Apr-101,165,000

Apr-091,250,000

%-7%

Change-85,000

Apr-09 vs. Apr-10: The median sold price is down 7%Median Sold Price by Month Windermere Real Estate

CarlsbadProperty Types:

Bedrooms: Bathrooms:SANDICOR 1 year (monthly) AllConstruction Type: All All

Statistics are based on closed MLS transactions. Each closing generates one transaction side only.

Time Period:

Cities:Single Family Residential: (Detached)

MLS: $999,000-$2,000,000Price:

Apr-09 vs. Apr-10

Loren Sanders

-7%

Clarus MarketMetrics® 1 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

1 of 21

Median Sold Price by MonthApr-09 vs. Apr-10: The median sold price is down 7%

Windermere Real EstateLoren Sanders

Time Period Median Price # Units Average DOMApr-10 1,165,000 6 120Mar-10 1,125,000 11 141Feb-10 1,125,000 5 130Jan-10 1,349,500 4 65Dec-09 1,150,000 6 74Nov-09 1,065,000 6 115Oct-09 1,127,500 6 60Sep-09 1,192,500 8 98Aug-09 1,225,000 9 70Jul-09 1,112,975 10 66Jun-09 1,130,000 3 73May-09 1,125,000 3 62Apr-09 1,250,000 12 80

Clarus MarketMetrics® 2 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

2 of 21

Apr-09 vs. Apr-10: The median price of for sale properties is down 4% and the median price of sold properties is down 7%

SANDICOR Time Period: 1 year (monthly) All Bathrooms:Single Family Residential: (Detached)

Price: Construction Type: AllMLS:

CarlsbadProperty Types:

Bedrooms:$999,000-$2,000,000

Cities:

All

Windermere Real Estate

Apr-09 vs. Apr-10

1,295,000 -4%

Loren Sanders

1,249,000Apr-10

Median For Sale vs. Median Sold

ChangeApr-09 %-46,000

Apr-09 Apr-10 %1,250,000 -7%

Apr-09 vs. Apr-10

1,165,000Change-85,000

-4% -7%

Clarus MarketMetrics® 1 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

3 of 21

Median For Sale vs. Median SoldApr-09 vs. Apr-10: The median price of for sale properties is down 4% and the median price of sold properties is down 7%

Windermere Real EstateLoren Sanders

Time Period Average DOMFor Sale Average DOM# Sold Units# Units For Sale Sold

Apr-10 120 120105 6Mar-10 128 141110 11Feb-10 156 13091 5Jan-10 193 6596 4Dec-09 205 7497 6Nov-09 194 115112 6Oct-09 206 60112 6Sep-09 192 98131 8Aug-09 194 70137 9Jul-09 176 66170 10Jun-09 175 73169 3May-09 175 62173 3Apr-09 178 80163 12

Clarus MarketMetrics®Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

2 of 2 05/20/2010

4 of 21

Apr-106

Apr-0912

%-50%

Change-6

Apr-09 vs. Apr-10: The number of sold properties is down 50%The Number of Sold Properties by Month Windermere Real Estate

CarlsbadProperty Types:

Bedrooms: Bathrooms:SANDICOR 1 year (monthly) AllConstruction Type: All AllTime Period:

Cities:Single Family Residential: (Detached)

MLS: $999,000-$2,000,000Price:

Apr-09 vs. Apr-10

Loren Sanders

-50%

Clarus MarketMetrics® 1 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

5 of 21

The Number of Sold Properties by MonthApr-09 vs. Apr-10: The number of sold properties is down 50%

Windermere Real EstateLoren Sanders

Time Period Median Price# Units Average DOMApr-10 1,165,0006 120Mar-10 1,125,00011 141Feb-10 1,125,0005 130Jan-10 1,349,5004 65Dec-09 1,150,0006 74Nov-09 1,065,0006 115Oct-09 1,127,5006 60Sep-09 1,192,5008 98Aug-09 1,225,0009 70Jul-09 1,112,97510 66Jun-09 1,130,0003 73May-09 1,125,0003 62Apr-09 1,250,00012 80

Clarus MarketMetrics® 2 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

6 of 21

Apr-107

Apr-094

%+75%

Change3

Apr-09 vs. Apr-10: The number of under contract properties is up 75%The Number of Under Contract Properties by Month Windermere Real Estate

CarlsbadProperty Types:

