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Appendix B
Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 9 of 33
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Exhibit B - Part 5 Page 10 of 33

Appendix C
 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 11 of 33

Orange County 4th Quarter 2009

Development Summary Table By Community

Sales/Month Ranges Sales Start LotSize/ Total Total CurQtr Remain Total Community/
Development/Developer CurQtr Cum Price Sqft $/Sqft Map/Page # Concept Units Sold Sold Unsold ForDev Inventory MasterPlan
BIRCH RIVER @ GLENWOOD 2.30 1.26 $855,350 3,096 $258.94 24-Jun-07 5300 69 38 7 9 22 31 ALISO VIEJO
SHEA HOMES $1,236,900 4,030 $332.53 48 DETACHED GLENWOOD
PASADERA @ GLENWOOD 2.56 2.30 $674,900 2,234 $238.67 25-Aug-07 3500 149 65 8 7 77 84 ALISO VIEJO
SHEA HOMES $739,900 3,100 $302.10 54 DETACHED GLENWOOD
VISTA VALLARTA @ GLENWOOD 0.95 1.65 $959,900 3,474 $271.12 14-Feb-09 6000 100 17 3 9 74 83 ALISO VIEJO
SHEA HOMES $1,189,900 3,892 $305.72 56 DETACHED GLENWOOD
ASHBERRY @ LAUREL GATE 1.21 2.86 $649,000 2,550 $239.42 15-Jul-08 4000 59 50 4 1 8 9 BUENA PARK
LENNAR HOMES $736,000 3,074 $263.47 1 DETACHED LAUREL GATE
IVY LANE @ LAUREL GATE 1.65 2.86 $609,000 2,050 $266.04 15-Jul-08 3375 63 50 5 0 13 13 BUENA PARK
LENNAR HOMES $659,000 2,477 $297.07 10 DETACHED LAUREL GATE
LINCOLN GLEN 0.30 1.17 $549,900 1,540 $317.92 23-Feb-09 3800 20 12 1 8 0 8 BUENA PARK
LINCOLN GLEN,LLC $565,900 1,780 $357.07 13 DETACHED
CANOE POND 0.00 0.43 $695,000 1,554 $416.16 15-Nov-07 8000 12 11 0 1 0 1 COSTA MESA
WATERPOINTE HOMES $695,000 1,670 $447.23 61 DETACHED
SYCAMORE STREAM 0.61 0.69 $748,000 1,961 $381.43 15-Apr-09 3000 9 6 2 3 0 3 COSTA MESA
WATERPOINTE HOMES $848,000 2,184 $388.27 68 DETACHED
THE BREAKERS @ BRIGHTWATER 0.65 0.78 $1,686,440 3,162 $471.05 15-Mar-08 6000 111 17 2 7 87 94 HUNTINGTON BEACH
HEARTHSIDE HOMES $1,950,000 4,076 $549.60 60 DETACHED BRIGHTWATER
THE CLIFFS @ BRIGHTWATER -1.00 0.74 $1,299,000 2,724 $438.97 15-Mar-08 5000 109 16 -3 8 85 93 HUNTINGTON BEACH
HEARTHSIDE HOMES $1,525,000 3,474 $476.87 62 DETACHED BRIGHTWATER
THE SANDS @ BRIGHTWATER 0.30 0.56 $925,450 1,927 $461.82 11-Aug-07 3200 78 17 1 5 56 61 HUNTINGTON BEACH
HEARTHSIDE HOMES $998,000 2,161 $480.25 66 DETACHED BRIGHTWATER
THE TRAILS @ BRIGHTWATER 0.30 1.21 $798,450 1,710 $466.92 11-Aug-07 3100 62 35 1 6 21 27 HUNTINGTON BEACH
HEARTHSIDE HOMES $950,450 1,953 $486.66 70 DETACHED BRIGHTWATER
BOUGAINVILLEA @ PORTOLA SPRINGS 1.73 1.56 $580,000 1,670 $318.31 22-Jul-06 2300 64 64 4 0 0 0 IRVINE
KB HOME $650,000 2,042 $347.30 34 CLUSTER DETACHED PORTOLA SPRINGS
LAS COLINAS @ PORTOLA SPRINGS 1.30 1.00 $989,000 2,717 $307.41 20-Jul-06 4800 75 42 4 5 28 33 IRVINE
TAYLOR MORRISON $1,078,895 3,383 $393.61 39 DETACHED PORTOLA SPRINGS
LOS ARBOLES @ PORTOLA SPRINGS 0.30 1.08 $727,000 2,003 $337.92 22-Jul-06 3200 59 46 1 2 11 13 IRVINE
TAYLOR MORRISON $805,270 2,383 $374.00 40 DETACHED PORTOLA SPRINGS
MANZANITA @ PORTOLA SPRINGS 0.00 0.65 $709,900 2,202 $282.76 15-Jul-06 4000 31 28 0 0 3 3 IRVINE
RICHMOND AMERICAN $799,950 2,829 $322.38 41 DETACHED PORTOLA SPRINGS
SERRA @ PORTOLA SPRINGS 2.30 1.30 $1,207,000 3,431 $306.40 22-Dec-06 6000 55 48 7 3 4 7 IRVINE
STANDARD PACIFIC $1,315,000 4,029 $383.27 45 DETACHED PORTOLA SPRINGS
STONETREE MANOR @ WOODBURY 0.00 1.43 $722,880 1,964 $352.72 15-Feb-06 3100 63 63 0 0 0 0 IRVINE
JOHN LAING HOMES $799,990 2,268 $378.26 46 DETACHED WOODBURY
VILLA ROSA @ WOODBURY 1.30 1.73 $991,000 2,615 $348.94 3-Jun-06 5000 83 75 4 2 6 8 IRVINE
LENNAR HOMES $1,103,000 3,161 $378.96 47 DETACHED WOODBURY
TAPESTRY - LA HABRA 1.52 1.95 $654,900 2,795 $201.69 8-Apr-06 4100 113 88 5 7 18 25 LA HABRA
SHEA HOMES $709,900 3,247 $250.41 17 DETACHED
CORNERSTONE - LAGUNA NIGUEL 1.99 2.30 $615,000 1,862 $296.96 4-Nov-06 1500 113 87 6 1 25 26 LAGUNA NIGUEL
S & S CONSTRUCTION $724,900 2,441 $334.24 49 CLUSTER DETACHED
MARIPOSA @ SAN JOAQUIN HILLS 2.25 1.34 $754,900 2,157 $323.56 24-Apr-07 4000 106 44 7 3 59 62 LAGUNA NIGUEL
S & S CONSTRUCTION $1,096,900 3,390 $350.15 53 DETACHED SAN JOAQUIN HILLS

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 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 12 of 33

