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Home My WebLink AboutSubmittal-BinderNTEGRA Realty Resources SOUTH FLORIDA LOCAL EXPERTISE...NATIONALLY SUB -MARKET AREA ANALYSIS OF BRICKELL AND BRICKELL SOUTH Located: East of Brickell Avenue, South of the Miami River, and North of S.E. 26th Road Miami, Florida Relating to the Proposed Villa Magna PUD at 1201 Brickell Bay Drive Miami, Florida INTEGRA REALTY RESOURCES - SOUTH FLORIDA File Number: #04-7309 SUBMITTED INTO THE PUBLIC RECORD FOR ITEM pz 33 ON OEM paws NTEGRA Realty Resources SOUTH FLORIDA Local Expertise...Nationaiiy June 23, 2004 Mr. Philip C. Dahan Senior Vice President Florida East Coast Realty, Inc. 100 South Biscayne Boulevard Suite 1100 Miami, Florida 33131 Re: Proposed Villa Magna PUD 1201 Brickell Bay Drive, Miami, Florida Integra Realty Resources — South Florida File #04-7309 Dear Mr. Dahan: Attached please find our Market Analysis relating to the proposed Villa Magna Development planned for development at 1201 Brickell Bay Drive, Miami, Florida. We trust that the information researched and presented herein assists in the decision making process. Respectfully submitted INTEGRA REALTY RESOURCES SOUTH FLORIDA Michael Y. Cannon, MAI, SRA, CRE, ASA Managing Director State Certified General Real Estate Appraiser FL Certificate No. RZ684 cc: Vicky Garcia — Toledo, Esq. Bilzin Sumberg et al 9400 S. Dadeland Boulevard, PH-1 • Miami, FL 33156-2817 • Phone: 305-670-0001 • Fax: 305-670-2276 VILLA MAGNA VILLA MAGNA 12th TERRACE & BRICKELL BAY DRIVE MIAMI, FLORIDA WCE w=2 Minna ee. _ ,,.. ® �4°d� wan, IN -00,1117ceD � x.„e:ai .., ....„ 4( I .. ,Ba, , ...FI c z 1 9 Ei •. ,, .0 ..„.,,, a „,:.:rf.::::,. ;;:,,,,e„,,....._„, I. + „:: %-i—ifilia prim rolti: i'1111 ;d11��114e91- `:ram �� ;„�,e?'�,'+r rlr��,��-',"��" imme t i11a111.�:� '�111171111 ivsli ��/� � � 1z _31MIME R"111ia11E i,*,„ , "�! � I lil'� 11111�11� f ' m :u,h ii� 1 ;cl111J1 ,ginPlia i C111�� nc1 ain�ui�o ECIiiaK��rcll� �1j alb • *IN%`+ 4i'�ii ;_d11il Integra Realty Resources South Florida VILLA MAGNA EXECUTIVE SUMMARY Re: East Brickell, South Brickell and Brickell Key Sub -Market Analysis Relating to the Proposed Villa Magna PUD Integra — South Florida has been requested by Florida East Coast Realty, Inc. to review and analyze the sub -market area known as "Brickell" and "Brickell South". The geographic boundaries analyzed in this sub -market area are lands located east of Brickell Avenue and lands located on Brickell Key, located: At the North: At the East: At the West: At the South: Miami River Biscayne Bay Brickell Avenue S.E. 26th Road The urban sub -market of "Brickell" is predominantly zoned SD-5, Brickell Avenue Area Residential Office District, permitting 500 dwelling units per acre. Lands fronting South Bayshore Drive and south of S.E. 14th Street and north of S.E. 15th Street are zoned R- 4, Multi -Family High Density, permitting 150 dwelling units per net acre. The "South Brickell" sub -market developments, located on the east side of Brickell Avenue, south of S.E. 15th to S.E. 25th Road/Rickenbacker Causeway, are also zoned R-4, Multi -Family, High Density Residential, permitting 150 units per net acre. Florida East Coast Realty's Major Use Special Permit (MUSP) application, dated January 12, 2004, requests a MUSP Modification Approval for Tract B, Bay Shore Palms Replat, recorded in Plat Book 155, at page 100 of the Public Records, Miami - Dade County. The parcel is located within the SD-5 zoning district, fronting South Bay Shore Drive, Biscayne Bay at S.E. 12th Street, and north of S.E.13th Street, with a street address of 1201 Brickell Bay Drive. The net lot area totals 107,729± square feet, or 2.473± acres (uplands contain 101,989± s.f. or 2.341± acres; submerged lands contain 5,740± s.f., or 0.132± acre), per ALTA/ACSM Land Title Survey dated 3/26/03, by Fortin, Leavy, Skiles, Inc. The gross lot area totals 161,486± square feet, or 3.7± acres. The legally permitted Floor Area Ratio (F.A.R.) for a Planned Unit Development (PUD) (including the affordable housing bonus) under the MUSP application is 1,170,732 square feet of development. (I) Integra Realty Resources South Florida Villa Magna Op 141 4444 m4 Xitl ld IG)wofG Ph f�Yl IP. UMW III MryY"r11'iiivl lu Artist Rendering - View From Biscayne Bay Drive Integra Realty Resources South Florida Skyline Views of the Brickell Sub -Market Integra Realty Resources South Florida IRR File # 7309 Photos taken 7/3/04 Skyline Views of the Brickell Sub -Market Integra Realty Resources South Florida IRR File # 7309 Photos taken 7/3/04 Skyline Views of the Brickell Sub -Market Integra Realty Resources South Florida IRR File # 7309 Photos taken 7/3/04 Water Front Views of the Proposed Magna Condominium Integra Realty Resources South Florida IRR File # 7309 Photos taken 7/3/04 Water Front Views of the Proposed Magna Condominium Integra Realty Resources South Florida IRR File # 7309 Photos taken 7/3/04 Water Front Views of the Proposed Magna Condominium „:•„•••••::•••:. •,,,,••:••••,••:••••: Integra Reafty Resources South Florida IRR File # 7309 Photos taken 7/3/04 Views of Villa Magna Site Looking South on Brickell Bay Drive Integra Realty Resources South Florida IRR File # 7309 Photos taken 6/20/04 Views of Villa Magna Site Looking North on Brickell Bay Drive Integra Realty Resources South Florida IRR File # 7309 Photos taken 6/20/04 Views of Villa Magna Site Looking North on Brickell Bay Drive Integra Realty Resources South Florida IRR File # 7309 Photos taken 6/20/04 Views of Villa Magna Site Looking West on SE 12th Street Integra Realty Resources South Florida IRR Fife # 7309 Photos taken 6/20/04 Views of Vilia Magna Site JI fn t'4 // ffi Bay Walk Looking North in Front of The Mark Condominium Integra Realty Resources South Florida IRR File # 7309 Photos taken 6/20/04 tt air r '• • r ,,,v',,vVgll'IPYItltrvlltlfSyvvg,„vcv.,,rvvvrvvltetrvvocvrvrr„,vrvrrrvvrrtrvvsrsgvyr" Views of Villa Magna Site 11111.11;1.'1Hr J.11111,11 11101,11,,1111.1,11.1:', 110111pourovoll,,,!: -yvkvevvvivvvvvvi,,,„ "7,235- • Integra Realty Resources South Florida IRR File # 7309 Photos taken 6/20/04 VILLA MAGNA EXECUTIVE SUMMARY The Planned Unit Development Concept, designed by the Corradino Group, Architect of Record, dated January 12, 2004, delineated a 43-floor twin tower development atop a 12-floor parking pedestal with swimming pool and recreational amenities located between the twin towers on the two -level, 14th floor, totaling 1,169,625± square feet. The schematic design provides for an east/west view corridor between the towers, which is deemed to be complimentary to the surrounding properties. The development concept providing for 1,169,625± square feet, includes 104,925 ± square feet of retail space. The unit breakdown is: North Tower South Tower Total Residential Units PLUS: Apartment / Hotel Units Total Number of Units 497 units 502 units 999 units 209 units 1,208 units Integra — South Florida analyzed sales and resales within the following developments over the recent past in order to ascertain if, within this sub -market, new construction negatively impacted resale prices of an adjacent development. Developments analyzed included: 1. The Atlantis on Brickell and The Bristol Tower, located adjacent to the Skyline on Brickell under construction. 2. The Commodore Bay, located adjacent to the under -construction Jade at Brickell Bay, and The Solaris at Brickell. 3. The Fortune House, located adjacent to Emerald and The Sail Condomin- iums under construction. 4. The Mark on Brickell located adjacent to the Yacht Club at Brickell Bay, alk/a Oakwood Apartments (an existing rental apartment adjacent to the north) under construction, and the existing Mellon National Bank Building across the street to the west. IRR Integra Realty Resources South Florida Integra Realty Resources South Florida IRR File # 7309 Photos taken 6/20/04 Integra Realty Resources South Florida IRR File # 7309 Photos taken 6/20/04 Integra Realty Resorces South Florida IRR File # 7309 Photos taken 6/20/04 Integra Realty Resources South Florida IRR File # 7309 Photos taken 6/20/04 VILLA MAGNA EXECUTIVE SUMMARY Conclusions The sale and resale analysis reflects that there has not been any decline in resale prices in existing developments that are located adjacent to new or proposed developments (See Re -sale Analysis Summary in Addenda.). Over the past five years, condominium apartment prices, county -wide, have risen an average of 7.5% per year and 8.6% in this sub -market area. • Existing, for sale condominium apartments and rental apartments developed in the East Brickell Avenue and Brickell Key sub -market area currently totals 10,161 units. • Under construction condominium apartments totals 1,927 in the East Brickell Avenue and Brickell Key sub -market area. • Planned and proposed condominium apartments totals 2,748 units in the East Brickell Avenue and Brickell Key sub -market area. • Existing rentable office space totals 3,527,345 square feet, excluding bank, retail and spa space square footage which was undeterminable at time of survey. • Existing hotel room units total 1,648 keys in the East Brickell Avenue, Brickell Key sub -market area. Over the past 43 years, the following number of for sale condominium and rental apartment developments were built in this sub -market area. Period No. of Developments No. of Units No. of Floors 1961 - 1969 8 1,498 12 - 20 1970 - 1980 12 2,732 11 - 29 1981 — 1991 7 1,409 12 - 42 1993 — 2003 13 3,181 15 — 70 TOTALS 40 10,161 See Addenda for existing, under construction, proposed, and planned developments in the East Brickell Avenue and Brickell Key sub -market area, which is ostensibly built out. (w) Integra Realty Resources South Florida VILLA MAGNA EXECUTIVE SUMMARY Opinion An urban, high density, high-rise, Planned Unit Development (PUD) is, in itself, a "vertical" subdivision that provides for a homogeneous habitat similar to a suburban housing (PUD) that provides a suburban lifestyle habitat. The relationships of a high density, urban PUD developments being developed in the City's urban core area adjacent to one another continues to be an emerging trend, ,.- attracted to dwellers migrating back to the urban core area of the City, for the urban day and night lifestyle and activity. The wide variety of price points range from the mid -hundred -thousand -dollars up to the low- to mid -million -dollar price range which is complimentary for the demographic profile in this sub -market area. owe The average, for sale condominium sell -out price for the apartment units within Villa Magna is forecasted by the developer to average $650,000 per unit, and ranging from $450,000 to $850,000. It is, therefore, concluded that: • Villa Magna's price point ranges will not negatively impact nor compete with the unit price points within the adjacent Mark or Jade condominium. • Villa Magna does not negatively impact views from The Mark (to the north) or from The Jade (to the south). • Villa Magna's design and placement on the site is deemed to be compatible to the surrounding developments and neighborhood. • Villa Magna's design concept compliments the urban vision and skyline for the development provided by the SD-5 zoning classification. • Villa Magna, as planned, will be the last major waterfront development to be developed in the East Brickell Sub -Market area. and • Villa Magna's existing zoning provides for the ownership's "Vested Development Rights" for up to 1,250± units under the City of Miami's existing SD-5 zoning district classification. (iv) Integra Realty Resources South Florida VILLA MAGNA EXECUTIVE SUMMARY We trust that this summary analysis provides relevant information for the decision making process. Respectfully submitted, INTEGRA REALTY RESO_ .:c . TH FLORIDA chael . C:nnon, MAI, SRA, CRE, ASA ManarI g Director State Certified General Real Estate Appraiser FL Certificate No. RZ684 Attachments: • Developments in the East Brickell Avenue and Brickell Key Sub -Market • Sale and Re -sale Analysis of Selected Developments • Representative Photos • Qualifications (v) Integra Realty Resources South Florida VILLA MAGNA CERTIFICATE OF THE CONSULTANT •- CERTIFICATE OF THE CONSULTANTS I hereby certify: That I have personally inspected the property and surrounding market area located at 1201 Brickell Bay Drive, Miami, Florida. That I have considered pertinent facts relative to the analysis. That relevant information and data pertaining to the property has been reviewed and personally examined. That I have no present or contemplated future interest in the matter to which this analysis may be used for, nor do I have any personal interest or bias with respect to the subject matter or to the principals involved. That this report has been made in conformity with, and is subject to, the requirements of the Code of Ethics and Standard of Professional Conduct of the Appraisal Foundation and p— Appraisal Institute. That neither our employment nor compensation for this analysis report are in any way contingent upon opinions expressed herein. That, to the best of