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LEE COUNTY RESIDENTIAL REAL ESTATE

The data set was compiled from tax records, multiple listing services and our historical records. This information is intended to show the history of our real estate market buying interest. Transactions are frozen on the date they went under contract. The data is for resale single family homes and multi-family defined as condos, villas, townhomes, low (1-3 floors), mid (4-7 floors) and high-rise buildings 8+ floors. The data also includes transactions for manufactured homes on owned land.

Lee County Florida has 590 miles of coastline and spreads out over 800 square miles of land and over 400 square miles of water. The median age is 45 with just 25% over 65 years of age. The median income per family is $46,430 with a per capita income of $24,542.


Existing Single Family Home Sales Pending / Closed Homes 18280

16720

16000 14000

12703

12000

11521 10501

9754

10000

9004

8951

8115

8000

7009

6570

5920

6000 4000 2000 0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Homes Sold Per Month

Number of Pending Sales per Year

18000

Lee County Year over Year Existing Single Family Homes

2005 2006 2007 2008 2009 2010

2000 1800 1600 1400 1200 1000 800 600 400 200 0 Jan Prepared by: Michael Polly

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Prepared by Michael Polly

0

250

500

750

1000

1250

1500

1750

2000

2250

Home Sales

Existing Single Family Home Sales

Lee County, Florida Home Sales

Jan-99 Apr-99 Jul-99 Oct-99 Jan-00 Apr-00 Jul-00 Oct-00 Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

Median Price


Pending Single Family Home Sales

0

250

500

750

1000

1250

1500

1750

2000

2250

Median Price

Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10

Homes Sold

Lee County Existing Single Family Home Sales Trend

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Median Sales Price


-50%

Jan-00 Apr-00 Jul-00 Oct-00 Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10

LEE COUNTY FLORIDA MEDIAN PRICE % CHANGE

225%

Single Family Resale Homes

200%

175%

150%

125%

100%

75%

50%

25%

0%

-25%

Prepared by Michael Polly

Active Short Sale Single Family Homes

Legend


17500

0

Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11

Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11

Foreclosure Properties

Lee County Distressed Property Market

35,000

Bank Owned

25000 Auction Preforeclosure

Resale Inventory

18000

30,000 16000

25,000 14000

12000

20,000 10000

15,000 8000

10,000 6000

4000

5,000 2000

0 0

Resale SF Inventory

Source Realty Trac - Prepared by Michael Polly

Lee County Foreclosures

27500

Bank Owned

22500

20000

Pre-Foreclosures

15000

12500

10000

7500

5000

2500


Existing Multi-Family Home Sales Pending / Closed Homes

Number of Pending Sales per Year

8000

6161

6452

6151

6000

4021

4000

4275

4071

3445 3078

2658

3250 2863 2464

2000

0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD

Lee County Existing Condo / Villa / Townhome Sales

800

2005 2006

700 600

2007

2008 2009 2010

500

400 300 200

100

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec


Multi-Family Sales (Condo / Villa)

0

100

200

300

400

500

600

700

800

900

Existing Multi-Family Home Sales

Lee County Home Sales

Jan-99 Apr-99 Jul-99 Oct-99 Jan-00 Apr-00 Jul-00 Oct-00 Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10


$-

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

Jan-05 Mar-05 May-05

Jul-05 Sep-05 Nov-05 Jan-06 Mar-06

Sales

Median Sale Price

Multi-Family Home Sales and Median Sales Price

May-06 Jul-06

Sep-06 Nov-06 Jan-07 Mar-07 May-07

Jul-07 Sep-07 Nov-07 Jan-08 Mar-08

May-08 Jul-08

Sep-08 Nov-08 Jan-09 Mar-09 May-09

Jul-09 Sep-09 Nov-09 Jan-10 Mar-10

May-10 Jul-10

0

100

200

300

400

500

600

700

800

900


Lee County Florida Building Permits

20,000

15,000

10,000

Year

Source: US Census Department

Single Family Building Permits Lee County

80% 60% 40%

Percent Change

20%

0% -20% -40% -60% -80% -100% 2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

1987

1986

1985

1984

1983

1982

0

1981

5,000

1980

Total Single Family Building Permits

25,000


2011 Lee County Single Family Home Sales Method of Payment 2% 1% 1% 9% CASH CONV FHA

18%

OTHER OWNER VA

69%

2011 Lee County Multi Family Home Sales Method of Payment 1% 1%1% 14%

CASH

CONV FHA

OTHER OWNER VA

83%


Jan-04

0

Jan-06

Jan-09

Jan-11

Nov-10

Sep-10

Jul-10

May-10

Mar-10

Jan-10

Nov-09

Sep-09

Jul-09

May-09

Mar-09

4000

Nov-08

Sep-08

Jul-08

May-08

Mar-08

Jan-08

Nov-07

Sep-07

Jul-07

May-07

Mar-07

Jan-07

Nov-06

Sep-06

Jul-06

May-06

Mar-06

16000

Nov-05

Sep-05

Jul-05

May-05

Mar-05

Jan-05

Nov-04

Sep-04

Jul-04

May-04

Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11

0

Mar-04

Pending Home Sales

Lee County Inventory vs Sales Existing Single Family Homes

14000

Available Single Family Homes

12000

10000

8000

6000

Monthly Sales

2000

Existing Multi-Family Homes (Condo/Townhome/Villa)

