015 DOWNTOWN WEST SEATTLE CENTRAL SEATTLE LAKE UNION QUEEN ANNE FREMONT / BALLARD CAPITOL HILL / FIRST HILL NORTHWEST SEATTLE NORTHEAST SEATTLE BELLEVUE KIRKLAND REDMOND SAN FRANCISCO / LOS ANGELES / SAN DIEGO / OAKLAND-EMERYVILLE / SILICON VALLEY / SEATTLE

MARKET SNAPSHOT SEATTLE JULY 2015 LOW-RISE BUILDING 4 STORIES OR LESS MID-RISE BUILDING 5-12 STORIES HIGH-RISE BUILDING 13 STORIES OR MORE PRICE PER SQ. FT. $441 PRICE PER SQ. FT. $501 PRICE PER SQ. FT. $565 ANNUAL CHANGE +11.8% ANNUAL CHANGE +18.4% ANNUAL CHANGE +12.4% MACRO TRENDS CONDO INVENTORY BY TYPE CONDO SALES & MEDIAN PRICE BY TYPE MULTI-FAMILY COMPLETIONS BY BUILDING TYPE 476 91 NEW NEW CONDOS 2.2 CONDOS $350K 0 NEW CONDOS 3,915 MONTHS OF RESALE INVENTORY 811 RESALES MEDIAN RESALE PRICE 1,105 RESALES 2014* MULTI-FAMILY DELIVERIES 3,915 NEW APTS ABOUT POLARIS PACIFIC Polaris Pacific is a new-condominium brokerage and advisory firm renowned for its grasp and insight into market trends and buyer sentiment in the major urban markets of the West Coast, and its ability to capitalize upon this information to generate sales performance. We produce monthly reports on six major urban markets on the West Coast San Francisco, Los Angeles, Silicon Valley, Oakland-Emeryville, San Diego and Seattle that provide timely insight into the performance of new and existing condominiums in these regions. We also generate comprehensive custom reports for specific multi-family development sites, including pricing and rental models, floorplan critique services, demographic analysis, and future supply projections by submarket at the request of developers and financial institutions. If you re interested in further market intelligence, please contact Miles Garber at (415) 361-4805 or mgarber@polarispacific.com. Source: NWMLS, Polaris Pacific. Data from sources may be subject to errors, omissions and revisions. PSF Figures are for buildings built after 2004. The figures cover the six-month periods ending 6/30/2014 and 6/30/2015. * 2014 Full-year projections. MARKET SNAPSHOT SAN FRANCISCO, JULY 2014

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 3 TABLE OF CONTENTS 1 MARKET OVERVIEW MARKET INSIGHTS DEMAND CONDITIONS SUPPLY CONDITIONS DISTRICTS 8 CURRENTLY SELLING 15 OUT 74 ABOUT POLARIS PACIFIC

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 1 Annual Price and Sales Changes by District The maps below (Figures 1 & 2) show annual percentage changes in median price and total sales by district. Most districts in Seattle experienced both an increase in median price and number of resales. The most notable year-over-year price increase occurred in District 10 (22.7%) and the most notable sales increase occurred in District 4 (35.2%). FIG 1. ANNUAL PRICE CHANGE MAP FIG 2. ANNUAL SALES CHANGE MAP 8 NW Seattle 7 Fremont/ +9.9% Ballard +2.7% 9 NE Seattle +5.2% 11 Kirkland +10.0% 12 Redmond +13.8% 8 NW Seattle 7 Fremont/ -4.3% Ballard +18.8% 9 NE Seattle +31.8% 11 Kirkland +3.2% 12 Redmond 0.0% 6 Queen Anne +10.4% 5 Lake Union -3.3% 2 West Seattle +14.8% 1 Downtown -0.5% 3 Capitol Hill -2.4% 4 Central Seattle +13.7% 10 Bellevue +22.7% Annual Price Change Map Year-over-year change in median price in each district of the city, for Apr 2015 - Jun 2015: (Source: RealQuest) 5 Lake Union +35.7% 6 Queen Anne +34.0% 2 West Seattle +19.6% 1 Downtown +20.1% 3 Capitol Hill +21.4% 4 Central Seattle +35.2% 10 Bellevue +34.3% Total Resales Change Map Year-over-year change in total resales in each district of the city, for Apr 2015 - Jun 2015: (Source: RealQuest) -30% -15% No Change +15% +30% -30% -15% No Change +15% +30% Current Prices and Sales by District Figure 3 shows a box-and-whisker plot of sales prices by district during the three-month period ending June 30, 2015, with wider boxes indicating more sales. As shown below, District 10 (Bellevue) had the highest median price ($540,000), while District 11 (Kirkland) had the lowest ($271,500). District 1 (Downtown / Belltown) and District 11 (Kirkland) experienced the most sales during this period (191 and 196 sales, respectively). FIG 3. SALES BY DISTRICT Box-and-Whisker Legend Largest Value 75th Percentile Median 25th Percentile Smallest Value Sale Price $1,300k $1,200k $1,100k $1,000k $900k $800k $700k $600k $500k $400k $300k $200k $100k $0k 1 2 3 4 5 6 7 8 9 10 11 12 Source: Realquest District

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 2 Historical Prices and Sales During the three-month period ending June 30, the median price increased 7.7 percent from the prior year to $350,000. At the same time, the total volume of resales increased 11.7 percent. The median price has rebounded from 2012 (see Figure 4) and is expected to appreciate further. FIG 4. MEDIAN PRICE AND RESALES 500 Resales Median Price $400k 400 $300k 300 200 100 $200k $100k 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 $0k Source: NWMLS Year Cash and Investor Buyers Figure 5 provides a historical trend of all-cash and investor buyers in Seattle since 2008. For the three months ending June 30, all-cash transactions represented 37.8 percent of sales, an increase from 33.1 percent the same time last year; investor buyers represented 24.4 percent of buyers, an increase from 17.3 percent the same time last year. FIG 5. PERCENT OF CASH AND INVESTOR BUYERS 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Investor Buyer Cash Buyer 2008 2009 2010 2011 2012 2013 2014 2015 Source: Realquest Year

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 3 Historical Average Market Time (Monthly Trend) The average days on market (DOM) figure is calculated as the amount of time between the date a home is listed for sale and the date it goes into escrow. The 60-day benchmark signifies a balanced market (the dotted line in Figure 6). As shown in Figure 6, the average DOM figure was 28 days in the three-month period ending June 30; it has been below 60 days since 2013. FIG 6. AVERAGE MARKET TIME (MONTHLY) 100 Number of Days 80 60 40 20 0 2008 2009 2010 2011 2012 2013 2014 2015 Source: NWMLS Year Historical Average Market Time (Annual Trend) Figure 7 shows the average DOM figure at the end of each year going back to 2001 (the 2014 figure is year-to-date). Since 2011, the average DOM figure has declined and in 2013 it fell below the 60-day benchmark. FIG 7. AVERAGE MARKET TIME (ANNUAL) 80 Number of Days 60 40 20 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: NWMLS Year

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 4 Future Condominium Supply by District Figures 8 and 9 show the number of new condominiums and apartments currently under construction by district. There are 916 new condominiums currently under construction in Seattle. An additional 479 condominiums are entitled and could begin construction in the near future (see Districts 1 and 3 in Figure 9). FIG 8. CONDOMINIUMS UNDER CONSTRUCTION FIG 9. CONDOMINIUMS APPROVED 8 NW Seattle 0 7 Fremont/ Ballard 20 6 Queen Anne 0 4 5 Lake Union 21 2 West Seattle 0 1 Downtown 707 3 Capitol Hill 168 9 NE Seattle 0 Central Seattle 0 11 Kirkland 0 10 Bellevue 0 12 Redmond 0 Map of Market Number of Units: 916 (Source: Polaris Pacific) 8 NW Seattle 7 Fremont/ 0 Ballard 0 6 Queen Anne 0 5 Lake Union 0 2 West Seattle 0 1 Downtown 310 3 Capitol Hill 169 9 NE Seattle 0 4 Central Seattle 0 11 Kirkland 0 10 Bellevue 0 12 Redmond 0 Map of Market Number of Units: 479 (Source: Polaris Pacific) 0 500 1,000 0 500 1,000 Future Apartment Supply by District Figures 10 and 11 show future supply of apartments by district. There are 5,839 apartment units under construction and 4,736 apartment units approved. FIG 10. APARTMENTS UNDER CONSTRUCTION FIG 11. APARTMENTS APPROVED 8 NW Seattle 425 7 Fremont Ballard 288 9 NE Seattle 0 11 Kirkland 0 12 Redmond 537 8 NW Seattle 7 Fremont/ 276 Ballard 67 9 NE Seattle 427 11 Kirkland 237 12 Redmond 0 6 Queen Anne 394 4 5 Lake Union 513 2 West Seattle 815 1 Downtown 1,009 3 Capitol Hill 219 Central Seattle 92 10 Bellevue 1,547 Map of Market Number of Units: 5,839 (Source: Polaris Pacific) 6 Queen Anne 0 4 5 Lake Union 465 2 West Seattle 36 1 Downtown 1,600 3 Capitol Hill 583 Central Seattle 0 10 Bellevue 1,045 Map of Market Number of Units: 4,736 (Source: Polaris Pacific) 0 500 1,000 0 500 1,000