my knowledge and belief, the statements of fact contained in this report, upon which analyses, opinions, and conclusions are based, are true and correct. That this analysis sets forth all limiting conditions (imposed by the terms of the assignment or by the undersigned) affecting the analyses, opinions and conclusions expressed herein. That no one other than the undersigned and IRR — South Florida Associate, Bruno Picasso, prepared the analyses, conclusions, and opinions stated herein. That the research, analysis, and site inspection took place during the month of June, 2004. Respectfully submitted, Integra Realty Resources South Florida aging Director tate Certified General Appraiser Certificate No. RZ684 Integra Realty Resources South Florida VILLA MAGNA ADDENDA Integra Realty Resources South Florida Existing Condominium Apartment Developments in the East Brickell Ave & Brickell Key Sub -Market Development Address # of Units Year Built Floors Point View Brickell Townhomes Brickell Bay Tower Four Ambassador I Four Ambassador II Four Ambassador III Four Ambassador IV Brickell Mar Brickell 25 25 Bay Tower Brickell Biscayne Bayshore Place Condo Brickell Harbour Brickell Bay Club Brickell Place I Brickell Place II Costa Bella Development Brickell Shores Atlantis on Brickell Brickell Place III Brickell Park Condominium Palace Condominium Brickell Key I * Brickell East Imperial at Brickell Villa Regina r.. Brickell Key I I* Bristol Tower Commodore Bay Condo St. Louis* One Tequesta Point* Santa Maria Fortune House Two Tequesta Point* Mark On Brickell Metropolitan Three Tequesta Point* Courts at Brickell* Four Seasons Hotel & Tower Espirito Santo Plaza 1430 Brickell Bay Drive 2451 Brickell Avenue 1408 SE Bayshore drive 805 Brickell Key Drive (Mixed use) 825 Brickell Key Drive (Mixed use) 905 Brickell Key Drive (Mixed use) 925 Brickell Key Drive (Mixed use) 2201 Brickell Avenue 145 SE 25th Road 175 SE 25 Road 150 SE 25 Road 1420 S Bayshore Drive 200 SE 15 Road 2333 Brickell Avenue 1901 Brickell Avenue 1915 Brickell Avenue 1450 South Bayshore Drive 1440 Brickell Bay Drive 2025 Brickell Avenue 1925 Brickell Avenue 2501 Brickell Avenue 1541 Brickell Avenue 520 Brickell Key Drive 151 SE 15 Road 1627 Brickell Avenue 1581 Brickell Avenue 540 Brickell Key Drive 2127 Brickell Avenue 1402 S Bayshore Drive 800 Claughton Island Drive 888 Brickell Key Drive 1643 Brickell Avenue 185 SE 14th Terrace 808 Brickell Key Drive 1155 Brickell Bay Drive 2475 Brickell Avenue 848 Brickell Key Drive 801 Brickell Key Drive 1441 Brickell Avenue (Mixed use) 1395 Brickell Avenue (Mixed use) 98 359 202 747 92 37 61 170 86 161 452 552 435 180 46 96 456 87 254 301 65 161 136 396 147 36 134 288 174 296 268 359 452 320 320 270 117 1961 1963 1964 1968 1968 1968 1968 1969 1970 1971 1973 1973 1974 1974 1975 1975 1977 1979 1980 1980 1981 1981 1982 1983 1983 1989 1991 1993 1994 1995 1995 1997 1998 1999 2001 2001 2001 2002 2003 2004 Total Units 8811 * Brickell Key Sub -Market Area 12 14 14 20 20 20 20 19 12 11 14 16 17 29 25 18 20 17 20 18 12 42 20 28 31 30 18 41 15 31 30 51 29 40 36 27 46 34 70 36 Integra Realty Resources South Florida w.. Exisitng Rental Apartment Developments in the East Brickell Ave & Brickell Key Sub -Market Development Address # of Units Year Built Floors Stanley Axlrod UTD Towers 1550 Brickell Apartments The Yacht Club at Brickell aka Oakwood Apartments Babylon International Island Club Apts Brickell Key Courvoisier Courts 1809 Brickell Avenue 1550 Brickell Avenue 1111 Brickel Bay Drive 240 S.E. 14 Street 770 Claughton Island Drive 701 Brickell Key Boulevard 269 137 357 15 300 272 1966 1987 1998 1980 1989 2003 Total Units 1350 Existing Office Developments in the East Brickell Avenue Sub -Market Others 17 5 36 5 * 20 27 Development Address Purpose Built Rentable SF Floors Brickell Bay Office Tower Courveisier Centre II Bank of America Union Planters Bank Courveisier Centre I Banco Santander 1001 Brickell Bay Drive 501 Brickell Key 701 Brickell Avenue 1221 Brickell Avenue 601 Brickell Key 1401 Brickell Avenue Sun Trust Tower 777 Brickell Avenue Banco Industrial de Venezuela 1101 Brickell Avenue Colonial Bank Center 1200 Brickell Avenue Mellon Financial Center 1111 Brickell Avenue Helm Bank 999 Brickell Avenue Four Seasons Hotel & Tower 1441 Brickell Avenue (Mixed use) Espirito Santo Plaza 1395 Brickell Avenue Office Office Office Office Office Office Office Office Office Office Office Office Office 1985 1986 1986 1986 1990 1992 1993 1994 1995 2000 2000 2003 2004 280,500 83,196 677,677 395,395 189,926 200,000 286,222 105,601 235,532 522,892 96,649 200,000 253,755 Total Rentable S.F. 3,527,345 Bank, Retail, Restaurant and Spa Space sq.ft. space underterminable at time of survey. Existing Hotel units in the East Brickell Avenue & Brickell Key Sub -Market Development Sheraton Biscayne Hotel J.W. Marriot Miami (Hotel) Mandarin Oriental Hotel Four Seasons Hotel & Tower Espirito Santo Plaza Address 495 Brickell Avenue 1109 Brickell Ave. 500 Brickell Key Drive 1441 Brickell Avenue (Mixed use) 1395 Brickell Avenue (Mixed use) # of Keys 598 298 327 222 203 Year Built 1981 2000 2000 2003 2004 Total Units 1648 * under contract to be converted into condominium form of onwership. Floors 18 21 18 70 36 32 7 33 27 12 15 13 11 20 30 11 64 15 Integra Realty Resources South Florida Under Construction Condominium Apartment Developments in the Development East Brickell Ave & Brickell Ke Sub -Market I # of Units' Year Built' Floors Address Emerald at Brickell Jade at Brickell Bay Skyline on Brickell The Sail Condominiums The Club at Brickell Bay Carbonell pimo r- 218 SE 14 Street 1295 Brickell Bay Drive 2102 Brickell Avenue 170 SE 14th Street 1200 Brickell Bay Drive 681 Brickell Key Drive 142 336 360 160 645 284 UC UC UC UC UC UC Total Units 1927 Planned & Proposed Condominium Apartment Developments in the East Brickell Ave & Brickell Key Sub -Market 27 48 35 29 42 40 Development Villa Magna Solaris at Brickel Bay Plaza on Brickell (Phase I) Plaza on Brickell (Phase II) 1390 Brickell Bay 5th Ambassador Address 1201 Brickell Bay Drive (2 towers) 186 SE 12th Terrace 901 Brickell Ave 801 Brickell Ave 1390 Brickell Bay Drive 999 Brickell Bay Drive # of Units 1208 152 440 460 323 165 Year Built PR PR PR PR PR PR ,Total Units 2748 1st Presbeterian Church Saint Jude Church Houses of Worship 609 Brickell Ave 1501 Brickell Ave Vacant Land Vacant Land 1501 Brickell Avenue (Last Vacant Parcel in the East Brickell Ave. Sub -Market Area) Church Church N/A Source:IRR-South Florida field research, public records, and Spring 2004 Black's Guide as research & analyed by Integra Realty Resources - South Florida, June/July, 2004 Integra Realty Resources South Florida Floors 59 23 43 43 39 41 VILLA MAGNA ATLANTIS ON BRICKELL Integra Realty Resources South Florida room $375,000 $350,000 $325,000 $300,000 $275,000 $250,000 $225,000 $200,000 Atlantis on Brickell Average Price Point Change 1999 - March 2004 fi 1999 2000 2001 2002 2003 2004 Property Name Atlantis on Brickell 2025 Brickell Avenue Miami FI Year Built No. of Units Year of Resale 1980 96 1999 2000 2001 2002 2003 2004 No. of Resales 9 12 10 34 18 6 Average Price $200,333 $235,833 $251,150 $280,162 $297,778 $362,667 Percent Change 18% 6% 12% 6% 22% Average 14.83 $271,320 64% Source: Research & Analysis of public record as of June 2004 by Integra Realty Resources - South Florida Integra Realty Resources South Florida Atlantis on Brickell Last First Address Spear Alison 2025 Brickell Ave 301 Avila SE Commonweal 2025 Bricked Ave Hemandez Jose 2025 Bricked Ave 601 2025 Brickell Ave 701 Pacific Condo Inc 2025 Bricked Ave Falcoff Mark 2025 Bricked Ave 901 Forato Antonio 2025 Bricked Ave 1001 Tracy, Ronald 2025 Brickell Ave 1101 Whitcomb Charles 2025 Bricked Ave 1201 Goicoechea Manuel 2025 Bricked Ave 1401 Puentes Thalia 2025 Bricked Ave Hollingsworth Victor 2025 Bricked Ave 1601 Gewirtz Jacob 2025 Brickell Ave 1701 Porter Charles 2025 Bricked Ave 1801 Martinelli Marta 2025 Brickell Ave 1901 Corales Cesar 2025 Bricked Ave 2001 Jaap Corporation 2025 Brickell Ave 2101 2025 Brickell Ave Noto Anna 2025 Bricked Ave 502 Mcdonnell Erin 2025 Bricked Ave 602 Arteaga Arsenio 2025 Bricked Ave 702 Montero Juan 2025 Bricked Ave 802 Benede Ricardo 2025 Bricked Ave 902 Alvear Mario 2025 Bricked Ave 1002 Harvey Holly 2025 Bricked Ave 1102 Ekbatani Shahrzad 2025 Brickell Ave Efthimiou Ilene 2025 Bricked Ave 1402 Bello Aguedo 2025 Bricked Ave 1502 Sanhueza Carlos 2025 Bricked Ave 1602 2025 Bricked Ave 1702 Bravo Luis 2025 Brickell Ave Rodriguez Hiram 2025 Bricked Ave 1902 2025 Bricked Ave Collado Marianela 2025 Bricked Ave 2102 Nordstrom Kara 2025 Bricked Ave 303 Wharton Priscilla 2025 Brickell Ave 503 Davis William 2025 Bricked Ave 603 Calzadilla Marcos 2025 Bricked Ave 703 2025 Brickell Ave 803 Diaz Jorge 2025 Bricked Ave Afecor Investments 1 2025 Bricked Ave 1003 Dienstag Cynthia 2025 Bricked Ave 1103 Cortes Andres 2025 Bricked Ave 1203 Baron Daniel 2025 Brickell Ave Gonzalez Miguel 2025 Bricked Ave 1503 Eaton Sarah 2025 Bricked Ave 1603 Khoury Michel 2025 Bricked Ave 1703 Gonzalez-jaime Carlos 2025 Brickell Ave Devangoechea Juan 2025 Brickell Ave 1903 Colao John 2025 Bricked Ave l names.. South Florida Latest Sale! Prior Sale/ Prior Sale/ Prior Sale/ Prior Sale/ bed bath 112 Date Resale Date Resale Date Resale Date Resale Date Resale 2002 $575,000 WO 3 3 2002 $341,000 WD 3 3 2003 $207,500 3 3 1990 $280,000 WD 3 3 1982 $377,000 3 3 2004 $415,000 WD 3 3 2002 $250,000 WD 3 3 2000 $435,000 WD 3 3 2004 $416,000 WO 3 3 1990 $300,000 WD 3 3 2003 $435,000 WD 3 3 2003 $425,000 WD 3 3 2002 $375,000 SW 3 3 2003 $415,000 WD 3 3 1998 $295,000 WD 3 3 2002 $418,000 TD 3 3 1992 $330,000 WD 1999 $200,000 WD 2 2 2001 $96,600 2 2 2001 $215,000 WD 2 2 1984 $125,000 2 2 2003 $250,000 WD 2 2 2004 $315,000 WD 2 2 1996 $190,000 WD 2 2 2002 $232,000 WD 2 2 2002 $250,000 WD 2 2 2002 $247,500 WO 2 2 2003 $259,000 TD 2 2 2003 $260,000 WD 2 2 1982 $222,000 2 2 2002 $245,000 WD 2 2 2002 $245,000 WD 2 2 1999 $165,000 WD 2 2 2002 $255,000 WD 2002 $330,000 WD 2 2 1 1998 $162,500 WO 2 2 1 1999 $163,000 WD 2 2 1 2001 $242,500 WD 2 2 1 2003 $295,000 2 2 1 2000 $180,000 WD 2 2 1 1993 $143,000 WO 2 2 1 1985 $247,500 2 2 1 2003 $342,500 WD 2 2 1 2004 $405,000 WD 2 2 1 2002 $295,000 WO 2 2 1 2002 $299,000 WD 2 2 1 1982 $285,000 2 2 1 2002 $245,000 WD 2 2 1 2002 $268,000 WO 2 2 1 1995 $100 QC 1982 $550,000 2000 $300,000 WD 1991 $340,000 WD 1986 $330,000 1999 $280,000 WD 1998 $300,000 WD 1997 $249,000 WD 1984 $230,000 1988 $280,000 WD 1995 $345,000 WD 1999 $250,000 WD 1997 $330,000 WD 1989 $300,000 WD 1986 $200,000 1994 $249,000 WD 1993 $315,000 WD 1991 $337,000 WD 1989 $192,000 1991 $330,000 WD 1983 $339,900 1982 $388,889 1991 $285,000 WD 1984 $325,000 1986 $200,000 1989 $332,000 1982 $425,000 1998 $150,000 WD 1991 $175,000 WD 1983 $149,900 1998 $160,000 WD 1986 $148,000 2002 $250,000 WD 1992 $166,500 WD 1984 $156,000 1983 $210,000 1991 $159,500 WD 1997 $162,000 WD 1989 $165,000 1988 $100 1983 $168,000 1982 $185,000 1994 $206,000 WD 1997 $200,000 WD 1982 $232,000 1998 $189,000 WD 1993 $179,000 WD 1982 $272,500 1996 $220,000 WD 1983 $260,000 1992 $165,000 WD 1996 $187,000 WD 1989 $165,000 1993 $207,500 WD 1982 $280,000 1998 $230,000 WD 1993 $225,000 WD 2002 $339,000 WD 1984 $220,000 1994 1997 $240,000 WD 1986 $180,000 1982 $325,000 1999 $200,000 WD 1997 $210,000 WD 1985 $155,000 1992 $195,000 PR 1985 $ 210,000 Atlantis on Brickell Last First Delrio Adams Edwards Deoca Morales Everardo R Garcia Re Reeves Femandez Alatriste Bozzell Quanstrom St Davis Corporation Rodriguez Nigri Lesan Investments Sa Rodriguez Lopez Marks Morales Chesapeake Bay Inter Helo Albradar tic Assunto Forato Rodriguez Alvarez Urdaneta Leal Arellano Vaneenennaam Rodriguez Moon Acosta Femandez Alvarado Kalima Investments L Gamson Mesias Solano Lambeth Goodman Navab Hemandez Frank Ricardo Bryan Ramses Manuel Samantha Gustavo Lourdes Thomas Jack Juan Elton Carlos Sonia Larry Yuri Jorge Nicola Carlos Rafael Raul Miguel Jesus Ana Marinus Radiel David Marta Manuel Andres Stephen Hugo Edward Immy John Mohammed Augustine Address 2025 Brickell Ave 2103 2025 Brickell Ave 504 2025 Brickell Ave 604 2025 Brickell Ave 704 2025 Brickell Ave 801 2025 Bricker' Ave 904 2025 Brickell Ave 1004 2025 Brickell Ave 1104 2025 Brickell Ave 1804 2025 Brickell Ave 1904 2025 Brickell Ave 2004 2025 Brickell Ave 2025 Brickell Ave 305 2025 Brickell Ave 2025 Brickell Ave 2025 Brickell Ave 705 2025 Brickell Ave 805 2025 Brickell Ave 905 2025 Brickell Ave 2025 Brickell Ave 1105 2025 Brickell Ave 1205 2025 Brickell Ave 1405 2025 Brickell Ave 1505 2025 Brickell Ave 1605 2025 Brickell Ave 1705 2025 Bricker' Ave 1805 2025 Bricker' Ave 1905 2025 Brickell Ave 2005 2025 Brickell Ave 2105 2025 Bricker' Ave 506 2025 Brickell Ave 606 2025 Brickell Ave 706 2025 Brickell Ave 806 2025 Brickell Ave 906 2025 Brickell Ave 1006 2025 Brickell Ave 2025 Brickell Ave 1206 2025 Brickell Ave 1406 2025 Brickell Ave 1506 2025 Bricker' Ave 2025 Brickell Ave 2025 Brickell Ave 2025 Brickell Ave 1906 2025 Brickell Ave 2006 2025 Brickell Ave Latest Sale/ bed bath 1l2 Date