Orange County 4th Quarter 2009

Development Summary Table By Community

Sales/Month Ranges Sales Start LotSize/ Total Total CurQtr Remain Total Community/
Development/Developer CurQtr Cum Price Sqft $/Sqft Map/Page # Concept Units Sold Sold Unsold ForDev Inventory MasterPlan
THE SUMMIT @ SAN JOAQUIN HILLS 0.65 1.00 $1,085,000 3,575 $303.49 18-Oct-06 5000 100 39 2 2 59 61 LAGUNA NIGUEL
S & S CONSTRUCTION $1,285,000 4,032 $340.46 55 DETACHED SAN JOAQUIN HILLS
SEA POINT @ CRYSTAL COVE 0.00 0.35 $3,914,450 6,134 $575.65 27-Oct-07 21164 27 10 0 3 14 17 NEWPORT COAST
JOHN LAING HOMES $5,851,250 6,800 $944.05 67 DETACHED CRYSTAL COVE
THE TIDES @ CRYSTAL COVE 0.00 0.35 $6,595,000 6,675 $955.10 7-Apr-07 13000 30 12 0 6 12 18 NEWPORT COAST
STANDARD PACIFIC $7,295,000 7,182 $1,092.88 69 DETACHED CRYSTAL COVE
CRESCENT HEIGHTS - PLACENTIA 0.61 2.04 $599,990 2,375 $242.16 15-Apr-09 3000 75 17 2 1 57 58 PLACENTIA
ETCO HOMES $699,000 2,853 $252.86 4 DETACHED
ALTA @ TALEGA 0.00 0.74 $1,325,000 4,719 $245.41 18-Nov-06 11000 63 28 0 8 27 35 SAN CLEMENTE
STANDARD PACIFIC $1,396,000 5,399 $285.22 57 DETACHED TALEGA
CARILLON @ TALEGA 0.00 1.08 $1,056,000 3,450 $286.15 18-Jun-06 6000 84 46 0 7 31 38 SAN CLEMENTE
STANDARD PACIFIC $1,221,000 3,928 $325.16 58 DETACHED TALEGA
STELLA MARE @ TALEGA 2.60 2.12 $712,000 3,048 $233.59 29-Oct-05 5100 107 106 8 1 0 1 SAN CLEMENTE
STANDARD PACIFIC $970,000 3,465 $301.80 59 DETACHED TALEGA
PROSPECT VILLAGE 0.69 0.65 $625,000 2,323 $265.86 1-May-08 2000 12 12 1 0 0 0 TUSTIN
PELICAN PROPERTIES $800,000 3,009 $269.04 43 CLUSTER DETACHED
CORTE BELLA @ AMALFI HILLS 1.82 1.17 $729,000 2,405 $286.45 23-Feb-08 6000 171 26 6 0 145 145 YORBA LINDA
S & S CONSTRUCTION $959,900 3,351 $305.05 3 DETACHED AMALFI HILLS
GREENBRIER @ VISTA DEL VERDE 2.99 1.95 $785,990 2,684 $264.38 30-Aug-07 7000 105 55 10 9 41 50 YORBA LINDA
MBK HOMES $883,990 3,283 $298.05 5 DETACHED VISTA DEL VERDE
HIDDEN RIDGE - YORBA LINDA 0.30 0.65 $655,000 2,342 $279.67 10-Mar-08 6592 14 14 1 0 0 0 YORBA LINDA
HQT HOMES $695,000 2,388 $291.03 9 DETACHED
THE LEGENDS @ VISTA DEL VERDE 0.91 1.47 $974,995 3,390 $232.05 21-Oct-06 10000 79 58 3 16 5 21 YORBA LINDA
TOLL BROTHERS $1,224,995 5,279 $287.60 12 DETACHED VISTA DEL VERDE
THE MASTERS @ VISTA DEL VERDE 0.91 1.39 $995,995 3,908 $248.96 4-Nov-06 7000 54 54 3 0 0 0 YORBA LINDA
TOLL BROTHERS $1,499,995 4,575 $368.45 14 DETACHED VISTA DEL VERDE
TIERRA @ VILLAGGIO 0.00 2.43 $507,900 1,540 $316.65 21-Nov-08 3000 50 32 0 1 17 18 YORBA LINDA
S & S CONSTRUCTION $620,635 1,960 $329.80 18 DETACHED VILLAGGIO
36 Total Projects 34.02 48.23 2,574 1,428 105 141 1,005 1,146
Average Per Development 0.94 1.34

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Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 13 of 33

Appendix D
 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 14 of 33
Brightwater Unit List Summary

Unsold Units
Unsold Average Total Retail Value Total
Trails Units Area (Sq Ft) Area (Sq Ft) /Unit Retail Value /Sq Ft
Plan 1 7 1,710 11,970 $802,857 $5,620,000 $469.51
Plan 2 7 1,755 12,285 845,493 5,918,450 481.76
Plan 3 12 1,898 22,776 956,325 11,475,900 503.86
Subtotal Trails 26 1,809 47,031 $885,167 $23,014,350 $489.34
Sands
Plan 1 18 1,927 34,686 $974,722 $17,545,000 $505.82
Plan 2 17 1,988 33,796 967,353 16,445,000 486.60
Plan 3 23 2,161 49,703 1,068,152 24,567,500 494.29
Subtotal Sands 58 2,038 118,185 $1,009,612 $58,557,500 $495.47
Cliffs no view
Plan 1 22 2,836 62,392 $1,281,500 $28,193,000 $451.87
Plan 2 15 3,260 48,900 1,421,533 21,323,000 436.05
Plan 3 15 3,410 51,150 1,512,000 22,680,000 443.40
Plan 4 17 3,474 59,058 1,572,353 26,730,000 452.61
Subtotal Cliffs no view 69 3,210 221,500 $1,433,710 $98,926,000 $446.62
Cliffs view
Plan 1 5 2,836 14,180 $2,092,000 $10,460,000 $737.66
Plan 2 4 3,260 13,040 2,211,250 8,845,000 678.30
Plan 3 5 3,410 17,050 2,254,000 11,270,000 661.00
Plan 4 8 3,474 27,792 2,370,625 18,965,000 682.39
Subtotal Cliffs view 22 3,276 72,062 $2,251,818 $49,540,000 $687.46
Total Cliffs 91 3,226 293,562 $1,631,495 $148,466,000 $505.74
Breakers no view
Plan 1 15 3,504 52,565 $1,646,667 $24,700,000 $469.89
Plan 2 16 3,548 56,768 1,732,063 27,713,010 488.18
Plan 3 13 3,939 51,207 1,879,431 24,432,600 477.13
Plan 4 20 4,207 84,140 1,938,428 38,768,564 460.76
Subtotal Breakers no view 64 3,823 244,680 $1,806,471 $115,614,174 $472.51
Breakers view
Plan 1 4 3,557 14,228 2,727,500 10,910,000 $766.80
Plan 2 5 3,548 17,740 2,827,000 14,135,000 796.79
Plan 3 6 3,939 23,634 2,926,917 17,561,500 743.06
Plan 4 11 4,207 46,277 3,126,818 34,395,000 743.24
Subtotal Breakers view 26 3,918 101,879 $2,961,596 $77,001,500 $755.81
Total Breakers 90 3,851 346,559 $2,140,174 $192,615,674 $555.79
Total Brightwater unsold units 265 3,039 805,337 $1,594,919 $422,653,524 $524.82

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 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 15 of 33
Brightwater Unit List Summary

Units in Escrow
Units in Average Total Retail Value Total
Trails Escrow Area (Sq Ft) Area (Sq Ft) /Unit Retail Value /Sq Ft
Plan 1 2 1,710 3,420 $836,475 $1,672,950 $489.17
Plan 2 1 1,755 1,755 850,450 850,450 484.59
Plan 3 0 0 0 0 0 0.00
Subtotal Trails 3 1,725 5,175 $841,133 $2,523,400 $487.61
Sands
Plan 1 0 0 0 $0 $0 $0.00
Plan 2 1 1,927 1,927 915,000 915,000 474.83
Plan 3 0 0 0 0 0 0.00
Subtotal Sands 1 1,927 1,927 $915,000 $915,000 $474.83
Cliffs
Plan 1 0 0 0 $0 $0 $0.00
Plan 2 2 3,260 6,520 1,535,000 3,070,000 470.86
Plan 3 0 0 0 0 0 0.00
Plan 4 0 0 0 0 0 0.00
Subtotal Cliffs non-view 2 3,260 6,520 $1,535,000 $3,070,000 $470.86
Cliffs view
Plan 1 0 0 0 $0 $0 $0.00
Plan 2 1 3,310 3,310 2,200,000 2,200,000 664.65
Plan 3 1 3,416 3,416 2,324,320 2,324,320 680.42
Plan 4 1 3,477 3,477 2,200,000 2,200,000 632.73
Subtotal Cliffs view 3 3,401 10,203 $2,241,440 $6,724,320 $659.05
Total Cliffs 5 3,345 16,723 $1,958,864 $9,794,320 $585.68
Breakers
Plan 1 1 3,546 3,546 $1,650,000 $1,650,000 $465.31
Plan 2 0 0 0 0 0 0.00
Plan 3 0 0 0 0 0 0.00
Plan 4 1 4,100 4,100 1,950,000 1,950,000 475.61
Subtotal Breakers non view 2 3,823 7,646 $1,800,000 $3,600,000 $470.83
Breakers view
Plan 1 0 0 0 0 0 $0.00
Plan 2 0 0 0 0 0 0.00
Plan 3 0 0 0 0 0 0.00
Plan 4 0 0 0 0 0 0.00
Subtotal Breakers view 0 0 0 $0 $0 $0.00
Total Breakers 2 3,823 7,646 $1,800,000 $3,600,000 $470.83
Total Brightwater escrows 11 2,861 31,471 $1,530,247 $16,832,720 $534.86
Total Brightwater unsold 265 3,039 805,337 $1,594,919 422,653,524 $524.82
Aggregate retail value, unsold and escrows 276 $439,486,244

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 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 16 of 33
Brightwater Unit List
Ocean Area Area COE View Total Total Closing Net Net
Status Neighborhood Tract Phase Lot View (Sq Ft) Plan (Sq Ft) Date Premium Price (Value) /Sq Ft Costs Price /Sq Ft
M Trails 17032 72 2,835 1 1,710
M Trails 17032 73 2,835 2 1,755
M Trails 17032 71 2,835 3 1,845
M Trails 17032 74 2,835 3 1,953
Subtotal Trails models 11,340 4 7,263
Average 2,835 1,816