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 5 Annual Multi-Family Completions Figure 12 shows total annual multi-family completions of both apartments and condominiums in Seattle. The peak year for condominium completions was 2007, when 1,863 new units were delivered to the market. In stark contrast, there were only 142 condominium completions in 2013 and minimal anticipated completions in 2014. FIG 12. TOTAL ANNUAL MULTI-FAMILY COMPLETIONS 4,000 3,500 Apartments Condos 3,000 2,500 Units 2,000 1,500 1,000 500 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Polaris Pacific Year

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 6 DISTRICT 1 Belltown, Downtown, International District, Pioneer Square DISTRICT 8 Crown Hill, Greenlake, Greenwood, North Beach, North College Park, Olympic Manor, Phinney Ridge, Wallingford DISTRICT 2 DISTRICT 3 Admiral, Alki, Arbor Heights, Fauntleroy, Highpoint, Industrial District, North Delridge, Roxhill, South Delridge, West Seattle Capitol Hill, First Hill, Portage Bay DISTRICT 9 Bryant, Hawthorne Heights, Laurelhurst, Maple Leaf, Matthews Beach, Meadowbrook, Ravenna, Roosevelt, Sand Point, University District, View Ridge, Wedgewood, Windermere DISTRICT 4 Atlantic, Broadmoor, Central District, Denny-Blaine, Leschi, Madison Park, Madison Valley, Madrona, Montlake DISTRICT 10 Clyde Hill, Downtown Bellevue, Enatai, Hidden Valley, Hunts Point, Medina, Meydenbauer, North Bellevue, Yarrow Point DISTRICT 5 DISTRICT 6 Eastlake, Westlake, South Lake Union Interbay, Lower Queen Anne, Magnolia, Queen Anne DISTRICT 11 Bridle Trails, Everest, Highlands, Houghton, Juanita, Lakeview, Market-Downtown, Moss Bay, Norkirk, North Rose Hill, South Rose Hill, Totem Lake DISTRICT 7 Ballard, Fremont, Loyal Heights, Sunset Hill, Whittier Heights DISTRICT 12 Redmond

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 7 CURRENTLY SELLING DEVELOPMENTS Insignia Four Seasons Luma Vik Ballard Solo Lofts Number of Units Available Units Available Units Closed Units in Contract 0 200 400 600 Total Units NEW CONDOMINIUMS NOW SELLING CURRENT PERFORMANCE TOTAL PROJECTS 5 TOTAL UNITS 1,048 Total unsold units 476

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 8 DISTRICT 1 INSIGNIA 2301 6TH AVE DESCRIPTION Insignia is the newest luxury condominium in Seattle. It offers 360 views of the skyline, Puget Sound and Olympic Mountains. It is located at the intersection of South Lake Union, Downtown and Belltown. CURRENT STATUS Date on Market: September 2013 First Close of Escrow: TBD In Contract: 454 Closed: 0 Avg. Monthly Absorption: 19.7 Units/Month Developer: BOSA Submarket: Downtown Number of Homes: 707 HOA Fees: $420 - $765 AMENITIES Spa and fitness center Sky terrace Screening room Outdoor pet area Secure parking Bike Storage FINISHES Designed by Mitchell Freedland Open space design Hardwood floors Whirlpool washer/dryer Private balconies Quartz countertops Bosch kitchen appliances UNIT MIX & LIST PRICE SUMMARY TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. 1-bed 203 737-1,092 $415,000 - $660,000 $512 - $856 2-bed 502 1,003-2,311 $590,000 - $2,670,000 $528 - $1,205 3-bed 2 2,192 - $2,580,000 - $1,177 - CLOSED NEW SALES SUMMARY TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 9 DISTRICT 1 FOUR SEASONS 99 UNION STREET DESCRIPTION The Four Seasons offers unrivaled exclusivity in a premier waterfront location. Residents have full access to hotel amenities in addition to a full resident-only staff. CURRENT STATUS Date on Market: May 2008 First Close of Escrow: September 2008 In Contract: 1 Closed: 32 Avg. Monthly Absorption: 0.4 Units/Month Developer: Seattle Hotel Group Submarket: Downtown Number of Homes: 36 HOA Fees: $1,220 - $2,800 AMENITIES 24/7 concierge Fitness center Infinity-edge pool Secure storage FINISHES Miele appliances Sub-Zero refrigerator and wine Cooler Kohler bathroom Stone countertrops UNIT MIX & LIST PRICE SUMMARY TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. 1-bed 13 1,025-4,865 $1,265,000 - $6,820,000 $1,055 - $3,440 2-bed 19 1,850-5,280 $2,700,000 - $9,160,000 $865 - $2,380 3-bed 3 3,190-7,380 $4,570,000 - $11,385,000 $1,430 - $1,575 6-bed 1 7,715 - $11,295,000 - $1,465 - CLOSED NEW SALES SUMMARY TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F 1-bed 13 1,961 $1,263,000 - $6,821,000 $3,181,019 $1,053 - $2,163 $1,536 2-bed 16 3,340 $2,275,000 - $9,159,830 $5,378,360 $1,029 - $2,382 $1,666 3-bed 2 5,693 $6,300,000 - $11,386,525 $8,843,263 $1,542 - $1,574 $1,558 6-bed 1 7,714 $11,296,000 - $11,296,000 $11,296,000 $1,464 - $1,464 $1,464

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 10 DISTRICT 3 LUMA 1321 SENECA ST DESCRIPTION Luma is centrally located between the dynamic neighborhoods of First Hill and Capitol Hill. CURRENT STATUS Date on Market: July 2015 First Close of Escrow: TBD In Contract: 23 Closed: 0 Avg. Monthly Absorption: 25.4 Units/Month Developer: Lowe Enterprises Submarket: First Hill Number of Homes: 168 HOA Fees: $350 - $1000 AMENITIES Spa and fitness center Sky terrace Outdoor pet area with pet wash Secure parking Bike Storage Private dining room Library Fireplace lounge FINISHES Open space design Hardwood floors Whirlpool or LG washer/dryer Private balconies Quartz, granite, or marble countertops Bosch and Samsung kitchen appliances UNIT MIX & LIST PRICE SUMMARY TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. Studio 3 602-620 $379,950 - $384,950 $631 - $639 1-BED 112 648-1,012 $459,950 - $684,950 $549 - $829 1.5-BED 3 847-858 $494,950 - $504,950 $584 - $596 2-BED 40 1,181-1,356 $649,950 - $969,950 $527 - $819 2.5-BED 6 1,322-1,529 $849,950 - $1,379,950 $643 - $903 ph 4 1,586-1,721 $1,400,000 - $813 - CLOSED NEW SALES SUMMARY TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 11 DISTRICT 7 VIK BALLARD 1760 NW 56TH STREET DESCRIPTION Vik Ballard is located in the dynamic Ballard neighborhood in Seattle. The development features 117 residences housed in a six-story building. CURRENT STATUS Date on Market: April 2014 First Close of Escrow: N/A In Contract: 45 Closed: 0 Avg. Monthly Absorption: 2.0 Units/Month Developer: Continental Properties Submarket: Ballard Number of Homes: 117 HOA Fees: $275 - $415 AMENITIES Concierge Fitness center with TVs Rooftop dog run Bike Storage Delivery storage FINISHES Laminate wood-grain flooring Stainless steel appliances Quartz-stone countertops Electronic wall safes High Speed WiFi and USB charging ports UNIT MIX & LIST PRICE SUMMARY TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. 0.5-Bed 12 520-575 $254,900 - $490-1-bed 44 661-763 $349,900 - $529-1.5-bed 52 733-812 $349,900 - $477 2-bed 5 1,096-1,112 $569,000 - $519 2.5-bed 4 1,127-1,202 $599,900 $532 CLOSED NEW SALES SUMMARY TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 12 DISTRICT 7 SOLO LOFTS 2018 NW 57TH STREET DESCRIPTION Solo Lofts is a 20 unit project filled with contemporary residences built for sustainable and social living. CURRENT STATUS Date on Market: January 2014 First Close of Escrow: N/A In Contract: 18 Closed: 0 Avg. Monthly Absorption: 0.8 Units/Month Developer: InHaus Development Submarket: Ballard Number of Homes: 20 HOA Fees: $266 - $575 AMENITIES Underground parking and bike storage Free first-year membership to Zipcar Rooftop Deck with views FINISHES Tall, 9.5 foot ceilings, 18 feet in Penthouses High-efficiency Grohe Fixtures Bosch stainless steel appliances Hard-wearing concrete floorings UNIT MIX & LIST PRICE SUMMARY TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. 1-Bed 8 522-534 $239,000 - $279,000 $458 - $522 1.5-Bed 4 711-712 $329,000 - $359,000 $463 - $504 2-bed 4 839-840 $389,000 - $419,000 $464 - $499 1-bed PH 1 727-727 $429,000 - $590-2-bed PH 3 966-1,131 $529,000 - $649,000 $548 - $574 CLOSED NEW SALES SUMMARY TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 13 RESALE DEVELOPMENTS OUT IN 2015 DOWNTOWN PROJECT NAME ADDRESS DEVELOPER UNITS escala 19204th ave the lexas companies 271 TOTAL 271

