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NEIGHBORHOOD DESCRIPTION (Continued) 1 CONDO SALES/LIST PRICE RANGE WITHIN PAST 6 MONTHS Listing Price Range $245,000 to$50,000,000 Average $1,817,094($805/SF- 1,919 SF) Median $1,060.000($732/SF-1,577 SF) #of Active Listings 443 Closed Price Range $150,000 to$7,450,000 Average $1,074,423 ($547/SF- 1,888 SF) Median $850,000($501/SF- 1,591 SF) #of Closed Sales 235 Avg.Days on the Market 141 Source: Multiple Listing Service(MLS) The remaining inventory for product completed after 2008 and 2010 is very limited. The projects under construction have indicated excellent market demand with few units remaining and selling prices that far exceed the aforementioned inventory of re-sale units. Once again the new inventory of condo projects offer a higher quality of architecture,design,finishes and amenities than the previous inventory.The pricing for these projects tend to be over$1,200 per square foot. In addition, several mixed use projects are proposed for the west side of Collins Avenue. Most notably is the 194 room Marriott Residence Inn proposed for 17700 Collins Avenue. The rental apartment market is limited with most buildings indicated occupancy rates above 90%. Rental rates have continued to increase. According to the Reinhold P.Wolff 3rd Qtr. 2014 Residential Housing Survey the rental apartment for this section, which includes northern Miami Beach, included 1,613 units. The market included a vacancy rate less than 1%and rental rates in the$1,185 to$1,813 range. The commercial uses are located along the west side of Collins Avenue. These include shopping centers,office buildings,restaurants,financial institutions,super markets,drug stores,etc. The current market vacancy rate is about 3%and the average asking rent is $32 per square foot,NNN. Conclusion: The Sunny Isles Beach condominium market is in demand with very little remaining developer inventory from the previous boom. The new generation of space is also indicating excellent absorption with most projects selling out well within a year. The pricing for the new projects illustrate an increase in values. International buyers represent a large majority or about 60%of the buyers in this market. The subject property is located along the west side of Collins Avenue. The property is surrounded by commercially uses along Collins Avenue and lower intensity residential uses. The property to the immediate south includes the City of Sunny Isles Beach Government Center.There were no unfavorable factors noted that could negatively affect the marketability of the subject property. 12