S Trails 17032 1 21 3,870 1 1,710 12/07/07 1,175,504 687.43 2,371 1,173,133 686.04
S Trails 17032 1 28 2,945 1 1,710 04/17/09 800,000 467.84 36,584 763,416 446.44
S Trails 17032 1 47 3,059 1 1,710 09/29/08 899,000 525.73 29,710 869,290 508.36
S Trails 17032 1 49 3,063 1 1,710 06/19/09 810,000 473.68 31,911 778,089 455.02
S Trails 17032 1 51 3,321 1 1,710 03/20/08 1,040,790 608.65 10,427 1,030,363 602.55
S Trails 17032 2 31 2,905 1 1,710 09/24/09 798,450 466.93 26,700 771,750 451.32
S Trails 17032 2 33 2,899 1 1,710 12/02/09 798,450 466.93 37,761 760,689 444.85
S Trails 17032 2 43 3,046 1 1,710 09/21/09 798,450 466.93 18,484 779,966 456.12
S Trails 17032 2 44 3,054 1 1,710 08/18/09 802,506 469.30 49,080 753,426 440.60
S Trails 17034 3 3 3,037 1 1,710 12/02/09 825,450 482.72 36,549 788,901 461.35
S Trails 17034 3 5 3,232 1 1,710 09/23/09 875,968 512.26 2,587 873,381 510.75
S Trails 17032 4 41 3,268 1 1,710 12/18/09 893,710 522.64 2,627 891,083 521.10
S Trails 17032 1 23 3,225 2 1,755 12/26/07 1,187,439 676.60 2,320 1,185,119 675.28
S Trails 17032 1 25 2,984 2 1,755 12/13/07 1,125,722 641.44 12,288 1,113,434 634.44
S Trails 17032 1 27 2,958 2 1,755 06/27/08 998,990 569.23 35,351 963,639 549.08
S Trails 17032 1 50 3,064 2 1,755 05/09/08 1,021,185 581.87 32,634 988,551 563.28
S Trails 17032 2 30 2,918 2 1,763 07/23/09 900,276 510.65 52,635 847,641 480.79
S Trails 17032 2 32 2,899 2 1,763 12/30/09 862,108 489.00 28,061 834,047 473.08
S Trails 17032 2 42 3,032 2 1,755 12/22/09 850,000 484.33 6,523 843,477 480.61
S Trails 17032 2 45 3,056 2 1,763 06/03/09 871,250 494.19 33,880 837,370 474.97
S Trails 17034 3 2 3,036 2 1,763 11/02/09 885,000 501.99 11,043 873,957 495.72
S Trails 17034 3 6 3,651 2 1,763 09/25/09 908,298 515.20 2,650 905,648 513.70
S Trails 17032 1 22 3,411 3 1,953 06/27/08 1,050,000 537.63 5,577 1,044,423 534.78
S Trails 17032 1 24 3,982 3 1,953 12/18/07 1,316,869 674.28 12,552 1,304,317 667.85
S Trails 17032 1 26 2,971 3 1,953 12/07/07 1,229,629 629.61 12,539 1,217,090 623.19
S Trails 17032 1 48 3,061 3 1,845 06/27/08 1,050,000 569.11 23,738 1,026,262 556.24
S Trails 17032 2 29 2,932 3 1,953 07/22/09 1,000,000 512.03 42,910 957,090 490.06
S Trails 17032 2 46 3,057 3 1,953 06/26/09 999,000 511.52 57,836 941,164 481.91
S Trails 17034 3 1 4,179 3 1,953 11/10/09 1,030,715 527.76 2,767 1,027,948 526.34
Subtotal Trails sold 92,115 29 51,673 27,804,759 660,095 27,144,664
Average 3,176 1,782 958,785 537.15 22,762 936,023 524.34

E Trails 17032 4 38 4,144 1 1,710 04/30/10 850,000 497.08 35,000 815,000 476.61

M: model, S: sold, E: escrow, U: unsold Page 3 of 13

 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 17 of 33
Brightwater Unit List
Ocean Area Area COE View Total Total Closing Net Net
Status Neighborhood Tract Phase Lot View (Sq Ft) Plan (Sq Ft) Date Premium Price (Value) /Sq Ft Costs Price /Sq Ft
E Trails 17032 4 40 3,650 1 1,710 04/30/10 822,950 481.26 44,688 778,262 455.12
E Trails 17032 4 35 2,899 2 1,755 04/30/10 850,450 484.59 20,000 830,450 473.19
Subtotal Trails escrows 10,693 3 5,175 2,523,400 99,688 2,423,712
Average 3,564 1,725 841,133 487.64 33,229 807,904 468.35

U Trails 17032 4 36 2,898 1 1,710 810,000 473.68 810,000 473.68

U Trails 17032 5 60 3,061 1 1,710 793,000 463.74 793,000 463.74
U Trails 17032 5 62 3,315 1 1,710 793,000 463.74 793,000 463.74
U Trails 17032 5 65 2,835 1 1,710 793,000 463.74 793,000 463.74
U Trails 17032 5 69 2,835 1 1,710 793,000 463.74 793,000 463.74
U Trails 17032 6 55 3,061 1 1,710 793,000 463.74 793,000 463.74
U Trails 17032 6 75 2,835 1 1,710 845,000 494.15 845,000 494.15
U Trails 17032 4 37 2,899 2 1,755 848,450 483.45 848,450 483.45
U Trails 17032 5 61 3,061 2 1,755 845,000 481.48 845,000 481.48
U Trails 17032 5 67 2,835 2 1,755 845,000 481.48 845,000 481.48
U Trails 17032 6 53 3,061 2 1,755 845,000 481.48 845,000 481.48
U Trails 17032 6 56 3,061 2 1,755 845,000 481.48 845,000 481.48
U Trails 17032 6 58 3,061 2 1,755 845,000 481.48 845,000 481.48
U Trails 17032 6 70 2,835 2 1,755 845,000 481.48 845,000 481.48
U Trails 17034 3 4 3,050 3 1,898 990,000 521.60 990,000 521.60
U Trails 17032 4 34 2,899 3 1,898 940,450 495.50 940,450 495.50
U Trails 17032 4 39 3,319 3 1,898 975,450 513.94 975,450 513.94
U Trails 17032 5 59 3,061 3 1,898 945,000 497.89 945,000 497.89
U Trails 17032 5 63 3,788 3 1,898 985,000 518.97 985,000 518.97
U Trails 17032 5 64 3,065 3 1,898 965,000 508.43 965,000 508.43
U Trails 17032 5 66 2,835 3 1,898 945,000 497.89 945,000 497.89
U Trails 17032 5 68 2,835 3 1,898 945,000 497.89 945,000 497.89
U Trails 17032 6 52 3,315 3 1,898 950,000 500.53 950,000 500.53
U Trails 17032 6 54 3,061 3 1,898 945,000 497.89 945,000 497.89
U Trails 17032 6 57 3,061 3 1,898 945,000 497.89 945,000 497.89
U Trails 17032 6 76 2,887 3 1,898 945,000 497.89 945,000 497.89
Subtotal Trails unsold 78,829 26 47,031 23,014,350 23,014,350
Average 3,032 1,809 885,167 488.66 885,167 489.34
Total Trails 192,977 62 111,142

M Sands 17032 4 3,250 1 1,927

M Sands 17032 3 3,615 2 1,988
M Sands 17032 6 3,574 2 1,988
M Sands 17032 5 3,681 3 2,161
Subtotal Sands models 14,120 4 8,064

M: model, S: sold, E: escrow, U: unsold Page 4 of 13

 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 18 of 33
Brightwater Unit List
Ocean Area Area COE View Total Total Closing Net Net
Status Neighborhood Tract Phase Lot View (Sq Ft) Plan (Sq Ft) Date Premium Price (Value) /Sq Ft Costs Price /Sq Ft
Average 3,530 2,016

S Sands 17034 1 8 3,641 1 1,927 12/20/07 1,286,935 667.84 12,603 1,274,332 661.30
S Sands 17034 1 60 3,375 1 1,927 09/26/08 950,000 492.99 2,963 947,037 491.46
S Sands 17034 1 65 3,455 1 1,927 05/18/08 1,063,478 551.88 10,824 1,052,654 546.27
S Sands 17034 2 43 3,334 1 1,927 05/29/09 950,000 492.99 2,972 947,028 491.45
S Sands 17034 2 58 2,831 1 1,927 11/30/09 907,500 470.94 25,192 882,308 457.87
S Sands 17034 1 9 3,533 2 1,988 06/27/08 1,099,073 552.85 2,833 1,096,240 551.43
S Sands 17034 1 61 3,222 2 1,988 06/03/08 1,092,990 549.79 90,226 1,002,764 504.41
S Sands 17034 1 64 3,222 2 1,988 05/01/09 920,000 462.78 28,016 891,984 448.68
S Sands 17034 2 59 3,521 2 1,988 06/30/09 950,308 478.02 2,752 947,556 476.64
S Sands 17034 1 10 4,266 3 2,161 12/13/07 1,407,992 651.55 11,902 1,396,090 646.04
S Sands 17034 1 11 3,679 3 2,161 12/20/07 1,333,000 616.84 37,580 1,295,420 599.45
S Sands 17034 1 62 3,259 3 2,161 12/19/07 1,281,565 593.04 12,430 1,269,135 587.29
S Sands 17034 1 63 3,258 3 2,161 03/27/08 1,256,725 581.55 3,911 1,252,814 579.74
S Sands 17034 2 44 3,546 3 2,161 12/26/08 1,165,722 539.44 3,082 1,162,640 538.01
S Sands 17034 2 45 3,771 3 2,161 03/02/09 1,152,621 533.37 3,058 1,149,563 531.96
S Sands 17034 2 48 5,241 3 2,161 11/20/09 1,111,695 514.44 2,928 1,108,767 513.08
Subtotal Sands sold 57,154 16 32,714 17,929,604 253,272 17,676,332
Average 3,572 2,045 1,120,600 546.90 15,830 1,104,771 539.07