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 14 DISTRICT 1 ESCALA 1920 4TH AVE DESCRIPTION Escala offers spacious open-concept homes in a central location. Offering 180 views of the city, bay, and Olympic Mountains in addition to a host of amenities, Escala is a premier location in Seattle. AMENITIES Full-Service concierge Fitness center Private theater Carwash in parking garage CURRENT STATUS Date on Market: October 2009 First Close of Escrow: January 2010 In Contract: 0 Closed: 271 Avg. Monthly Absorption: 4.0 Units/Month UNIT MIX & LIST PRICE SUMMARY Developer: The Lexas Companies Submarket: Belltown Number of Homes: 271 HOA Fees: $510 - $1,460 FINISHES 9.5-to-10 foot plus ceilings Hardwood floors throughout living areas Bosch washer/dryers PEDINI cabinets Stainless steel appliances Kohler kitchen sink Granite countertops Kohler bathroom fixtures TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. 1-bed 138 910-1,878 $370,000 - $1,125,000 $404 - $843 2-bed 103 1,607-3,581 $545,000 - $2,200,000 $339 - $811 3-bed 30 1,908-5,181 $800,000 - $6,200,000 $419 - $1,199 CLOSED NEW SALES SUMMARY TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F 1-bed 138 990 $295,000 - $1,330,000 $525,399 $324 - $767 $528 2-bed 103 1,688 $545,000 - $1,875,000 $934,066 $339 - $959 $551 3-bed 30 2,702 $1,225,000 - $6,200,000 $2,188,646 $288 - $1,199 $749

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 15 PAST RESALE DEVELOPMENTS DISTRICT 1 - DOWNTOWN PROJECT NAME ADDRESS DEVELOPER UNITS 2200 westlake 2200 westlake ave Milliken / Vulcan 260 the cosmopolitan 819 virginia st continental properties 253 seattle heights 2600 2nd ave cosmos development 239 gallery 2911 2nd ave schnitzer west 233 waterfront landings 1950 alaskan wy intracorp 232 olive 8 737 olive wy r.c. hedreen company 229 concord 2929 1st ave HAL Real Estate investments 206 the ellington 2801 1st ave intracorp 204 cristalla 2033 1st ave murray franklyn 191 the parc 76 Cedar st intracorp 185 the vine 2607 western ave intracorp 176 mosler lofts 2730 3rd ave the schuster group 148 1521 2nd avenue 1521 2nd ave the opus group 143 klee 2701 western ave val thomas incorporated 140 enso 820 blanchard st vulcan real estate 135 site 17 2440 western ave hal real estate investments 129 5th and madison 909 5th ave beacon capital partners 127 avenue one 2721 1st ave intracorp 120 the florentine 526 1st ave alexander and ventura 116 trio 3104 western ave triad development 116 veer lofts 401 9th ave vulcan real estate 99 bellora 2716 elliot ave murray franklyn 93 tobira 108 5th ave south wyson group 88 one pacific tower 2000 1st ave vyzis development group 80 the matae 159 denny wy ovation partners 78 asia 668 s. lane st mastro properties 75 belltown lofts 66 bell st the urban fund 62 carbon 56 2015 terry ave kauri investments 56 pomeroy 2319 1st ave murray franklyn 54 madison tower 1000 1st ave william justen 47 TOTAL 4,314

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 16 PAST RESALE DEVELOPMENTS DISTRICT 1 - DOWNTOWN 8 NW Seattle 7 Fremont/ Ballard 9 NE Seattle 11 Kirkland 12 Redmond 6 Queen Anne 5 Lake Union 1 Downtown 4 Central Seattle 10 Bellevue 2 West Seattle 3 Capitol Hill

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 17 DISTRICT 1 2200 WESTLAKE 2200 WESTLAKE AVE Developer: Milliken / Vulcan Submarket: Downtown Number of Homes: 260 HOA Fees: $500 - $700 Sales Start Date: July 05 Sales End Date: Jun 10 Avg. Absorption: 4.3 Units/Month DISTRICT 1 THE COSMOPOLITAN 819 VIRGINIA ST Developer: Continental Properties Submarket: Downtown Number of Homes: 253 HOA Fees: $470 - $625 Sales Start Date: Jan 06 Sales End Date: Aug 09 Avg. Absorption: 5.8 Units/Month 1-BED AVGS 2 887 $519,500 $586 - - 5 1-BED AVGS 1 719 $399,000 $555 - - 7 STUDIO AVGS 1 419 $259,000 $618 $259,000 $618 15 1-BED AVGS 9 858 $460,994 $541 $467,000 $549 23 2-BED AVGS 8 1,329 $751,249 $551 $736,888 $543 96

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 18 DISTRICT 1 SEATTLE HEIGHTS 2600 2ND AVE Developer: Cosmos Development Submarket: Belltown Number of Homes: 239 HOA Fees: $475 - $830 Sales Start Date: Aug 93 Sales End Date: May 10 Avg. Absorption: 1.2 Units/Month STUDIO AVGS 2 431 $237,495 $551 $244,500 $568 6 Sold 1-BED AVGS 7 756 $357,414 $485 $352,921 $477 31 2-BED AVGS 2 1,057 $552,475 $530 $539,975 $516 108 DISTRICT 1 GALLERY 2911 2ND AVE Developer: Schnitzer West Submarket: Belltown Number of Homes: 233 HOA Fees: $305 - $325 Sales Start Date: Mar 08 Sales End Date: Nov 11 Avg. Absorption: 5.2 Units/Month 1-BED AVGS 2 1,005 $475,000 $473 - - 43 2-BED AVGS 2 1,305 $654,000 $502 - - 25 1-BED AVGS 3 1,110 $585,000 $533 $568,333 $519 70 2-BED AVGS 2 1,424 $724,500 $513 $703,000 $499 95

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 19 DISTRICT 1 WATERFRONT LANDINGS 1950 ALASKAN WY Developer: Intracorp Submarket: Downtown Number of Homes: 232 HOA Fees: $585 - $780 Sales Start Date: Mar 00 Sales End Date: Jun 03 Avg. Absorption: 5.9 Units/Month DISTRICT 1 OLIVE 8 737 OLIVE WY Developer: R.C. Hedreen Company Submarket: Downtown Number of Homes: 229 HOA Fees: $350 - $445 Sales Start Date: May 07 Sales End Date: Jan 10 Avg. Absorption: 7.0 Units/Month 2-BED AVGS 1 1,350 $1,175,000 $870 - - 90 1-BED AVGS 4 820 $603,250 $755 $578,038 $722 15 2-BED AVGS 4 1,716 $1,567,000 $922 $1,506,000 $886 77

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 20 DISTRICT 1 CONCORD 2929 1ST AVE Developer: HAL Real Estate Investments Submarket: Belltown Number of Homes: 206 HOA Fees: $320 - $620 Sales Start Date: Sep 99 Sales End Date: Apr 09 Avg. Absorption: 1.8 Units/Month 1-BED AVGS 1 613 $423,500 $691 - - 11 1-BED AVGS 1 880 $395,000 $449 $387,000 $440 77 2-BED AVGS 1 1,124 $650,000 $578 $635,000 $565 2 DISTRICT 1 THE ELLINGTON 2801 1ST AVE Developer: Intracorp Submarket: Belltown Number of Homes: 204 HOA Fees: $295 - $380 Sales Start Date: Feb 00 Sales End Date: Nov 07 Avg. Absorption: 2.2 Units/Month STUDIO AVGS 2 469 $242,450 $518 $230,000 $492 30 1-BED AVGS 2 655 $355,000 $540 $347,500 $530 10