Resale Date 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Source: Research & Analysis of public record as of June 2004 by Integra Realty Resources - South Florida l South Florida 2002 2001 2002 2001 2000 1997 2001 2002 1991 2002 1998 2002 2004 1991 2001 2002 2003 2002 2000 1995 1982 2002 2003 2002 2000 2003 2003 2002 3000 2002 2003 2003 2003 2003 2001 2002 1999 2002 2001 2002 1995 2004 2001 2001 5265,000 WD SO CS $230,000 WD $247,000 WD $199,000 WD $211,000 WD $235,000 WD $248,000 WD $225,000 SW 5270,000 5210,000 WD 5345,000 WD 5235,000 WD 5170,000 $230,000 WD 5250,000 5270,000 WD 5227,000 WD 5196,000 WD 5230,000 WD $207,000 5252,000 TD 5255,000 WD $221,000 WD $185,000 5260,000 WD 5250,000 WD $220,000 WD $175,000 $235,000 WD $299,000 WD $305,000 WD $285,000 WD 5302,000 WD 5225,000 WD 5270,000 WD $220,000 WD $235,000 TD 5235,000 WD $250,000 WD $245,000 WD $390,000 WD 5290,000 WD $305,000 WD 1995 1994 1999 1988 1998 1996 1991 2000 1982 1996 1990 1996 2000 1991 1999 1983 1990 1990 1998 1990 1982 1994 1996 2003 1994 1982 1982 1991 1991 2002 1991 2000 1994 2000 1992 1994 2000 1993 2002 1994 2001 Prior Sale/ Resale Date 5225,000 WD $175,000 WD $169,000 WD $170,000 WD $203,900 WD $200,000 WD $215,000 WD $195,000 WD $284,500 5220,000 WD 5240,000 5249,000 WD $140,000 WD $192,000 WD $156,000 WD 5160,000 $182,500 WD $175,000 WD 5155,000 WD 5195,000 WD $211,000 $208,000 WD 5192,000 $245,000 WD $210,000 WD 5229,000 $275,000 $198,000 WD 5198,000 5235,000 WD 5190,000 WD 5270,000 WD 5110,000 WD $230,000 WD $227,500 WD $220,000 WD 5235,000 WD $190,000 D $315,000 WD 5250,000 WD 5287,000 WD 1991 1991 1998 1987 1988 1990 1997 Prior Sale/ Resale Date $260,000 WD $185,000 WD $200,000 WD 5170,000 $175,000 WD $160,000 $218,000 WD 1991 $275,000 WD 1991 5170,000 WD 1983 $155,000 1982 $200,000 1990 5161,500 WD 1991 5172,000 WD 1994 $190,000 WD 1994 5212,500 WD 1992 $195,000 WD 1990 1991 1996 1985 1998 1992 1983 5195,000 WO 5210,000 WD 5218,000 WD 5200,000 $215,000 WD 5200,000 WD $235,000 1998 $221,000 WD 1984 $207,000 2000 $265,000 WD 1983 $299,500 Prior Sale/ Resale Date 1986 5100,000 1991 5190,000 1986 5157,000 1982 5194,000 1988 5150,000 1991 $185,000 1984 $195,000 1985 $100,000 1991 5220,500 1990 $210,000 1985 $110,000 1984 $207,000 1983 5255,000 1993 5260,000 199809 249000 Prior Sale/ Resale 1984 S 165,000 1983 $ 250,000 VILLA MAGNA BRISTOL TOWER Integra Realty Resources South Florida $700,000 $600,000 $500,000 $400,000 Bristol Tower Average Price Point Change 1999 - March 2004 1999 2000 2001 2002 2003 2004 Property Name Bristol Tower 2127 Brickell Avenue Miami, Florida Year Built No. of Units Year of Resale No. of Resales Average Price Percent Change 1993 147 1999 21 $452,452 2000 26 $481,473 6.41% 2001 31 $487,450 1.24% 2002 20 $555,000 13.86% 2003 40 $582,852 5.02% 2004 11 $683,727 17.31% Average 24.8333 $540,492 43.84% Source: research & Analysis of public record as of June 2004 by Integra realty Resources - South Florida Integra Realty Resources South Florida Bristol Tower Last Latest Sale/ Prior Sale/ Prior Sale/ Prior Sale/ First Address bed bath 112 Date Resale Date Resale Date Resale Date Resale Vitale Antonella 2127 Bricker] Ave 501 Serandy Intemationa 2127 Bricker] Ave 601 Clydesdale Estates I 2127 Brickell Ave 701 Contain Alicia 2127 Brickell Ave 801 2127 Brickell Ave 901 Silva Armando 2127 Brickell Ave 1001 Meany Carlos 2127 Brickell Ave 1101 Purple Orchid Invest 2127 Brickell Ave 1201 2127 Bricker] Ave 1401 Lamelas Joseph 2127 Bricker] Ave 1501 Stockwell Overseas 1 2127 Bricker] Ave 1601 Kambe Real Estate Ho 2127 Bricker] Ave 1701 Sunscope Investments 2127 Bric keA Ave 1801 Segnini Cesar 2127 Bricker! Ave 1901 Jenika Investments I Khalil 2127 Bricker, Ave 502 Santo Domingo Miguel 2127 Bricker] Ave 602 Constain Alicia 2127 Bricker] Ave 702 Glick Gary 2127 Bricker] Ave 802 Moscoso Carolina 2127 Brickell Ave 902 Vogel Howard 2127 Bricker! Ave 1002 Tsiris George 2127 Bricker] Ave 1102 Rodriguez-ema Martin 2127 Bricker! Ave 1202 Frankel Melvin 2127 Brickell Ave 1402 Dehirlemann Ana 2127 Bricker! Ave 1502 Eliani Oad 2127 Brickell Ave 1602 Yang Relin 2127 Brickell Ave 1702 Tryex Inc 2127 Bricker] Ave 1802 Old Providence Of FI 2127 Bric kep Ave 1902 Bristol 503 Inc 2127 Bricker] Ave 503 Constain Alicia 2127 Brickell Ave 703 2127 Bricker! Ave 903 Mandarin Enterprise 2127 Brickell Ave 1103 Saydun Yuda Trust 2127 Bricker! Ave 1403 Ramirez Julio 2127 Bricker! Ave 1603 Cisneros Eduardo 2127 Bricker] Ave 1803 Ferraz Lutz 2127 Brickell Ave 504 Smith & Smith Invest 2127 Bricker Ave 604 Pelfort Juan 2127 Brickell Ave 704 Mahamedr Abdi 2127 Brickell Ave 804 Hemandez Nancy 2127 Bricker] Ave 904 Velazco Winston 2127 Bricked Ave 1004 Perri Gianfranco 2127 Bricker! Ave 1104 O'keefe Tr Kenneth 2127 Bricker! Ave 1204 Rose Royce M Trust 2127 Bricker! Ave 1404 Rodriguez Mari 2127 Brickell Ave 1504 Mastrodomenico Donald 2127 Bricker] Ave 1604 Gill Victor 2127 Brickell Ave 1704 Zamorano Andre 2127 Brickell Ave 1804 Wu David 2127 Brickell Ave 1904 Luke Barbara 2127 Brickell Ave 505 l r,aP. wny sm South Florida 3 4 2000 $150,000 QC 1996 $100 QC 3 4 1996 $420,000 SW 1993 $450,000 3 4 2001 $560,000 WD 2000 $480,000 WD 1999 $430,000 SW 1999 $321,000 3 4 2002 $0 QC 1999 $517,500 WD 1994 $500,000 3 4 1993 $0 3 4 2004 $840,000 WD 2003 $730,000 WD 2001 $575,000 WD 1993 $459,000 3 4 2002 $110,000 QC 1993 $520,000 3 4 1993 $480,000 1993 $515,000 3 4 1993 $530,000 3 4 2001 $695,000 WD 2000 $575,000 WD 1999 $550,000 WD 1993 $540,000 3 4 2001 $740,000 WD 1993 $535,000 3 4 1993 $535,000 1993 $540,000 3 4 2001 $745,000 WD 1993 $520,000 3 4 2001 $600,000 WD 1998 $575,000 WD 1993 $575,000 1993 $520,000 2 4 1997 $100 QC 1995 $100 QC 1994 $410,000 2 4 1999 $370,000 1995 $350,000 SW 2 4 2002 $0 QC 1995 $400,000 SW 2 4 2001 $500,000 WD 1993 $395,000 2 4 2000 $450,000 WD 1994 $0 1993 $395,000 1993 $424,000 2 4 1993 $0 2 4 1993 $424,000 2 4 2002 $0 QC 2001 $580,000 WD 1995 $410,000 WD 1993 $365,000 2 4 1993 $365,000 1993 $384,000 2 4 2002 $0 QC 2001 $849,000 WD 1996 $424,500 WD 1993 $405,000 2 4 2002 $450,000 WD 1993 $420,000 2 4 2001 $580,000 WD 1994 $445,000 WD 1994 $445,000 2 4 2993 $446,200 2 4 2000 $556,000 WD 1994 $470,000 2 3 1 2000 $625,000 WD 1994 $650,000 SW 2 3 1 2003 $0 QC 1995 $100 QC 1993 $670,000 2 3 1 1993 $635,000 2 3 1 1993 $635.000 2 3 1 2001 $100 QC 1997 $505,000 WD 1993 $660,000 1993 $635,000 2 3 1 2001 $790,000 WD 1993 $650,000 1993 $663,000 2 3 1 2002 $840,000 WD 1993 $667,000 1 2 2003 $310,000 WD 2002 $280,000 WD 2002 $220,000 WD 1996 $110,800 1 2 2000 $300,000 WD 1998 $300,000 WD 1993 $330,000 1 2 2002 $415,000 SW 1999 $350,000 WD 1994 $335,000 1 2 2003 $420,000 WD 2001 $375,000 WD 1996 $365,000 WD 1 2 2002 $430,000 WD 2001 $380,000 WD 1996 $100 QC 1993 $305,000 1 2 2002 $425,000 WD 2001 $100 QC 1996 $390,000 WD 1 2 2001 $385,000 WD 1996 $360,000 WD 1993 $313,000 1993 $275,000 1 2 1999 $385,000 WD 1995 $352,500 WD 1993 $282,000 1 2 2003 5435,000 WD 2000 $400,000 WD 1993 $365,000 1 2 2001 $420,000 WD 1998 $364,000 SW 1998 $0 1993 $365,000 1 2 1996 $425,000 WD 1993 $365,000 1993 $333,000 1 2 2003 $490,000 WD 2000 $355,000 WD 1993 $333,000 1993 $247,000 1 2 2002 $510,000 WD 2000 $400,000 WD 1995 $350,000 WD 1993 $248,900 1 2 2000 $430,000 WD 1994 $365,000 WD 1993 $278,400 1 2 2002 $305,000 WD 1993 $240,000 Bristol Tower Last First Address Woodyer Carolyn 2127 Brickell Ave 605 Rivera Raul 2127 Brickell Ave 705 Kaplan Teresa 2127 Brickell Ave 805 Recao Andrea 2127 Brickell Ave 905 Burgos Luis 2127 Brickell Ave 1005 Ogrady Kevin 2127 Brickell Ave 1105 Ellenberg Andrew 2127 Brickell Ave 1205 Bemistol Ltd 2127 Brickell Ave 1405 2127 Brickell Ave 1505 Moscoso Paula 2127 Brickell Ave 1605 Imery Eduardo 2127 Brickell Ave 1705 Rubin Bruce 2127 Brickell Ave 1805 Schaer Alfred 2127 Brickell Ave 1905 Felsinger Kurt Trust 2127 Brickell Ave 606 2127 Brickell Ave 706 Canavati Victor 2127 Brickell Ave 806 Sword Holding li Inc 2127 Brickell Ave 906 Goicouria Angela 2127 Brickell Ave 1006 Weiss Alitza 2127 Brickell Ave 1106 Coroalles Iv Manuel 2127 Brickell Ave 1206 Dunn Sean 2127 Brickell Ave 1406 Rodriguez Giovanni 2127 Brickell Ave 1506 Janoura Michael 2127 Brickell Ave 1606 Alos Acquisition Inc Sergio 2127 Brickell Ave 1706 Salgado Fabio 2127 Brickell Ave 1806 Pines Francisco J 2127 Brickell Ave 1906 Kram Mark 2127 Brickell Ave 2001 Rijo Jose 2127 Brickell Ave 2101 Mayer Cristina 2127 Bricker' Ave 2201 Viciana Enrique 2127 Bricke1I Ave 2301 Foley Tr William 2127 Brickell Ave 2401 Cicurel Paul 2127 Brickell Ave 2501 Guilo Corp 2127 Brickell Ave 2601 Davidson Judith 2127 Brickell Ave 2701 Torres Peter 2127 Brickell Ave 2801 V W Investors Inc 2127 Brickell Ave 2901 Bristol Brickell LIc 2127 Brickell Ave 3001 Invermer Sa Corp 2127 Brickell Ave 3101 Fidaigo Jose 2127 Brickell Ave 3201 Monte Carlo Group Lt 2127 Brickell Ave 3301 Lamaca Intl Holding 2127 Mickel) Ave 3401 Feldman Steven 2127 Brickell Ave 2002 2127 Brickell Ave 2102 Pulido Gabriel 2127 Brickell Ave 2202 Mercante Tania 2127 Brickell Ave 2302 Amia Corp Candy 2127 Brickell Ave 2502 Baskin Seymour 2127 Brickell Ave 2602 M S D Association In 2127 Bricker! Ave 2702 Dangelo Nestor 0 Tru 2127 Brickell Ave 2802 2902 Bristol Towers 2127 Brickell Ave 2902 l ••.w. p.hr.� South Florida bed bath 112 Date Latest Sale/ Prior Sale/ Prior Sale/ Prior Sale/ Resale Date Resale Date Resale Date Resale 1 2 2002 $425,000 2000 $360,000 WD 1 2 2002 $425,000 WD 2001 $380,000 WD 1 2 2004 $486,000 WD 1 2 2003 $430,000 WD 1993 $285,000 1 2 1996 $285,000 WD 1993 $318,000 1 2 2003 $450,000 WD 2000 $385,000 WD 1998 1 2 1999 $385,000 WD 1994 $325,000 WD 1993 1 2 1993 $355,400 1 2 1993 $355,400 1993 $335,000 1 2 2004 $550,000 WD 1999 $345,000 WD 1993 $282,000 1 2 2003 $510,000 WD 2000 $370,000 WD 1993 $355.000 1 2 1998 $350,000 WD 1993 $273,600 1 2 2003 $497,500 WD 1995 $365,000 SW 1 1 1 2003 $365,000 WD 2000 $229,500 WD 1997 $100 QC 1993 $192,000 1 1 1 1993 $225,000 1 1 1 2003 $375,000 WD 1999 $240,000 WD 1993 $217,500 1 1 1 2002 $340,000 WD 2001 $260,500 WD 1996 $250,000 WD 1 1 1 2002 $365,000 WD 1997 $237,500 WD 1993 $209,000 1 1 1 2000 $245,100 WD 1997 $255,000 WD 1997 $237,500 1995 $235,000 1 1 1 1998 $235,000 WD 1993 $200,000 1 1 1 1999 $237,000 WD 1993 $200,000 1 1 1 2004 $380,000 WD 1999 $240,000 WD 1993 $200,000 1 1 1 1999 $237,000 WD 1993 $200,000 1 1 1 2004 $400,000 WD 2002 $340,000 PR 1996 $249,000 WD 1993 $200,000 1 1 1 2003 $0 WD 2001 $360,000 WD 1998 $242,500 WD 1993 $200,000 1 1 1 2003 $385,000 WD 2998 $240,000 WD 1998 $887,000 WD 1993 $240,000 3 4 2000 $815,000 WD 1998 $720,000 SW 3 4 1996 $600,000 WD 1993 $750,000 3 4 2004 $940,000 WD 2001 $725,000 WD 1995 $775,000 WD 1995 $725,000 3 4 1999 $850,000 WD 1993 $790,000 4 7 1 2000 $1,300,000 SW 1999 $0 1996 $1,800,000 QC 3 4 2003 $860,000 WD 1999 $795,000 WD 1999 $100 1993 $745,000 3 4 1998 $684,000 WD 1993 $760,000 1993 $745,000 3 4 1994 $798,700 WD 1993 $800,000 3 4 2003 $800,000 WD 1997 $800,000 WD 1994 $800,000 SW 3 4 1993 $0 3 4 2004 $900,000 WD 1993 $794,000 3 4 1993 $626,400 1993 $687,500 3 4 2002 $835,000 SW 2001 $0 1999 $750,000 WD 1994 $800,000 3 4 1998 $850,000 WD 1993 $790,000 3 4 2002 $1,330,000 WD 2000 $1,050,000 WD 1996 $650,500 SW 1996 $560,000 3 4 1 2000 $717,000 WD 1993 $580,000 3 4 1 1993 $580,000 3 4 1 2000 $100 WD 1993 $560,000 3 4 1 2002 $830,000 WD 2001 $675,000 WD 1997 $575,000 WD 3 4 1 2004 $1,000,000 WD 1995 $0 1993 $630,000 3 4 1 1993 $650,000 3 4 1 2000 $625,000 WD 1993 $580,000 1993 $850,000 3 4 1 2003 $775,000 QC 1993 $655,000 3 4 1 2001 $740,000 WD 2001 $100 QC 1994 $640,000 SW 1996 1993 1993 $0 $325,000 $300,000 $292,000 WD $323,000 1994 1993 $310,000 $306,500 Bristol Tower Latest Sale/ Prior Sale/ Prior Sale/ Prior Sale/ Last First Address bed bath 1/2 Date Resale Date Resale Date Resale Date Resale Halsey Alan 2127 Brickell Ave 3002 3 4 1 2003 $797,500 WD Femandez Tr Lazaro 2127 Brickell Ave 3102 3 4 1 1998 $675,000 WD Anton Ltd 2127 Brickell Ave 3202 3 4 1 2001 $656,000 WD Croxley Inc 2127 Brickell Ave 3302 3 4 1 1994 $701,000 Valcarce Vivian 2127 Brickell Ave 3402 3 4 1 1998 $599,000 SW 1997 $650,000 CT 1994 Hoffmann Ingrid 2127 Bricked Ave 2004 2 2 1 1995 $500,000 QC 1993 $500,000 Leh Us Corp 2127 Brickell Ave 2104 2 2 1 2002 $500,000 WD 1999 $440,000 WD 1993 $536,000 Afra Siavash 2127 Brickell Ave 2204 2 2 1 1998 $500,000 WD 1993 $480,000 1993 $536,000 Valencia .Juan 2127 Brickell Ave 2304 2 2 1 2002 $500,000 WD 1993 $442,000 Torralbas Salvador 2127 Brickell Ave 2404 2 2 1 2003 $590,000 WD 1994 $500,000 Imataca Corporation 2127 Brickell Ave 2504 2 2 1 1996 $150,000 WD 1993 $535,000 Imataca Corp 2127 Brickell Ave 2804 2 2 1 1996 $150,000 WD 1993 $540,000 Fm Lp lii 2127 Brickell Ave 2704 2 2 1 2003 $0 WD 1993 $535,000 Lorty Corp 2127 Brickell Ave 2804 2 2 1 1998 $530,000 WD 1993 $530,000 1993 $535,000 James Edgerrin 2127 Brickell Ave 2904 2 2 1 2001 $590,000 WD 1999 $525,000 WD 1994 $402,000 Sea Box Inc 2127 Brickell Ave 3004 2 2 1 2004 $630,000 WD 2000 $565,000 WD 1996 $550,000 SW 1993 $380,000 Poetschke Kai 2127 Bricked Ave 3104 2 2 1 2003 $660,000 WD 1999 $560,000 WD 1997 $537,000 WD 1995 $570,000 Miller Randy 2127 Brickell