E Sands 17034 3 54 3,017 1 1,927 08/31/10 915,000 474.83 27,450 887,550 460.59
Subtotal Sands escrows 3,017 1 1,927 915,000 27,450 887,550
Average 3,017 1,927 915,000 474.83 887,550 460.59

U Sands 17034 2 46 2,890 1 1,927 890,000 461.86 890,000 461.86

U Sands 17034 2 55 3,932 1 1,927 890,000 461.86 890,000 461.86
U Sands 17034 3 12 2,879 1 1,927 935,000 485.21 935,000 485.21
U Sands 17034 3 16 2,885 1 1,927 935,000 485.21 935,000 485.21
U Sands 17034 3 41 2,925 1 1,927 915,000 474.83 915,000 474.83
U Sands 17034 4 22 2,967 1 1,927 930,000 482.62 930,000 482.62
U Sands 17034 4 23 2,965 1 1,927 930,000 482.62 930,000 482.62
U Sands 17034 4 27 4,674 1 1,927 950,000 492.99 950,000 492.99
U Sands 17034 4 36 3,275 1 1,927 930,000 482.62 930,000 482.62
U Sands 17034 4 40 2,924 1 1,927 920,000 477.43 920,000 477.43
U Sands 17034 5 30 3,985 1 1,927 955,000 495.59 955,000 495.59
U Sands 17034 5 33 2,877 1 1,927 940,000 487.80 940,000 487.80
U Sands 17034 5 49 2,877 1 1,927 920,000 477.43 920,000 477.43
U Sands 17032 6 8 3,238 1 1,927 995,000 516.35 995,000 516.35
U Sands 17032 6 11 V 4,659 1 1,927 750,000 1,670,000 866.63 1,670,000 866.63

M: model, S: sold, E: escrow, U: unsold Page 5 of 13

 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 19 of 33
Brightwater Unit List
Ocean Area Area COE View Total Total Closing Net Net
Status Neighborhood Tract Phase Lot View (Sq Ft) Plan (Sq Ft) Date Premium Price (Value) /Sq Ft Costs Price /Sq Ft
U Sands 17032 7 2 2,927 1 1,927 920,000 477.43 920,000 477.43
U Sands 17032 7 17 3,791 1 1,927 970,000 503.37 970,000 503.37
U Sands 17032 7 19 3,622 1 1,927 950,000 492.99 950,000 492.99
U Sands 17034 2 47 3,651 2 1,988 920,000 462.78 920,000 462.78
U Sands 17034 3 15 3,243 2 1,988 960,000 482.90 960,000 482.90
U Sands 17034 3 42 3,616 2 1,988 940,000 472.84 940,000 472.84
U Sands 17034 4 21 3,308 2 1,988 955,000 480.38 955,000 480.38
U Sands 17034 4 24 3,305 2 1,988 965,000 485.41 965,000 485.41
U Sands 17034 4 35 4,942 2 1,988 975,000 490.44 975,000 490.44
U Sands 17034 4 39 3,369 2 1,988 945,000 475.35 945,000 475.35
U Sands 17034 5 28 4,353 2 1,988 975,000 490.44 975,000 490.44
U Sands 17034 5 31 3,841 2 1,988 985,000 495.47 985,000 495.47
U Sands 17034 5 32 3,236 2 1,988 985,000 495.47 985,000 495.47
U Sands 17034 5 34 3,824 2 1,988 965,000 485.41 965,000 485.41
U Sands 17034 5 50 3,236 2 1,988 955,000 480.38 955,000 480.38
U Sands 17034 5 53 4,152 2 1,988 985,000 495.47 985,000 495.47
U Sands 17032 6 9 3,404 2 1,988 995,000 500.50 995,000 500.50
U Sands 17032 6 13 4,206 2 1,988 995,000 500.50 995,000 500.50
U Sands 17032 7 1 3,842 2 1,988 955,000 480.38 955,000 480.38
U Sands 17032 7 20 4,658 2 1,988 990,000 497.99 990,000 497.99
U Sands 17034 2 56 3,470 3 2,161 964,500 446.32 964,500 446.32
U Sands 17034 2 57 3,709 3 2,161 978,000 452.57 978,000 452.57
U Sands 17034 3 7 8,552 3 2,161 1,094,500 506.48 1,094,500 506.48
U Sands 17034 3 13 3,467 3 2,161 1,009,500 467.14 1,009,500 467.14
U Sands 17034 3 14 3,279 3 2,161 1,009,500 467.14 1,009,500 467.14
U Sands 17034 3 17 3,472 3 2,161 1,009,500 467.14 1,009,500 467.14
U Sands 17034 3 18 4,322 3 2,161 1,009,500 467.14 1,009,500 467.14
U Sands 17034 3 19 4,635 3 2,161 1,009,500 467.14 1,009,500 467.14
U Sands 17034 3 20 3,442 3 2,161 999,500 462.52 999,500 462.52
U Sands 17034 4 25 3,449 3 2,161 1,004,500 464.83 1,004,500 464.83
U Sands 17034 4 26 4,282 3 2,161 1,019,500 471.77 1,019,500 471.77
U Sands 17034 4 37 3,664 3 2,161 994,500 460.20 994,500 460.20
U Sands 17034 4 38 3,511 3 2,161 994,500 460.20 994,500 460.20
U Sands 17034 5 29 5,093 3 2,161 1,039,500 481.03 1,039,500 481.03
U Sands 17034 5 51 3,455 3 2,161 1,004,500 464.83 1,004,500 464.83
U Sands 17034 5 52 4,200 3 2,161 1,024,500 474.09 1,024,500 474.09
U Sands 17032 6 10 V 3,358 3 2,161 400,000 1,345,000 622.40 1,345,000 622.40
U Sands 17032 6 12 V 5,303 3 2,161 750,000 1,744,500 807.27 1,744,500 807.27
U Sands 17032 6 14 4,929 3 2,161 1,069,500 494.91 1,069,500 494.91
U Sands 17032 6 15 6,770 3 2,161 1,084,500 501.85 1,084,500 501.85

M: model, S: sold, E: escrow, U: unsold Page 6 of 13

 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 20 of 33
Brightwater Unit List
Ocean Area Area COE View Total Total Closing Net Net
Status Neighborhood Tract Phase Lot View (Sq Ft) Plan (Sq Ft) Date Premium Price (Value) /Sq Ft Costs Price /Sq Ft
U Sands 17032 6 16 6,527 3 2,161 1,084,500 501.85 1,084,500 501.85
U Sands 17032 7 7 3,896 3 2,161 1,039,500 481.03 1,039,500 481.03
U Sands 17032 7 18 4,667 3 2,161 1,034,500 478.71 1,034,500 478.71
Subtotal Sands unsold 225,930 58 118,185 1,900,000 58,557,500 58,557,500
Average 3,895 2,038 633,333 1,009,612 495.61 1,009,612 495.47
Total Sands 335,182 79 160,890

M Cliffs 17033 38 5,408 1 2,730

M Cliffs 17033 35 6,107 2 3,198
M Cliffs 17033 36 5,122 3 3,528
M Cliffs 17033 37 5,206 4 3,477
Subtotal Cliffs models 21,843 4 12,933
Average 5,461 3,233

S Cliffs 17076 1 67 6,015 1 2,724 09/12/08 1,550,000 569.02 48,992 1,501,008 551.03
S Cliffs 17076 1 71 6,427 1 2,724 09/26/08 1,505,000 552.50 20,087 1,484,913 545.12
S Cliffs 17076 1 73 6,035 1 2,724 09/26/08 1,473,877 541.07 3,564 1,470,313 539.76
S Cliffs 17076 2 60 5,852 1 2,724 12/19/08 1,415,055 519.48 26,285 1,388,770 509.83
S Cliffs 17076 1 68 6,086 2 3,135 08/29/08 1,768,811 564.21 19,220 1,749,591 558.08
S Cliffs 17076 1 69 6,086 3 3,310 01/30/09 1,686,450 509.50 54,484 1,631,966 493.04
S Cliffs 17076 1 74 5,552 3 3,310 12/14/09 1,420,721 429.22 64,973 1,355,748 409.59
S Cliffs 17076 1 70 6,539 4 3,477 06/03/09 1,599,000 459.88 51,879 1,547,121 444.96
S Cliffs 17076 1 72 6,417 4 3,477 11/19/08 1,740,473 500.57 4,167 1,736,306 499.37
Subtotal Cliffs sold 55,009 9 27,605 14,159,387 293,651 13,865,736
Average 6,112 3,067 1,573,265 516.16 32,628 1,540,637 505.64