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 21 DISTRICT 1 CRISTALLA 2033 1ST AVE Developer: Murray Franklyn Submarket: Downtown Number of Homes: 191 HOA Fees: $570 - $725 Sales Start Date: May 05 Sales End Date: Nov 10 Avg. Absorption: 2.9 Units/Month 2-BED AVGS 2 1,598 $1,185,000 $742 - - 251 1-BED AVGS 5 792 $581,600 $726 $583,600 $729 18 2-BED AVGS 1 1,408 $839,000 $596 $839,000 $596 2 DISTRICT 1 THE PARC 76 CEDAR ST Developer: Intracorp Submarket: Belltown Number of Homes: 185 HOA Fees: $345 - $705 Sales Start Date: Jan 07 Sales End Date: Mar 10 Avg. Absorption: 4.8 Units/Month 2-BED AVGS 1 920 $450,000 $489 - - 28 STUDIO AVGS 2 505 $230,000 $456 $235,000 $465 7 1-BED AVGS 3 663 $335,000 $507 $346,500 $524 7 2-BED AVGS 1 930 $450,000 $484 $500,000 $538 6

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 22 DISTRICT 1 THE VINE 2607 WESTERN AVE Developer: Intracorp Submarket: Belltown Number of Homes: 176 HOA Fees: $315 - $660 Sales Start Date: May 02 Sales End Date: Jun 10 Avg. Absorption: 1.8 Units/Month 1-BED AVGS 2 1,025 $475,000 $463 - - 16 1-BED AVGS 24 759 $344,783 $463 $350,083 $470 23 2-BED AVGS 10 1,197 $715,800 $587 $711,500 $583 26 DISTRICT 1 MOSLER LOFTS 2730 3RD AVE Developer: The Schuster Group Submarket: Downtown Number of Homes: 148 HOA Fees: $330 - $750 Sales Start Date: Nov 07 Sales End Date: Jan 10 Avg. Absorption: 5.6 Units/Month 1-BED AVGS 1 668 $390,000 $584 - - 33 STUDIO AVGS 3 553 $339,167 $614 $335,000 $606 20 1-BED AVGS 9 855 $472,317 $547 $464,556 $539 41 2-BED AVGS 3 1,579 $1,081,633 $663 $1,063,333 $652 39

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 23 DISTRICT 1 1521 2ND AVENUE 1521 2ND AVE Developer: The Opus Group Submarket: Downtown Number of Homes: 143 HOA Fees: $1,200 - $1,385 Sales Start Date: Nov 08 Sales End Date: Apr 11 Avg. Absorption: 4.9 Units/Month 2-BED AVGS 2 1,726 $1,975,000 $1,145 - - 25 2-BED AVGS 5 1,761 $1,964,000 $1,120 $1,935,000 $1,103 74 DISTRICT 1 KLEE 2701 WESTERN AVE Developer: Val Thomas Incorporated Submarket: Belltown Number of Homes: 140 HOA Fees: $295 - $310 Sales Start Date: May 05 Sales End Date: Dec 07 Avg. Absorption: 4.4 Units/Month 1-BED AVGS 1 1,054 $599,000 $568 - - 45 2-BED AVGS 1 1,503 $725,000 $482 - - 89 1-BED AVGS 1 580 $360,000 $621 - - 11 STUDIO AVGS 1 1,283 $469,000 $366 $450,000 $351 32 1-BED AVGS 3 619 $363,000 $586 $360,500 $582 35

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 24 DISTRICT 1 ENSO 820 BLANCHARD ST Developer: Vulcan Real Estate Submarket: Downtown Number of Homes: 135 HOA Fees: $460 - $695 Sales Start Date: Aug 09 Sales End Date: Dec 11 Avg. Absorption: 4.9 Units/Month DISTRICT 1 SITE 17 2440 WESTERN AVE Developer: HAL Real Estate Investments Submarket: Belltown Number of Homes: 129 HOA Fees: $285 - $550 Sales Start Date: Mar 05 Sales End Date: Aug 08 Avg. Absorption: 3.1 Units/Month 1-BED AVGS 3 597 $234,633 $394 $238,667 $400 10

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 25 DISTRICT 1 5TH AND MADISON 909 5TH AVE Developer: Beacon Capital Partners Submarket: Downtown Number of Homes: 127 HOA Fees: $575 - $855 Sales Start Date: Jun 06 Sales End Date: Oct 10 Avg. Absorption: 2.4 Units/Month DISTRICT 1 AVENUE ONE 2721 1ST AVE Developer: Intracorp Submarket: Belltown Number of Homes: 120 HOA Fees: $240 - $610 Sales Start Date: Aug 04 Sales End Date: July 09 Avg. Absorption: 2.0 Units/Month 1-BED AVGS 1 720 $460,000 $639 - - 8 1-BED AVGS 2 880 $399,500 $454 - - 6 1-BED AVGS 11 685 $338,340 $509 $341,373 $513 69 2-BED AVGS 8 1,169 $657,798 $566 $655,750 $565 21

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 26 DISTRICT 1 THE FLORENTINE 526 1ST AVE Developer: Alexander and Ventura Submarket: Pioneer Square Number of Homes: 116 HOA Fees: $515 - $625 Sales Start Date: July 91 Sales End Date: May 07 Avg. Absorption: 0.6 Units/Month 1-BED AVGS 1 1,418 $449,950 $317 - - 55 1-BED AVGS 1 1,418 $465,000 $328 - - 15 DISTRICT 1 TRIO 3104 WESTERN AVE Developer: Triad Development Submarket: Belltown Number of Homes: 116 HOA Fees: $200 - $295 Sales Start Date: Mar 06 Sales End Date: Nov 09 Avg. Absorption: 2.3 Units/Month 1-BED AVGS 1 506 $325,000 $642 - - 18 1-BED AVGS 1 794 $415,000 $523 - - 3 1-BED AVGS 11 646 $344,799 $545 $348,444 $547 14

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 27 DISTRICT 1 VEER LOFTS 401 9TH AVE Developer: Vulcan Real Estate Submarket: Downtown Number of Homes: 99 HOA Fees: $370 - $510 Sales Start Date: Jun 06 Sales End Date: Nov 10 Avg. Absorption: 1.8 Units/Month DISTRICT 1 BELLORA 2716 ELLIIOT AVE Developer: Murray Franklyn Submarket: Belltown Number of Homes: 93 HOA Fees: $265 - $560 Sales Start Date: July 02 Sales End Date: Sep 06 Avg. Absorption: 1.8 Unnits/Month 1-BED AVGS 1 1,054 $599,000 $568 - - 45 2-BED AVGS 1 1,503 $725,000 $482 - - 89 1-BED AVGS 1 580 $360,000 $621 - - 11 STUDIO AVGS 1 1,283 $469,000 $366 $450,000 $351 32 1-BED AVGS 3 619 $363,000 $586 $360,500 $582 35

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 28 DISTRICT 1 TOBIRA 108 5TH AVE SOUTH Developer: Wyson Group Submarket: International District Number of Homes: 88 HOA Fees: $240 - $300 Sales Start Date: Jan 07 Sales End Date: Sep 08 Avg. Absorption: 4.3 Units/Month 1-BED AVGS 1 1,004 $349,000 $348 - - 4 STUDIO AVGS 2 441 $192,450 $436 $188,000 $426 37 1-BED AVGS 1 584 $236,900 $406 $237,000 $406 49 DISTRICT 1 ONE PACIFIC TOWER 2000 1ST AVE Developer: Vyzis Development Group Submarket: Downtown Number of Homes: 80 HOA Fees: $1,300 - $1,515 Sales Start Date: Aug 95 Sales End Date: May 10 Avg. Absorption: 0.5 Units/Month 2-BED AVGS 2 1,523 $1,137,000 $747 - - 52 1-BED AVGS 1 976 $528,000 $541 $528,000 $541 102 2-BED AVGS 1 1,523 $599,000 $393 $585,000 $384 217

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 29 DISTRICT 1 THE MATAE 159 DENNY WY Developer: Ovation Partners Submarket: Belltown Number of Homes: 78 HOA Fees: $180 - $365 Sales Start Date: Aug 04 Sales End Date: Aug 06 Avg. Absorption: 1.6 Units/Month 1-BED AVGS 3 705 $364,967 $517 $370,000 $525 9 2-BED AVGS 1 1,011 $519,800 $514 $499,800 $494 56 DISTRICT 1 ASIA 668 S. LANE ST Developer: Mastro Properties Submarket: International District Number of Homes: 75 HOA Fees: $300 Sales Start Date: Jun 06 Sales End Date: Jun 06 Avg. Absorption: 25 Units/Month