Ave 3204 2 2 1 2002 $639,000 WD 2001 $575,000 1993 $386,800 T I C Inc 2127 Bricked Ave 3304 2 2 1 1993 $555,000 Thomas Dave 2127 Brickell Ave 3404 2 2 1 2001 $673,000 WD 2000 $511,700 WD 1994 $630,000 WD Milliken William 2127 Brickell Ave 2005 2 3 2001 $559,900 WD 1993 $460,000 Goicouria Angela 2127 Brickell Ave 2105 2 3 2004 $675,000 WD 1994 $425,000 WD 1993 $410,000 Giocca Giancarlo 2127 Brickell Ave 2205 2 3 2000 $540,000 WD 1994 $510,000 Pereira Eduardo 2127 Brickell Ave 2305 2 3 1999 $400,000 WD 1993 $450,000 Cantor David 2127 Brickell Ave 2405 2 3 2000 $525,000 WD 1993 $425,000 Koc Irian 2127 Brickell Ave 2505 2 3 2001 $620,000 WD 2001 $490,000 WD 1993 $459,000 1993 $450,000 Prosystem Processame 2127 Brickell Ave 2605 2 3 1998 $427,000 WD 1994 $325,000 1994 $447,000 Talbot Properties In 2127 Bricked Ave 2705 2 3 2002 $675,000 WD 1999 $495,000 WD 1996 $525,000 WD Weyeneth Karl 2127 Bricked Ave 2805 2 3 2001 $665,000 WD 2001 $586,000 WD 2000 $482,500 WD 1994 $539,000 Bayside Estates Inc 2127 Brickell Ave 2905 2 3 2000 $542,500 WD 2000 $499,000 WD 1995 $548,000 SW Gottlieb Barry 2127 Nickell Ave 3005 2 3 2003 $725,000 WD 1999 $400,000 SW 1998 $100 CT 1998 $3,000 Monal Manuel 2127 Brickell Ave 3105 2 3 2003 $0 1999 $400,000 1998 $100 1998 $800 Herrera Elisabeth 2127 Brickell Ave 3205 2 3 2001 $100 QC 1993 $540,000 Stanton Richard 2127 Brickell Ave 3305 2 3 2004 $720,000 WD 2000 $535,000 WD 1997 $440,000 WD 1993 $514,000 Sagebien Rene 2127 Brickell Ave 3405 2 3 2003 $495,000 WD 1993 $475,000 Brown Brothers Harri 2127 Brickell Ave 3501 4 6 1 1998 $0 1993 $1,195,000 Kurstin M 2127 Brickell Ave 3601 4 6 1 1993 $1,350,000 San Miguel Estates L 2127 Brickell Ave 3701 4 6 1 2000 $0 1993 $1,220,000 Sapphire Beach Inter 2127 Brickell Ave 3801 4 6 1 1993 $1,350,000 Arzu Roberto 2127 Brickell Ave 3901 4 6 1 2000 $1,675,000 WD 1997 $960,000 SW 1996 $100 CT 1993 $1,500,000 Bristco Llc 2127 Wicket! Ave 3502 4 6 1 2004 $1,550,000 WD 1993 $1,500,000 1993 $1,280,000 Martin Leo 2127 Brickell Ave 3602 4 6 1 1994 $1,275,000 SW Sibley Corp 2127 Brickell Ave 3702 4 6 1 2000 $1,125,000 PR 1993 $1,220,000 Bladworth Overseas L Patrick 2127 Brickell Ave 3802 4 6 1 2001 $1,260,000 1999 $100 CT 1999 $1,000 CT 1993 $1,250,000 Delagana Corp 2127 Brickell Ave 3902 4 6 1 2000 $1,300,000 WD 1995 $1,255,000 WD 1993 $1,400,000 Colombo Ugo 2127 Wicket! Ave 4000 5 7 1994 $3,000,000 SW Source: Research 8 Analysis of public record as of June 2004 by Integra Realty Resources - South Florida Hugo xany Hen South Florida 2001 1993 1997 $739,000 WD $675,000 $650,000 WD 1997 1996 $698,000 WD $675,000 WD $860,000 WD 1993 $673,000 1993 $706,000 VILLA MAGNA r- r- COMMODORE BAY CONDOMINIUM NMI Integra Realty Resources South Florida $300,000 $280,000 $260,000 $240,000 $220,000 $200,000 Commodore Bay Condominium Average Price Point Change 1999 - March 2004 1999 2000 2001 2002 2003 2004 Property Name Year Built No. of Units Year of Resale No. of Resales Average Price Percentage Change Commodore Bay Condo 1402 S Bayshore Drive Miami Florida 1994 36 1999 2 $205,500 2000 4 $232,750 13.26% 2001 2 $255,000 9.56% 2002 4 $265,000 3.92% 2003 5 $281,520 6.23% 2004 2 $295,000 4.79% Average 3.16667 $255,795 37.76% Source: Research & Analysis of public record as of June 2004 by Integra Realty resources - South Florida r Integra Realty Resources South Florida Commodore Bay Condominium Last Latest Sale! Prior Sale! Prior Sale! First Address bed bath 1!2 Date Resale Date Resale Date Resale Klaska Christa 1402 Brickell Bay Dr 201 Zermatt Capital Limi 1402 Brickell Bay Dr 301 Acosta Clemencia 1402 Brickell Bay Dr 401 Kaftan Daniel 1402 Brickell Bay Dr 501 Chapellin Luis 1402 Bricker' Bay Dr601 Oldham Investments I 1402 Brickell Bay Dr 701 Foti Adrian 1402 Bricker' Dr 801 Little Mountain Hold 1402 Brickell Dr 901 1402 Brickell Bay Dr 1001 Chiao Shiow-mey 1402 Brickell Bay Dr 1101 Tzakis Andreas 1402 Bricker' Bay Dr 1201 Echevarria Elena F T 1402 Brickell Bay Dr 1401 The Armonia Corp 1402 Brickell Bay Dr 1501 The Armonia Corp 1402 Brickell Bay Dr 1601 Veliz Sergio 1402 Bricker' Bay Dr 402 Gaitan 1402 Brickell Bay Dr 502 Fontes Silvio 1402 Brickell Bay Dr 602 Olazabal Francisco 1402 Brickell Bay Dr 702 Davis John 1402 Brickell Bay Dr 802 The Armonia Corp 1402 Brickell Bay Dr 902 Blake Brent 1402 Bricker' Bay Dr 1002 Jimenez Ariel 1402 Brickell Bay Dr 1102 Imataca Corporation 1402 Bricker' Bay Dr 1202 Piedrahita Lilia 1402 Brickell Bay Dr 1402 The Armonia Corp 1402 Bricker' Bay Dr 1502 Echevarria Sean 1402 Brickell Bay Dr 403 Glidden Robert 1402 Brickell Bay Dr 503 Bonenberger Gerard 1402 Brickell Bay Dr 603 Herrera Jaime 1402 Brickell Bay Dr 703 Mendoza Vivian 1402 Brickell Bay Dr 803 Sullivan James 1402 Brickell Bay Or 903 Alligator Fields Ent 1402 Brickell Bay Dr 1003 Earles Mark 1402 Brickell Bay Or 1103 Hakimi Aron 1402 Brickell Bay Dr 1203 Ouiroga Mario 1402 Brickell Bay Dr 1403 Jarvanitis Panagiotis 1402 Brickell Bay Dr 1503 2 3 2 2 2 2 2 2 2 2 2 2 2 5 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Source: Research 8 Analysis of public record as of June 2004 by Integra Realty Resources - South Florida ne.y'. war nor. Barth Florida 1997 1995 2002 2000 2003 1994 2003 1994 1994 2002 1996 2001 $235,000 WD $295,000 $265,000 WD $211,000 WD $280,000 WD $174,800 $290,000 WD $o $179,000 $255,000 WD $152,000 WD $260,000 WD 1994 $197,400 1998 $159,600 WD 2000 $230,000 WD 1994 $0 2002 $295,000 WD 2003 $295,000 WD 2000 $245,000 WI) 1994 $218,000 2003 $290,000 WD 1995 $100 WD 1994 $163,000 2003 $252,600 WD 1996 $150,000 WD 2004 $315,000 WI) 1998 $152,000 WD 1996 $150,000 WD 2004 $275,000 WD 1996 $159,500 WD 2002 $245,000 WD 1996 $155,000 WD 1994 $166,000 1999 $201,000 WD 1994 $170,400 1994 $170,400 2001 $250,000 WD 1994 $196,000 1998 $200,000 WD 1995 $225,000 1994 $202,000 2000 $245,000 WI) 1999 $210,000 WD 1994 $160,000 1994 $175,300 1996 $150,000 WD 1994 $172,000 1996 $152,500 WD 1996 $160,500 WD 1996 $157,000 WD 1994 $210,000 1994 $207,800 1995 $233,000 WI) 1996 $230,000 WD 1996 $150,000 VILLA MAGNA FORTUNE HOUSE Integra Realty Resources South Florida $230,000 $220,000 $210,000 $200,000 $190, 000 $180,000 $170,000 $160,000 $150,000 Fortune House Average Price Point Change 1999 - March 2004 2000 2001 2002 2003 2004 Property Name Year Built No. of Units Year of Resale No. of Resales Average Price Percentage Change Fortune House 185 SE 14th Terrace Miami Florida 1998 296 2000 2001 2002 2003 2004 53 36 50 48 18 $178,885 $180,472 $186,600 $204,992 $225,000 0.89% 0.89% 3.40% 9.86% Average 41 $195,190 15.03% Source: Research & Analysis of public record as of June 2004 by Integra Realty Resources - South Florida -"� Integra Realty Resources South Florida Fortune House Last First Address bed bath 1/2 Date Latest Sale/ Resale Date Prior Sale! Prior Sale/ Prior Sale! Resale Date Resale Date Resale Patruz Corp Dechibas Qureshi Di Polo Gallego Ospina Orellana Teran Maria Robert Reinaldo Daniel Maria Sandra 185 SE 14 Terr 601 185 SE 14 Terr 701 185 SE 14 Terr 801 185 SE 14 Terr 901 185 SE 14 Terr 1001 185 SE 14 Terr 1101 185 SE 14 Terr 1201 185 SE 14 Terr 1401 185 SE 14 Terr 1501 Pimenta Adrian 185 SE 14 Terr 1601 Zagor Management Inc 185 SE 14 Terr 1701 Lowe Sharon 185 SE 14 Terr 1801 Jmb Property Investm 185 SE 14 Terr 1901 Fitzgerald Diana 185 SE 14 Terr 2001 Marenco Veronica 185 SE 14 Terr 2101 185 SE 14 Terr 2201 Bora Bora Ventures L 185 SE 14 Terr 2301 Unit 2101 Ltd 185 SE 14 Terr 2401 De Castro Vanilda 185 SE 14 Terr 2501 Terremark Brickell L 185 SE 14 Terr 2601 Freund George 185 SE 14 Terr 2701 Toro Maria Del 185 SE 14 Terr 2801 Fajardo Joseph 185 SE 14 Terr 2901 Padron Claudia 185 SE 14 Terr 602 185 SE 14 Ten- 702 Nixmar Inc Niceforo 185 SE 14 Terr 802 185SE14Terr902 Florida Capital Maria 185 SE 14 Terr 1002 Velarde Diego 185 SE 14 Terr 1102 Travels And Rentals 185 SE 14 Terr 1202 Fierro Giovanni 185 SE 14 Terr 1402 Qureshi Robert 185 SE 14 Terr 1502 Gureshi Robert 185 SE 14 Terr 1602 Qureshi Robert 185 SE 14 Terr 1702 Yavuz Fatma 185 SE 14 Terr 1802 Englewood Ventures L 185 SE 14 Terr 1902 185 SE 14 Terr 2002 Lutz Tiffany 185 SE 14 Terr 2102 Hazel Assets Ltd 185 SE 14 Terr 2202 Ruiz-unger Juan 185 SE 14 Terr 2302 Gomes Clovis 185 SE 14 Terr 2402 185 SE 14 Terr 2502 Femandez Jesus 185 SE 14 Terr 2602 Milas Efstratios 185 SE 14 Terr 2702 Larosa Carlos 185 SE 14 Terr 2802 Fajardo Joseph 185 SE 14 Terr 2902 185 SE 14 Terr 603 185 SE 14 Terr 703 185 SE 14 Terr 803 Adita Investments Lt 185 SE 14 Terr 903 meq• ae.hy xeswrtes South Florida 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2002 $ - 1998 $114,600 2001 $ 138,000 WD 1998 $114,600 1998 $111,300 2002 $ 51,800 QC 2001 $138,000 WD 1998 $ 119,300 2000 $ 131,000 WD 1998 $110,200 1998 $ 124,200 1998 $110,200 2003 $ 151,000 WD 1998 $ 126,700 2001 $ 155,000 WD 1998 $129,300 1999 $ 138,000 SW 1998 $ 128,200 2003 $ 170,000 WD 2002 $ 154,000 WD 1998 $ 144,200 SW 1998 $ 2002 $ 155,000 WD 1998 $146,800 1998 $ 143,000 1998 $ 143,000 2003 $ 425,000 WD 2003 $425,000 WD 2003 $ 150,000 WD 2003 $150,000 WD 2003 $ 150,000 WD 1998 $ 159,100 2001 $ 200,000 QC 1998 $ 160,800 1999 $ 169,600 SW 1999 $ 150,100 SW 1999 $ 150,100 1999 $176,500 SW 1999 $ 180,200 SW 2000 $ 175,000 SW 2001 $ 280,000 WD 1999 $455,800 SW 2000 $ 140,000 WD 1998 $ 105,700 1998 $ 105,700 2000 $ 138,000 WD 1998 $113,400 1998 $111,000 1998 $ 110,100 2001 $ 135,000 WD 1999 $ 118,000 SW 2002 $ 145,000 WD 1998 $ 122,800 2001 $ 151,000 WD 1998 $ 122,800 1998 $ 117,000 1999 $ 145,000 SW 2000 $ 135,000 WD 1998 $134,400 SW 2000 $ 135,000 WD 1998 $ 137,000 SW 2000 $ 135,000 WD 1998 $ 139,900 SW 2004 $ 205,000 WD 2001 $ 143,000 WD 1998 $ 143,700 1998 $ 143,700 1998 $ 132,100 2002 $ 146,000 WD 1998 $144,200 1998 $146,900 1999 $ 147,400 SW 2001 $ 160,000 WD 1998 $ 152,800 1999 $ 156,200 SW 1998 $ 156,600 1999 $ 167,500 SW 2003 $ 154,000 WD 1999 $171,200 SW 1999 $167,500 2002 $ 162,000 WD 1998 $ 174,700 2001 $ 280,000 WD 1999 $455,800 SW 1998 $ 174,700 1998 $ 173,500 1998 $ 173,500 1998 $ 165,200 1998 $ 165,200 1998 $111,300 1998 $ 159,500 Fortune House Last Latest Sale/ Prior Sale/ Prior Sale! Prior Sale! First Address bed bath 1/2 Date Resale Date Resale Date Resale Date Resale Mandela Of Miami Car Sierra Mateu Angel Promotions Lim Gonzalez Quiros Peiffer Wrage Velazquez Topa Inc Caldor Overseas Limi Franco Pablo 185 SE 14 Terr 1505 185 SE 14 Terr 1605 185 SE 14 Terr 1705 185 SE 14 Terr 1805 185 SE 14 Terr 1905 Venancio 185 SE 14 Ten' 2005 Nicole 185 SE 14 Terr 2105 James 185 SE 14 Terr 2205 Hans 185 SE 14 Terr 2305 Ray 185 SE 14 Terr 2405 185 SE 14 Terr 2505 185 SE 14 Terr 2605 185 SE 14 Terr 2705 Santalucia Yaxkin 185 SE 14 Terr 2805 Agresta Mauro 185 SE 14 Terr 2905 Brito Macedo Hilson 185 SE 14 Terr 606 185 SE 14 Terr 706 Zonenschain Stephen 185 SE 14 Terr 806 Martelli Cassiano 185 SE 14 Terr 906 Qureshi Robert 185 SE 14 Terr 1006 Callau Susana 185 SE 14 Terr 1106 214 Prof Investments 185 SE 14 Terr 1206 Qureshi Robert 185 SE 14 Terr 1406 Marenco Veronica 185 SE 14 Terr 1506 Qureshi Robert 185 SE 14 Terr 1606 Davila Belgica 185 SE 14 Terr 1706 185 SE 14 Terr 1806 Duramax Intl Group I 185 SE 14 Terr 1906 Carkel Sa 185 SE 14 Terr 2006 Twice America Inc 185 SE 14 Terr 2106 Nunez Antonio 185 SE 14 Terr 2206 Ladd Richard 185 SE 14 Terr 2306 Asinc Corp 185 SE 14 Terr 2406 Guia Elizabeth 185 SE 14 Terr 2506 Plantation Usa Inc 185 SE 14 Terr 2606 De Castro Virgilio 185 SE 14 Terr 2706 185 SE 14 Terr 2806 185 SE 14 Terr 2906 Padron Jose 185 SE 14 Terr 607 Rodas Jose 185 SE 14 Terr 707 Reyes Walter 185 SE 14 Terr 807 Padron Juan 185 SE 14 Terr 907 Cabra Corporation 185 SE 14 Terr 1007 Contreras Daissy 185 SE 14 Terr 1107 Errol C Service 185 SE 14 Terr 1207 185 SE 14 Terr 1407 Aslanian Arlene 185 SE 14 Terr 1507 Salvatierra Ana 185 SE 14 Terr 1607 Bohorquez Luis 185 SE 14 Terr 1707 Radworth Resources L 185 SE 14 Terr 1807 l nay. R y sex Sash Florida 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1998 $ 190,400 2003 $ 210,000 WD 2004 $ 225,000 WD 2003 $ - WD 1998 $ 206,600 2002 $ 215,000 WD 2003 $ 225,000 WD 2002 $ 228,000 WD 1998 $ 1998 $189,000 1999 $ 204,800 SW 1998 $ 206,600 1998 $ 204,700 1999 $189,000 WD 1999 $219,500 SW 1998 $ 224,000 1998 $207,700 2002 $ 223,000 WD 1998 $222,200 1998 $ - 1998 $ 230,000 2002 $ 220,000 1999 $247,800 SW 2003 $ 250,000 WO 1999 $252,900 SW 2000 $ 250,000 SW 1998 $ 169,900 1998 $ 149,800 1999 $ 110,000 WD 1998 $ 149,800 1998 $ 156,800 2001 $ 100 QC 1998 $175,000 2002 $ 200,000 WD 19998 $175,300 2003 $ 208,000 WD 1998 $ 175,300 2004 $ 350,000 TC 1998 $178,200 1998 $179,000 2002 $ 190,000 WD 2001 $ 175,000 WD 2000 $ 100 CT 1998 $186,500 2003 $ 216,000 WO 1998 $181,100 2002 $ 190,000 WI) 1998 $ 188,700 2004 $ 275,000 WD 1999 $ 200,500 SW 2002 $ 215,000 WD 1998 $ 206,200 1998 $ 202,100 2003 $ 215,000 WD 1999 $189,000 SW 1999 $ 214,500 SW 2003 $ 230,000 QC 1999 $214,500 1999 $219,000 SW 2004 $ 233,000 WD 1999 $211,900 SW 2000 $ 216,600 WD 1999 $216,600 SW 1999 $ 216,600 1999 $ 216,500 1999 $240,000 SW 1999 $ 249,900 SW 1998 $ 257,700 2001 $ 255,000 2000 $ 200,000 WD 1998 $161,800 2003 $ 190,000 WD 1998 $ 174,200 2004 $ 190,000 SW 2003 $ - 2003 $ - TC 