E Cliffs 17076 2 78 7,924 2 3,260 08/15/10 1,650,000 506.13 50,000 1,600,000 490.80
E Cliffs 17076 2 75 5,499 2 3,260 03/19/10 1,420,000 435.58 42,600 1,377,400 422.52
E Cliffs 17076 3 36 V 5,462 2 3,310 09/15/10 700,000 2,200,000 664.65 55,000 2,145,000 648.04
E Cliffs 17076 3 35 V 6,117 3 3,416 03/15/10 910,000 2,324,320 680.42 2,324,320 680.42
E Cliffs 17076 3 34 V 5,966 4 3,477 08/15/10 650,000 2,200,000 632.73 2,200,000 632.73
Subtotal Cliffs escrows 30,968 5 16,723 2,260,000 9,794,320 147,600 9,646,720
Average 6,194 3,345 753,333 1,958,864 583.90 49,200 1,929,344 576.85

U Cliffs 17076 2 62 5,000 1 2,836 1,288,000 454.16 1,288,000 454.16

U Cliffs 17076 2 77 5,053 1 2,836 1,230,000 433.71 1,230,000 433.71
U Cliffs 17076 2 80 4,709 1 2,836 1,230,000 433.71 1,230,000 433.71
U Cliffs 17076 2 82 5,595 1 2,836 1,230,000 433.71 1,230,000 433.71
U Cliffs 17033 3 23 8,060 1 2,836 1,395,000 491.89 1,395,000 491.89
U Cliffs 17076 3 99 5,452 1 2,836 1,255,000 442.52 1,255,000 442.52

M: model, S: sold, E: escrow, U: unsold Page 7 of 13

 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 21 of 33
Brightwater Unit List
Ocean Area Area COE View Total Total Closing Net Net
Status Neighborhood Tract Phase Lot View (Sq Ft) Plan (Sq Ft) Date Premium Price (Value) /Sq Ft Costs Price /Sq Ft
U Cliffs 17076 4 84 5,627 1 2,836 1,270,000 447.81 1,270,000 447.81
U Cliffs 17076 4 89 6,238 1 2,836 1,310,000 461.92 1,310,000 461.92
U Cliffs 17076 5 54 6,308 1 2,836 1,230,000 433.71 1,230,000 433.71
U Cliffs 17076 5 56 7,897 1 2,836 1,280,000 451.34 1,280,000 451.34
U Cliffs 17076 5 58 5,858 1 2,836 1,230,000 433.71 1,230,000 433.71
U Cliffs 17076 5 92 6,006 1 2,836 1,240,000 437.24 1,240,000 437.24
U Cliffs 17076 6 101 5,576 1 2,836 1,270,000 447.81 1,270,000 447.81
U Cliffs 17076 6 104 5,291 1 2,836 1,270,000 447.81 1,270,000 447.81
U Cliffs 17076 6 106 5,349 1 2,836 1,270,000 447.81 1,270,000 447.81
U Cliffs 17076 6 108 5,345 1 2,836 1,270,000 447.81 1,270,000 447.81
U Cliffs 17076 6 110 7,045 1 2,836 1,300,000 458.39 1,300,000 458.39
U Cliffs 17076 8 14 6,934 1 2,836 1,400,000 493.65 1,400,000 493.65
U Cliffs 17076 9 8 6,348 1 2,836 1,310,000 461.92 1,310,000 461.92
U Cliffs 17076 9 10 6,910 1 2,836 1,315,000 463.68 1,315,000 463.68
U Cliffs 17076 10 1 7,630 1 2,836 1,330,000 468.97 1,330,000 468.97
U Cliffs 17076 10 5 5,188 1 2,836 1,270,000 447.81 1,270,000 447.81
U Cliffs 17076 2 61 5,000 2 3,260 1,398,000 428.83 1,398,000 428.83
U Cliffs 17033 3 22 6,688 2 3,260 1,475,000 452.45 1,475,000 452.45
U Cliffs 17076 4 85 5,397 2 3,260 1,390,000 426.38 1,390,000 426.38
U Cliffs 17076 4 91 6,001 2 3,260 1,360,000 417.18 1,360,000 417.18
U Cliffs 17076 5 53 5,275 2 3,260 1,350,000 414.11 1,350,000 414.11
U Cliffs 17076 6 102 5,000 2 3,260 1,390,000 426.38 1,390,000 426.38
U Cliffs 17076 6 107 5,319 2 3,260 1,390,000 426.38 1,390,000 426.38
U Cliffs 17076 6 122 6,032 2 3,260 1,400,000 429.45 1,400,000 429.45
U Cliffs 17076 7 118 6,644 2 3,260 1,480,000 453.99 1,480,000 453.99
U Cliffs 17076 8 13 8,465 2 3,260 1,540,000 472.39 1,540,000 472.39
U Cliffs 17076 8 15 7,752 2 3,260 1,520,000 466.26 1,520,000 466.26
U Cliffs 17076 9 9 4,982 2 3,260 1,390,000 426.38 1,390,000 426.38
U Cliffs 17076 9 115 5,737 2 3,260 1,390,000 426.38 1,390,000 426.38
U Cliffs 17076 10 2 5,500 2 3,260 1,420,000 435.58 1,420,000 435.58
U Cliffs 17076 10 113 6,100 2 3,260 1,430,000 438.65 1,430,000 438.65
U Cliffs 17076 2 76 5,309 3 3,410 1,475,000 432.55 1,475,000 432.55
U Cliffs 17076 2 79 6,267 3 3,410 1,500,000 439.88 1,500,000 439.88
U Cliffs 17076 2 81 5,039 3 3,410 1,450,000 425.22 1,450,000 425.22
U Cliffs 17076 3 98 7,513 3 3,410 1,535,000 450.15 1,535,000 450.15
U Cliffs 17076 4 59 5,605 3 3,410 1,450,000 425.22 1,450,000 425.22
U Cliffs 17076 4 86 5,292 3 3,410 1,490,000 436.95 1,490,000 436.95
U Cliffs 17076 5 52 5,360 3 3,410 1,450,000 425.22 1,450,000 425.22
U Cliffs 17076 5 55 8,896 3 3,410 1,510,000 442.82 1,510,000 442.82
U Cliffs 17076 5 93 5,828 3 3,410 1,495,000 438.42 1,495,000 438.42

M: model, S: sold, E: escrow, U: unsold Page 8 of 13

 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 22 of 33
Brightwater Unit List
Ocean Area Area COE View Total Total Closing Net Net
Status Neighborhood Tract Phase Lot View (Sq Ft) Plan (Sq Ft) Date Premium Price (Value) /Sq Ft Costs Price /Sq Ft
U Cliffs 17076 6 121 5,818 3 3,410 1,490,000 436.95 1,490,000 436.95
U Cliffs 17076 7 117 5,583 3 3,410 1,570,000 460.41 1,570,000 460.41
U Cliffs 17076 8 12 7,658 3 3,410 1,620,000 475.07 1,620,000 475.07
U Cliffs 17076 9 7 8,184 3 3,410 1,580,000 463.34 1,580,000 463.34
U Cliffs 17076 10 3 5,500 3 3,410 1,535,000 450.15 1,535,000 450.15
U Cliffs 17076 10 112 6,100 3 3,410 1,530,000 448.68 1,530,000 448.68
U Cliffs 17076 3 100 5,973 4 3,474 1,530,000 440.41 1,530,000 440.41
U Cliffs 17076 4 83 5,669 4 3,474 1,505,000 433.22 1,505,000 433.22
U Cliffs 17076 4 87 6,560 4 3,474 1,565,000 450.49 1,565,000 450.49
U Cliffs 17076 4 90 6,549 4 3,474 1,585,000 456.25 1,585,000 456.25
U Cliffs 17076 5 57 6,145 4 3,474 1,505,000 433.22 1,505,000 433.22
U Cliffs 17076 6 103 5,000 4 3,474 1,545,000 444.73 1,545,000 444.73
U Cliffs 17076 6 105 5,327 4 3,474 1,545,000 444.73 1,545,000 444.73
U Cliffs 17076 6 109 6,058 4 3,474 1,560,000 449.05 1,560,000 449.05
U Cliffs 17076 6 120 7,252 4 3,474 1,590,000 457.69 1,590,000 457.69
U Cliffs 17076 6 123 5,931 4 3,474 1,545,000 444.73 1,545,000 444.73
U Cliffs 17076 7 119 7,621 4 3,474 1,650,000 474.96 1,650,000 474.96
U Cliffs 17076 8 11 8,672 4 3,474 1,685,000 485.03 1,685,000 485.03
U Cliffs 17076 9 6 7,592 4 3,474 1,610,000 463.44 1,610,000 463.44
U Cliffs 17076 9 114 6,414 4 3,474 1,545,000 444.73 1,545,000 444.73
U Cliffs 17076 9 116 8,231 4 3,474 1,605,000 462.00 1,605,000 462.00
U Cliffs 17076 10 4 5,471 4 3,474 1,575,000 453.37 1,575,000 453.37
U Cliffs 17076 10 111 6,100 4 3,474 1,585,000 456.25 1,585,000 456.25
Subtotal Cliffs no view unsold 427,828 69 221,500 98,926,000 98,926,000 446.62
Average 6,200 3,210 1,433,710 446.62 1,433,710 446.62