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 30 DISTRICT 1 BELLTOWN LOFTS 66 BELL ST Developer: The Urban Fund Submarket: Belltown Number of Homes: 62 HOA Fees: $375 - $425 Sales Start Date: Sep 00 Sales End Date: July 09 Avg. Absorption: 0.6 Units/Month 2-BED AVGS 1 1,781 $1,150,000 $646 - - 308 1-BED AVGS 3 771 $331,833 $428 $334,167 $429 14 DISTRICT 1 CARBON 56 2015 TERRY AVE Developer: Kauri Investments Submarket: Downtown Number of Homes: 56 HOA Fees: $225 - $270 Sales Start Date: Feb 07 Sales End Date: Mar 08 Avg. Absorption: 4.3 Units/Month 1-BED AVGS 14 802 $391,566 $488 $391,483 $488 124

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 31 DISTRICT 1 POMEROY 2319 1ST AVE Developer: Murray Franklyn Submarket: Belltown Number of Homes: 54 HOA Fees: $330 - $430 Sales Start Date: Feb 00 Sales End Date: May 06 Avg. Absorption: 0.7 Units/Month 2-BED AVGS 1 1,577 $810,000 $514 - - 41 1-BED AVGS 3 1,688 $879,650 $495 $852,650 $483 104 DISTRICT 1 MADISON TOWER 1000 1ST AVE Developer: William Justen Submarket: Downtown Number of Homes: 47 HOA Fees: $420 - $1,085 Sales Start Date: Mar 05 Sales End Date: May 09 Avg. Absorption: 0.9 Units/Month 2-BED AVGS 1 3,740 $5,995,000 $1,603 - - 105 3-BED AVGS 1 3,018 $4,995,000 $1,655 - - 106 1-BED AVGS 2 841 $539,500 $642 $525,000 $625 29 2-BED AVGS 1 1,444 $925,885 $641 $915,000 $634 302

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 32 PAST RESALE DEVELOPMENTS DISTRICT 2 - WEST SEATTLE PROJECT NAME ADDRESS DEVELOPER UNITS highpoint 2800 sw. raymond st cornerstone development 96 adelaide 5001 california ave west seattle property 72 the admiral 2331 42nd ave sw. gartin properties 65 harbor place 3318 30th ave sw. harbor court, llc 57 verge 3213 habor ave sw. skyline condominium 52 sausalito 3015 sw avalon wy kauri investments 51 TOTAL 393 8 NW Seattle 7 Fremont/ Ballard 9 NE Seattle 11 Kirkland 12 Redmond 6 Queen Anne 5 Lake Union 1 Downtown 4 Central Seattle 10 Bellevue 2 West Seattle 3 Capitol Hill

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 33 DISTRICT 2 HIGHPOINT 2800 SW RAYMOND ST Developer: Cornerstone Development Submarket: Highpoint Number of Homes: 96 HOA Fees: $210 - $320 Sales Start Date: Nov 06 Sales End Date: Aug 07 Avg. Absorption: 10.6 Units/Month DISTRICT 2 ADELAIDE 5001 CALIFORNIA AVE Developer: West Seattle Property Submarket: West Seattle Number of Homes: 72 HOA Fees: $255 - $390 Sales Start Date: Sep 03 Sales End Date: Jun 05 Avg. Absorption: 3.4 Units/Month 2-BED AVGS 1 1,475 $695,000 $471 - - 150 2-BED AVGS 1 1,244 $419,000 $337 - - 19 1-BED AVGS 3 823 $276,150 $335 $280,167 $340 8 2-BED AVGS 2 1,160 $488,250 $427 $469,000 $409 16

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 34 DISTRICT 2 THE ADMIRAL 2331 42ND AVE SOUTHWEST Developer: Gartin Properties Submarket: Admiral Number of Homes: 65 HOA Fees: $195 - $270 Sales Start Date: Apr 03 Sales End Date: Jun 05 Avg. Absorption: 2.5 Units/Month STUDIO AVGS 1 420 $155,000 $369 $155,000 $369 316 1-BED AVGS 2 690 $237,000 $348 $237,000 $348 41 2-BED AVGS 2 975 $366,225 $374 $347,475 $356 10 DISTRICT 2 HARBOR PLACE 3318 30TH AVE SOUTHWEST Developer: Harbor Court, LLC Submarket: Admiral Number of Homes: 57 HOA Fees: $325 - $375 Sales Start Date: Apr 00 Sales End Date: Jun 04 Avg. Absorption: 1.1 Units/Month 2-BED AVGS 1 940 $309,950 $330 - - 20 1-BED AVGS 2 582 $169,925 $292 - - 21

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 35 DISTRICT 2 THE VERGE 3213 HARBOR AVE SOUTHWEST Developer: Skyline Condominium Submarket: Admiral Number of Homes: 52 HOA Fees: $230 - $290 Sales Start Date: Sep 06 Sales End Date: Mar 11 Avg. Absorption: 1.0 Units/Month DISTRICT 2 SAUSALITO 3015 SW. AVALON WY Developer: Kauri Investments Submarket: North Delridge Number of Homes: 51 HOA Fees: $270 - $340 Sales Start Date: Jan 02 Sales End Date: Apr 04 Avg. Absorption: 2.1 Units/Month 1-BED AVGS 1 601 $217,500 $362 - - 4 1-BED AVGS 4 641 $207,438 $318 $205,125 $314 17 2-BED AVGS 2 866 $262,250 $302 $273,250 $313 82

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 36 PAST RESALE DEVELOPMENTS DISTRICT 3 - CAPITOL HILL PROJECT NAME ADDRESS DEVELOPER UNITS the meridian 1420 terry ave Talisen Corporation 161 Brix 530 broadway east schnitzer west 148 decatur 1105 spring st wysong group 145 the press 1610 belmont ave ted scroth 141 bolero 1323 boren ave the pauls corporation 75 pike lofts 303 e. pike st milliken development 61 meritage 124 bellevue ave east milliken development 51 harvard and highland 1178 highland ave. admiralty group 38 mdoe 752 bellevue ave. urban seattle 36 TOTAL 856 8 NW Seattle 7 Fremont/ Ballard 9 NE Seattle 11 Kirkland 12 Redmond 6 Queen Anne 5 Lake Union 1 Downtown 4 Central Seattle 10 Bellevue 2 West Seattle 3 Capitol Hill

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 37 DISTRICT 3 THE MERIDIAN 1420 TERRY AVE Developer: Taliesen Corporation Submarket: First Hill Number of Homes: 161 HOA Fees: $650 - $1,440 Sales Start Date: Dec 02 Sales End Date: Oct 09 Avg. Absorption: 1.9 Units/Month 2-BED AVGS 6 1,003 $519,317 $516 - - 30 1-BED AVGS 4 503 $295,389 $580 - - 15 2-BED AVGS 2 1,310 $799,000 $610 - - 60 STUDIO AVGS 2 404 $149,898 $371 $130,000 $322 6 1-BED AVGS 10 590 $255,570 $429 $260,600 $438 42 2-BED AVGS 12 1,300 $714,167 $516 $717,500 $522 5 DISTRICT 3 BRIX 530 BROADWAY EAST Developer: Schnitzer West Submarket: Capitol Hill Number of Homes: 148 HOA Fees: $345 - $560 Sales Start Date: Oct 06 Sales End Date: Sep 10 Avg. Absorption: 3.1 Units/Month 1-BED AVGS 1 547 $400,000 $731 - - 32 1-BED AVGS 1 958 $415,000 $433 $405,000 $423 59

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 38 DISTRICT 3 DECATUR 1105 SPRING ST Developer: Wysong Group Submarket: First Hill Number of Homes: 145 HOA Fees: $290 - $390 Sales Start Date: Jan 07 Sales End Date: Apr 11 Avg. Absorption: 2.8 Units/Month 1-BED AVGS 1 855 $360,000 $421 $360,000 $421 1 2-BED AVGS 5 1,100 $466,290 $432 $468,900 $435 10 3-BED AVGS 1 1,274 $579,950 $455 $550,000 $432 56 DISTRICT 3 THE PRESS 1610 BELMONT AVE Developer: Ted Scroth Submarket: Capitol Hill Number of Homes: 141 HOA Fees: $220 - $300 Sales Start Date: Sep 06 Sales End Date: May 09 Avg. Absorption: 4.3 Units/Month