Bedrooms: Bathrooms:SANDICOR 1 year (monthly) AllConstruction Type: All AllTime Period:

Cities:Single Family Residential: (Detached)

MLS: $999,000-$2,000,000Price:

Apr-09 vs. Apr-10

Loren Sanders

+75%

Clarus MarketMetrics® 1 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

7 of 21

The Number of Under Contract Properties by MonthApr-09 vs. Apr-10: The number of under contract properties is up 75%

Windermere Real EstateLoren Sanders

Time Period Median Price# Units Average DOMApr-10 1,100,0007 163Mar-10 1,150,00015 86Feb-10 1,098,76011 83Jan-10 1,350,00013 122Dec-09 0Nov-09 1,150,0008 92Oct-09 1,108,4956 78Sep-09 1,159,00013 85Aug-09 1,250,0006 84Jul-09 1,157,00014 66Jun-09 1,122,00010 80May-09 1,170,0007 68Apr-09 1,359,9504 54

Clarus MarketMetrics® 2 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

8 of 21

Apr-1017

Apr-0927

%-37%

Change-10

Apr-09 vs. Apr-10: The number of new properties is down 37%The Number of New Properties Listed by Month Windermere Real Estate

CarlsbadProperty Types:

Bedrooms: Bathrooms:SANDICOR 1 year (monthly) AllConstruction Type: All AllTime Period:

Cities:Single Family Residential: (Detached)

MLS: $999,000-$2,000,000Price:

Apr-09 vs. Apr-10

Loren Sanders

-37%

Clarus MarketMetrics® 1 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

9 of 21

The Number of New Properties Listed by MonthApr-09 vs. Apr-10: The number of new properties is down 37%

Windermere Real EstateLoren Sanders

Time Period Median Price# UnitsApr-10 1,199,90017Mar-10 1,239,49536Feb-10 1,176,73826Jan-10 1,199,00017Dec-09 1,247,4506Nov-09 1,195,00021Oct-09 1,207,00014Sep-09 1,143,50018Aug-09 1,262,0009Jul-09 1,222,49530Jun-09 1,240,47530May-09 1,232,00028Apr-09 1,295,00027

Clarus MarketMetrics® 2 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

10 of 21

Apr-10105

Apr-09163

%-36%

Change-58

Apr-09 vs. Apr-10: The number of for sale properties is down 36%The Number of For Sale Properties By Month Windermere Real Estate

CarlsbadProperty Types:

Bedrooms: Bathrooms:SANDICOR 1 year (monthly) AllConstruction Type: All All

Statistics are based on closed MLS transactions. Each closing generates one transaction side only.

Time Period:

Cities:Single Family Residential: (Detached)

MLS: $999,000-$2,000,000Price:

Apr-09 vs. Apr-10

Loren Sanders

-36%

Clarus MarketMetrics® 1 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

11 of 21

The Number of For Sale Properties By MonthApr-09 vs. Apr-10: The number of for sale properties is down 36%

Windermere Real EstateLoren Sanders

Time Period Median Price# Units Average DOMApr-10 1,249,000105 120Mar-10 1,256,000110 128Feb-10 1,245,00091 156Jan-10 1,255,50096 193Dec-09 1,270,00097 205Nov-09 1,250,000112 194Oct-09 1,266,000112 206Sep-09 1,285,000131 192Aug-09 1,285,000137 194Jul-09 1,275,000170 176Jun-09 1,285,000169 175May-09 1,275,000173 175Apr-09 1,295,000163 178

Clarus MarketMetrics® 2 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

12 of 21

Apr-108

Apr-0914

%-43%

Change-6

Apr-09 vs. Apr-10: The number of expired properties is down 43%The Number of Expired Properties by Month Windermere Real Estate

CarlsbadProperty Types:

Bedrooms: Bathrooms:SANDICOR 1 year (monthly) AllConstruction Type: All AllTime Period:

Cities:Single Family Residential: (Detached)

MLS: $999,000-$2,000,000Price:

Apr-09 vs. Apr-10

Loren Sanders

-43%

Clarus MarketMetrics® 1 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

13 of 21

The Number of Expired Properties by MonthApr-09 vs. Apr-10: The number of expired properties is down 43%