U Cliffs view 17076 3 37 V 4,715 1 2,836 800,000 2,075,000 731.66 2,075,000 731.66
U Cliffs view 17076 3 38 V 4,717 1 2,836 800,000 2,075,000 731.66 2,075,000 731.66
U Cliffs view 17076 7 23 V 5,301 1 2,836 800,000 2,070,000 729.90 2,070,000 729.90
U Cliffs view 17076 7 26 V 5,128 1 2,836 800,000 2,070,000 729.90 2,070,000 729.90
U Cliffs view 17076 8 18 V 6,445 1 2,836 900,000 2,170,000 765.16 2,170,000 765.16
U Cliffs view 17076 3 33 V 5,395 2 3,260 625,000 1,975,000 605.83 1,975,000 605.83
U Cliffs view 17076 7 28 V 5,769 2 3,260 900,000 2,290,000 702.45 2,290,000 702.45
U Cliffs view 17076 8 20 V 5,179 2 3,260 900,000 2,290,000 702.45 2,290,000 702.45
U Cliffs view 17076 8 22 V 5,487 2 3,260 900,000 2,290,000 702.45 2,290,000 702.45
U Cliffs view 17076 3 30 V 7,047 3 3,410 800,000 2,275,000 667.16 2,275,000 667.16
U Cliffs view 17076 3 32 V 5,667 3 3,410 675,000 2,125,000 623.17 2,125,000 623.17
U Cliffs view 17076 7 25 V 5,366 3 3,410 800,000 2,290,000 671.55 2,290,000 671.55
U Cliffs view 17076 8 16 V 8,713 3 3,410 700,000 2,190,000 642.23 2,190,000 642.23
U Cliffs view 17076 8 21 V 5,828 3 3,410 900,000 2,390,000 700.88 2,390,000 700.88

M: model, S: sold, E: escrow, U: unsold Page 9 of 13

 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 23 of 33
Brightwater Unit List
Ocean Area Area COE View Total Total Closing Net Net
Status Neighborhood Tract Phase Lot View (Sq Ft) Plan (Sq Ft) Date Premium Price (Value) /Sq Ft Costs Price /Sq Ft
U Cliffs view 17076 3 31 V 6,463 4 3,474 700,000 2,230,000 641.91 2,230,000 641.91
U Cliffs view 17076 3 39 V 6,124 4 3,474 850,000 2,380,000 685.09 2,380,000 685.09
U Cliffs view 17076 3 40 V 6,133 4 3,474 900,000 2,430,000 699.48 2,430,000 699.48
U Cliffs view 17076 7 24 V 5,385 4 3,474 800,000 2,345,000 675.01 2,345,000 675.01
U Cliffs view 17076 7 27 V 5,264 4 3,474 850,000 2,395,000 689.41 2,395,000 689.41
U Cliffs view 17076 7 29 V 6,358 4 3,474 950,000 2,495,000 718.19 2,495,000 718.19
U Cliffs view 17076 8 17 V 8,756 4 3,474 700,000 2,245,000 646.23 2,245,000 646.23
U Cliffs view 17076 8 19 V 5,460 4 3,474 900,000 2,445,000 703.80 2,445,000 703.80
Subtotal Cliffs view unsold 130,700 22 72,062 17,950,000 49,540,000 49,540,000
Average 5,941 3,276 2,251,818 687.46 2,251,818 687.46

Subtotal Cliffs unsold 558,528 91 293,562 17,950,000 148,466,000 148,466,000

Average 6,138 3,226 815,909 1,631,495 505.74 1,631,495 505.74
Total Cliffs 666,348 109 350,823

M Breakers 17033 50 V 7,492 1 3,557

M Breakers 17033 49 V 7,999 2 3,785
M Breakers 17033 48 V 8,149 3 4,080
M Breakers 17033 47 V 8,034 4 4,318
M Breakers 17033 51 V 7,671 4 4,094
Subtotal Breakers models 39,345 5 19,834
Average 7,869 3,967

S Breakers 17033 1 28 8,461 1 3,496 08/29/08 1,913,591 547.37 4,494 1,909,097 546.08
S Breakers 17033 2 19 10,898 1 3,548 12/26/08 1,949,891 549.57 44,450 1,905,441 537.05
S Breakers 17033 2 61 V 6,500 1 3,496 03/27/09 854,550 2,846,908 814.33 78,243 2,768,665 791.95
S Breakers 17033 1 29 6,243 2 3,548 12/12/08 2,031,329 572.53 93,531 1,937,798 546.17
S Breakers 17033 1 60 V 7,248 3 3,940 11/07/08 880,000 3,163,403 802.89 6,853 3,156,550 801.15
S Breakers 17076 1 64 6,573 3 3,940 06/30/09 1,825,000 463.20 8,692 1,816,308 460.99
S Breakers 17033 1 58 V 6,301 4 4,100 11/12/08 741,685 3,129,710 763.34 6,789 3,122,921 761.69
S Breakers 17033 2 62 V 7,646 4 4,100 03/27/09 900,000 3,160,030 770.74 6,852 3,153,178 769.07
S Breakers 17033 2 63 V 9,199 4 4,100 03/11/09 1,200,000 3,539,785 863.36 75,952 3,463,833 844.84
Subtotal Breakers sold 69,069 9 34,268 4,576,235 23,559,647 325,856 23,233,791
Average 7,674 3,808 2,617,739 683.04 36,206 2,581,532 673.22

E Breakers 17076 1 65 6,600 1 3,546 03/19/10 1,650,000 465.31 49,500 1,600,500 451.35
E Breakers 17033 1 30 7,289 4 4,100 06/15/10 1,950,000 475.61 10,000 1,940,000 473.17
Subtotal Breakers escrows 13,889 2 7,646 3,600,000 59,500 3,540,500
6,945 3,823 1,800,000 470.46 29,750 1,770,250 463.05