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 39 DISTRICT 3 BOLERO 1323 BOREN AVE Developer: The Pauls Corporation Submarket: First Hill Number of Homes: 75 HOA Fees: $215 - $300 Sales Start Date: Apr 06 Sales End Date: Aug 09 Avg. Absorption: 1.8 Units/Month 2-BED AVGS 1 1,359 $479,975 $353 - - 20 1-BED AVGS 2 584 $244,450 $419 $256,500 $440 5 2-BED AVGS 1 840 $429,990 $512 $430,000 $512 7 DISTRICT 3 PIKE LOFTS 303 E. PIKE ST Developer: Milliken Development Submarket: First Hill Number of Homes: 61 HOA Fees: $300 - $335 Sales Start Date: Feb 99 Sales End Date: Dec 02 Avg. Absorption: 1.3 Units/Month 1-BED AVGS 1 774 $479,000 $619 - - 18 1-BED AVGS 2 762 $402,000 $529 $452,500 $595 5

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 40 DISTRICT 3 MERITAGE 124 BELLEVUE AVE EAST Developer: Milliken Development Submarket: Capitol Hill Number of Homes: 51 HOA Fees: $160 - $280 Sales Start Date: Mar 06 Sales End Date: Sep 11 Avg. Absorption: 0.8 Units/Month DISTRICT 3 HARVARD AND HIGHLAND 1178 HAVARD AVE EAST Developer: Admiralty Group Submarket: Capitol Hill Number of Homes: 38 HOA Fees: $680 - $920 Sales Start Date: Mar 10 Sales End Date: Apr 11 Avg. Absorption: 2.9 Units/Month 2-BED AVGS 1 2,007 $1,850,000 $922 - - 12 2-BED AVGS 1 1,633 $1,299,000 $795 $1,250,000 $765 67

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 41 DISTRICT 3 MODE 752 BELLEVUE AVE Developer: Urban Seattle Submarket: Capitol Hill Number of Homes: 36 HOA Fees: $90 - $160 Sales Start Date: May 08 Sales End Date: Dec 09 Avg. Absorption: 1.9 Units/Month

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 42 PAST RESALE DEVELOPMENTS DISTRICT 4 - CENTRAL SEATTLE PROJECT NAME ADDRESS DEVELOPER UNITS braeburn 1420 e. pine st hal real estate investments 153 trace north 1408 12th ave GTS Development 142 onyx 1125 e. olive st milliken development 62 eleven eleven e pike 1111 e. pike st the justen company 28 TOTAL 385 8 NW Seattle 7 Fremont/ Ballard 9 NE Seattle 11 Kirkland 12 Redmond 6 Queen Anne 5 Lake Union 1 Downtown 4 Central Seattle 10 Bellevue 2 West Seattle 3 Capitol Hill

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 43 DISTRICT 4 BRAEBURN 1420 E. PINE ST Developer: HAL Real Estate Submarket: Capitol Hill Number of Homes: 153 HOA Fees: $210 - $310 Sales Start Date: Jan 06 Sales End Date: May 08 Avg. Absorption: 5.4 Units/Month 1-BED AVGS 1 770 $399,950 $519 - - 5 STUDIO AVGS 1 480 $275,000 $573 - - 63 1-BED AVGS 1 536 $285,206 $532 - - 5 STUDIO AVGS 3 468 $252,500 $543 $251,667 $540 17 1-BED AVGS 8 628 $318,975 $507 $329,238 $525 11 2-BED AVGS 2 1,022 $460,000 $453 $510,500 $498 9 DISTRICT 4 TRACE NORTH 1408 12TH AVE Developer: GTS Development Submarket: Capitol Hill Number of Homes: 142 HOA Fees: $260 - $275 Sales Start Date: Apr 07 Sales End Date: Nov 11 Avg. Absorption: 2.5 Units/Month 1-BED AVGS 3 635 $392,900 $618 - - 16 1-BED AVGS 9 708 $384,211 $541 $411,211 $578 8 2-BED AVGS 1 971 $489,950 $505 $525,000 $541 6

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 44 DISTRICT 4 ONYX 1125 E. OLIVE ST Developer: Milliken Development Submarket: Capitol Hill Number of Homes: 62 HOA Fees: $420 - $540 Sales Start Date: Mar 06 Sales End Date: Mar 08 Avg. Absorption: 2.5 Units/Month 1-BED AVGS 1 646 $325,000 $503 - - 5 STUDIO AVGS 3 529 $238,965 $455 $238,633 $454 5 1-BED AVGS 3 592 $314,933 $531 $319,803 $540 14 DISTRICT 4 ELEVEN ELEVEN E PIKE 1111 E. PIKE ST Developer: The Justen Company Submarket: Capitol Hill Number of Homes: 28 HOA Fees: $320 - $370 Sales Start Date: Dec 09 Sales End Date: Apr 11 Avg. Absorption: 1.7 Units/Month 1-BED AVGS 2 678 $330,000 $489 $324,550 $481 32

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 45 PAST RESALE DEVELOPMENTS DISTRICT 5 PROJECT NAME ADDRESS DEVELOPER UNITS marselle 699 john st marselle partners 132 lumen 500 mercer st landstar development 92 portal over lake union 655 crockett st upwind capital 76 5th avenue residences 812 5th ave north equity residential 62 ruby 2960 eastlake ave east barrientos 52 TOTAL 414 8 NW Seattle 7 Fremont/ Ballard 9 NE Seattle 11 Kirkland 12 Redmond 6 Queen Anne 5 Lake Union 1 Downtown 4 Central Seattle 10 Bellevue 2 West Seattle 3 Capitol Hill

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 46 DISTRICT 5 MARSELLE 699 JOHN ST Developer: Marselle Partners Submarket: South Lake Union Number of Homes: 132 HOA Fees: $270 - $320 Sales Start Date: Jun 09 Sales End Date: Nov 12 Avg. Absorption: 3.2 Units/Month DISTRICT 5 LUMEN 500 MERCER ST Developer: Landstar Development Submarket: Lower Queen Anne Number of Homes: 92 HOA Fees: $335 - $755 Sales Start Date: Jan 07 Sales End Date: Feb 10 Avg. Absorption: 2.4 Units/Month 3-BED AVGS 1 2,146 $1,395,000 $650 $1,275,000 $594 190

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 47 DISTRICT 5 PORTAL OVER LAKE UNION 655 CROCKETT ST Developer: Upwind Capital Submarket: Westlake Number of Homes: 76 HOA Fees: $240 - $480 Sales Start Date: Apr 04 Sales End Date: Apr 06 Avg. Absorption: 3.1 Units/Month DISTRICT 5 5TH AVENUE RESIDENCES 812 5TH AVENUE NORTH Developer: Equity Residential Submarket: Lower Queen Anne Number of Homes: 62 HOA Fees: $160 - $340 Sales Start Date: Mar 06 Sales End Date: May 07 Avg. Absorption: 4.3 Units/Month 3-BED AVGS 1 1,406 $450,000 $320 - - 17 1-BED AVGS 1 630 $239,900 $381 - - 7 STUDIO AVGS 1 447 $157,000 $351 $155,000 $347 5 1-BED AVGS 4 599 $218,500 $364 $227,170 $379 6 2-BED AVGS 3 1,073 $408,167 $380 $403,000 $374 21

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 48 DISTRICT 5 RUBY 2960 EASTLAKE AVE EAST Developer: Barrientos Submarket: Eastlake Number of Homes: 52 HOA Fees: $330 - $335 Sales Start Date: Jan 09 Sales End Date: Mar 12 Avg. Absorption: 1.4 Units/Month 1-BED AVGS 1 788 $425,000 $539 - - 5 1-BED AVGS 2 762 $339,750 $445 $355,500 $465 14

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 49 PAST RESALE DEVELOPMENTS DISTRICT 6 - QUEEN ANNE PROJECT NAME ADDRESS DEVELOPER UNITS athena 323 queen anne ave pryde corporation 91 tribeca 17 w. mercer st milliken development 51 TOTAL 142 8 NW Seattle 7 Fremont/ Ballard 9 NE Seattle 11 Kirkland 12 Redmond 6 Queen Anne 5 Lake Union 1 Downtown 4 Central Seattle 10 Bellevue 2 West Seattle 3 Capitol Hill

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 50 DISTRICT 6 ATHENA 323 QUEEN ANNE AVE NORTH Developer: Pryde Corportation Submarket: Lower Queen Anne Number of Homes: 91 HOA Fees: $270 - $360 Sales Start Date: Sep 05 Sales End Date: Mar 08 Avg. Absorption: 3.0 Units/Month STUDIO AVGS 1 433 $289,950 $670 - - 20 1-BED AVGS 1 659 $289,950 $440 - - 6 1-BED AVGS 1 433 $289,000 $667 $285,000 $658 25 2-BED AVGS 3 887 $448,333 $505 $442,000 $498 10 DISTRICT 6 TRIBECA 17 W. MERCER ST Developer: Milliken Development Submarket: Lower Queen Anne Number of Homes: 51 HOA Fees: $275 - $580 Sales Start Date: Jan 03 Sales End Date: May 05 Avg. Absorption: 1.8 Units/Months 2-BED AVGS 1 1,511 $649,000 $430 - - 19

