RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP

RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA Rare Development Opportunity Near Lake Jennings All Environmental Permits are Expected to be Approved by March 2017 10,000 to 16,009 SF Lot Sizes Area of New Home Prices From $650,000 to $750,000 ASKING PRICE: $2,395,000 $1,995,000 Lindo Lake Park 67 Tierra Del Sol Middle School LAKEVIEW RD Lakeview Elementary EL CERRO DR E LAKEVIEW RD RD LAS POTRAS WAY SUBJECT PROPERTY ADLAI RD

RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA PAGE CONTENT 3 AERIALS 6 LOCATION MAP 7 PROPERTY INFO 8 DOCUMENT LINKS 9 IMPROVEMENT COSTS 10 IMPACT FEES 11 TENTATIVE MAP 12 PARCEL MAP 13 PRICING ANALYSIS VECINIO DEL ESTE PL LA FAMILIA CT ADLAI RD E LAKEVIEW RD RD No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice. 2

RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP LA FAMILIA COURT VECINO DEL ESTE PLACE AERIALS 9230 ADLAI ROAD - LAKESIDE, CA E LAKEVIEW ROAD ADLAI ROAD 3

RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA BUBBLING WELLS RD AERIALS EL CERRO DR E LAKEVIEW RD ADLAI RD 4

RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA AERIALS Lindo Lake Park AVE JULIAN Lake Jennings Tierra Del Sol Middle School LAKE PARK RD JENNINGS LAKEVIEW RD Lakeview Elementary ADLAI RD E LAKEVIEW RD 5

Adlai Rd RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA LOCATION MAP LAKESIDE SUBJECT PROPERTY LAKE JENNINGS SANTEE Lake Jennings Park Rd SUBJECT PROPERTY E Lakeview Rd Lakeview Rd Hwy 8 Business 6

RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA PROPERTY INFO Location: Jurisdiction: APN #: 398-390-67-00 Acreage: Topography: Zoning: General Plan: Minimum Lot Size: Project Status: Improvement Costs: Impact Fees: Located at 9230 Adlai Road in the rustic Lakeside area, the property features expansive surrounding mountains while maintaining immediate proximity to Lake Jennings as well as, commercial and retail developments that include: upscale grocery, restaurants, and shopping. Approximately 2 miles southeast of Highway 67 and 1/2 mile northwest of Interstate 8, this site will provide commuters with quick, convenient access to all of San Diego County. County of San Diego Lakeside Community Planning Group 6.24 Acres Generally Flat RS (Single Family Residential) VR-4.3 (Village Residential) 10,000 SF On August 7, 2015 the San Diego County Planning Commission voted to approve the Riker Ranch 21 lot residential subdivision Tentative Map 5592. The owner has obtained the California Fish and Game permit and anticipates both the Army Corp. 404 and Regional 401 permits by March 2017. No architecture has commenced or been approved to date. Approximately $76,520 per lot Approximately $33,799 per lot LOS COCHES RD EL CERRO DR School District: E LAKEVIEW RD LAKEVIEW RD ADALAI RD Lakeside Union & Grossmont Union High Lakeview Elementary - 865 API Tierra Del Sol Middle School - 735 API El Capitan High School - 747 API Services: Water Helix Water District Sewer San Diego County Sanitation Dist. Gas/Electricity SDG&E Fire Lakeside Fire Protection Dist. Police San Diego County Sheriffs Dept. Asking Price: $2,395,000 $1,995,000 7

RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA DOCUMENT LINKS CLICK TO VIEW DOCUMENT LINKS CONDITIONS OF APPROVAL GENERAL PLAN - LANDSCAPE USE ELEMENT GEOTECHNICAL REPORT PRELIMINARY GRADING PLAN TENTATIVE MAP ZONING CODE - R-1 8

RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA IMPROVEMENT COSTS ESTIMATED IMPROVEMENT COSTS Construction Items Total $ $/Unit Erosion Control $ 44,623 $ 2,125 Demolition $ 32,500 $ 1,548 Grading & Site Prepo $ 201,961 $ 9,617 Storm Drain $ 161,672 $ 7,699 Sewer $ 69,110 $ 3,291 Water $ 90,150 $ 4,293 Paving $ 227,188 $ 10,818 Dry Utilities/Joint Trench $ 72,486 $ 3,452 Landscaping $ 70,513 $ 3,358 Bioretention/Hydromodification $ 159,880 $ 7,613 Bioretention Access Road $ 32,000 $ 1,524 Utility Conversion Cost - Pole Relocation $ 111,350 $ 5,302 Subtotal Construction Costs $ 1,273,433 $ 60,640 Contingency @ 10% $ 127,343 $ 6,064 Total Construction Costs $ 1,400,776 $ 66,704 Plan Check, Deposits, Reimbursements & Bonds Total $ $/Unit City/County Inspection Fee $ 33,772 $ 1,608 City/County Final Map Fees $ 33,772 $ 1,608 Mitigation Purchase for Wetlands Creation $ 59,800 $ 2,848 Mitigation Purchase for Non-Native Grassland $ 10,500 $ 500 Utility Deposit $ 100,707 $ 4,796 Utility Reimbursements $ (75,150) $ (3,579) Bond Fees $ 24,000 $ 1,143 Subtotal Plan Check, Deposits, Reimbursements & Bonds $ 187,401 $ 8,924 Contingency @ 10% $ 18,740 $ 892 Total Plan Check, Deposits, Reimbursements & Bonds $ 206,141 $ 9,816 Total Construction Costs, Plan Check, Deposits, Reimbursements & Bonds $ 1,606,917 $ 76,520 9

RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA IMPACT FEES ESTIMATED DEVELOPMENT IMPACT FEES Development Impact Fees $/Unit Drainage Fee ($.83/SF) * $ 2,075 Park Fee $ 4,294 RTCIP & Traffic Impact Fee $ 4,199 Fire Protection Fee $ 1,410 San Diego County Sanitation District - Sewer Connection Fees** $ 2,336 Helix Water District Installation Fee (3/4" Meter) $ 230 Helix Water District Capacity Fee (3/4" Meter) $ 6,842 S.D.C.W.A. Capacity Fee - System (3/4" Meter) $ 4,840 S.D.C.W.A. Capacity Fee - Water Treatment (3/4" Meter) $ 123 Grossmont Union High School District Fees ($1.00/SF) * $ 2,500 Lakeside Elementary School District Fees ( $1.98/SF) * $ 4,950 Total Development Impact Fees $ 33,799 NOTES: * Assumes 2,500 square foot single family residences. ** Includes $336 annual fee for 1st year of service 10

TENTATIVE MAP 11

RIKER RANCH - APPROVED 21 LOT TENTATIVE MAP 9230 ADLAI ROAD - LAKESIDE, CA PARCEL MAP 12

Riker Ranch Preliminary Pricing Analysis ANTICIPATED RETAIL SALES SUMMARY Revenue By Phase Phase 1 11 Homes 7,962,987 Phase 2 10 Homes 7,466,036 Total Gross Revenue 15,429,023 Average Price Per Home 734,715 Prepared by CADO Real Estate Group February 20, 2017

RIKER RANCH PRICING/REVENUE MODELING Market Pricing Today Market Introduction Phase 1 Phase 2 - Lots 1-8, 20 & 21 Assumes a 3% Appreciation Lots 9-19 Assumes Additional 2% Increase PLAN # SQUARE PRICE / PRICING REVENUE PRICING REVENUE PRICING # REVENUE PRICING # REVENUE FEET SQ. FT. 1/6/2017 BY PLAN 11/20/2017 BY PLAN 11/20/2017 BY PLAN 5/20/2018 BY PLAN 1 5 2,600 253.81 659,900 3,299,500 679,697 3,398,485 679,697 3 2,039,091 693,291 2 1,386,582 2 7 2,950 232.51 685,900 4,801,300 706,477 4,945,339 706,477 4 2,825,908 720,607 3 2,161,820 3 9 3,350 214.90 719,900 6,479,100 741,497 6,673,473 741,497 4 2,965,988 756,327 5 3,781,635 Base Sales Rev 14,579,900 15,017,297 7,830,987 7,330,036 Premiums 58,000 58,000 22,000 36,000 Upgrades (excluding flooring) 210,000 210,000 110,000 100,000 Gross Sales Revenue 14,847,900 15,285,297 7,962,987 7,466,036 Average Sales Price/Home 707,043 727,871 723,908 746,604 SUMMARY Revenue By Phase Phase 1 11 Homes 7,962,987 Phase 2 10 Homes 7,466,036 Total Gross Revenue 15,429,023 Average Price Per Home 734,715 Model Assumptions Homes introduced to market in approximately 9 Month Period 4% Annual price appreciation in local housing market No appreciation given for upgrades and premiums Marketed in 2 Phases Plan plotting not available; product allocation across phases approximate Project sold and closed out in 1 year from introduction CADO Real Estate Group February 20, 2017