M: model, S: sold, E: escrow, U: unsold Page 10 of 13

 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 24 of 33
Brightwater Unit List
Ocean Area Area COE View Total Total Closing Net Net
Status Neighborhood Tract Phase Lot View (Sq Ft) Plan (Sq Ft) Date Premium Price (Value) /Sq Ft Costs Price /Sq Ft
U Breakers 17033 2 16 6,794 1 3,557 1,535,000 431.54 1,535,000 431.54
U Breakers 17033 2 26 10,843 1 3,557 1,795,000 504.64 1,795,000 504.64
U Breakers 17033 3 12 7,054 1 3,557 1,585,000 445.60 1,585,000 445.60
U Breakers 17033 3 25 10,270 1 3,557 1,675,000 470.90 1,675,000 470.90
U Breakers 17033 4 3 8,057 1 3,557 1,580,000 444.19 1,580,000 444.19
U Breakers 17076 4 50 9,923 1 3,557 1,695,000 476.53 1,695,000 476.53
U Breakers 17076 5 94 7,574 1 3,162 1,545,000 488.61 1,545,000 488.61
U Breakers 17034 6 74 8,051 1 3,557 1,660,000 466.69 1,660,000 466.69
U Breakers 17034 6 77 6,503 1 3,162 1,545,000 488.61 1,545,000 488.61
U Breakers LLA 7 1 8,000 1 3,557 1,695,000 476.53 1,695,000 476.53
U Breakers LLA 7 2 8,000 1 3,557 1,695,000 476.53 1,695,000 476.53
U Breakers LLA 7 4 8,000 1 3,557 1,695,000 476.53 1,695,000 476.53
U Breakers 17033 7 32 8,774 1 3,557 1,645,000 462.47 1,645,000 462.47
U Breakers 17034 7 70 6,509 1 3,557 1,610,000 452.63 1,610,000 452.63
U Breakers 17033 8 39 7,708 1 3,557 1,745,000 490.58 1,745,000 490.58
U Breakers 17033 1 21 7,678 2 3,548 1,686,010 475.20 1,686,010 475.20
U Breakers 17033 3 14 6,663 2 3,548 1,617,000 455.75 1,617,000 455.75
U Breakers 17033 4 2 7,904 2 3,548 1,695,000 477.73 1,695,000 477.73
U Breakers 17033 4 6 7,648 2 3,548 1,645,000 463.64 1,645,000 463.64
U Breakers 17033 4 8 6,981 2 3,548 1,645,000 463.64 1,645,000 463.64
U Breakers 17076 5 88 8,455 2 3,548 1,945,000 548.20 1,945,000 548.20
U Breakers 17076 5 96 7,807 2 3,548 1,675,000 472.10 1,675,000 472.10
U Breakers 17034 6 72 7,063 2 3,548 1,695,000 477.73 1,695,000 477.73
U Breakers 17034 6 76 7,094 2 3,548 1,745,000 491.83 1,745,000 491.83
U Breakers 17034 6 78 8,274 2 3,548 1,795,000 505.92 1,795,000 505.92
U Breakers 17034 6 81 7,355 2 3,548 1,720,000 484.78 1,720,000 484.78
U Breakers LLA 7 7 8,000 2 3,548 1,845,000 520.01 1,845,000 520.01
U Breakers 17034 7 67 6,510 2 3,548 1,695,000 477.73 1,695,000 477.73
U Breakers 17034 7 71 7,006 2 3,548 1,695,000 477.73 1,695,000 477.73
U Breakers 17034 7 83 7,977 2 3,548 1,720,000 484.78 1,720,000 484.78
U Breakers 17033 8 40 7,708 2 3,548 1,895,000 534.10 1,895,000 534.10
U Breakers 17033 2 20 6,742 3 3,939 1,758,000 446.31 1,758,000 446.31
U Breakers 17033 3 9 6,768 3 3,939 1,803,200 457.78 1,803,200 457.78
U Breakers 17033 3 11 6,253 3 3,939 1,803,200 457.78 1,803,200 457.78
U Breakers 17033 3 15 6,231 3 3,939 1,803,200 457.78 1,803,200 457.78
U Breakers 17033 4 1 6,686 3 3,939 1,835,000 465.85 1,835,000 465.85
U Breakers 17033 4 4 6,663 3 3,939 1,835,000 465.85 1,835,000 465.85
U Breakers 17076 5 97 9,052 3 3,939 1,885,000 478.55 1,885,000 478.55
U Breakers LLA 7 3 8,000 3 3,939 2,035,000 516.63 2,035,000 516.63
U Breakers LLA 7 5 8,000 3 3,939 2,035,000 516.63 2,035,000 516.63

M: model, S: sold, E: escrow, U: unsold Page 11 of 13

 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 25 of 33
Brightwater Unit List
Ocean Area Area COE View Total Total Closing Net Net
Status Neighborhood Tract Phase Lot View (Sq Ft) Plan (Sq Ft) Date Premium Price (Value) /Sq Ft Costs Price /Sq Ft
U Breakers 17034 7 66 6,510 3 3,939 1,885,000 478.55 1,885,000 478.55
U Breakers 17034 7 68 6,510 3 3,939 1,885,000 478.55 1,885,000 478.55
U Breakers 17034 7 84 7,645 3 3,939 1,885,000 478.55 1,885,000 478.55
U Breakers 17033 8 33 7,478 3 3,939 1,985,000 503.94 1,985,000 503.94
U Breakers 17033 1 27 7,024 4 4,207 1,820,000 432.61 1,820,000 432.61
U Breakers 17076 1 63 8,169 4 4,207 1,745,000 414.78 1,745,000 414.78
U Breakers 17076 1 66 7,318 4 4,207 1,820,000 432.61 1,820,000 432.61
U Breakers 17033 2 17 6,454 4 4,207 1,840,891 437.58 1,840,891 437.58
U Breakers 17033 2 18 5,995 4 4,207 1,840,891 437.58 1,840,891 437.58
U Breakers 17033 3 10 6,915 4 4,207 1,840,891 437.58 1,840,891 437.58
U Breakers 17033 3 13 10,165 4 4,207 1,940,891 461.35 1,940,891 461.35
U Breakers 17033 4 5 6,610 4 4,207 1,895,000 450.44 1,895,000 450.44
U Breakers 17033 4 7 6,846 4 4,207 1,915,000 455.19 1,915,000 455.19
U Breakers 17076 4 51 7,404 4 4,207 1,970,000 468.27 1,970,000 468.27
U Breakers 17076 5 95 7,810 4 4,207 2,045,000 486.09 2,045,000 486.09
U Breakers 17034 6 73 8,498 4 4,207 1,995,000 474.21 1,995,000 474.21
U Breakers 17034 6 75 6,935 4 4,207 2,045,000 486.09 2,045,000 486.09
U Breakers 17034 6 79 11,075 4 4,207 2,045,000 486.09 2,045,000 486.09
U Breakers 17034 6 80 5,850 4 4,207 1,945,000 462.32 1,945,000 462.32
U Breakers 17034 6 82 6,537 4 4,207 1,970,000 468.27 1,970,000 468.27
U Breakers LLA 7 6 8,000 4 4,207 2,095,000 497.98 2,095,000 497.98
U Breakers 17033 7 31 6,103 4 4,207 2,060,000 489.66 2,060,000 489.66
U Breakers 17034 7 69 6,510 4 4,207 1,945,000 462.32 1,945,000 462.32
U Breakers 17033 8 34 6,900 4 4,207 1,995,000 474.21 1,995,000 474.21
Subtotal Breakers no view unsold 481,839 64 244,680 115,614,174 115,614,174
Average 7,529 3,823 1,806,471 472.51 1,806,471 472.51

U Breakers 17076 5 43 V 9,793 1 3,557 1,300,000 2,860,000 804.05 2,860,000 804.05

U Breakers 17076 5 45 V 6,948 1 3,557 1,000,000 2,495,000 701.43 2,495,000 701.43
U Breakers 17033 8 46 V 9,079 1 3,557 1,500,000 3,060,000 860.28 3,060,000 860.28
U Breakers 17033 8 54 V 6,916 1 3,557 1,000,000 2,495,000 701.43 2,495,000 701.43
U Breakers 17033 3 66 V 7,341 2 3,548 1,280,000 2,855,000 804.68 2,855,000 804.68
U Breakers 17076 5 41 V 7,146 2 3,548 1,000,000 2,645,000 745.49 2,645,000 745.49
U Breakers 17033 7 57 V 6,916 2 3,548 1,200,000 2,845,000 801.86 2,845,000 801.86
U Breakers 17033 8 43 V 8,722 2 3,548 1,500,000 3,145,000 886.41 3,145,000 886.41
U Breakers 17033 8 53 V 6,725 2 3,548 1,000,000 2,645,000 745.49 2,645,000 745.49
U Breakers 17033 1 59 V 7,125 3 3,939 976,500 2,841,500 721.38 2,841,500 721.38
U Breakers 17033 3 65 V 6,857 3 3,939 1,215,000 2,980,000 756.54 2,980,000 756.54
U Breakers 17076 4 49 V 7,371 3 3,939 1,000,000 2,835,000 719.73 2,835,000 719.73
U Breakers 17076 5 47 V 6,300 3 3,939 1,000,000 2,835,000 719.73 2,835,000 719.73

M: model, S: sold, E: escrow, U: unsold Page 12 of 13

 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 26 of 33
Brightwater Unit List
Ocean Area Area COE View Total Total Closing Net Net
Status Neighborhood Tract Phase Lot View (Sq Ft) Plan (Sq Ft) Date Premium Price (Value) /Sq Ft Costs Price /Sq Ft
U Breakers 17033 8 44 V 8,546 3 3,939 1,400,000 3,235,000 821.27 3,235,000 821.27
U Breakers 17033 8 55 V 8,244 3 3,939 1,000,000 2,835,000 719.73 2,835,000 719.73
U Breakers 17033 3 64 V 6,857 4 4,207 1,103,223 2,945,000 700.02 2,945,000 700.02
U Breakers 17076 4 48 V 6,300 4 4,207 1,000,000 2,895,000 688.14 2,895,000 688.14
U Breakers 17033 4 67 V 6,880 4 4,207 1,000,000 2,895,000 688.14 2,895,000 688.14
U Breakers 17076 5 42 V 7,658 4 4,207 1,000,000 2,895,000 688.14 2,895,000 688.14
U Breakers 17076 5 44 V 10,020 4 4,207 1,400,000 3,295,000 783.22 3,295,000 783.22
U Breakers 17076 5 46 V 6,300 4 4,207 1,000,000 2,895,000 688.14 2,895,000 688.14
U Breakers 17033 7 56 V 7,163 4 4,207 1,200,000 3,095,000 735.68 3,095,000 735.68
U Breakers 17033 8 41 V 8,279 4 4,207 1,300,000 3,195,000 759.45 3,195,000 759.45
U Breakers 17033 8 42 V 11,958 4 4,207 2,000,000 3,895,000 925.84 3,895,000 925.84
U Breakers 17033 8 45 V 7,544 4 4,207 1,400,000 3,295,000 783.22 3,295,000 783.22
U Breakers 17033 8 52 V 6,702 4 4,207 1,200,000 3,095,000 735.68 3,095,000 735.68
Subtotal Breakers view unsold 199,690 26 101,879 30,974,723 77,001,500 77,001,500
Average 7,680 3,918 1,191,336 2,961,596 755.81 2,961,596 755.81