Lee County Inventory vs Sales

10000

9000 Available Multi-Family Homes

8000

7000

6000

5000

4000

3000

2000

1000

Monthly Sales


LEE COUNTY RESIDENTIAL REAL ESTATE

The data set was compiled from tax records, multiple listing services and our historical records. This information is intended to show the history of our real estate market buying interest. Transactions are frozen on the date they went under contract. The data is for resale single family homes and multi-family defined as condos, villas, townhomes, low (1-3 floors), mid (4-7 floors) and high-rise buildings 8+ floors. The data also includes transactions for manufactured homes on owned land. Lee County Florida has 590 miles of coastline and spreads out over 800 square miles of land and over 400 square miles of water. The median age is 45 with just 25% over 65 years of age. The median income per family is $46,430 with a per capita income of $24,542. Lee County has 5 incorporated cities, Bonita Springs, Cape Coral, Fort Myers, Fort Myers Beach and Sanibel.


Jan-00 Apr-00 Jul-00 Oct-00 Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10

Jan 09 Median as a base

LEE COUNTY FLORIDA MEDIAN PRICE % CHANGE

225% Single Family Resale Homes

200%

175%

150%

125%

100%

75%

50%

25%

-25% 0%

-50%

Active Short Sale Single Family Homes

Legend


27,500 25,000 22,500 20,000 17,500 15,000 12,500 10,000 7,500 5,000 2,500 0

Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11

Aug-07 Oct-07 Dec-07 Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10

Foreclosure Properties

Lee County Distressed Property Market

35,000

Preforeclosure

PreForeclosures

Resale Inventory

18000

30,000 16000

25,000 14000

12000

20,000 10000

15,000 8000

10,000 6000

4000

5,000 2000

0 0

Auction Bank Owned Resale SF Inventory

Source Realty Trac - Prepared by Michael Polly

Lee County Foreclosures

Bank Owned


Single Family Home Unit Growth The number of new single family homes in Lee County was 1,626 in 2009 and only 988 added in 2010.

80,000

70,000

9,936

60,000 2010 2009 50,000 2008 2007 2006 2005 40,000 2004 2003 2002 30,000 2001

20,000

10,000

18,525

13,671

10,168

8,021 6,476 5,556

0 Source: Lee County Property Appraiser

The number of new single family homes in Lee County in 2001.

2,699 1

Lee County Florida Single Family Building Permits 25,000

20,000

15,000

10,000

5,000

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

0

Sour ce: USCensus Depar tment

Year


Method of Payment

Single Family Home Sales 2%

1% 1%

9%

CASH CONV 18%

FHA OTHER OWNER 69%

Multi Family Home Sales 1% 1% 1% 14%

83%

VA


2000

Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11

Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11

Pending Home Sales

Lee County Inventory vs Sales

16000

Existing Single Family Homes

14000

Available Single Family Homes

12000

10000

8000

6000

4000

Monthly Sales

2000

0

Existing Multi-Family Homes (Condo/Townhome/Villa)

10000

9000 Available Multi-Fam ily Hom es

8000

7000

6000

5000

4000

3000

Monthly Sales

1000

0


Lee County Lee County 2009 18280

Available SF Homes (Supply)

11086

Median Sales Price

9759

$84,600 82

92

Multi-Family Homes Sold (Demand)

5185

6452

6519

12% 24% -10% -7%

$102,250

119

8%

129

23465

Total Residential Units Sold

9%

5894

Median Sales Price $110,000 Average Market Time (Days)

-12%

$92,500

Average Market Time (Days)

Available Resale MF Homes (Supply)

-9%

16720

-1%

23172

Units Sold By Year

$300,000

Down - -7%

$200,000 $150,000 $100,000

Up 9%

$50,000 $0 2000

2001

2002

2003

2004

2005

Single Family

2006

2007

2008

2009

Down -9%

20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0

7,000 6,000

2010

Up 24%

5,000 4,000 3,000 2,000 1,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$250,000

-

Single Family

Multi-Family

Months of Resale Inventory

Multi Family

Units Sold by Quarter

TOTALS

59

1M+

4th Qtr 24%

1st Qtr 26%

4th Qtr 15% 1st Qtr 34%

500K-1M 350K-500K 300K-350K

Months

Median Price

Median Sales Price

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Single Family Homes Sold (Demand)