Exhibit 1 PRELIMINARY PRICING RIKER RANCH NEW HOMES AND NOTABLE COMPS PRELIMINARY PRICING FOR RIKER RANCH COMMUNITY NAME PLAN BEDRM BATH STORIES GARAGE SQUARE PRICE / LOT SIZE BASE QUANTITY SALES FEET SQ. FT. PRICE REV RIKER RANCH 1 3 + S 3 1 3 2,600 253.81 10,000 MIN 659,900 5 3,299,500 RIKER RANCH 2 4 + B 3 2 3 2,950 232.51 10,000 MIN 685,900 7 4,801,300 RIKER RANCH 3 4 + L 4 2 3 3,350 214.90 10,000 MIN 719,900 9 6,479,100 NOTES RIDGELINE 1 3 + L 2.5 2 2 1,837 273.49 CONDO 502,395 Base Model Available RIDGELINE 1 3 + L 2.5 2 2 1,837 302.12 3,400 SF AVG 554,990 Upgraded -Model Home RIDGELINE 1 3 + L 2.5 2 2 1,837 302.67 3,400 SF AVG 555,999 Active - Resale RIDGELINE 1 3 + L 2.5 2 2 1,837 326.96 3,400 SF AVG 600,632 Upgraded New RIDGELINE 2 3 + L 2.5 2 2 1,836 292.59 3,400 SF AVG 537,195 Base Model Available RIDGELINE 2 3 + L 2.5 2 2 1,836 304.52 3,400 SF AVG 559,093 COE 12/2/2016 RIDGELINE 3 3+L+D 3.5 2 2 2,037 271.95 3,400 SF AVG 553,960 Base Model Available RIDGELINE 3 3+L+D 3.5 2 2 2,037 294.06 3,400 SF AVG 599,000 Active - Resale RIDGELINE 3 3+L+D 3.5 2 2 2,037 332.44 3,400 SF AVG 677,184 Upgraded -Model Home RIVER VILLAGE 1 3 + D 2.0 1 2 2,210 302.26 6,000 SF AVG 667,990 KB - Santee Base RIVER VILLAGE 2 4 + L 3.0 2 2 2,558 265.05 6,000 SF AVG 677,990 KB - Santee Base RIVER VILLAGE 3 4+L+F 3.5 2 2 2,850 244.21 6,000 SF AVG 695,990 KB - Santee Base TREVI HILLS 4 3.5 1 4 2,928 252.73 1.1 AC 740,000 COE 8/9/2016 TREVI HILLS 4 3.5 1 3 2,928 221.65 1.5 AC 649,000 COE 9/3/2015 TREVI HILLS 4 3.5 1 3 2,928 249.32 1.5 AC 730,000 COE 9/3/2015 TREVI HILLS 8 4 4.5 1 3 3,075 297.56 1.2 AC 915,000 Available TREVI HILLS 6 3 + D 2.5 1 3 3,118 287.04 1.0 AC 895,000 Available TREVI HILLS 7 3 + D 3.5 1 3 3,271 268.88 1.0 AC 879,500 Available TREVI HILLS 9 4 5 1 3 3,322 263.40 1.2 AC 875,000 Available CANTON HILLS 2 5 3.0 2 2 3,192 233.40 6,249 SF $745,000 COE 10/24/2016 CANTON HILLS 3 5 4.0 2 2 3,482 215.11 8,431 SF $749,000 COE 7/13/2016 CANTON HILLS 3 5 4.0 2 2 3,482 195.29 6,902 SF $680,000 COE 10/14/2015 GREEN HILLS 4 2.5 2 3 2,186 255.62 10,066 SF $558,777 COE 3/30/2015 GREEN HILLS 5 3.0 2 3 3,048 213.25 12,314 SF $650,000 COE 7/1/2016 BASE SALES REVENUE WITH PRICING ASSUMPTIONS BASED MARKET PRICING TODAY 14,579,900 AVERAGE BASE SALES PRICE* 694,281 * all figures represent initial base prices without lot premiums or upgrades based on introduction to the market today CADO Real Estate Group February 20, 2017

Exhibit 2 COMPARISON OF PRICES OF SELECT NEW HOMES $950,000 $900,000 $850,000 $800,000 Sales Price $750,000 $700,000 $650,000 $600,000 $550,000 $500,000 1,800 1,900 2,000 2,100 2,200 2,300 2,400 2,500 2,600 2,700 2,800 2,900 3,000 3,100 3,200 3,300 3,400 3,500 3,600 Unit Size (Sq.Ft.) RIKER RANCH RIDGELINE RIVER VILLAGE TREVI HILLS CADO Real Estate Group February 20, 2017