2000 $ 198,000 WD 1998 $ 177,000 1998 $ 180,600 1999 $ 204,000 WD 1998 $175,500 1998 $ 179,000 1998 $ 2002 $ 225,000 WD 2001 $186,500 WD 1998 $192,000 1998 $186,500 1999 $ 198,500 SW 1998 $ 202,500 SW 1998 $ 197,000 Fortune House Last Latest Sale/ Prior Salel Prior Salel Prior Sale/ First Address bed bath 1/2 Date Resale Date Resale Date Resale Date Resale Trimusic Distributio 185 SE 14 Terr 1907 2 2 2002 $ 200,000 WD 1998 $200,800 Uribe Juan 185 SE 14 Terr 2007 2 2 2002 $ 195,000 WD 1999 $205,000 SW Moraczewski Alexei 185 SE 14 Terr 2107 2 2 2002 $ 205,000 WD 1999 $ 219,500 SW P T Investments Inc 185 SE 14 Terr 2207 2 2 1999 $ 224,000 SW Martinez Octavio 185 SE 14 Terr 2307 2 2 1999 $ 228,000 SW Gasperi Gilberto 185 SE 14 Terr 2407 2 2 2000 $ 220,000 SW Vidal.quadras Liliana 185 SE 14 Terr 2507 2 2 2002 $ 209,000 WD 1999 $233,000 SW Geaco Llc 185 SE 14 Terr 2607 2 2 2003 $ 227,000 WD 1999 $242,900 SW Cury Filho Nelson 185 SE 14 Terr 2707 2 2 2000 $ 230,000 SW Nickmick LIc 185 SE 14 Terr 2807 2 2 2003 $ 230,000 WD 2000 $ 242,000 SW MI Investmets Group 185 SE 14 Terr 2907 2 2 2002 $ 220,000 2000 $ 258,000 SW 185 SE 14 Terr 608 2 2 1998 $ 156,300 Burgos Fragoso Miguel 185 SE 14 Terr 708 2 2 1999 $ 179,000 SW Sevieri Jose 185 SE 14 Ten- 808 2 2 1998 $ 173,600 185 SE 14 Terr 908 2 2 1998 $ 186,500 Canedo Denise 185 SE 14 Terr 1008 2 2 2000 $ 204,000 WD 1999 $192,400 SW Vasquez Sonia 185 SE 14 Terr 1108 2 2 2001 $ 222,000 WD 1999 $ - 1998 $194,100 Affeltranger John 185 SE 14 Terr 1208 2 2 2003 $ 212,500 WD 1998 $188,200 Ramirez Eduardo 185 SE 14 Terr 1408 2 2 2002 $ 204,500 WD 1998 $202,200 Gonzalez Walter 185 SE 14 Terr 1508 2 2 2001 S 100 QC 1998 $196,500 Bustamante Fredy 185 SE 14 Terr 1608 2 2 1998 $ 203,500 Cardoso Group Inc 185 SE 14 Terr 1708 2 2 2003 $ 213,000 WD 1998 $197,400 Scaff Ricardo 185 SE 14 Terr 1808 2 2 2001 $ 200,000. WD 1998 $206,900 Moreno Jose 185 SE 14 Terr 1908 2 2 1998 $ Maitan Industries Sa 185 SE 14 Terr 2008 2 2 2003 $ 210,000 WD 1998 $209,600 1998 $216,200 Galdo Enrique 185 SE 14 Terr 2108 2 2 2002 $ 215,000 1999 $ 211,600 SW Qureshi Robert 185 SE 14 Terr2208 2 2 2002 $ 210,000 WD 1999 $216,000 SW Sampson Julius 185 SE 14 Terr 2308 2 2 1999 $ 222,300 SW Gutierrez Edilia C T 185 SE 14 Terr 2408 2 2 2004 $ - QC 1999 $239,300 SW Ren Real Estate Inve 185 SE 14 Terr 2508 2 2 1999 $ 244,100 SW Pasha-sharpe Kim 185 SE 14 Ten' 2608 2 2 2000 $ 249,200 SW Rojas Rafael 185 SE 14 Terr 2708 2 2 2004 $ 250,000 WD 2000 $244,000 SW Roco Investments Inc Robert 185 SE 14 Terr 2808 2 2 2004 $ QC 2004 $ 255,000 WD 1999 $ 1999 $254,300 Decarol Llc 185 SE 14 Terr 2908 2 2 2003 $ 240,000 WD 2001 $ 100 CD Condotel Realty Hold 185 SE 14 Terr 709a 1 1 2002 $ SW Talamo Gilberto 185 SE 14 Terr 809 1 1 2001 $ 132,000 WD 2001 $130,000 WD 1998 $ 95,800 Mendez Francisco 185 SE 14 Terr 909 1 1 2001 $ 130,000 WD 1998 $ 97,700 Bowen Craig 185 SE 14 Terr 1009 1 1 2002 $ 142,500 WD 1998 $ 104,700 185 SE 14 Terr 1109 1 1 1998 $ 185 SE 14 Terr 1209 1 1 1998 $ Brickell Way Corp 185 SE 14 Terr 1929 1 1 1998 $ - Oureshi Robert 185 SE 14 Terr 1509 1 1 2000 $ 119,000 WD 1998 $116,000 Gil Jr Simon 185 SE 14 Ten' 1609 1 1 2003 $ 146,000 WD 1998 $115,600 Audisio Juan 185 SE 14 Terr 1709 1 1 2002 $ 155,000 WD 1998 $118,100 Montemayor Patricia 185 SE 14 Ten' 1809 1 1 2004 $ QC 2004 $ 160,000 WD 1998 $ 120,500 Zuniga Gisselle 185 SE 14 Terr 1909 1 1 2004 $ 173,000 WD 2003 $140,000 WD 2000 $129,000 WD 1998 $123,000 Qureshi Robert 185 SE 14 Terr 2009 1 1 2000 $ 2000 $ 119,400 SW 1998 $ 119,400 1998 $123,000 Qureshi Robert 185 SE 14 Terr 2109 1 1 2000 $ 2000 $121,700 SW 1998 $121,700 Qureshi Robert 185 SE 14 Terr 2209 1 1 2000 $ - 2000 $124,200 SW 1998 $124,200 Samimi Siamak 185 SE 14 Terr 2309 1 1 2003 $ 178,500 WD 2000 $132,500 WD 2000 $126,800 SW 1998 $126,800 7Db South Florida Fortune House Last Latest Sale/ Prior Sale/ Prior Sale/ Prior Sale/ First Address bed bath 112 Date Resale Date Resale Date Resale Date Resale South Eastem Capita 185 SE 14 Terr 2409 1 1 South Eastern Capita 185 SE 14 Terr 2509 1 1 South Eastem Capita 185 SE 14 Terr 2609 1 1 Montesdeoca Howard 185 SE 14 Ten 2709 1 1 Fuster Moises 185 SE 14 Terr 2809 1 1 Yab Iii Inc 185 SE 14 Ten 2909 1 1 Devillafane Maria 185 SE 14 Terr 710 2 2 Pgf Investments Inc 185 SE 14 Ten 810 2 2 185 SE 14 Ten 910 2 2 185 SE 14 Terr 1010 2 2 Burman Iris 185 SE 14 Ten 1110 2 2 Ontaneda Charles 185 SE 14 Terr 1210 2 2 185SE14Terr1410 2 2 Trimusic Distributio 185 SE 14 Terr 1510 2 2 Colmar 2000 Ltd 185 SE 14 Terr 1610 2 2 La Mansion Store Inc 185 SE 14 Terr 1710 2 2 G Trapaga Jose 185 SE 14 Ten 1810 2 2 Quijano Jose 185 SE 14 Ten 1910 2 2 Cimino Conangelo 185 SE 14 Terr 2010 2 2 Lezama-alvarez Freddy 185 SE 14 Ten 2110 2 2 Demunter Jean 185 SE 14 Ten 2210 2 2 Gioielli Claudio 185 SE 14 Ten 2310 2 2 Mipefa Corporation 185 SE 14 Terr 2410 2 2 Deramirez Ana 185 SE 14 Ten 2510 2 2 Cimino Jose 185 SE 14 Ten 2610 2 2 Marvel Investments C 185 SE 14 Terr 2710 2 2 Shukla John 185 SE 14 Ten 2810 2 2 Qureshi Robert 185 SE 14 Ten 2910 2 2 Rodriguez Jose 185 SE 14 Ten 711 1 1 Fonseca Daniela 185 SE 14 Ten 811 1 1 Vega Maria 185 SE 14 Ten 911 1 1 Tesis Inv Inc Co 185 SE 14 Ten 1011 1 1 Florida Capital Mana 185 SE 14 Terr 1111 1 1 Travels/rentals 185 SE 14 Ten 1211 1 1 Patruz Corp 185 SE 14 Ten 1411 1 1 Palomino Graciela 185 SE 14 Ten 1511 1 1 185 SE 14 Ten 1611 1 1 Santos Rafael 185 SE 14 Ten 1711 1 1 Martinez Maria 185 SE 14 Ten 1811 1 1 Mercedes Maria 185 SE 14 Ten 1911 1 1 Sanchez-quijano Alvaro 185 SE 14 Terr 2011 1 1 Punzo Giovanni 185 SE 14 Ten 2111 1 1 185 SE 14 Terr 2211 1 1 Isla Bonita Investme 185 SE 14 Terr 2311 1 1 185 SE 14 Ten 2411 1 1 Marenco Valeria 185 SE 14 Ten 2511 1 1 Ravelo Augusto 185 SE 14 Ten 2611 1 1 Soares Teixiera Marilda 185 SE 14 Ten 2711 1 1 Montoya Claribel 185 SE 14 Ten 2811 1 1 Niana Trading/inv Co 185 SE 14 Terr 2911 1 1 Magre Rae,y Ryo,xcl, South Florida 2000 2000 2000 2004 2003 1998 2003 2003 1998 1998 2001 2004 1999 2002 2001 1999 2000 1998 2000 1999 2002 2000 2000 2001 2000 2001 2003 2003 2004 2004 2004 1998 2001 2002 2001 2002 1998 2002 2002 1999 2001 2000 1998 2000 1998 2003 1999 1999 2000 2001 $ 132,500 WD $ 132,500 WD $ 165,000 WD $ 160,000 WD $ 143,100 2000 $129,200 SW 2000 $ 132,000 SW 2000 $144,800 SW 2001 $ 132,000 SW 2001 $132,000 SW $ 190,000 QC 1999 $ 177,000 SW $ 162,300 WD 1998 $170,000 $ 175,900 $ 172,000 $ QC 1998 $172,000 $ 214,000 WD 1998 $174,500 $ 1998 $186,500 $ 184,000 WD 2000 $216,900 WI) $ 150,000 WD 1998 $207,900 $ 208,000 SW $ 200,000 SW $ 223,600 $ 215,500 SW $ 225,500 SW $ 200,000 WD 2000 $230,000 WD $ 228,000 SW $ 220,500 WD $ 240,000 SW $ 239,500 SW $ 240,000 SW 2001 $255,000 $ 245,000 WD 2001 $245,000 $ 249,000 WD 1999 $289,200 $ 12,400 SD 2002 $135,000 $ 139,500 WD 2001 $ 140,000 $ WD 2002 $135,000 $ 121,800 SW $ 128,000 WD 1998 $121,800 $ 150,000 WD 1998 $ 121,800 $ 146,500 WD 1998 $126,800 $ 150,000 WD 1998 $ 129,500 $ 129,500 $ 155,000 WD 1998 $137,200 $ WD 1998 $137,600 $ 170,000 WD 1998 $133,700 $ 150,000 WD 1998 $ 145,600 $ 161,000 WD 1998 $ 148,800 $ 1998 $148,800 $ 146,500 WD 1998 $ 159,700 $ 150,000 WD 1998 $ 166,300 $ 1998 $169,800 $ 173,000 WD $ 176,000 SW $ 175,000 WD 1999 $ 175,100 SW 1998 $129,200 1998 $ 132,000 1998 $144,800 1998 $137,400 1998 $140,300 1998 $ 174,500 1998 $182,300 1998 $194,600 SW SW SW WD 1998 $100,600 WD 1998 $109,200 WD 1998 $ 120,700 1998 $121,800 1998 $ 126,700 1998 $126,800 1998 $151,700 Fortune House Last Latest Salel Prior Salel Prior Sale/ Prior Salel First Address bed bath 112 Date Resale Date Resale Date Resale Date Resale Pessoa Luiz 185 SE 14 Terr 612 185 SE 14 Terr 712 185 SE 14 Terr 812 185 SE 14 Terr 912 Andrade Luis 185 SE 14 Terr 1012 Madrinan Adrian 185 SE 14 Terr 1112 Rodriguez Miguel 185 SE 14 Terr 1212 Travels & Rentals Co 185 SE 14 Terr 1412 De Castro Virgilio 185 SE 14 Terr 1512 Salman Carlos 185 SE 14 Terr 1612 Cabra Corporation 185 SE 14 Terr 1712 Abramoff Laura 185 SE 14 Terr 1812 Paddle Group Corpora 185 SE 14 Terr 1912 Building Inv Enterpr 185 SE 14 Terr 2012 185 SE 14 Terr 2112 Gainze Jorge 185 SE 14 Terr 2212 Sampaio Moema 185 SE 14 Terr 2312 Hemandez Juan 185 SE 14 Terr 2412 Andilu Investment Co 185 SE 14 Terr 2512 185 SE 14 Terr 2612 Herrera Consuelo 185 SE 14 Tert 2712 Lopez Wilson 185 SE 14 Terr 2812 Padrosa Ribas Maria 185 SE 14 Terr 2912 Arango Julio 185 SE 14 Terr 613 Travels/rentals 185 SE 14 Teri 713 Unit 813 Fortune Hou 185 SE 14 Terr 813 Lumerca Inc 185 SE 14 Terr 913 185 SE 14 Terr 1013 Kimbrough King Donald 185 SE 14 Terr 1113 Armas Alejandro 185 SE 14 Terr 1213 Ludian Investment Co 185 SE 14 Ten' 1413 185 SE 14 Terr 1513 Salman Carlos 185 SE 14 Terr 1613 Uribe Jorge 185 SE 14 Terr 1713 Astor Investment Cor 185 SE 14 Terr 1813 Astor Investment Cor 185 SE 14 Teri 1913 Bear Pacific Ltd 185 SE 14 Tert 2013 185 SE 14 Terr 2113 Himmel William 185 SE 14 Terr 2213 Bravo Juan 185 SE 14 Terr 2313 Colin Gustavo 185 SE 14 Terr 2413 Jul Holdings Corp 185 SE 14 Terr 2513 Decastro Guarionex 185 SE 14 Terr 2613 Mgsg Corp 185 SE 14 Terr 2713 Personal Ivonildo 185 SE 14 Terr 2813 El Espino Investment 185 SE 14 Terr 2913 Nicolas Michel 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Source: Research 8 Analysis of public record as of June 2004 by Integra Realty Resources - South Florida 1998 $ 1998 $ 2004 $ 1998 $ 105,700 105,700 138,500 WD 2000 $ 132,000 WD 1999 $ 157,000 WI) 2002 $ 150,000 2000 $ 120,000 WD 1998 $ 124,300 1998 $ 124,300 2002 $ 143,000 WD 1998 $110,000 1998 $120,400 1998 $122,900 1999 $135,000 SW 1998 $128,000 2003 $ 151,000 WD 1998 $136,000 1998 $ 136,000 1998 $110,000 1998 $120,400 1998 $ - 1998 $141,500 2001 $ 161,000 WD 2000 $132,500 WD 2000 $137,300 SW 1998 $137,300 19999 $ 157,900 SW 1999 $ 161,000 SW 1999 $157,900 1999 $ 164,400 SW 1998 $ 180,000 2000 $ 171,000 SW 1999 $ 174,700 SW 2000 $ 147,000 SW 2002 $ 130,000 WD 1999 $127,000 WD 1998 $ 114,600 2002 $ 135,000 WI) 1996 $116,900 1999 $ 143,000 WD 1998 $121,700 2001 $ 148,000 WD 2001 $ 86,000 QC 1998 $ 121,700 1998 $ - 1998 $ 124,200 2000 $ 148,500 WD 1998 $129,100 2003 $ 143,500 WD 1998 $129,100 1998 $129,300 1999 $ 150,000 SW 19998 $ 128,200 19998 $ 130,800 2003 $ - RD 2003 $145,000 WD 1998 $130,800 1998 $144,500 19998 $ 144,500 1998 $ 143,000 1998 $ 146,000 2003 $ 170,000 2002 $125,000 WD 2002 $160,000 1998 $154,600 1998 $ 155,000 1998 $154,600 1999 $ 166,100 SW 2003 $ 135,000 WD 2003 $126,000 SW 2003 $ - TC 1999 $169,000 1999 $ 173,000 SW 2004 $ SW 2004 $143,000 WD 2002 $275,000 WD 1999 $176,500 1999 $ 180,200 SW 2002 $ 170,000 WD 2000 $204,100 1999 $ 187,500 SW Y,hge ae.hy x.souror, South Florida VILLA MAGNA r- 0 r+ MARK ON BRICKELL Integra Realty Resources South Florida $350,000 $330, 000 $310,000 $290,000 $270, 000 $250,000 Mark on Brickell Average Price Point Change 2001 - March 2004 2001 2002 2003 2004 Property Name Year Built No. of Units Year of Sale No. of Sale Average Price Percent Change Mark on Brickell 1155 Brickell Bay Drive Miami, Fl 2001 359 2001 306 $256,106 2002 55 $298,205 16% 2003 67 $312,669 5% 2004 25 $330,360 6% Average 113.25 $299,335 27% Source: Research & Analysis of public record as of June 2004 by Integra Realty Resources - South Florida The Mark On Brickell Prior Salel Resale 01-4138-080-0690 1000 Sopo Inc 1155 Brickell Bay Dr 202 2 2 May-02 $0 Nov-01 $400,000 01-4138-080-0700 1000 Sopo Inc 1155 Brickell Bay Dr 302 2 2 May-02 $0 Nov-01 $470,000 01-4138-080-2030 1155-807 Mark Corp 1155 Brickell Bay Dr 1 1 Apr-04 $O QC Aug-01 $135,900 01-4138-080-3440 2111 Mark Hoildings 1155 Brickell Bay Dr 2 2 Dec-01 $366,000 01-4138-080-1710 A 8 G Corp 1155 Brickell Bay Dr 906 1 1 Jul-01 $156,900 01-4138-080-1240 Abello Humberto 1155 Brickell Bay Dr 2604 3 2 Mar-04 $400,000 WD Sep-01 $323,900 WD 01-4138-080-0130 Aethra R Estate I 1155 Brickell Bay Dr 2 2 Aug-01 $222,500 01-4138-080-0870 Aethra Real Eastate 1155 Brickell Bay Dr 1903 2 2 Jul-01 $218,800 01-4138-080-0100 Aguilar Rodrigo 1155 Brickell Bay Dr 2 2 Jul-03 $375,000 WD Aug-01 $224,200 01-4138-080-0120 Aizpurua Carlos 1155 Brickell Bay Dr 2 2 Aug-03 $0 CS Jul-01 $223,000 01-4138-080-2850 Alcazar Alfredo 1155 Brickell Bay Dr2709 2 2 Jan-04 $355,000 WD Jan-04 $355,000 WD Jan-04 $355,000 01-4138-080-1750 Allen Robert 1155 Brickell Bay Dr 1406 1 1 Oct-03 $240,000 WD Aug-01 $156,700 01-4138-080-3550 Allen Carol 1155 Brickell Bay Dr 3311 2 2 Aug-03 $0 QC Jan-02 $343,900 01-4138-080-0380 Alvarez Maria 1155 Brickell Bay Dr402 1 1 Oct-02 $210,000 WD Aug-01 $171,000 01-4138-080-3520 Alzedica Vntures Inc 1155 Brickell Bay Dr 3011 2 2 Nov-01 $0 01-4138-080-0660 Andrade Patricia 1155 Brickell Bay Dr 3302 3 2 Dec-02 $365,000 WD Oct-01 $338,500 01-4138-080-0280 Aneja Arjun 1155 Brickell Bay Dr 3001 2 2 May-04 $330,000 WD Oct-01 $0 01-4138-080-3580 Anselmetti Federico 1155 Brickell Bay Dr 3 2 Oct-03 $560,000 WD Aug-02 $0 Jan-02 $320,000 01-4138-080-3150 Anyssa Corporation 1155 Brickell Bay Dr 2610 2 2 Sep-02 $390,000 01-4138-080-2630 Arreaza Maria 1155 Brickell Bay Dr 2 2 Mar-03 $0 QC Jul-01 $222,300 01-4138-080-1690 Arroyo Femando 1155 Brickell Bay Dr 706 1 1 Jul-01 $152,900 01-4138-080-3260 Avila Carlos 1155 Brickell Bay Dr 3 2 1 Dec-03 $585,000 WD Oct-01 $700,000 01-4138-080-1360 Baez Jose 1155 Brickell Bay Dr405 1 1 Mar-03 $57,700 QC Jul-01 $131,100 01-4138-080-1230 Bayshore View Holdin 1155 Brickell Bay Dr 2504 3 2 Sep-01 $319,900 01-4138-080-1970 Beaman William 1155 Brickell Bay Dr 1 1 Jun-02 $0 QC May-02 $250,000 Nov-01 $235,000 01-4138-080-1420 Beggi Claudio 1155 Brickell Bay Dr 1005 1 1 Nov-01 $155,800 01-4138-080-2110 Bettran Juan 1155 Brickell Bay Dr 1 1 Sep-03 $213,000 WD Sep-01 $176,000 01-4138-080-0210 Benson Christophe 1155 Brickell Bay Dr 2301 2 2 Mar-03 $141,800 QC Feb-02 $315,000 Oct-01 $265,900 01-4138-080-0320 Blavatnik Stuart 1155 Brickell Bay Dr 3401 2 2 Mar-04 $370,000 WD Oct-01 $304,000 01-4138-080-2280 Bolulu Florida Corp 1155 Brickell Bay Dr 3407 1 1 Oct-01 $223,000 01-4138-080-0920 Braschi Francisco 1155 Brickell Bay Dr 2403 2 2 Sep-01 $253,700 01-4138-080-1730 Braverman Howard 1155 Brickell Bay Dr 1106 1 1 Jul-01 $160,500 01-4138-080-3070 Brickell Bay Mark LI 1155 Brickell Bay Dr 2 2 Sep-02 $438,000 WD Aug-01 $303,900 01-4138-080-1440 Buroz Rosalin 1155 Brickell Bay Dr 1205 1 1 Aug-03 $215,000 WD Aug-01 $154,500 01-4138-080-0010 Bushdid Jose 1155 Brickell Bay Dr 2 2 Dec-03 $294,000 WD Dec-03 $294,000 WD Jul-01 $189,900 01-4138-080-0610 Butler James 1155 Brickell Bay Dr 2802 3 2 Sep-02 $362,000 WD Nov-01 $322,000 01-4138-080-0640 Cac Ingenieria Corp 1155 Brickell Bay Dr 3102 3 2 Oct-01 $342,000 01-4138-080-3160 Calisto Diego 1155 Brickell Bay Dr 2710 2 2 Nov-01 $374,900 01-4138-080-0220 Camacho Hermilo 1155 Brickell Bay Dr 2401 2 2 Jun-03 $315,000 WD Sep-01 $276,500 01-4138-080-2090 Carriazo Maruchy 1155 Brickell Bay Dr 1 1 Dec-03 $225,000 WD Dec-03 $225,000 WD Dec-03 $225,000 01-4138-080-0540 Castelli Aldo 1155 Brickell Bay Dr 2102 3 2 Jun-03 $355,000 WD Oct-01 $312,500 01-4138-080-1130 Castellon Oscar 1155 Brickell Bay Dr 1504 3 2 Aug-01 $277,000 01-4138-080-2560 Cavallaro Salvatore 1155 Brickell Bay Dr 3208 2 2 Nov-02 $370,000 WD Nov-01 $305,000 01-4138-080-0680 Cesar Frantz 1155 Brickell Bay Dr 102 3 2 Dec-03 $0 SW Oct-01 $406,600 01-4138-080-2840 Cesar Frantz 1155 Brickell Bay Dr2609 2 2 Dec-03 $0 SW Oct-01 $0 01-4138-080-1210 Chatani Sharda 1155 Brickell Bay Dr2304 3 2 Sep-03 $380,000 WD Oct-01 $307,800 01-4138-080-2180 Chesney George 1155 Brickell Bay Dr2407 1 1 Mar-02 $218,000 Oct-01 $184,900 01-4138-080-2530 Ching Henry 1155 Brickell Bay Dr 2908 2 2 Oct-01 $281,200 01-4138-080-2240 Clamor 2001 Inc 1155 Brickell Bay Dr 3007 1 1 Aug-01 $196,900 01-4138-080-1610 Cocos Island Inc 1155 Brickell Bay Dr 3005 1 1 Sep-01 $211,000 UR Mey, Wetly �«.� South Florida Latest Salel Last First Address bed bath 1/2 Date Resale Date Prior Salel Date Resale The Mark On Brickell 01-4138-080-1520 01-4138-080-1810 01-4138-080-1040 01-4138-080-3610 01-4138-080-3300 01-4138-080-3110 01-4138-080-1630 01-4138-080-2570 01-4138-080-2070 01-4138-080-2720 01-4138-080-1720 01-4138-080-0880 01-4138-080-1490 01-4138-080-3430 01-4138-080-2620 01-4138-080-1680 01-4138-080-2780 01-4138-080-2320 01-4138-080-1840 01-4138-080-0400 01-4138-080-2650 01-4138-080-3460 01-4138-080-1350 01-4138-080-3120 01-4138-080-0650 01-4138-080-0440 01-4138-080-0070 01-4138-080-2510 01-4138-080-3080 01-4138-080-2860 01-4138-080-1860 01-4138-080-2160 01-4138-080-2810 01-4138-080-1890 01-4138-080-3180 01-4138-080-3380 01-4138-080-0190 01-4138-080-1790 01-4138-080-0460 01-4138-080-3500 014138-080-0910 01-4138-080-2150 01-4138-080-1650 01-4138-080-1590 01-4138-080-2760 01-4138-080-2300 01-4138-080-1620 01-4138-080-2200 01-4138-080-0410 01-4138-080-2390 l In gra Reeky Wew,an South Florida Last Coello Costa Coto Cp Realty At The Mar Cresthill Overseas I Criblez Cristiani Cuadros Daugette Ili Decamillo Jr Decastro Deconza Sa Delalama Delloreda Delrosario Delrosso Descoubet Diaz Dutra Edwards Realty Eltamarindo Inc Equity 8 Law Re Hold Espinal Espinosa Exposure Holdings In Fem Valley Co Ferronato Figuero Florida Capital Mona Gama Holdings Inc Garcia Gavazzi Glencoe Developments Gonzalez Goto Inc Grieve Griffin Grynzpam Gtmc Corp Gualdoni Guevara Guilar Guillen Gutierrez Guzdi Intemational Hammond Henriquez Henry Herrera Herrera First Address Jennifer James Carlos Christopher Julio Juan Clarence Pedro Maria Diego Elsa Claudia Luca Jean Gonzalo Carol Eduardo Keith Moacir Eduardo Fausto Marcelo Cristina George Juan Clarice Donald Carlos Rodrigo Juan Jesus Clement Fidel Alfonso Ricardo Omar 1155 Br ckeN Bay Dr 2105 1155 Brickell Bay Dr 2006 1155 BrickeN Bay Dr 203 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 3205 1155 Brickell Bay Dr 3308 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1006 1155 Brickell Bay Dr 2003 1155 Brickell Bay Dr 1805 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 606 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 2306 1155 Brickell Bay Dr 602 1155 Brickell Bay Dr 1155 Brickell Bay Dr 2411 1155 Brickell Bay Dr 305 1155 Brickell Bay Dr 2310 1155 Brickell Bay Dr 3202 1155 Brickell Bay Dr 1002 1155 Brickell Bay Dr 1155 Brickell Bay Dr 2708 1155 Brickell Bay Dr 1155 Brickell Bay Dr 2809 1155 Brickell Bay Dr 2506 1155 Brickell Bay Dr 1155 Brickell Bay Dr 2309 1155 Brickell Bay Dr 2806 1155 Brickell Bay Dr 2910 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1806 1155 Brickell Bay Dr 1202 1155 Brickell Bay Dr 2811 1155 Brickell Bay Dr 2303 1155 Brickell Bay Dr 1155 Brickell Bay Dr 3405 1155 Brickell Bay Dr 2805 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 3105 1155 Brickell Bay Dr 2607 1155 Brickell Bay Dr 702 1155 Brickell Bay Dr bed bath 112 Date 1 1 1 1 2 2 2 2 2 2 1 1 2 2 1 1 2 2 1 1 2 2 1 1 2 2 2 2 1 1 2 2 2 2 1 1 3 2 2 2 2 2 1 1 2 2 3 2 3 2 2 2 2 2 2 2 2 2 1 1 1 1 2 2 1 1 2 2 2 2 2 2 1 1 3 2 2 2 2 2 1 1 1 1 1 1 2 2 2 2 1 1 1 1 3 2 2 2 Latest Sale/ Resale May-04 $215,000 WD Oct-01 $176,900 Nov-01 $191,000 May-02 $112,500 Aug-01 $239,000 Mar-02 $305,900 Nov-01 $196,900 Sep-03 $225,000 WD Nov-03 $295,000 WD Sep-03 $230,000 WD Jul-01 $241,167 Apr-04 $223,500 WD Feb-04 $420,000 WD Aug-03 $265,000 WD Nov-02 $0 WD 01-204 $313,500 WD Aug-01 $239,000 May-02 $215,000 WD Jul-01 $245,700 Jan-03 $275,000 WD Oct-01 $371,500 Jul-02 $200,500 WD Mar-03 $417,000 WD Jul-01 $260,000 Jul-01 $207,100 Oct-01 $295,000 Sep-01 $331,900 Oct-01 $295,000 Oct-01 $0 Jun-03 $218,000 WD Dec-01 $269,900 Jan-04 $245,000 WD Sep-01 $378,400 Apr-04 $390,000 WD Nov-01 $270,000 Jun-02 $220,000 WD Sep-03 $350,000 WD Jul-03 $375,000 WD Sep-01 $260,900 May-02 $218,000 WD Dec-03 $223,000 WD Jan-02 SO QC Aug-01 $260,300 Jul-03 $361,500 WD Sep-01 $194,700 Aug-03 $220,000 WD Sep-03 $330,000 WD Dec-03 $320,000 WD Date Aug-01 Prior Sale! Resale $183,900 Jul-01 $347,000 Aug-01 $164,300 Aug-01 $258,000 Oct-01 $158,900 Aug-01 $169,100 Mar-03 $385,000 WD Oct-02 $O QC Sep-01 $163,000 Feb-02 $263,900 SW Oct-01 $182,900 Aug-01 $236,000 Jul-01 $119,700 Sep-01 $389,500 Sep-01 $181,500 Oct-01 $200,900 Sep-01 $307,800 Aug-01 Aug-01 Sep-01 $172,900 $261,900 $355,000 Oct-01 $179,500 Dec-01 $201,400 Oct-01 $190,000 Mar-02 $325,000 Oct-01 Aug-01 Aug-01 $0 $270,000 $278,000 Prlor Sale/ Date Resale Nov-01 $364,900 Jul-01 $208,000 Aug-01 $365,000 The Mark On Brickell 01-4138-080-1190 01-4138-080-2330 01-4138-080-2710 01-4138-080-2230 01-4138-080-3400 01-4138-080-3360 01-4138-080-2670 01-4138-080-2580 01-4138-080-1430 01-4138-080-3030 01-4138-080-2870 01-4138-080-0040 01-4138-080-3190 01-4138-080-1310 01-4138-080-2130 01-4138-080-1260 01-4138-080-1880 01-4138-080-2610 01-4138-080-2660 01-4138-080-1930 01-4138-080-3480 01-4138-080-0450 01-4138-080-1140 01-4138-080-0020 01-4138-080-0300 01-4138-080-1870 01-4138-080-0980 01-4138-080-0530 01-4138-080-0670 01-4138-080-0830 01-4138-080-0490 01-4138-080-0500 01-4138-080-2940 01-4138-080-2950 01-4138-080-0940 01-4138-080-1390 01-4138-080-3130 01-4138-080-1480 01-4138-080-2000 01-4138-080-2020 01-4138-080-2380 01-4138-080-2550 01-4138-080-2900 01-4138-080-0800 01-4138-080-0580 01-4138-080-3280 01-4138-080-1320 01-4138-080-2830 01-4138-080-2740 01-4138-080-3140 l mq• p«Kr wa South Florida Last Hickeson Hidalgo Hochberg Hoffman Holodenschi Horta Ibarzabal Ig 3408 Mark Corp lja Inc International Capita J Del Janakiraman Jm International Inv Jones Jordan Juliana Of Florida C Karp Kassar Kelly Key Looke Properties Keywest Overseas Ltd Klein Komiewicz Kou Kovitos Corp Kroenlein La Rioja Development Lage Lamassonne Lara Laura Pacific Inc Laura Pacific Inc Laura Pacific Inc Laura Pacific Inc Lechuga Lia Real Estate Inve Libertella Loechel Loiacono Loiacono Lopez Lopez-cepero Lorain Trading Servi Lozano Lumabla Investments Mahony U S A Inc Malpartida Mantilla Marengo Developments Mark 2510 Inc First Address Marc Esteban Julio Andres Dellia Ruben Humberto Orencio Vijay Jeffery Enrique Gerald James Mathew Jason Denise Cesar Steven Jose Luis Jesus Santiago Cab Michael Gasperino Francisco Jose Cayetano Teresa Henry Carolina 1155 Brickell Bay Dr2104 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 2907 1155 Bricked Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Bricked Bay Dr 3408 1155 Brickell Bay Dr 1105 1155 Brickell Bay Dr 1155 Brickell Bay Dr 2909 1155 Brickell Bay Dr 1155 Brickell Bay Dr 3010 1155 Bricked Bay Dr 3304 1155 Brickell Bay Dr 1155 Bricked Bay Dr 2804 1155 Brickell Bay Dr 2706 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 3206 1155 Brickell Bay Dr 2611 1155 Bricked Bay Dr 1102 1155 Brickell Bay Dr 1604 1155 Brickell Bay Dr 1155 Brickell Bay Dr 3201 1155 Brickell Bay Dr 2606 1155 Brickell Bay Dr 3003 1155 Brickell Bay Dr 2002 1155 Brickell Bay Dr 3402 1155 Bricked Bay Dr 1503 1155 Brickell Bay Dr 1602 1155 Brickell Bay Dr 1702 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 2603 1155 Brickell Bay Dr 705 1155 Brickell Bay Dr 2410 1155 Brickell Bay Dr 1705 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 3108 1155 Brickell Bay Dr 3209 1155 Brickell Bay Dr 1103 1155 Bricked Bay Dr 2502 1155 Brickell Bay Dr 1155 Brickell Bay Dr 3404 1155 Brickell Bay Dr 2509 1155 Brickell Bay Dr 1155 Brickell Bay Dr 2510 bed bath 112 Date 2 2 2 1 2 2 2 2 1 2 2 2 2 2 1 2 1 2 2 1 2 2 2 2 2 1 2 2 2 2 2 2 1 1 1 1 2 1 2 1 1 1 2 2 2 2 2 2 2 2 2 2 Feb-03 Feb-03 Sep-03 Nov-02 AIN-04 Oct-01 Jul-01 Oct-01 Feb-03 Sep-01 Sep-01 May-02 Dec-01 May-02 Dec-03 Oct-01 Aug-01 Jan-04 May-02 Nov-01 Apr-02 Oct-03 Jul-01 Nov-01 Jul-02 Nov-01 Oct-03 Aug-01 Jan-03 Jul-01 Jul-01 Jul-01 Jul-01 Sep-01 Oct-01 Jul-01 Jul-01 Jul-01 Aug-01 Sep-01 Nov-01 May-04 Sep-01 Jul-01 Dec-03 Oct-03 Aug-01 Sep-02 Latest Sale/ Resale $399,000 WD $322,500 WD $296,000 WD $240,000 WD $415,000 WD $310,400 $230,000 $326,000 $216,000 WD $291,600 $293,000 $265,000 $397,000 $395,000 $216,300 WD $359,000 $201,300 $292,000 WD $184,900 SW $0 $300,000 $400,000 WD $192,900 $0 $230,000 WD $0 $370,000 WD $389,000 $279,000 WD $270,500 $273,300 $248,900 $250,000 $136,800 $426,000 $167,000 $143,900 $147,900 $265,000 $294,900 $0 $310,000 WD $316,667 $324,900 $425,000 WD $280,000 WD $248,900 $393,300 Date Oct-01 Oct-01 Aug-01 Nov-01 Aug-01 Prior Sale/ Resale $306,800 $290,000 $266,000 $213,000 $327,900 Jan-01 $195,000 Jul-01 Oct-01 Mar-02 Sep-01 $201,400 $336,300 $359,100 $175,700 Jul-01 $228,000 Aug-01 $266,000 Jul-01 $305,000 Oct-01 Apr-02 Aug-01 Prior Sale/ Date Resale Jul-01 $157,700 $199,500 $385,000 WD Nov-01 $330,000 $214,000 Jul-01 $209,000 Dec-03 $425,000 WD Oct-01 $360,000 Sep-01 $273,900 The Mark On Brickell Latest Sale/ Last First Address bed bath 1/2 Date Resale 01-4138-080-3600 Mark Of Brickell Res 1155 Brickell Bay Dr 01-4138-080-0720 Martin Raquel 1155 Brickell Bay Dr 303 01-4138-080-1460 Martinez Guillermo 1155 Brickell Bay Dr 1505 01-4138-080-1670 Martinez Jorge 1155 Brickell Bay Dr Ph205 01-4138-080-0620 Meersbury Holdings L 1155 Brickell Bay Dr 2902 01-4138-080-1250 Miranda Jose 1155 Brickell ell Bay Dr 2704 01-4138-080-0600 Mohammed-ali Kamila 1155 Brickell Bay Dr 2702 01-4138-080-1030 Molina Wesner 1155 Brickell Bay Dr Ph103 01-4138-080-3490 Mondragon Carolyn 1155 Brickell Bay Dr 2711 01-4138-080-0740 Monmany Carlos 1155 Brickell Bay Dr 503 01-4138-080-1550 Monolithos Of Florid 1155 Brickell Bay Dr 2405 01-4138-080-3310 Montefusco Guillermo 1155 Brickell Bay Dr 01-4138-080-2880 Moreira Carla 1155 Brickell Bay Dr 3009 01-4138-080-3370 Moreland Allen 1155 Brickell Bay Dr 01-4138-080-1090 Ms Mark Limited Liab 1155 Brickell Bay Dr 1004 01-4138-080-1540 Munis Nuri 1155 Brickell Bay Dr 2305 01-4138-080-3450 Munis Nuri 1155 Brickell Bay Dr 2311 01-4138-080-1530 Navarro Eugenio 1155 Brickell Bay Dr 2205 01-4138-080-2470 Navas Nestor 1155 Brickell Bay Dr 2308 01-4138-080-3590 Nesbitt William 1155 Brickell Bay Dr 01-4138-080-2790 Nieto Zoraida 1155 Brickell Bay Dr 01-4138-080-1560 Nula Robert 1155 Brickell Bay Dr 2505 01-4138-080-1980 0 Herrera Jaime 1155 Brickell Bay Dr 01-4138-080-1780 Pacheco Fausto 1155 Brickell Bay Dr 1706 01-4138-080-2290 Paolode Joao 1155 Brickell Bay Dr 01-4138-080-2680 Pardi & Uscanga Inc 1155 Brickell Bay Dr 01-4138-080-3000 Penafiel Femando 1155 Brickell Bay Dr 01-4138-080-1300 Perez Juan 1155 Brickell Bay Dr 3204 01-4138-080-2640 Peters A 1155 Brickell Bay Dr 01-4138-080-3060 Plentybay Limited 1155 Brickell Bay Dr 01-4138-080-2360 Ponce Omar 1155 