Percent Change

2010

250K-300K

3rd Qtr 25%

3rd Qtr 24%

200K-250K 150K-200K

2nd Qtr 26%

100K-150K

0.0

6.0

12.0

18.0

Single Family

24.0

30.0

Single Family

36.0

40%

Available Multi and Single Family Change from 2009

REO SS Traditional

Traditional 0%

17%

Multi

-100%

27%

Short Sale

-16%

52%

8%

Foreclosure

31%

-29%

20% Single

2nd Qtr 26%

Multi-Family

Distribution of Sales

40%

Multi Family

0%

65% 100%

Listed for sale as of January 16, 2011

Source: Sunshine MLS, Greater Fort Myers and the Beach MLS, SanCap MLS - Analysis by Michael Polly The Statements and figures are not guaranteed and are secured from sources we believe reliable.


Bonita Springs / Estero ZIP CODES: 33928, 34134, 34135 Resale Sub-Market Summary

2009

Single Family Homes Sold (Demand)

1139

1549

Available SF Homes (Supply)

1609

1383

Median Sales Price $201,000

36% -14% 12%

$226,000

Average Market Time (Days)

127

143

Multi-Family Homes Sold (Demand)

1035

1694

Available Resale MF Homes (Supply)

Percent Change

2010

1951

13% 64% -9%

1771

Median Sales Price $158,500

1%

$159,900

Average Market Time (Days)

150

165

Total Residential Units Sold

2174

3243

10% 49%

Units Sold By Year

$350,000 $300,000 $250,000 $200,000 $150,000

Up 1%

$100,000 $50,000 $0 2000

2001

2002

2003

2004

2005

Single Family

2006

2007

2008

2009

Up 36%

1800 1600 1400 1200 1000 800 600 400 200 0

Up 12%

2010

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$400,000

2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 -

Up 64%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$450,000

Single Family

Multi-Family

Multi Family

Months of Resale Inventory

Units Sold 2010 by Quarter 36.1

1M+

4th Qtr 21%

500K-1M

4th Qtr 15%

1st Qtr 30%

350K-500K

1st Qtr 35%

300K-350K

Months

Median Price

Median Sales Price $500,000

250K-300K 200K-250K

3rd Qtr 24%

150K-200K

3rd Qtr 20%

100K-150K <100K

0.0

6.0

12.0

18.0

Single Family

24.0

30.0

36.0

Single Family

Multi Family

Multi-Family

Available Single and Multi Family

Distribution of Sales 26%

2nd Qtr 26%

2nd Qtr 29%

24%

REO SS

Current Distribution

Change from 2009

REO -62%

Traditional

5% 18%

Short Sale Traditional 15% 89%

57%

17%

16%

60%

-100% Single Family

0%

100% 77%

Multi Family

Properties for sale as of January 16, 2011

Source: Sunshine MLS, Greater Fort Myers and the Beach MLS, SanCap MLS - Analysis by Michael Polly The Statements and figures are not guaranteed and are secured from sources we believe reliable.


South Fort Myers I-75 ZIP CODES: 33912, 33913, 33966, 33967 Resale Sub-Market Summary

2009

Single Family Homes Sold (Demand)

1485

1578

Available SF Homes (Supply)

1035

955

Median Sales Price $143,895 Average Market Time (Days)

Percent Change

2010

6% -8% 13%

$162,000

91

21%

110

Multi-Family Homes Sold (Demand)

873

1038

Available Resale MF Homes (Supply)

895

806

Median Sales Price $170,000

19% -10% -30%

$119,000

Average Market Time (Days)

117

107

Total Residential Units Sold

2358

2616

-9% 11%

Units Sold By Year

$200,000 $150,000 $100,000

Down - 30%

$50,000 $0 2000

2001

2002

2003

2004

2005

Single Family

2006

2007

2008

2009

2010

1800 1600 1400 1200 1000 800 600 400 200 0

Up 19%

1,200

Up 6%

1,000 800 600 400 200 -

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Up 13%

$250,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$300,000

Single Family

Multi-Family

Months of Resale Inventory

Multi Family

Units Sold 2010 by Quarter

1M+

4th Qtr 23%

500K-1M

4th Qtr 14%

1st Qtr 29%

350K-500K

1st Qtr 34%

300K-350K

Months

Median Price

Median Sales Price $350,000

250K-300K 200K-250K

3rd Qtr 21%

150K-200K

3rd Qtr 26%

100K-150K

2nd Qtr 26%

2nd Qtr 27%

<100K

0.0

6.0

12.0

18.0

Single Family

24.0

30.0

36.0

Available Single and Multi Family

Distribution of Sales

32%

Multi Family

Single Family

Multi-Family

Current Distribution

Change from 2009

REO SS Traditional

REO 34% 29%

8% 31%

Short Sale Traditional

-20%

61%

-6%

45% 23% Single Family

47%

19% Multi Family

-100%

0%

100% Properties for sale as of January 16, 2011

Source: Sunshine MLS, Greater Fort Myers and the Beach MLS, SanCap MLS - Analysis by Michael Polly The Statements and figures are not guaranteed and are secured from sources we believe reliable.