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 51 PAST RESALE DEVELOPMENTS DISTRICT 7 - FREMONT / BALLARD PROJECT NAME ADDRESS DEVELOPER UNITS canal station 5440 leary ave claudio guincher 278 ballard place 1545 nw. 57th st pacific rim investment 172 noma 5650 24th ave nw. triad development 90 hjarta 1530 nw. market st pryde & johnson 80 cobrizo 4020 aurora ave north kauri investments 50 TOTAL 670 8 NW Seattle 7 Fremont/ Ballard 9 NE Seattle 11 Kirkland 12 Redmond 6 Queen Anne 5 Lake Union 1 Downtown 4 Central Seattle 10 Bellevue 2 West Seattle 3 Capitol Hill

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 52 DISTRICT 7 CANAL STATION 5440 LEARY AVE Developer: Claudio Guincher Submarket: Ballard Number of Homes: 278 HOA Fees: $250 - $320 Sales Start Date: Nov 05 Sales End Date: Oct 10 Avg. Absorption: 4.6 Units/Month 1-BED AVGS 1 602 $309,950 $515 - - 20 1-BED AVGS 3 781 $349,333 $450 - - 3 STUDIO AVGS 1 537 $250,000 $466 $251,500 $468 4 1-BED AVGS 9 697 $328,922 $474 $327,278 $471 13 2-BED AVGS 3 1,115 $462,650 $418 $475,333 $426 26 DISTRICT 7 BALLARD PLACE 1545 NW. 57TH ST Developer: Pacific Rim Investment Submarket: Ballard Number of Homes: 172 HOA Fees: $205 - $405 Sales Start Date: Jan 03 Sales End Date: Sep 07 Avg. Absorption: 3.0 Units/Month 2-BED AVGS 1 1,121 $450,000 $401 - - 5 STUDIO AVGS 1 517 $219,950 $425 - - 4 STUDIO AVGS 1 458 $225,000 $491 $225,000 $491 31 1-BED AVGS 7 766 $309,643 $406 $312,671 $410 43 2-BED AVGS 1 1,061 $479,950 $452 $500,000 $471 8

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 53 DISTRICT 7 NOMA 5650 24TH AVE NORTHWEST Developer: Triad Development Submarket: Ballard Number of Homes: 90 HOA Fees: $215 - $330 Sales Start Date: Jan 07 Sales End Date: Mar 09 Avg. Absorption: 3.4 Units/Month 1-BED AVGS 1 724 $315,000 $435 $315,000 $435 30 DISTRICT 7 HJARTA 1530 NW. MARKET ST Developer: Pryde & Johnson Submarket: Ballard Number of Homes: 80 HOA Fees: $250 - $380 Sales Start Date: Mar 08 Sales End Date: Apr 11 Avg. Absorption: 2.1 Units/Month 2-BED AVGS 1 1,121 $450,000 $401 - - 5 STUDIO AVGS 1 517 $219,950 $425 - - 4 STUDIO AVGS 1 458 $225,000 $491 $225,000 $491 31 1-BED AVGS 7 766 $309,643 $406 $312,671 $410 43 2-BED AVGS 1 1,061 $479,950 $452 $500,000 $471 8

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 54 DISTRICT 7 COBRIZO 4020 AURORA AVE NORTH Developer: Kauri Investments Submarket: Fremont Number of Homes: 50 HOA Fees: $190 - $305 Sales Start Date: Sep 02 Sales End Date: Nov 03 Avg. Absorption: 3.5 Units/Month 1-BED AVGS 1 595 $235,000 $395 - - 10 STUDIO AVGS 1 366 $139,900 $382 $117,500 $321 87

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 55 PAST RESALE DEVELOPMENTS DISTRICT 8 - NORTHWEST SEATTLE PROJECT NAME ADDRESS DEVELOPER UNITS regata 1700 n. northlake wy triad development 101 fini 6801 greenwood ave north phinney ridge partners 54 sapphire 424 n 85th st murray franklyn 54 tavona 3333 wallingford ave north milliken development 51 TOTAL 260 8 NW Seattle 7 Fremont/ Ballard 9 NE Seattle 11 Kirkland 12 Redmond 6 Queen Anne 5 Lake Union 1 Downtown 4 Central Seattle 10 Bellevue 2 West Seattle 3 Capitol Hill

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 56 DISTRICT 8 REGATA 1700 N. NORTHLAKE WY Developer: Triad Development Submarket: Wallingford Number of Homes: 101 HOA Fees: $330 - $370 Sales Start Date: Jun 01 Sales End Date: Dec 04 Avg. Absorption: 2.4 Units/Month 1-BED AVGS 1 954 $439,000 $460 $460,000 $482 3 DISTRICT 8 FINI 6801 GREENWOOD AVE NORTH Developer: Phinney Ridge Partners Submarket: Phinney Ridge Number of Homes: 54 HOA Fees: $395 - $695 Sales Start Date: May 07 Sales End Date: May 09 Avg. Absorption: 2.2 Units/Month

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 57 DISTRICT 8 SAPPHIRE 424 N 85TH ST Developer: Murray Franklyn Submarket: Greenwood Number of Homes: 54 HOA Fees: $270 - $315 Sales Start Date: Jun 07 Sales End Date: Aug 11 Avg. Absorption: 1.1 Units/Month 2-BED AVGS 2 1,037 $289,450 $279 $294,500 $284 3 DISTRICT 8 TAVONA 3333 WILLINGFORD AVE NORTH Developer: Milliken Development Submarket: Wallingford Number of Homes: 51 HOA Fees: $175 - $245 Sales Start Date: Jul 06 Sales End Date: Nov 09 Avg. Absorption: 1.3 Units/Month 1-BED AVGS 1 580 $265,000 $457 - - 7 2-BED AVGS 5 754 $318,780 $425 $325,800 $433 11

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 58 PAST RESALE DEVELOPMENTS DISTRICT 9 - NORTHEAST SEATTLE PROJECT NAME ADDRESS DEVELOPER UNITS blakeley commons 2901 nw. blakeley st babcock & berglund 110 the greenlake 410 nw. 70th st johansen properties 106 dwell roosevelt 1026 nw. 65th st triad development 78 duncan place 4547 8th ave ne. base capital 63 florera greenlake 413 ne. 70th st pryde & johnson 59 TOTAL 416 8 NW Seattle 7 Fremont/ Ballard 9 NE Seattle 11 Kirkland 12 Redmond 6 Queen Anne 5 Lake Union 1 Downtown 4 Central Seattle 10 Bellevue 2 West Seattle 3 Capitol Hill

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 59 DISTRICT 9 BLAKELEY COMMONS 2901 NE. BLAKELEY ST Developer: Babcock & Berglund Submarket: University District Number of Homes: 110 HOA Fees: $270 - $415 Sales Start Date: Jun 01 Sales End Date: Apr 05 Avg. Absorption: 2.4 Units/Month 1-BED AVGS 1 594 $309,500 $521 - - 19 1-BED AVGS 1 674 $270,000 $401 $280,000 $415 3 DISTRICT 9 THE GREENLAKE 410 NE. 70TH ST Developer: Johansen Properties Submarket: Greenlake Number of Homes: 106 HOA Fees: $200- $300 Sales Start Date: Feb 03 Sales End Date: Feb 05 Avg. Absorption: 2.9 Units/Month

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 60 DISTRICT 9 DWELL ROOSEVELT 1026 NE. 65TH ST Developer: Triad Development Submarket: Roosevelt Number of Homes: 78 HOA Fees: $370 - $385 Sales Start Date: Dec 05 Sales End Date: Aug 08 Avg. Absorption: 2.4 Units/Month STUDIO AVGS 1 534 $250,000 $468 $293,600 $550 7 2-BED AVGS 1 863 $448,000 $519 $448,000 $519 6 DISTRICT 9 DUNCAN PLACE 4547 8TH AVE NORTHEAST Developer: Base Capital Submarket: University District Number of Homes: 63 HOA Fees: $250 - $345 Sales Start Date: May 10 Sales End Date: Feb 13 Avg. Absorption: 1.9 Units/Month STUDIO AVGS 1 417 $239,000 $573 - - 15 3-BED AVGS 1 1,998 $750,000 $375 - - 17 2-BED AVGS 1 1,026 $342,000 $333 - - 8 1-BED AVGS 3 595 $286,333 $491 $286,333 $491 88 2-BED AVGS 1 1,010 $443,000 $439 $432,000 $428 23 3-BED AVGS 1 1,346 $450,000 $334 $485,000 $360 5