Windermere Real EstateLoren Sanders

Time Period Median Price# Units Average DOMApr-10 1,209,5008 158Mar-10 1,325,0007 96Feb-10 1,287,2506 201Jan-10 1,214,50018 252Dec-09 1,262,50018 152Nov-09 1,149,00013 138Oct-09 1,349,00015 196Sep-09 1,409,00020 118Aug-09 1,237,00018 119Jul-09 1,287,00028 127Jun-09 1,299,00019 124May-09 1,275,00027 126Apr-09 1,287,50014 90

Clarus MarketMetrics® 2 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

14 of 21

Apr-09 vs. Apr-10: The number of for sale properties is down 36% and the number of sold properties is down 50%

SANDICOR Time Period: 1 year (monthly) All Bathrooms:Single Family Residential: (Detached)

Price: Construction Type: AllMLS:

CarlsbadProperty Types:

Bedrooms:$999,000-$2,000,000

Cities:

All

Windermere Real Estate

Apr-09 vs. Apr-10

163 -36%

Loren Sanders

105Apr-10

Supply & Demand by Month

ChangeApr-09 %-58

Apr-09 Apr-10 %12 -50%

Apr-09 vs. Apr-10

6Change

-6-36% -50%

Clarus MarketMetrics® 1 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

15 of 21

Supply & Demand by MonthApr-09 vs. Apr-10: The number of for sale properties is down 36% and the number of sold properties is down 50%

Loren Sanders Windermere Real Estate

Time Period Average DOMFor Sale Average DOM# Sold Units# Units For Sale Sold

Apr-10 120 120105 6Mar-10 128 141110 11Feb-10 156 13091 5Jan-10 193 6596 4Dec-09 205 7497 6Nov-09 194 115112 6Oct-09 206 60112 6Sep-09 192 98131 8Aug-09 194 70137 9Jul-09 176 66170 10Jun-09 175 73169 3May-09 175 62173 3Apr-09 178 80163 12

Clarus MarketMetrics® 2 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

16 of 21

Apr-10163

Apr-0954

%+202%

Change109

Apr-09 vs. Apr-10: The average days on market is up 202%The Average Days on Market by Month Windermere Real Estate

CarlsbadProperty Types:

Bedrooms: Bathrooms:SANDICOR 1 year (monthly) AllConstruction Type: All All

Statistics are based on closed MLS transactions. Each closing generates one transaction side only.

Time Period:

Cities:Single Family Residential: (Detached)

MLS: $999,000-$2,000,000Price:

Apr-09 vs. Apr-10

Loren Sanders

+202%

Clarus MarketMetrics® 1 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

17 of 21

The Average Days on Market by MonthApr-09 vs. Apr-10: The average days on market is up 202%

Windermere Real EstateLoren Sanders

Time Period # UC UnitsAverage DOMApr-10 7163Mar-10 1586Feb-10 1183Jan-10 13122Dec-09 0Nov-09 892Oct-09 678Sep-09 1385Aug-09 684Jul-09 1466Jun-09 1080May-09 768Apr-09 454

Clarus MarketMetrics® 2 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

18 of 21

Apr-09 vs. Apr-10: The average months supply of inventory is down 65%

SANDICOR Time Period: 1 year (monthly) All Bathrooms:Single Family Residential: (Detached)

Price: Construction Type: AllMLS:

CarlsbadProperty Types:

Bedrooms:$999,000-$2,000,000

Cities:

All

Statistics are based on closed MLS transactions. Each closing generates one transaction side only.

Windermere Real Estate

Apr-09 vs. Apr-10

36.2 -65%

Loren Sanders

12.9Apr-10

Months Supply of Inventory

ChangeApr-09 %-23.4

-65%

Clarus MarketMetrics® 1 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

19 of 21

Months Supply of InventoryApr-09 vs. Apr-10: The average months supply of inventory is down 65%

Loren Sanders Windermere Real Estate

Time Period During MonthLast Day of Month DOMMSI# Units For Sale # UC Units UC Average

Apr-10 7 16390 13Mar-10 15 8688 6Feb-10 11 8374 7Jan-10 13 12265 5Dec-09 079Nov-09 8 9291 11Oct-09 6 7891 15Sep-09 13 8598 8Aug-09 6 84113 19Jul-09 14 66128 9Jun-09 10 80140 14May-09 7 68139 20Apr-09 4 54145 36

Clarus MarketMetrics® 2 of 2 05/20/2010Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

20 of 21

05/20/2010Clarus MarketMetrics®Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

Loren SandersWindermere Real Estate

Market Dynamics

21 of 21