South Fort Myers ZIP CODES: 33907, 33908, 33919 Resale Sub-Market Summary

2009

Single Family Homes Sold (Demand)

978

1064

Available SF Homes (Supply)

883

807

Median Sales Price $200,000

9% -9% -10%

$180,000

Average Market Time (Days)

110

118

Multi-Family Homes Sold (Demand)

1576

1698

Available Resale MF Homes (Supply)

Percent Change

2010

1529

7% 8% -12%

1346

Median Sales Price $102,000

-12%

$89,900

Average Market Time (Days)

113

107

Total Residential Units Sold

2554

2762

-5% 8%

Units Sold By Year

1200

$300,000

1000

Down - 10%

$250,000

800

$200,000

600

$150,000

400

$100,000

200

Down - 12%

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$50,000 $0 2000

2001

2002

2003

2004

2005

Single Family

2006

2007

2008

2009

Up 9%

2010

Up 8%

1,800 1,600 1,400 1,200 1,000 800 600 400 200 -

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$350,000

Single Family

Multi-Family

Months of Resale Inventory

Multi Family

Units Sold 2010 by Quarter

1M+

213

40

53

500K-1M

4th Qtr 24%

4th Qtr 15%

1st Qtr 29%

350K-500K

1st Qtr 34%

300K-350K

Months

Median Price

Median Sales Price $400,000

250K-300K 200K-250K

3rd Qtr 26%

3rd Qtr 23%

150K-200K 100K-150K

0.0

6.0

12.0

18.0

Single Family

24.0

30.0

36.0

Multi Family

Single Family

Multi-Family

Available Single and Multi Family

Distribution of Sales 29%

2nd Qtr 25%

2nd Qtr 24%

<100K

Current Distribution

Change from 2009

REO SS Traditional

REO

31%

7% 22%

Short Sale

10%

Traditional -25% -7%

18%

53% Single Family

53%

16%

71% -100%

0%

100%

Multi Family Properties for sale as of January 16, 2011

Source: Sunshine MLS, Greater Fort Myers and the Beach MLS, SanCap MLS - Analysis by Michael Polly The Statements and figures are not guaranteed and are secured from sources we believe reliable.


Central Fort Myers ZIP CODES: 33901, 33916 Resale Sub-Market Summary

2009

Percent Change

2010

Single Family Homes Sold (Demand)

404

421

Available SF Homes (Supply)

233

246

Median Sales Price

$30,000 84

64

Multi-Family Homes Sold (Demand)

433

472

333

Median Sales Price

6% 33%

$40,000

Average Market Time (Days)

Available Resale MF Homes (Supply)

4%

-24% 9% -18%

272

$42,000

31%

$55,000

Average Market Time (Days)

79

80

Total Residential Units Sold

837

893

1% 7%

Units Sold By Year

450 400 350 300 250 200 150 100 50 0

$50,000

Up 31%

$0 2000

2001

2002

2003

2004

2005

Single Family

2006

2007

2008

2009

2010

400 300 200 100 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

500

2007 2008 2009 2010

Up 33%

2002 2003 2004 2005 2006

$150,000

Up 9%

600

Up 4%

2000 2001

$200,000

Single Family

Multi-Family

Months of Resale Inventory

Multi Family

Units Sold 2010 by Quarter

1M+

35

500K-1M

52 44

350K-500K

4th Qtr 21%

4th Qtr 15%

1st Qtr 28%

1st Qtr 31%

300K-350K

Months

Median Price

Median Sales Price $250,000

250K-300K 200K-250K

3rd Qtr 27%

150K-200K 100K-150K

2nd Qtr 24%

<100K

0.0

6.0

12.0

18.0

Single Family

24.0

30.0

36.0

Multi Family

Single Family

Available Single and Multi Family Current Distribution

Change from 2009

24%

53%

2nd Qtr 23%

Multi-Family

Distribution of Sales

31%

3rd Qtr 31%

REO SS Traditional

REO

53%

8%

Short Sale

-4%

Traditional -32%

55% 19%

16%

23%

Single Family

-100%

0%

100%

Multi Family Properties for sale as of January 16, 2011

Source: Sunshine MLS, Greater Fort Myers and the Beach MLS, SanCap MLS - Analysis by Michael Polly The Statements and figures are not guaranteed and are secured from sources we believe reliable.

