Real Estate Central

1st Quarter 2008 Prudential Douglas Elliman Hamptons/North Fork Market
Overview-Prepared by Miller Samuel

NEW YORK, April 30 /PRNewswire/ — The just-released First Quarter 2008
Prudential Douglas Elliman Hamptons and North Fork Market Overview reveals
a rise in price indicators at the top end of the market and a decline in
overall number of sales.

“What we are seeing overall on the East End is a market moving modestly
upward price-wise, with significant strength at the luxury end,” said
Dottie Herman, President and CEO of Prudential Douglas Elliman. “The
characteristics of this market closely mirror what we are seeing at the
same time in Manhattan, an overall holding of prices, with a slowing
momentum.”

“Even though this market has fared quite well, it has demonstrated that
it is still not immune to the pressures of a weaker economy, as measured by
a decline in number of sales,” said Jonathan Miller, President and CEO of
Miller Samuel and author of the report. “Since many of the buyers in the
Hamptons also own property in Manhattan, it’s no surprise that we are
drawing comparisons between these two markets.”

The lower level of sales activity is largely attributable to the
declining national economic climate, tighter credit and a weaker employment
picture for the New York City financial services sector.

Highlights from the 1st Quarter Prudential Douglas Elliman Hamptons and
North Fork Market Overview include:



— Median sales price was $790,000 this quarter, up 1.9% from the prior
year quarter amount of $775,000.
— Average sales price was $1,728,610 this quarter, up 16.8% from the
prior year quarter amount of $1,479,418.
— Listing Inventory increased 25.5% to 1,848 units from the prior year
quarter amount of 1,472 units.
— Number of sales decreased 41.4% to 400 units from 683 units in the
prior year quarter results.

Hamptons Market

Median sales price was $882,500 this quarter, up 0.7% from the prior
year quarter amount of $876,250. Listing inventory increased 27.2% to 1,450
units from the prior year quarter amount of 1,140 units. Average sales
price of top quintile was $6,310,319, up 26.3% from $4,995,355 in the prior
year quarter results.

North Fork Market

Median sales price was $513,425 this quarter, up 2.7% from the prior
year quarter amount of $500,000. Listing inventory increased 19.9% to 398
units from the prior year quarter amount of 332 units.

Luxury Market (upper 10%)

Median sales price was $5,425,000 this quarter, up 5.1% from the prior
year quarter amount of $5,162,500. Listing inventory increased 5.7% to 354
units from the prior year quarter amount 335 units. Southampton had the
highest average sales price in the luxury market at $15,405,000, slightly
higher than Sagaponack, which had an average sales price of $15,033,333.

Condo Market

Median sales price increased 9.5% to $575,000 this quarter from the
$525,000 median sales price in the prior year quarter results. Listing
inventory increased 43.1% to 93 units from the prior year quarter amount of
65 units.

Full data tables and analysis are immediately available upon request.

About Miller Samuel (http://www.millersamuel.com) - Miller Samuel is a New
York based real estate appraisal services firm established in 1986. Miller
Samuel provided property valuations of more than $5,000,000,000 in the past
year. The company’s clients include domestic and international financial
institutions, law firms, consulting firms, developers, employee relocation
companies, co-op and condo boards, managing agents, individuals and
government agencies. The firm developed what is now the largest database of
Manhattan co-op and condo sales covering the sales market back to the late
1970s.

About Prudential Douglas Elliman Real Estate
(http://www.prudentialelliman.com) - Prudential Douglas Elliman Real Estate is New
York’s largest residential brokerage, over 60 offices, more than 3,500 real
estate agents and a network of national and international affiliates.
Prudential Douglas Elliman, ranked in the top five of all real estate
companies in the nation, closed $14 billion in sales in 2007. Prudential
Douglas Elliman also controls a portfolio of real estate services,
including Manhattan’s largest residential property manager, Douglas Elliman
Property Management, as well as PDE Title and Preferred Empire Mortgage
Company.



See Also

• Healthcare Realty Trust Announces First Quarter Dividend
• Dental Health Insurance Can Stop Pains in Mouth and Wallet
• Data or Die — In This Market, It’s All About The Numbers

Source: Real Estate Newswire