Brickell Bay Dr 01-4138-080-2820 Potes Corp 1155 Brickell Bay Dr2409 01-4138-080-3330 Powell Robin 1155 Brickell Bay Dr 01-4138-080-0860 Quindio LIc 1155 Brickell Bay Dr 1803 01-4138-080-2700 Ramzy Suzy 1155 Brickell Bay Dr 01-4138-080-0960 Ravinet Claudio 1155 Brickell Bay Dr 2803 01-4138-080-1150 Reyes Jacquelin 1155 Brickell Bay Dr 1704 01-4138-080-2440 Remis Cesar 1155 Brickell Bay Dr 01-4138-080-3210 Rfd International In 1155 Brickell Bay Dr 3210 01-4138-080-2930 Riquelme Domingo 1155 Brickell Bay Dr 01-4138-080-2980 Rivero Raul E Trust 1155 Brickell Bay Dr 01-4138-080-1660 Robles Eduardo 1155 Brickell Bay Dr Ph105 01-4138-080-1830 Rodriguez Orosman 1155 Brickell Bay Dr 2206 01-4138-080-3290 Rodriguez Francisco 1155 Brickell Bay Dr 01-4138-080-3100 Rosenthal Intematio 1155 Brickell Bay Dr 01-4138-080-2050 Rubio Pedro 1155 Brickell Bay Dr 01-4138-080-0250 Sadowsky James 1155 Brickell Bay Dr 2701 01-4138-080-2540 Safeway Inc 1155 Brickell Bay Dr 3008 01-4138-080-0110 Safrani Lc 1155 Brickell Bay Dr 01-4138-080-0990 Salcedo Alvaro 1155 Brickell Bay Dr 3103 l i,ry.. weary �„ Sough Florida Dec-03 $1,900,000 WD 2 2 May-03 $0 QC 1 1 Jul-02 $210,000 WD 1 1 Feb-04 $260,000 WD 3 2 Nov-02 $360,000 WD 3 2 Oct-01 s0 Date Aug-01 Oct-01 Mar-02 Feb-02 Nov-01 Prior Sale/ Resale $1,150,000 $265,000 $198,000 $206,300 $325,000 Prior Sale/ Date Resale Jul-01 Jul-01 $177,800 $163,400 3 2 Dec-02 $368,000 WD Dec-01 $319,000 2 2 Nov-01 $0 2 2 Jan-03 $260,800 QC Oct-01 $352,500 2 2 Jul-01 $185,200 1 1 Feb-03 $215,000 WD Dec-01 $180,900 2 2 Jul-01 $292,900 2 2 May-03 $325,000 WD Nov-01 $293,000 2 2 JuI-03 $395,000 WD Aug-01 $349,500 3 2 Sep-01 $262,000 1 1 Jul-02 $215,000 WD Sep-01 $178,600 2 2 May-03 $378,000 WD Nov-01 $305,900 Oct-01 $384,500 1 1 Sep-01 $176,700 2 2 Sep-01 $283,900 3 2 1 Jul-02 $0 QC Oct-01 $700,000 2 2 02-204 $315,000 WD Aug-01 $288,000 1 1 Feb-03 $220,000 WD Dec-01 $182,400 1 1 Jul-01 $133,000 1 1 Oct-03 $237,500 WD Jul-01 $162,400 1 1 Dec-01 $232,000 2 2 Oct-01 $242,900 2 2 Jul-01 $379,167 3 2 Nov-02 $410,000 WD Feb-02 $356,100 2 2 Nov-03 $300,000 WD Aug-01 $219,400 2 2 Jul-02 5400,000 Oct-01 $295,900 2 2 Dec-03 $330,000 WD Dec-03 $330,000 WD Aug-01 $248,900 2 2 Sep-01 $271,700 2 2 Jul-01 $335,300 2 2 May-03 $310,000 WD Aug-01 $220,400 2 2 Oct-02 $0 WD Aug-01 $245,000 2 2 Feb-03 $315,000 WD Aug-01 $278,000 3 2 May-04 $440,000 WD Aug-01 $279,300 2 2 Nov-03 $330,000 WD Nov-01 $251,000 2 2 Sep-01 $325,900 2 2 Sep-01 $312,600 2 2 Sep-02 $0 QC Aug-01 $266,000 1 1 Jan-03 $250,000 WD Oct-01 $225,000 1 1 Oct-03 $0 QC Dec-01 $182,200 2 2 Jan-03 $380,000 WD Jan-03 $380,000 WD Sep-01 $313,500 2 2 Dec-01 $335,900 1 1 May-02 $0 QC Aug-01 $160,600 2 2 Apr-03 $320,000 WD Oct-01 $277,900 2 2 Sep-01 $297,900 2 2 Dec-02 $265,000 WD Aug-01 $226,100 2 2 Dec-02 $325,000 WD The Mark On Brickell 01-4138-080-1070 01-4138-080-1020 014138-080-3350 01-4138-080-0730 01-4138-080-0420 01-4138-080-1500 01-4138-080-1760 01-4138-080-0630 01-4138-080-0260 01-4138-080-3420 01-4138-080-2260 01-4138-080-1290 01-4138-080-0890 01-4138-080-3390 01-4138-080-3270 01-4138-080-3010 01-4138-080-1850 01-4138-080-2990 01-4138-080-0560 01-4138-080-0900 01-4138-080-0240 01-4138-080-2600 01-4138-080-1470 01-4138-080-1570 01-4138-080-3230 01-4138-080-3470 01-4138-080-0430 01-4138-080-0480 01-4138-080-1080 01-4138-080-1950 01-4138-080-0970 01-4138-080-1640 01-4138-080-3410 01-4138-080-2890 01-4138-080-2460 01-4138-080-2920 01-4138-080-3570 01.4138-080-0180 01-4138-080-3530 01-4138-080-0340 01-4138-080-0030 01-4138-080-0050 01-4138-080-0060 01-4138-080-0080 01-4138-080-0090 01-4138-080-0140 01-4138-080-0150 01-4138-080-0160 01-4138-080-0170 01-4138-080-0200 l my,. aanr+es South Florida Last San Felipe Sa Sanchez Sanchez Sanchez Baez Sanclemente Sanclemente Santiago Santini Sarria Serrato Shania Enterprises C Silva Simonds Singer International Soliveras Stopka Joseph L Trus Suarez Suarez Tejeda The Mark Brickell Ap The Pr Pa Co Lt Torres Tovar Trento Investment Co Triulzi United Intercompany Valencia Varela Vargas Vontobel Voto Wilson Wirecom Communicatio Wolfman Limited Y & C Investment Cor Yacht Club At Bricke Yacht Club At Bricke Ynestroza Yunes Zeca Vent Inc First Address bed bath 1/2 Date Camito Carlos Jose Margarita Rodolfo Felix Sean Roger Juan Alvani Gabriel Carlos Fradyn Vivian Miguel Hector Nicolas Robert Jesus Juan Gabriel Brandon Ferdinando George Rene Miguel 1155 Brickell Bay Dr 804 1155 Brickell Bay Dr 3403 1155 Brickell Bay Dr 1155 Brickell Bay Dr 403 1155 Brickell Bay Dr 802 1155 Backell Bay Dr 1905 1155 Brickell Bay Dr 1506 1155 Brickell Bay Dr 3002 1155 Brickell Bay Dr 2801 1155 Brickell Bay Dr 1155 Brickell Bay Dr 3207 1155 Brickell Bay Dr 3104 1155 Bricker Bay Dr 2103 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Bricker Bay Dr 2406 1155 Brickell Bay Dr 1155 Brickell Bay Dr 2302 1155 Brickell Bay Dr 2203 1155 Brickell Bay Dr 2601 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1605 1155 Brickell Bay Dr 2605 1155 Brickell Bay Dr 3410 1155 Brickell Bay Dr 2511 1155 Brickell Bay Dr 902 1155 Brickell Bay Dr 1502 1155 Brickell Bay Dr 904 1155 Brickell Bay Dr 3406 1155 Bricker Bay Dr 2903 1155 Brickell Bay Dr 3305 1155 Brickell Bay Dr 1155 Brickell Bay Dr 3109 1155 Brickell Bay Dr 1155 Brickell Bay Dr 3409 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 3111 1155 Brickell Bay Dr 201 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 901 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr 1155 Brickell Bay Dr Jul-01 Sep-01 Jul-01 Jul-01 Mar-04 Oct-03 Jan-03 Mar-03 Jul-02 Nov-01 Dec-03 Sep-03 May-02 Aug-03 Mar-03 Mar-04 May-04 Oct-03 Oct-01 Oct-01 Oct-01 May-03 Nov-01 May-04 Sep-01 Apr-04 Sep-03 Jul-01 Aug-03 May-02 Jan-04 Sep-01 Oct-01 Nov-01 Latest Sale/ Resale $255,500 $284,000 $310,000 $183,300 $350,000 WD $216,000 WD $215,000 WD $370,000 WD $400,000 WD $0 $0 WD $320,000 WD $376,000 $370,000 WD $0 QC $240,000 WD $390,000 WD $363,000 WD $254,700 $0 $315,000 $225,000 WD $0 $455,000 WD $368,600 $350,000 WD $365,000 WD $254,900 4245,000 WD $310,000 WD $230,000 WD $329,900 $o $284,100 Jun-03 $295,000 WD 1 Nov-01 $423,900 Jul-01 $194,800 Jul-01 $197,900 Aug-01 $200,900 Jul-01 $214,700 Aug-01 $216,600 Jul-01 $240,000 Jul-01 $230,900 Aug-01 $237,000 Jul-01 $235,600 Sep-01 $268,000 Date Nov-01 Sep-01 Jul-01 Oct-01 Prior Sabi Resale $258,400 $171,000 $178,500 $345,000 Aug-01 $359,100 Prlor Sale/ Date Resale Oct-01 $305,000 Sep-01 $362,900 Sep-02 $320,000 Nov-01 $280,0130 Sep-01 $325,900 Aug-01 $306,400 Sep-01 $308,900 Mar-04 $240,000 WD Jul-01 $270,900 Oct-01 $318,300 Aug-01 $165,300 Oct-01 $0 Jul-01 $260,900 Oct-01 $276,500 Oct-01 Oct-01 Sep-01 $201,900 $265,000 $217,000 Aug-01 $256,900 The Mark On Brickell Last 01-4138-080-0230 01-4138-080-0270 01-4138-080-0290 01-4138-080-0310 01-4138-080-0330 01-4138-080-0350 01-4138-080-0360 01-4138-080-0370 01-4138-080-0390 01-4138-080-0470 01-4138-080-0510 01-41384380-0520 01-4138-080-0550 01-4138-080-0570 01-4138-080-0590 01-4138-080-0710 01-4138-080-0750 01-4138-080-0760 01-4138-080-0770 01-4138-080-0780 01-4138-080-0790 01-4138-080-0810 01-4138-080-0820 01-4138-080-0840 01-4138-080-0850 01-4138-080-0930 01-4138-080-0950 01-4138-080-1000 01-4138-080-1010 01-4138-080-1050 01-4138-080-1060 01-4138-080-1100 01-4138-080-1110 01-4138-080-1120 01-4138-080-1160 01-4138-080-1170 01-4138-080-1180 01-4138-080-1200 01-4138-080-1220 01-4138-080-1270 01-4138-080-1280 01-4138-080-1330 01-4138-080-1340 01-4138-080-1370 01-4138-080-1380 01-4138-080-1400 01-4138-080-1410 01-4138-080-1450 01-4138-080-1510 01-4138-080-1580 l • w.ny a.• Senn Fkuida Latest Sale/ Prior Sale/ First Address bed bath 1/2 Date Resale Date Resale 1155 Brickell Bay Dr 2501 2 2 May-02 8318,000 Oct-01 8271,900 1155 Brickell Bay Dr 2901 2 2 Oct-01 $0 1155 Brickell Bay Dr 3101 2 2 Oct-01 $287,900 1155 Brickell Bay Dr 3301 2 2 1155 Brickell Bay Dr 101 2 2 Jan-02 $0 1155 Brickell Bay Dr 301 2 2 Jan-02 $490,000 1155 Brickell Bay Dr 202 1 1 Nov-01 $0 1155 Brickell Bay Dr 302 1 1 Oct-01 $170,900 1155 Brickell Bay Dr 502 1 1 Oct-01 $176,900 1155 Brickell Bay Dr 1402 3 2 Jul-01 $264,900 1155 Brickell Bay Dr 1802 3 2 Nov-01 $0 1155 Brickell Bay Dr 1902 3 2 Dec-01 $305,900 1155 Brickell Bay Dr 2202 3 2 Nov-01 $0 1155 Brickell Bay Dr 2402 3 2 Sep-01 $319,000 1155 Brickell Bay Dr 2602 3 2 Sep-01 $316,000 1155 Brickell Bay Dr 203 2 2 Jul-01 $176,700 1155 Brickell Bay Dr 803 2 2 Aug-01 $187,100 1155 Brickell Bay Dr 703 2 2 Aug-01 $189,000 1155 Brickell Bay Dr 803 2 2 Aug-01 $190,900 1155 Brickell Bay Dr 903 2 2 Jul-01 $205,200 1155 Brickell Bay Dr 1003 2 2 Jul-01 $207,100 1155 Brickell Bay Dr 1203 2 2 Jul-01 $210,833 1155 Brickell Bay Dr 1403 2 2 Jul-01 $210,833 1155 Brickell Bay Dr 1603 2 2 Mar-02 $282,000 Aug-01 $216,600 1155 Brickell Bay Dr 1703 2 2 Aug-01 $218,500 1155 Brickell Bay Dr2503 2 2 Nov-01 $248,900 1155 Brickell Bay Dr 2703 2 2 Oct-01 $280,900 1155 Brickell Bay Dr 3203 2 2 Jul-03 $330,000 Nov-01 $276,000 1155 Brickell Bay Dr 3303 2 2 Nov-01 $275,000 1155 Brickell Bay Dr604 3 2 Jul-01 $236,900 1155 Brickell Bay Dr 704 3 2 Jul-01 $256,500 1155 Brickell Bay Dr 1104 3 2 Aug-01 $261,900 1155 Brickell Bay Dr 1204 3 2 Jul-01 $287,900 1155 Brickell Bay Dr 1404 3 2 Aug-01 $270,700 1155 Brickell Bay Dr 1804 3 2 Aug-01 $286,900 Jul-01 $350,000 1155 Brickell Bay Dr 1904 3 2 Aug-01 $330,000 1155 Brickell Bay Dr 2004 3 2 Oct-01 $0 1155 Brickell Bay Dr 2204 3 2 Nov-01 $0 Sep-01 $327,800 1155 Brickell Bay Dr2404 3 2 Sep-01 $334,400 1155 Brickell Bay Dr 2904 3 2 Jan-02 $357,000 1155 Brickell Bay Dr 3004 3 2 Oct-01 $347,000 1155 Brickell Bay Dr Ph104 3 2 Oct-01 $0 1155 Brickell Bay Dr Ph204 2 2 Oct-01 $240,000 1155 Brickell Bay Dr 505 1 1 Jul-01 $128,900 1155 Brickell Bay Dr 605 1 1 Jul-01 $133,900 1155 Brickell Bay Dr 805 1 1 Jul-01 $131,900 1155 Brickell Bay Dr 905 1 1 Jul-01 $153,900 1155 Brickell Bay Dr 1405 1 1 Jul-01 $160,900 1155 Brickell Bay Dr2005 1 1 Oct-01 $0 Jul-01 $170,000 1155 Brickell Bay Dr 2705 1 1 Oct-01 $188,100 Prior Sale/ Date Resale The Mark On Brickell Last 01-4138-080-1600 01-4138-080-1700 01-4138-080-1740 01-4138-080-1770 01-4138-080-1800 01-4138-080-1820 01-4138-080-1900 01-4138-080-1910 01-4138-080-1920 01-4138-080-1940 01-4138-080-1960 01-4138-080-1990 01-4138-080-2010 01-4138-080-2040 01-4138-080-2060 01-4138-080-2080 01-4138-080-2100 01-4138-080-2120 01-4138-080-2140 01-4138-080-2170 01-4138-080-2190 01-4138-080-2210 01-4138-080-2220 01-4138C180-2250 01-4138-080-2270 01-4138-080-2310 01-4138-080-2340 01-4138-080-2350 01-4138-080-2370 01-4138-080-2400 01-4138-080-2410 01-4138-080-2420 01-4138-080-2430 01-4138-080-2450 01-4138-080-2480 01-4138-080-2490 01-4138-080-2500 01-4138-080-2520 01-4138-080-2590 01-4138-080-2690 01-4138-080-2730 01-4138-080-2750 01-4138-080-2770 01-4138-080-2800 01-4138-080-2910 01-4138-080-2960 01-4138-080-2970 01-4138-080-3020 01-4138-080-3040 01-4138-080-3050 Latest Sale/ Prior Sale/ First Address bed bath 1/2 Date Resale Date Resale Prior Sale/ Date Resale m.yre arty ae.s Sarah Florida 1155 Brickell Bay Dr 2905 1 1 Sep-01 $196,000 1155 Brickell Bay Dr 806 1 1 Aug-01 $175,000 1155 Brickell Bay Dr 1206 1 1 Sep-01 $154,800 1155 Brickell Bay Dr 1606 1 1 Aug-01 $160,500 1155 Brickell Bay Dr 1906 1 1 Aug-01 $174,900 1155 Brickell Bay Dr 2106 1 1 Aug-01 $178,900 1155 Brickell Bay Dr 2906 1 1 1155 Brickell Bay Dr 3006 1 1 Oct-01 $0 1155 Brickell Bay Dr 3106 1 1 Nov-01 $198,900 1155 Brickell Bay Dr 3306 1 1 Oct-01 $0 1155 Brickell Bay Dr 1 1 Jul-02 $245,000 Dec-01 $224,000 1155 Brickell Bay Dr 1 1 Sep-01 $134,900 1155 Brickell Bay Dr 1 1 Jul-01 $142,900 1155 Brickell Bay Dr 1 1 Jul-01 $186,900 1155 Brickell Bay Dr 1 1 Jul-01 $171,000 1155 Brickell Bay Dr 1 1 Aug-01 $162,000 1155 Brickell Bay Dr 1 1 Nov-01 $183,900 1155 Brickell Bay Dr 1 1 Oct-01 $173,800 1155 Brickell Bay Dr 1 1 Mar-02 $210,000 Aug-01 $176,900 1155 Brickell Bay Dr 2307 1 1 Oct-01 $182,900 1155 Brickell Bay Dr 2507 1 1 Aug-02 $219,000 Jun-02 $196,700 WD Nov-01 $186,700 1155 Brickell Bay Dr 2707 1 1 Dec-01 $191,000 Nov-01 $208,000 1155 Brickell Bay Dr 2807 1 1 Sep-01 $193,800 1155 Brickell Bay Dr 3107 1 1 Mar-02 $206,200 1155 Brickell Bay Dr 3307 1 1 1155 Bricked Bay Dr 1 1 Jul-01 $163,400 1155 Brickell Bay Dr 2 2 Aug-01 $245,100 1155 Brickell Bay Dr 2 2 Aug-01 $247,000 1155 Brickelt Bay Dr 2 2 Aug-01 $263,900 1155 Brickell Bay Dr 2 2 Aug-01 $256,500 1155 Brickell Bay Dr 2 2 Mar-02 $328,000 Sep-01 $258,400 1155 Brickell Bay Dr 2 2 Jul-01 $259,000 1155 Brickell Bay Dr 2 2 Aug-01 $262,000 1155 Brickell Bay Dr 2 2 May-02 $0 Aug-01 $300,000 1155 Bricked Bay Dr 2408 2 2 Sep-01 $271,700 1155 Brickell Bay Dr 2508 2 2 Jan-02 $320,000 Oct-01 $273,600 1155 Brickell Bay Dr 2608 2 2 Nov-01 $0 1155 Brickell Bay Dr 2808 2 2 1155 Brickell Bay Dr 2 2 1155 Brickell Bay Dr 2 2 Aug-01 $247,000 1155 Brickell Bay Dr 2 2 Oct-01 $254,600 1155 Brickell Bay Dr 2 2 Jul-01 $257,000 1155 Brickell Bay Dr 2 2 Jun-02 $297,000 Oct-01 $262,100 1155 Brickell Bay Dr 2 2 Oct-01 $268,000 1155 Brickell Bay Dr 3309 2 2 Dec-01 $312,000 1155 Brickell Bay Dr 2 2 Aug-01 $280,900 1155 Brickell Bay Dr 2 2 Jul-01 $265,000 1155 Bricked Bay Dr 2 2 Jul-01 $357,200 1155 Brickell Bay Dr 2 2 