37%


East Fort Myers ZIP CODES: 33905, 33920 Resale Sub-Market Summary

2009

Percent Change

2010

Single Family Homes Sold (Demand)

730

718

Available SF Homes (Supply)

581

483

Median Sales Price

$49,000 86

96

Multi-Family Homes Sold (Demand)

79

120

102

Median Sales Price

-17% 39%

$67,950

Average Market Time (Days)

Available Resale MF Homes (Supply)

-2%

12% 52% -42%

59

$99,450

-6%

$93,000

Average Market Time (Days)

120

124

3%

Total Residential Units Sold

809

838

4%

Units Sold By Year

800

Down -2%

700 600

$200,000

$100,000

2003

2004

2005

Single Family

2006

2007

2008

40 20

2009

2010

2007 2008 2009 2010

2002

60

200

2000 2001

$0 2001

300 100 0

Up 39% 2000

80

2002 2003 2004 2005 2006

$50,000

Up 52%

120 100

500 400

Down 6%

$150,000

140

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$250,000

Single Family

Multi-Family

Months of Resale Inventory

Multi Family

Units Sold 2010 by Quarter

1M+

76

500K-1M

4th Qtr 22%

4th Qtr 14%

1st Qtr 30%

350K-500K

1st Qtr 35%

300K-350K

Months

Median Price

Median Sales Price $300,000

250K-300K 200K-250K

3rd Qtr 24%

150K-200K 100K-150K

3rd Qtr 24%

<100K

0.0

6.0

12.0

18.0

Single Family

24.0

30.0

36.0

2nd Qtr 24%

48%

Available Single and Multi Family

REO

42%

27%

Current Distribution

Change from 2009

REO

SS

7%

Short Sale

-45%

Traditional

21%

Traditional -56% 9%

18% Single Family

2nd Qtr 27%

Multi-Family

Distribution of Sales 34%

Multi Family

Single Family

31%

-100%

0%

72% 100%

Multi Family Properties for sale as of January 16, 2011

Source: Sunshine MLS, Greater Fort Myers and the Beach MLS, SanCap MLS - Analysis by Michael Polly The Statements and figures are not guaranteed and are secured from sources we believe reliable.


Lehigh Acres ZIP CODES: 33936, 33971, 33972 Resale Sub-Market Summary

2009

Percent Change

2010

Single Family Homes Sold (Demand)

4827

3980

Available SF Homes (Supply)

1935

1348

Median Sales Price

$55,000

Average Market Time (Days)

-30% 0%

$55,000

61

69

13% 13%

Multi-Family Homes Sold (Demand)

173

195

Available Resale MF Homes (Supply)

144

125

Median Sales Price

-18%

$45,050

-13% -5%

$43,000

Average Market Time (Days)

81

101

Total Residential Units Sold

5000

4175

25% -17%

Units Sold By Year

Down - 18%

6000 $200,000

5000

Up 13%

250 200

4000

$150,000

150

No Change

0

$0 2001

2002

2003

2004

2005

Single Family

2006

2007

2008

2009

50

1000

Down - 5% 2000

100

2000

2010

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$50,000

3000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

Single Family

Multi-Family

Months of Resale Inventory

Multi Family

Units Sold 2010 by Quarter

1M+

4th Qtr 22%

500K-1M

4th Qtr 16%

1st Qtr 27%

350K-500K

1st Qtr 27%

300K-350K

Months

Median Price

Median Sales Price $250,000

250K-300K

3rd Qtr 23%

200K-250K 150K-200K 100K-150K

2nd Qtr 28%

<100K

0.0

6.0

12.0

18.0

Single Family

24.0

30.0

36.0

Multi Family

Single Family

Multi-Family

Available Single and Multi Family

Distribution of Sales

Current Distribution

Change from 2009

REO SS Traditional

27%

2nd Qtr 26%

3rd Qtr 31%

37%

REO

48%

Short Sale

-42%

17% 35%

Traditional -37%

54% 19%

-2%

15%

Single Family

-100%

0%

100%

Multi Family Properties for sale as of January 16, 2011

Source: Sunshine MLS, Greater Fort Myers and the Beach MLS, SanCap MLS - Analysis by Michael Polly The Statements and figures are not guaranteed and are secured from sources we believe reliable.

48%


North Fort Myers ZIP CODES: 33903, 33917 Resale Sub-Market Summary

2009

Single Family Homes Sold (Demand)

710

723

Available SF Homes (Supply)

561

547

Median Sales Price

$65,000 111

101

Multi-Family Homes Sold (Demand)

136

187

174

Median Sales Price

2% -2% 5%

$68,000

Average Market Time (Days)

Available Resale MF Homes (Supply)

Percent Change

2010

-9% 38% -11%

155

$74,500

11%

$82,400

Average Market Time (Days)