Exhibit 3 COMPARISON OF PRICES WITH SURROUNDING NEWER RESALE $825,000 $800,000 $775,000 $750,000 $725,000 $700,000 $675,000 $650,000 Sales Price $625,000 $600,000 $575,000 $550,000 $525,000 $500,000 $475,000 $450,000 $425,000 $400,000 1,800 1,900 2,000 2,100 2,200 2,300 2,400 2,500 2,600 2,700 2,800 2,900 3,000 3,100 3,200 3,300 3,400 3,500 Unit Size (Sq.Ft.) RIKER RANCH RIDGELINE CANTON HILLS GREEN HILLS CLOSED DET LAKESIDE: Median Size: 2,174 Sq.Ft. Median Sold Price: $542,000 Median $/SF: $246 Median Year Built: 2005 Median DOM: 19 Number of Listings: 18 CADO Real Estate Group February 20, 2017

Exhibit 4 CLOSED RESALES Lakeside Sold in the Last Year Excluding Notable Comps Listed Elsewhere Built Since 2000 STREET ADDRESS BED BATH UNIT SIZE SOLD PRICE SOLD $/SF DAYS ON MARKET YEAR BUILT COE 15988 El Monte 3 2.5 2,450 $520,000 212.24 99 2015 10/3/2016 10920 Serena 4 3 2,700 $500,000 185.19 114 2005 2/19/2016 10920 Serena Ln 4 3 2,700 $614,500 227.59 3 2005 4/15/2016 11771 Hi Ridge Rd 3 3.5 2,938 $630,000 214.43 49 2007 8/31/2016 9371 Micaela Court 4 3 1,840 $527,000 286.41 5 2001 5/16/2016 12777 Wildcat Canyon Rd 3 2 2,025 $415,000 204.94 7 2007 5/12/2016 11808 Gay Rio Ln. 4 2 2,021 $535,000 264.72 6 2000 5/13/2016 10406 Chase Creek Ln 4 3 2,244 $673,000 299.91 2 2003 5/16/2016 9346 Via Brittany 4 3 1,824 $549,000 300.99 14 2001 8/5/2016 9004 Creekford 4 2.5 2,380 $533,000 223.95 88 2005 9/8/2016 11995 Foothills River Lane 4 2 2,000 $532,000 266.00 7 2012 10/24/2016 10454 Chase Creek Lane 6 3 3,493 $800,000 229.03 72 2003 12/1/2016 10172 Pinery Grove 4 3 1,868 $562,500 301.12 20 2000 12/16/2016 10108 Vista Laurel 4 2.5 2,174 $459,000 211.13 175 2013 8/31/2016 10106 Laurel Country Way 4 2.5 2,014 $530,000 263.16 18 2008 10/31/2016 12725 Muth Valley Road 4 2.5 3,297 $750,000 227.48 38 2007 4/18/2016 9075 Creekford 4 2 2,173 $575,000 264.61 3 2016 3/7/2016 9069 Frankie Court 4 2.5 1,940 $580,000 298.97 38 2000 9/22/2016 UNIT SIZE SOLD PRICE SOLD $/SF DAYS ON MARKET YEAR BUILT MEDIAN 2,174 542,000 246 19 2,005 AVERAGE 2,338 571,389 249 42 2,006 MINIMUM 1,824 415,000 185 2 2,000 MAXIMUM 3,493 800,000 301 175 2,016 CADO Real Estate Group February 20, 2017