Aug-01 $320,900 1155 Brickell Bay Dr 2 2 Nov-01 $324,900 The Mark On Brickell 01-4138-080-3090 1155 Brickell Bay Dr 2 2 Apr-02 $301,900 01-4138-080-3170 1155 Brickell Bay Dr 2810 2 2 Sep-01 $392,300 01-4138-080-3200 1155 Brickell Bay Dr 3110 2 2 Sep-01 $323,900 01-4138-080-3220 1155 Brickell Bay Dr 3310 2 2 Nov-01 $0 01-4138-080-3240 1155 Brickell Bay Dr 2 2 Oct-01 $420,000 01-4138-080-3250 1155 Brickell Bay Dr Ph210 3 2 01-4138-080-3320 1155 Brickell Bay Dr 2 2 Jul-01 $287,000 01-4138-080-3340 1155 Brickell Bay Dr 2 2 Sep-01 $283,900 01-4138-080-3510 1155 Brickell Bay Dr 2911 2 2 Sep-01 $381,000 01-4138-080-3560 1155 Brickell Bay Dr 3411 2 2 Oct-01 $390,000 Latest Salel Prior Sale/ Last First Address bed bath 112 Date Resale Date Resale Prior Salel Date Resale Source: Research & Analysis of public record as of June 2004 by Integra Realty Resources - South Florida VILLA MAGNA QUALIFICATIONS OF THE. APPRAISERS Integra Realty Resources South Florida iN.TTEGIRA Realty Resources SOUTH FLORIDA Local Expertise...Nationally INTEGRA REALTY RESOURCES SOUTH FLORIDA Integra Realty Resources - South Florida, formerly known as Appraisal and Real Estate Economics Associates, Inc. (AREEA), which was established in 1973. The South Florida office specializes in all facets of real estate analysis, including real estate consulting; appraisals; market research; market/marketability studies; feasibility studies; investment analysis; and ad valorem assessment valuations covering residential, commercial and all types of real estate. As of August 1, 1999, AREEA became part of Integra Realty Resources, Inc., a national real estate valuation and consulting firm with 50 regional valuation and consulting firms in 30 states [visit our website at www.irr.com]. AREEA Assessment Consultants, Inc. is an ad valorem assessment consulting firm specializing in all areas of property taxation and property tax adjustment appeals for real and personal property. Additionally, this firm has been certified as a Minority and Women -Owned Business (MWOB). AREEA Investment Advisory & Management Services, Inc. formerly served as an investment advisor to a foreign entity which owned commercial real estate located throughout the United States. This firm currently provides real estate advisory services relating to property and construction management, leasing, and sales of commercial real estate [visit our website at www.areea.com]. AREEA, Inc. specializes in residential and commercial brokerage, as well as office and retail leasing representing both tenants and landlords. AREEA, Inc. differs from other brokerage companies in that it has the opportunity to draw upon the vast information base and professional services of its affiliate firms, providing entrepreneurial services for its selected clientele. The professional and support staff provides professional consulting and technical services for its broad based clientele. Integra — South Florida publishes "THE AREEA REPORT FOR SOUTH FLORIDA", a quarterly real estate economic report covering 28 categories of real estate, which has become the foremost publication of real estate activity utilized by investors, financial institutions, developers, appraisers, analysts, and governmental agencies in understanding the dynamics of the real estate market in Miami -Dade, Broward, and Palm Beach Counties. Rev. 07/03 9400 S. Dadeland Boulevard, PH-1 • Miami, FL 33156-2817 • Phone: 305-670-0001 • Fax: 305-670-2276 IIINTEGRA Realty Resources NATIONAL CORPORATE PROFILE In the field of real estate valuation and counseling, Integra Realty Resources offers a unique combination of localized services and national resources. Integra's 50 offices comprise the nation's largest independent firm focusing solely on real estate valuation and consulting, offering the broadest range of services and most extensive coverage of any valuation and counseling firm in the United States. In the area of valuation and real estate counseling, IRR professionals have the knowledge and resources to provide fast, accurate and objective solutions. Through the power of an extensive database, we offer a unique perspective that comes from evaluating both local conditions and national trends. Integra's services include: Property valuations of all types Market and feasibility studies Highest and best use analysis Due diligence studies Property tax counseling Land use studies - Machinery & equipment valuation Buy/sell decisions Condemnation Farmland and open space valuation Corridor and pipeline valuation - Portfolio valuations Expert testimony and litigation support Valuation Management investment counseling - Business valuation - Arbitration Contaminated/stigmatized properties - Easement valuations - Fractional interests valuation Company stock valuation Integra Realty Resources' annual publication, "Viewpoint", is the single best resource for tracking the latest trends in commercial real estate. This publication provides detailed economic and market data and analysis to assist commercial real estate investors, lenders and developers in determining investment objectives for various property types in more than 40 markets nationwide. Corporate Office 3 Park Avenue, 39th Floor, New York, NY 10016-5902 PH: (212) 255-7858 FX: (646) 424-1869 Email: integra@irr.com South Florida Office 9400 S. Dadeland Blvd., Miami, FL 33156-2187 PH: (305) 670-0001 FX: (305) 670-2276 Email: info@areea.com Rev. 03/03 JNTEGRA SOUTH FLORIDA Realty Resources ^. Local Expertise...Nationally MICHAEL Y. CANNON, MAI, SRA, ASA, CRE • Michael Y. Cannon is the Managing Director of (IRR) Integra Realty Resources —South Florida, a National Real Estate Counseling and Valuation Firm, having over 50 offices in 28 states nationwide. Mr. Cannon is also President of affiliate firms known as (AIAMS) AREEA Investment Advisory & Management Services, Inc. and AREEA, Inc., which perform advisory and brokerage services for the real estate industry; including acquisitions, dispositions, leasing and lease negotiations representing landlords and tenants for office, retail and industrial properties located locally and nationwide. • Mr. Cannon's specialties also include Market Analysis, Feasibility Analysis, Investment Analysis, Land Use Analysis and Valuations on all types of real estate. • He has been retained as advisor/consultant by various public entities, governmental agencies and the private sector locally and nationally; and has been appointed arbitrator/mediator on (ADR) Alternate Dispute Resolutions. • His firms publish the AREEA Report for South Florida which tracks Real Estate Sales and Development activities and IRR's Viewpoint, a national real estate trends report. ■ He authors a weekly real estate column in the Business Monday Section of The Miami Herald and has been guest speaker and quoted extensively in local, state, national and international media relating to all facets of real estate. ■ Mr. Cannon serves on the Executive Committee of the Urban Land Institute (ULI) Southeast Council, the Economic Roundtable of the Beacon Council, and is an advisor to the Collins Center for Public Policy. He is a member of the Editorial Boards of the Appraisal Journal and Real Estate Issues of the Counselors of Real Estate. • He is a member in good standing holding the CRE designation by the Counselors of Real Estate, the MAI and SRA designations by the Appraisal Institute, the ASA designation from the American Society of Real Estate Appraisers, a Florida State Certified General Real Estate Appraiser (Certificate #RZ684), and a Licensed Real Estate Broker #BK182553 (AREEA, Inc.) and #BK3004117 (AIAMS). He is a Certified Arbitrator and Mediator of the American Arbitration Association and of the Counselors of Real Estate. • Mr. Cannon has testified before the Senate Banking Committee on real estate issues in Washington, D.C., declared an expert witness in Local, State, Federal and Bankruptcy Courts, and has appeared before municipal and county bodies as an expert relating to marketable land use and other real estate issues. • He has authored papers on Market Analysis, Highest and Best Use, and Valuation Theories published in the Appraisal Journal. R:ldatalCOMMDEPTInlegraRealty\QUALS\MYC 1 Page Intro Bio.doc Rev. 01/04 9400 S. Dadeland Boulevard, PH-1 • Miami, FL 33156-2817 • Phone: 305-670-0001 • Fax: 305-670-2276 PROFESSIONAL QUALIFICATIONS OF MICHAEL Y. CANNON, MAI, SRA, ASA, CRE EXPERIENCE: PROFESSIONAL ACTIVITIES: EDUCATION: QUALIFIED AS EXPERT WITNESS: Managing Director of Integra Realty Resources — South Florida, formerly known as Appraisal and Real Estate Economics Associates, Inc./AREEA, which was established in 1973. Specializes in real estate and business counseling and analysis. Performs market/marketability and feasibility studies; investment analysis; partial interest appraisals relating to real estate developments and business. Consultant to various govemment agencies on real estate matters. President of AREEA Investment Advisory and Management Services, Inc., which provides advisory services relating to asset, portfolio, property management/leasing and administration; and is engaged in advising lease structures and negotiations of commercial leases for landlords and tenants. AREEA Assessment Consultants performs Ad Valorem Tax Appeals. Member: Appraisal Institute [Al] - (MAI No. 8734); Past Chapter President, Board of Directors, Member/Chairman of several committees Senior Residential Appraiser (SRA) Counselors of Real Estate (CRE Cert. No. 1058) Society of Mortgage Consultants of the National Association of Mortgage Brokers (SMC) American Society of Appraisers (ASA No. 008888) Founding Member of the National Association of Corporate Real Estate Executives (NACORE) National Association of Home Builders (NAHB) Builder's Association of S. Florida (BASF); Life Directors, Hall of Fame Member, and Past Vice President Urban Land Institute (ULI); Exec. Committee Member S. Florida Council International Council of Shopping Centers International Association of Assessing Office (IAAO) Beacon Council; Member of Economic Roundtable Forum American Association of Arbitrators; Appointed to Panel of Arbitrators Licenses: State of Florida Real Estate Broker (1961), Lic. #0182553 State of Florida Certified General Appraiser, #RZ684 Instructor/ Adjunct Instructor -University of Miami, Finance Department Lecturer: Florida International Univ; Market Analysis/Florida R.E. Commission Lecturer at Law relating to Value Theory & Valuation Theory in Estate Tax Planning and legal matters - Univ. of Miami School of Law Publisher of the AREEA Report for South Florida; Miami Herald Weekly Columnist; Editorial Advisor to various real estate journals and magazines; quoted in local/state/national media; authored papers and articles. Author of Market Analysis in the Valuation Process (Al) and Role of the Appraiser and Assessor in Ad Valorem Tax Matters (IAAO) Majored in Business Administration, University of Miami Successfully completed numerous real estate related courses and seminars sponsored by the AI, accredited universities and others Currently certified by the Al, ASA, and State of Florida's continuing education Circuit Court of Miami -Dade, Broward, Lee, Charlotte, Palm Beach, Indian River Counties U.S. District Court for the Northern and Southern District of Florida U.S. Bankruptcy Court for the Southern District of Florida U.S. Bankruptcy Court for the District of Connecticut U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division Testified before U.S. Senate Banking Committee, Washington, DC Rev. 03/03 r' Integra Realty Resources South Flory PROFESSIONAL QUALIFICATIONS OF BRUNO PICASSO EXPERIENCE: Market Research Analyst with Integra Realty Resources — South Florida, formerly known as Appraisal and Real Estate Economics Associates, IncJAREEA, Miami, Florida. Mr. Picasso has been affiliated with the firm since 2003 and is involved in all aspects of real estate research and market analysis for support of the following types of studies and reports prepared by the firm: - Market, Marketability studies; - Valuation Analysis; - Pricing and absorption studies / analyses; - Single Family & Condominium Trend Analysis (New & Resale Markets) - Economics/Demographic Studies and Neighborhood Analysis; and Specialized Surveys/Research. Has participated in market research and analysis of: - Condominium Developments; - Rental Developments; - Condominium Conversions - Single Family Home & Townhome Communities; Trade Area Studies for: - Shopping Centers; - Office Buildings; - Industrial Properties; - Hotels / Motels; - Residential, commercial and industrial land. Has assisted in preparing market research reports for urban redevelopments including the analysis of demographic characteristics and population trends. EDUCATION: Graduated from Miami -Dade Community College with an Associate Arts Degree in Business Administration in 2000. Graduated from Florida International University with a Bachelor Degree in Business Administration in 2003. Major: Marketing Honor Society: Cum Laude Rev. 01/04 Integra Realty Resources South Florida