123

125

Total Residential Units Sold

846

910

2% 8%

Units Sold By Year

$200,000

Up 11%

$150,000

Up 2%

700 600 500 400 300

$100,000

200

2000

2001

2002

2003

2004

2005

Single Family

2006

2007

2008

2009

2010

2007 2008 2009 2010

$0

2002 2003 2004 2005 2006

100 0

Up 5%

2000 2001

$50,000

Up 38%

200 180 160 140 120 100 80 60 40 20 -

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

800

$250,000

Single Family

Multi-Family

Months of Resale Inventory

Multi Family

Units Sold 2010 by Quarter

1M+ 500K-1M

52

4th Qtr 20%

4th Qtr 24%

37 45 75

300K-350K 250K-300K

1st Qtr 32%

1st Qtr 35%

350K-500K

Months

Median Price

Median Sales Price $300,000

3rd Qtr 17%

200K-250K 150K-200K

3rd Qtr 23%

100K-150K <100K

0.0

6.0

12.0

18.0

Single Family

24.0

30.0

36.0

Multi Family

Multi-Family

Available Single and Multi Family

Distribution of Sales 31%

2nd Qtr 25%

2nd Qtr Single Family 24%

Current Distribution

Change from 2009

REO SS Traditional

REO 31%

468% -16%

33%

Short Sale Traditional 45%

-38%

51%

18% Single Family

18%

51%

-100%

0%

100%

Multi Family Properties for sale as of January 16, 2011

Source: Sunshine MLS, Greater Fort Myers and the Beach MLS, SanCap MLS - Analysis by Michael Polly The Statements and figures are not guaranteed and are secured from sources we believe reliable.

22%


South Cape Coral ZIP CODES: 33904, 33914 Resale Sub-Market Summary

2009

Percent Change

2010

Single Family Homes Sold (Demand)

2572

2175

Available SF Homes (Supply)

1300

1405

Median Sales Price $134,450

-15% 8% -2%

$132,000

-2%

Average Market Time (Days)

82

80

Multi-Family Homes Sold (Demand)

373

385

3%

Available Resale MF Homes (Supply)

365

377

3%

Median Sales Price

$97,000

-15%

$82,300

Average Market Time (Days)

124

109

Total Residential Units Sold

2945

2560

-12% -13%

Units Sold By Year

$350,000

3000

$300,000

2500

Down - 2%

$250,000 $200,000 $150,000 $100,000

Down - 15% 2002

2003

2004

2005

Single Family

2006

2007

2008

400

1500

300

1000

200

500

100

2009

2010

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

2001

Up 3%

500

2000

0

$0 2000

600

Down - 15%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$50,000

Single Family

Multi-Family

Months of Resale Inventory

Multi Family

Units Sold 2010 by Quarter 58 213

1M+ 500K-1M

4th Qtr 23%

4th Qtr 18%

1st Qtr 29%

350K-500K

1st Qtr 29%

300K-350K

Months

Median Price

Median Sales Price $400,000

250K-300K 200K-250K

3rd Qtr 22%

150K-200K 100K-150K

2nd Qtr 26%

<100K

0.0

6.0

12.0

18.0

Single Family

24.0

30.0

36.0

2nd Qtr 26%

3rd Qtr 27% Multi Family

Single Family

Multi-Family

Available Single and Multi Family

Distribution of Sales

Current Distribution

Change from 2009 33%

REO SS Traditional

REO 34%

7%

Short Sale

-9%

Traditional

29%

-16% 25%

45%

22% Single Family

49%

17%

-100%

0%

64%

100%

Multi Family Properties for sale as of January 16, 2011

Source: Sunshine MLS, Greater Fort Myers and the Beach MLS, SanCap MLS - Analysis by Michael Polly The Statements and figures are not guaranteed and are secured from sources we believe reliable.


Central Cape Coral ZIP CODES: 33990, 33991 Resale Sub-Market Summary

2009

Percent Change

2010

Single Family Homes Sold (Demand)

1739

1473

Available SF Homes (Supply)

1035

733

Median Sales Price

$99,900

Average Market Time (Days)

-29% 0%

$100,000

68

13%

77

Multi-Family Homes Sold (Demand)

132

121

Available Resale MF Homes (Supply)

101

62

Median Sales Price

-15%

$60,050

-8% -39% 3%

$61,600

Average Market Time (Days)