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 61 DISTRICT 9 FLORERA GREENLAKE 413 NE. 70TH ST Developer: Pryde & Johnson Submarket: Greenlake Number of Homes: 59 HOA Fees: $250 - $335 Sales Start Date: Jan 08 Sales End Date: May 10 Avg. Absorption: 2.1 Units/Month STUDIO AVGS 1 645 $335,000 $519 $335,000 $519 1

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 62 PAST RESALE DEVELOPMENTS DISTRICT 10 - BELLEVUE PROJECT NAME ADDRESS DEVELOPER UNITS washington square 10610 ne. 9h pl wasatch group 377 belle arts 111 108th ave northeast equity residential 128 one main street 10000 main st turning point 57 TOTAL 562 8 NW Seattle 7 Fremont/ Ballard 9 NE Seattle 11 Kirkland 12 Redmond 6 Queen Anne 5 Lake Union 1 Downtown 4 Central Seattle 10 Bellevue 2 West Seattle 3 Capitol Hill

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 63 DISTRICT 10 WASHINGTON SQUARE 10610 NE. 9TH PL Developer: Wasatch Group Submarket: Downtown Bellevue Number of Homes: 377 HOA Fees: $390 - $620 Sales Start Date: Jun 06 Sales End Date: Jul 13 Avg. Absorption: 4.4 Units/Month 1-BED AVGS 22 923 $686,945 $745 - - 226 2-BED AVGS 25 1,627 $1,249,640 $768 - - 245 1-BED AVGS 1 667 $465,000 $697 - - 46 2-BED AVGS 3 1,270 $830,633 $654 - - 166 1-BED AVGS 8 835 $507,613 $616 $494,125 $599 117 2-BED AVGS 27 1,513 $983,609 $645 $920,545 $610 121 DISTRICT 10 BELLE ARTS 111 108TH AVE NORTHEAST Developer: Equity Residential Submarket: Downtown Bellevue Number of Homes: 128 HOA Fees: $215 - $440 Sales Start Date: Dec 06 Sales End Date: Jan 13 Avg. Absorption: 1.7 Units/Month STUDIO AVGS 1 423 $239,000 $565 - - 18 2-BED AVGS 1 1,084 $439,950 $406 - - 7 STUDIO AVGS 1 640 $259,900 $406 $254,000 $397 24

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 64 DISTRICT 10 ONE MAIN STREET 10000 MAIN ST Developer: Turning Point Submarket: Downtown Bellevue Number of Homes: 57 HOA Fees: $650 - $835 Sales Start Date: Jun 10 Sales End Date: Jun 12 Avg. Absorption: 2.3 Units/Month 1-BED AVGS 2 1,167 $635,000 $538 - - 73 1-BED AVGS 1 886 $550,000 $621 $500,000 $564 23 2-BED AVGS 2 1,353 $678,900 $514 $673,500 $511 7

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 65 PAST RESALE DEVELOPMENTS DISTRICT 11 - KIRKLAND PROJECT NAME ADDRESS DEVELOPER UNITS kirkland central 211 kirkland ave continental properties 110 lochshire 9229 122nd ct lochshire condominium 100 waterstone 10822 slater st intracorp 60 soho 521 7th ave seventh avenue 58 villa sonoma 8244 126th ave northstar development 55 TOTAL 383 8 NW Seattle 7 Fremont/ Ballard 9 NE Seattle 11 Kirkland 12 Redmond 6 Queen Anne 5 Lake Union 1 Downtown 4 Central Seattle 10 Bellevue 2 West Seattle 3 Capitol Hill

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 66 DISTRICT 11 KIRKLAND CENTRAL 211 KIRKLAND AVE Developer: Continental Properties Submarket: Moss Bay Number of Homes: 110 HOA Fees: $175 - $300 Sales Start Date: Apr 06 Sales End Date: Feb 09 Avg. Absorption: 3.2 Units/Month DISTRICT 11 LOCHSHIRE 9229 122ND CT Developer: Lochshire Condominium Submarket: North Rose Hill Number of Homes: 100 HOA Fees: $155 - $205 Sales Start Date: Mar 01 Sales End Date: Sep 05 Avg. Absorption: 1.9 Units/Month 2-BED AVGS 1 1,215 $379,000 $312 - - 15 1-BED AVGS 1 940 $270,000 $287 - - 49 1-BED AVGS 1 940 $280,000 $298 $280,000 $298 12 2-BED AVGS 4 1,151 $355,250 $308 $357,438 $310 38

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 67 DISTRICT 11 WATERSTONE 10822 SLATER ST Developer: Intracorp Submarket: Highlands Number of Homes: 60 HOA Fees: $225 - $365 Sales Start Date: Nov 04 Sales End Date: Jun 06 Avg. Absorption: 3.1 Units/Month DISTRICT 11 SOHO 521 7TH AVE Developer: Seventh Avenue Submarket: Norkirk Number of Homes: 58 HOA Fees: $90 - $330 Sales Start Date: Jun 00 Sales End Date: Nov 01 Avg. Absorption: 3.4 Units/Month

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 68 DISTRICT 11 VILLA SONOMA 8244 126TH AVE Developer: Northstar Development Submarket: South Rose Hill Number of Homes: 55 HOA Fees: $325 Sales Start Date: Jan 06 Sales End Date: Oct 11 Avg. Absorption: 0.8 Units/Month

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 69 PAST RESALE DEVELOPMENTS DISTRICT 12 - REDMOND PROJECT NAME ADDRESS DEVELOPER UNITS ELEMENT 15110 81ST Wy INTRACORP 94 TALUSWOOD 9609 182ND PL MOSAIC HOMES 85 THE CLEVELAND 16141 CLEVELAND ST INTRACORP 84 COMPASS POINTE 22621 ALDER CREST DR CARINO HOMES 72 CEDAR PARK 10523 221ST AVE CARINO HOMES 70 NATURE S WALK 22549 ALDER CREst MOSAIC HOMES 60 FRAZER COURT 16275 85TH ST FRAZER INVESTMENTS 59 the villas at mondavio 15640 102nd wy polygon northwest 33 TOTAL 557 8 NW Seattle 7 Fremont/ Ballard 9 NE Seattle 11 Kirkland 12 Redmond 6 Queen Anne 5 Lake Union 1 Downtown 4 Central Seattle 10 Bellevue 2 West Seattle 3 Capitol Hill

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 70 DISTRICT 12 ELEMENT 15110 81ST WY Developer: Intracorp Submarket: Redmond Number of Homes: 94 HOA Fees: $205 - $225 Sales Start Date: Sep 09 Sales End Date: Oct 11 Avg. Absorption: 3.7 Units/Month DISTRICT 12 TALUSWOOD 9609 182ND PL Developer: Mosaic Homes Submarket: Redmond Number of Homes: 85 HOA Fees: $255 - $295 Sales Start Date: Jan 02 Sales End Date: Dec 08 Avg. Absorption:

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 71 DISTRICT 12 THE CLEVELAND 16141 CLEVELAND ST Developer: Intracorp Submarket: Redmond Number of Homes: 84 HOA Fees: $260 - $350 Sales Start Date: Nov 05 Sales End Date: Apr 08 Avg. Absorption: 2.9 Units/Month DISTRICT 12 COMPASS POINTE 22621 ALDER CREST DR Developer: Carino Homes Submarket: Redmond Number of Homes: 72 HOA Fees: $215 - $240 Sales Start Date: Mar 00 Sales End Date: Jun 04 Avg. Absorption: 1.4 Units/Month

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 72 DISTRICT 12 CEDAR PARK 10523 221ST AVE Developer: Carino Homes Submarket: Redmond Number of Homes: 70 HOA Fees: $155 - $205 Sales Start Date: Feb 00 Sales End Date: Aug 01 Avg. Absorption: 3.8 Units/Month DISTRICT 12 NATURE S WALK 22549 ALDER CREST Developer: Mosaic Homes Submarket: Redmond Number of Homes: 60 HOA Fees: $275 - $310 Sales Start Date: Jan 00 Sales End Date: Apr 04 Avg. Absorption: 1.2 Units/Month

MARKET OVERVIEW CURRENTLY SELLING OUT ABOUT POLARIS PACIFIC PAGE 73 DISTRICT 12 FRAZER COURT 16275 85TH ST Developer: Frazer Investments Submarket: Redmond Number of Homes: 59 HOA Fees: $250 - $300 Sales Start Date: Jan 06 Sales End Date: Jun 08 Avg. Absorption: 2.0 Units/Month DISTRICT 12 THE VILLAS AT MONDAVIO 15640 102ND WY Developer: Polygon Northwest Submarket: Redmond Number of Homes: 33 HOA Fees: $315 Sales Start Date: Oct 12 Sales End Date: Feb 14 Avg. Absorption: 1.2 Units/Month