CMA Summary Report RESIDENTIAL Summary Statistics High Low Average Median LP:$829,900 $425,000 $614,664 $569,900 SP:$800,000 $415,000 $599,657 $563,750 RESIDENTIAL - Sold Number of Properties: 26 Num MLS # Status Style FllAdd ZipArea Beds TotB COEDate LotSFApx EstSF DOM LP $/EstSF SP $/EstSF 1 160011308 SOLD DET 12777 Wildcat Canyon Rd LAKESIDE (92040) 3 2 5/12/2016 31,799 2,025 7 $425,000 $209.88 $415,000 $204.94 2 160005169 SOLD DET 10108 Vista Laurel LAKESIDE (92040) 4 3 8/31/2016 6,278 2,174 176 $455,000 $209.29 $459,000 $211.13 3 150053162 SOLD DET 10920 Serena LAKESIDE (92040) 4 3 2/19/2016 2,700 114 $519,900 $192.56 $500,000 $185.19 4 160017353 SOLD DET 13217 Cuyamaca Drive LAKESIDE (92040) 4 3 9/9/2016 2,075 119 $564,990 $272.28 $518,000 $249.64 5 160016522 SOLD DET 15988 El Monte LAKESIDE (92040) 3 3 10/3/2016 13,068 2,450 107 $499,000 - $539,000 $220.00 $520,000 $212.24 6 160021332 SOLD DET 9371 MICAELA COURT LAKESIDE (92040) 4 3 5/16/2016 10,732 1,840 5 $519,900 - $534,900 $290.71 $527,000 $286.41 7 160047450 SOLD DET 10106 Laurel Country Way 8 160049712 SOLD DET 11995 Foothills River Lane LAKESIDE (92040) 4 3 10/31/2016 6,700 2,014 18 $530,000 $263.16 $530,000 $263.16 LAKESIDE (92040) 4 2 10/24/2016 2,000 7 $550,000 $275.00 $532,000 $266.00 9 160019747 SOLD DET 9004 Creekford LAKESIDE (92040) 4 3 9/8/2016 2,380 88 $545,000 $228.99 $533,000 $223.95 10 160017116 SOLD DET 11808 Gay Rio Ln. LAKESIDE (92040) 4 2 5/13/2016 27,443 2,021 6 $535,000 $264.72 $535,000 $264.72 11 160034344 SOLD DET 9346 VIA BRITTANY LAKESIDE (92040) 4 3 8/5/2016 1,824 14 $529,000 - $549,000 $300.99 $549,000 $300.99 12 160001932 SOLD DET 13324 Cuyamaca Vista DR LAKESIDE (92040) 4 3 12/2/2016 1,836 238 $559,990 - $569,900 $310.40 $559,093 $304.52 13 160058293 SOLD DET 10172 Pinery Grove LAKESIDE (92040) 4 3 12/16/2016 6,480 1,868 20 $569,900 $305.09 $562,500 $301.12 14 160066172 SOLD DET 13230 Mystic Way Lot 43 R/L LAKESIDE (92040) 4 3 2/14/2017 2,076 22 $569,990 $274.56 $565,000 $272.16 15 160005850 SOLD DET 9075 CREEKFORD LAKESIDE (92040) 4 2 3/7/2016 2,173 3 $569,900 $262.26 $575,000 $264.61 16 160038859 SOLD DET 9069 Frankie Court LAKESIDE (92040) 4 3 9/22/2016 1,940 38 $588,000 $303.09 $580,000 $298.97 17 160013259 SOLD DET 10920 Serena Ln LAKESIDE (92040) 4 3 4/15/2016 2,700 4 $635,000 $235.19 $614,500 $227.59 18 160030810 SOLD DET 11771 Hi Ridge Rd LAKESIDE (92040) 3 4 8/31/2016 2,938 50 $649,900 $221.20 $630,000 $214.43 19 160017250 SOLD DET 13553 SOHAIL ST. LAKESIDE (92040) 5 3 7/1/2016 3,048 36 $669,000 $219.49 $650,000 $213.25 20 160017701 SOLD DET 10406 Chase Creek Ln LAKESIDE (92040) 4 3 5/16/2016 17,795 2,244 2 $675,000 $300.80 $673,000 $299.91 21 160043943 SOLD DET 11979 VIA TREVI LAKESIDE (92040) 4 4 12/20/2016 51,401 2,928 96 $764,000 $260.93 $740,000 $252.73 Information Provided Courtesy Of: Catherine D Nicholas Search BRE Lic#: CA 01072733 888-848-6668 SureSell Real Estate - Office: 888-848-6668 02/22/2017 12:44 PM Information is not guaranteed. Copyright 2001-2016 SANDICOR, Area (Minor)=92040 AND Class=RE AND Close of Escrow Date=02/19/2016-02/20/2017 AND County=SanDiego AND Beds>=3 AND TotB>=2 AND EstSF=1800-3600 AND YrBlt>=2000 AND Status=SOLD