90

123

Total Residential Units Sold

1871

1594

37% -15%

Units Sold By Year

2000 1800 1600 1400 1200 1000 800 600 400 200 0

No Change

$150,000 $100,000

Up 3%

$50,000 $0 2000

2001

2002

2003

2004

2005

Single Family

2006

2007

2008

2009

2010

140 120 100 80 60 40 20 -

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$200,000

Down - 8%

160

Down - 15%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$250,000

Single Family

Multi-Family

Months of Resale Inventory

Multi Family

Units Sold 2010 by Quarter

1M+ 500K-1M

52

4th Qtr 23%

4th Qtr 13%

1st Qtr 29%

350K-500K

1st Qtr 27%

300K-350K

Months

Median Price

Median Sales Price $300,000

250K-300K 200K-250K

3rd Qtr 22%

150K-200K

3rd Qtr 31%

100K-150K

2nd Qtr 29%

2nd Qtr 26%

<100K

0.0

6.0

12.0

18.0

Single Family

24.0

30.0

36.0

Available Single and Multi Family

Distribution of Sales

43%

34%

Multi Family

Single Family

Multi-Family

REO SS Traditional

Current Distribution

Change from 2009

30% 40%

REO

10%

Short Sale

-15%

Traditional -28%

49% 25%

30%

23% Single Family

-100%

0%

100%

Multi Family Properties for sale as of January 16, 2011

Source: Sunshine MLS, Greater Fort Myers and the Beach MLS, SanCap MLS - Analysis by Michael Polly The Statements and figures are not guaranteed and are secured from sources we believe reliable.

41%


North Cape Coral ZIP CODES: 33909, 33993 Resale Sub-Market Summary

2009

Percent Change

2010

Single Family Homes Sold (Demand)

3213

2579

Available SF Homes (Supply)

1340

1052

Median Sales Price

$84,000

Average Market Time (Days)

-21% -1%

$82,900

75

3%

77

Multi-Family Homes Sold (Demand)

83

80

Available Resale MF Homes (Supply)

46

46

Median Sales Price

-20%

$72,915

-4% 0% -13%

$63,500

Average Market Time (Days)

135

84

Total Residential Units Sold

3296

2659

-38% -19%

Units Sold By Year

$400,000

3500

$350,000

3000

$300,000

Down - 1%

$200,000 $150,000

2000 1500 1000

$100,000

500 0

$0 2000

2001

2002

2003

2004

2005

Single Family

2006

2007

2008

2009

2010

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$50,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Down - 13%

Down - 4%

90 80 70 60 50 40 30 20 10

Down -20 %

2500

$250,000

Single Family

Multi-Family

Months of Resale Inventory

Multi Family

Units Sold 2010 by Quarter

1M+

4th Qtr 22%

500K-1M

4th Qtr 20%

1st Qtr 28%

1st Qtr 32%

350K-500K 300K-350K

Months

Median Price

Median Sales Price $450,000

250K-300K 200K-250K

2nd Qtr 18%

150K-200K 100K-150K

2nd Qtr 26%

3rd Qtr 24%

<100K

0.0

6.0

12.0

18.0

Single Family

24.0

30.0

36.0

Single Family

Available Single and Multi Family 35%

46%

Multi Family

Multi-Family

Distribution of Sales

34%

3rd Qtr 30%

35%

REO SS

REO

13%

Short Sale

-27%

Traditional

Current Distribution

Change from 2009

Traditional -39%

46%

11%

20% Single Family

30%

-100%

0%

100%

Multi Family

41% Properties for sale as of January 16, 2011

Source: Sunshine MLS, Greater Fort Myers and the Beach MLS, SanCap MLS - Analysis by Michael Polly The Statements and figures are not guaranteed and are secured from sources we believe reliable.


Sanibel / Captiva Island ZIP CODES: 33957, 33924 Resale Sub-Market Summary

2009

Percent Change

2010

Single Family Homes Sold (Demand)

160

134

Available SF Homes (Supply)

363

349

Median Sales Price $627,500

-4% 5%

$662,000

Average Market Time (Days)

259

302

Multi-Family Homes Sold (Demand)

109

146

Available Resale MF Homes (Supply)

-16%

337

17% 34% -1%

335

Median Sales Price $585,000

-6%

$550,000

Average Market Time (Days)

323

352

Total Residential Units Sold

269

280

9% 4%

Units Sold By Year Up 5%

$900,000

350

$800,000

300

300

$700,000

Down -16%

250

$600,000

200

$500,000

Down - 6%

$300,000 $200,000 $100,000

200

100

100

50

50

2003

2004

2005

Single Family

2006

2007

2008

2009

2010

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

2002

-

2007 2008 2009 2010

2001

2002 2003 2004 2005 2006

2000

2000 2001

0

$0

Up 34%

250

150

150

$400,000

Single Family

Multi-Family

Months of Resale Inventory

Multi Family

Units Sold 2010 by Quarter 38 63

1M+ 500K-1M

Months

Median Price

Median Sales Price $1,000,000

350K-500K

39

300K-350K

46

250K-300K

4th Qtr 19%

4th Qtr 20%

1st Qtr 34%

3rd Qtr 13%

200K-250K

1st Qtr 32%

3rd Qtr 14%

150K-200K 100K-150K

2nd Qtr 34%

<100K

0.0

6.0

12.0

18.0

Single Family

24.0

30.0

36.0

2nd Qtr 34%

Multi-Family

Available Single and Multi Family

Distribution of Sales 0% 0% 0%

Multi Family

Single Family

REO SS Traditional Data Not Available

0%

0%

Current Distribution

Change from 2009

REO

0% 0%

Short Sale

0%

Traditional Data Not Available

0% 0%

-100% Single Family

0%

100%

Multi Family Properties for sale as of January 16, 2011

Source: Sunshine MLS and Greater Fort Myers and the Beach MLS, SanCap MLS - Analysis by Michael Polly The Statements and figures are not guaranteed and are secured from sources we believe reliable.