22 160052684 SOLD DET 10015 LOS RANCHITOS ROAD 23 160010182 SOLD DET 11018 Rose Meadow Road 24 160004597 SOLD DET 12725 Muth Valley Road LAKESIDE (92040) 4 3 10/24/2016 6,249 3,192 5 $739,000 - $780,000 $244.36 $745,000 $233.40 LAKESIDE (92040) 5 4 7/13/2016 3,482 94 $749,000 $215.11 $749,000 $215.11 LAKESIDE (92040) 3 3 4/18/2016 3,297 38 $795,000 $241.13 $750,000 $227.48 25 160041353 SOLD DET 17035 Rio Maria LAKESIDE (92040) 4 3 12/19/2016 230,432 2,293 95 $779,000 - $819,000 $357.17 $780,000 $340.17 26 160044392 SOLD DET 10454 Chase Creek Lane LAKESIDE (92040) 5 3 12/1/2016 18,339 3,493 72 $799,900 - $829,900 $237.59 $800,000 $229.03 Avg 3 2 35559 2423 56 $614,665 $258.31 $599,657 $252.42 Min 3 2 6249 1824 2 $425,000 $192.56 $415,000 $185.19 Max 5 4 230432 3493 238 $829,900 $357.17 $800,000 $340.17 Med 4 3 15431 2209 37 $569,900 $261.60 $563,750 $251.19 Information Provided Courtesy Of: Catherine D Nicholas Search BRE Lic#: CA 01072733 888-848-6668 SureSell Real Estate - Office: 888-848-6668 02/22/2017 12:44 PM Information is not guaranteed. Copyright 2001-2016 SANDICOR, Area (Minor)=92040 AND Class=RE AND Close of Escrow Date=02/19/2016-02/20/2017 AND County=SanDiego AND Beds>=3 AND TotB>=2 AND EstSF=1800-3600 AND YrBlt>=2000 AND Status=SOLD

Local Market Update for January 2017 Provided by the North San Diego County Association of REALTORS. 92040 - Lakeside East San Diego County Detached Single-Family January Key Metrics 2016 2017 Percent Change Thru 1-2016 Thru 1-2017 Percent Change New Listings 48 26-45.8% 500 474-5.2% Pending Sales 18 24 + 33.3% 361 370 + 2.5% Closed Sales 26 13-50.0% 372 361-3.0% Days on Market Until Sale 48 43-10.4% 36 35-2.8% Median Sales Price* $450,000 $438,000-2.7% $440,000 $460,000 + 4.5% Average Sales Price* $447,663 $442,692-1.1% $444,897 $469,147 + 5.5% Percent of Original List Price Received* 95.4% 93.4% - 2.1% 97.3% 97.2% - 0.1% Percent of List Price Received* 97.0% 96.6% - 0.4% 98.0% 98.4% + 0.4% Inventory of Homes for Sale 80 38-52.5% -- -- -- Months Supply of Inventory 2.7 1.2-55.6% -- -- -- * Does not account for sale concessions and/or downpayment assistance. Percent changes are calculated using rounded figures and can sometimes look extreme due to small sample size. Attached Single-Family January Rolling 12 Months Rolling 12 Months Key Metrics 2016 2017 Percent Change Thru 1-2016 Thru 1-2017 Percent Change New Listings 11 12 + 9.1% 106 100-5.7% Pending Sales 5 7 + 40.0% 88 93 + 5.7% Closed Sales 4 5 + 25.0% 84 92 + 9.5% Days on Market Until Sale 69 38-44.9% 30 30 0.0% Median Sales Price* $196,500 $225,000 + 14.5% $178,000 $210,000 + 18.0% Average Sales Price* $194,500 $220,100 + 13.2% $189,470 $221,084 + 16.7% Percent of Original List Price Received* 102.5% 96.1% - 6.2% 98.7% 97.3% - 1.4% Percent of List Price Received* 98.8% 96.9% - 1.9% 98.2% 98.2% 0.0% Inventory of Homes for Sale 15 10-33.3% -- -- -- Months Supply of Inventory 2.0 1.3-35.0% -- -- -- * Does not account for sale concessions and/or downpayment assistance. Percent changes are calculated using rounded figures and can sometimes look extreme due to small sample size. Median Sales Price Detached Single-Family Median Sales Price Attached Single-Family Rolling 12-Month Calculation Rolling 12-Month Calculation East San Diego County East San Diego County 92040 - Lakeside 92040 - Lakeside $475,000 $300,000 $450,000 $425,000 $250,000 $400,000 $200,000 $375,000 $350,000 $150,000 $325,000 5-2013 11-2013 5-2014 11-2014 5-2015 11-2015 5-2016 11-2016 $100,000 5-2013 11-2013 5-2014 11-2014 5-2015 11-2015 5-2016 11-2016 Current as of February 4, 2017. All data from Sandicor, Inc. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures.

For More Information, Please Contact: CA Lic#01367183 CA Lic#01323215 22