100%


Fort Myers Beach ZIP CODES: 33931 Resale Sub-Market Summary

2009

Single Family Homes Sold (Demand)

152

164

Available SF Homes (Supply)

268

215

Median Sales Price $255,000

8% -20% 24%

$315,000

Average Market Time (Days)

142

174

Multi-Family Homes Sold (Demand)

211

292

Available Resale MF Homes (Supply)

Percent Change

2010

511

23% 38% -13%

444

Median Sales Price $323,000

-7%

$300,000

Average Market Time (Days)

162

185

Total Residential Units Sold

363

456

14% 26%

Units Sold By Year

Up 24%

$400,000

150

$300,000

100

$200,000

50

Down - 7% 2000

2001

2002

2003

2004

2005

Single Family

2006

2007

2008

2009

2010

2007 2008 2009 2010

0

$0

2002 2003 2004 2005 2006

$100,000

Up 8%

200

2000 2001

$500,000

450 400 350 300 250 200 150 100 50 -

Up 38%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

250

$600,000

Single Family

Multi-Family

Multi Family

Months of Resale Inventory

Units Sold 2010 by Quarter

1M+

40

350K-500K

4th Qtr 13%

1st Qtr 21%

4th Qtr 29%

500K-1M

1st Qtr 38%

300K-350K

Months

Median Price

Median Sales Price $700,000

250K-300K

3rd Qtr 20%

200K-250K

2nd Qtr 26%

150K-200K

3rd Qtr 24%

100K-150K <100K

0.0

6.0

12.0

18.0

Single Family

24.0

30.0

36.0

2nd Qtr 29%

Single Family

Multi Family

Multi-Family

Available Single and Multi Family

Distribution of Sales 18%

10%

REO SS Traditional

Current Distribution

Change from 2009

REO

11% 86%

2% 7%

Short Sale Traditional

-42%

16% -13%

79%

66%

-100% Single Family

0%

100%

Multi Family

91%

Properties for sale as of January 16, 2011

Source: Sunshine MLS and Greater Fort Myers and the Beach MLS, SanCap MLS - Analysis by Michael Polly The Statements and figures are not guaranteed and are secured from sources we believe reliable.


Pine Island ZIP CODES: 33945, 33956, 33922 Resale Sub-Market Summary

2009

Percent Change

2010

Single Family Homes Sold (Demand)

181

166

Available SF Homes (Supply)

219

235

Median Sales Price $160,000

7% -12%

$140,500

Average Market Time (Days)

118

120

Multi-Family Homes Sold (Demand)

11

14

Available Resale MF Homes (Supply)

-8%

31

2% 27% -23%

24

Median Sales Price $180,500

-7%

$168,250

Average Market Time (Days)

67

251

Total Residential Units Sold

192

180

275% -6%

Units Sold By Year

300

$400,000 $350,000

35

Down - 8%

250

Down - 12%

$300,000

30 25

200

$250,000

15

100

$150,000

Down - 7%

$50,000

10

50

5

2001

2002

2003

2004

2005

Single Family

2006

2007

2008

2009

2010

2007 2008 2009 2010

2000

2002 2003 2004 2005 2006

$0

2000 2001

0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$100,000

Up 27%

20

150

$200,000

Single Family

Multi-Family

Months of Resale Inventory

Multi Family

Units Sold 2010 by Quarter

1M+ 500K-1M

46

4th Qtr 7%

4th Qtr 23%

1st Qtr 31%

350K-500K 300K-350K

Months

Median Price

Median Sales Price $450,000

40 41

250K-300K 200K-250K

3rd Qtr 21%

1st Qtr 43%

3rd Qtr 22%

150K-200K 100K-150K

2nd Qtr 24%

<100K

0.0

6.0

12.0

18.0

Single Family

24.0

30.0

36.0

Single Family

Multi Family 2nd Qtr 29%

Multi-Family

Available Single and Multi Family

Distribution of Sales 25%

Current Distribution

Change from 2009

14%

REO SS Traditional

REO

0%

2%

Short Sale

-44%

Traditional 40%

11%

1%

86%

64%

-100% Single Family

Multi Family

0%

100%

84%

Properties for sale as of January 16, 2011

Source: Sunshine MLS, Greater Fort Myers and the Beach MLS, SanCap MLS - Analysis by Michael Polly The Statements and figures are not guaranteed and are secured from sources we believe reliable.

14%


Lee County Florida Marketwatch 2011