Subtotal Breakers unsold 681,529 90 346,559 30,974,723 192,615,674 192,615,674

Average 7,573 3,851 1,191,336 2,140,174 555.79 2,140,174 555.79
Total Breakers 803,832 106 408,307
Total Brightwater 1,998,339 356 1,031,162 57,660,958
Average 5,613 2,897 977,304

M: model, S: sold, E: escrow, U: unsold Page 13 of 13

Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 27 of 33

Appendix E
 Case 8:09-bk-21712-TA Doc 217-6 Filed 03/26/10 Entered 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 28 of 33
Sensitivity Matrix
Brightwater Discounted Cash Flow Analysis

1 Appreciation scenarios Appreciation per Year

2 1 2 3 4 5 6
3 Scenario 2010 2011 2012 2013 2014 2015
4 1 All units 2% 2% 3% 4% 4% 4%
5 2 All units 2% 4% 7% 8% 9% 9%
6 3 All units 2% 6% 10% 12% 14% 10%
7
8
9 Sales rate scenarios Sales per Year Sales
10 1 2 3 4 5 6 Rate/
11 Scenario 2010 2011 2012 2013 2014 2015 Total Month
12 1 Trails 12 14 0 0 0 0 26
13 2 Trails 15 11 0 0 0 0 26
14 3 Trails 18 8 0 0 0 0 26
15 1 Sands 9 12 18 19 0 0 58
16 2 Sands 9 15 18 16 0 0 58
17 3 Sands 12 24 22 0 0 0 58
18 1 Cliffs 7 10 21 21 20 12 91
19 2 Cliffs 7 15 25 25 19 0 91
20 3 Cliffs 9 21 31 30 0 0 91
21 1 Breakers 7 10 21 21 18 13 90
22 2 Breakers 7 15 25 25 18 0 90
23 3 Breakers 9 21 31 29 0 0 90
24 1 Total 35 46 60 61 38 25 265 3.7
25 2 Total 38 56 68 66 37 0 265 4.4
26 3 Total 48 74 84 59 0 0 265 5.5
27
28 Sensitivity matrix
29 Net present value from DCF, row 52
30 Sellout Scenario
31 0 1 2 3
32 Appreciation 1 195,305,692 203,633,177 214,460,355
33 Scenario 2 214,861,235 219,679,697 226,273,196
34 3 233,734,991 235,209,335 237,290,492

Page 1 of 3
 Case 8:09-bk-21712-TA Doc 217-6 Analysis
Development Filed -03/26/10 Entered
Discounted Cash Flow 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 29 of 33
Brightwater Discounted Cash Flow Analysis

1 Units
2 Quarter 0 1 2 3 4 5 6 7 8 9 10 11
3 Quarter end Total Model Sold Escrow Unsold Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12
4 Sales rate scenario 2
5 Sales rate (units per month) 4.2 4.2 4.2 4.7 4.7 4.7 4.7 5.7 5.7 5.7 5.7
6 Closings
7 Trails 62 4 29 3 26 5.0 5.0 5.0 2.8 2.8 2.8 2.6 0.0 0.0 0.0 0.0
8 Sands 79 4 16 1 58 3.0 3.0 3.0 3.8 3.8 3.8 3.8 4.5 4.5 4.5 4.5
9 Cliffs 109 4 9 5 91 2.3 2.3 2.3 3.8 3.8 3.8 3.8 6.3 6.3 6.3 6.3
10 Breakers 106 5 9 2 90 2.3 2.3 2.3 3.8 3.8 3.8 3.8 6.3 6.3 6.3 6.3
11 Total 356 17 63 11 265 0 12.6 12.6 12.6 14.2 14.2 14.2 14.0 17.1 17.1 17.1 17.1
12 Average price per unit
13 Annual appreciation rate scenario 2 /SF /Unit 0% 2% 2% 2% 4% 4% 4% 4% 7% 7% 7% 7%
14 Trails 488.66 885,167 885,167 889,593 894,041 898,511 907,496 916,571 925,737 934,994 951,357 968,006 984,946 1,002,182
15 Sands 495.61 1,009,612 1,009,612 1,014,660 1,019,733 1,024,832 1,035,080 1,045,431 1,055,886 1,066,444 1,085,107 1,104,097 1,123,418 1,143,078
16 Cliffs 505.74 1,631,495 1,631,495 1,639,652 1,647,850 1,656,089 1,672,650 1,689,377 1,706,271 1,723,333 1,753,492 1,784,178 1,815,401 1,847,170
17 Breakers 555.79 2,140,174 2,140,174 2,150,875 2,161,629 2,172,438 2,194,162 2,216,104 2,238,265 2,260,647 2,300,209 2,340,462 2,381,420 2,423,095
18 Sales revenue
19 Trails 23,541,167 4,447,966 4,470,206 4,492,557 2,540,990 2,566,400 2,592,064 2,430,986 0 0 0 0
20 Sands 64,173,848 3,043,980 3,059,200 3,074,496 3,933,306 3,972,639 4,012,365 4,052,489 4,882,982 4,968,434 5,055,382 5,143,851
21 Cliffs 170,530,948 3,771,200 3,790,056 3,809,006 6,356,071 6,419,632 6,483,828 6,548,667 11,046,998 11,240,320 11,437,026 11,637,174
22 Breakers 220,945,295 4,947,013 4,971,748 4,996,606 8,337,815 8,421,193 8,505,405 8,590,459 14,491,314 14,744,912 15,002,948 15,265,499
23 Units in escrow 16,832,720 5,394,320 4,473,400 6,965,000
24 Model profit share 10,600,000 0 0 0 0 0 0 0
25 Model deferred payment 1,600,000 1,600,000
26 Total revenue 508,223,978 5,394,320 20,683,558 23,256,209 17,972,665 21,168,182 21,379,864 21,593,663 21,622,601 30,421,294 30,953,666 31,495,356 32,046,524
27 Development costs
28 Commissions-closing costs 3,971,833 92,100 433,891 458,274 354,160 211,682 213,799 215,937 216,226 152,106 154,768 157,477 160,233
29 Commissions-closing costs % 1.7% 2.1% 2.0% 2.0% 1.0% 1.0% 1.0% 1.0% 0.5% 0.5% 0.5% 0.5%
30 Off-site improvement 493,432 22,630 22,630 22,630 25,503 26,013 26,013 25,647 31,326 31,952 31,952 31,952 31,018
31 On-site improvement 2,682,005 123,001 123,001 123,001 138,620 141,393 141,393 139,401 170,269 173,674 173,674 173,674 168,596
32 Common areas 4,850,796 222,466 222,466 222,466 250,715 255,730 255,730 252,128 307,956 314,115 314,115 314,115 304,930
33 Direct construction - Trails, Sands 22,180,270 2,713,598 2,220,216 1,973,526 1,628,159 1,660,722 1,660,722 1,610,397 1,132,310 1,154,957 1,154,957 1,154,957 1,026,628
34 Direct construction - Cliffs, Breakers 84,656,269 3,824,576 3,379,858 3,379,858 3,379,858 3,447,455 3,447,455 5,715,517 5,715,517 5,829,828 5,829,828 5,829,828 5,829,828
35 Options cost 11,457,451 525,458 525,458 525,458 592,183 604,026 604,026 595,519 727,384 741,931 741,931 741,931 720,237
36 Indirect construction 2,977,075 136,534 136,534 136,534 153,871 156,949 156,949 154,738 189,002 192,782 192,782 192,782 187,145
37 Model upgrade 334,358 15,334 15,334 15,334 17,281 17,627 17,627 17,379 21,227 21,651 21,651 21,651 21,018
38 Property tax 926,146 42,475 42,475 42,475 47,868 48,826 48,826 48,138 58,797 59,973 59,973 59,973 58,219
39 Fees- building permits 604,701 27,733 27,733 27,733 31,254 31,879 31,879 31,430 38,390 39,158 39,158 39,158 38,013
40 Fees - final map 6,260,758 287,129 287,129 287,129 323,590 330,061 330,061 325,413 397,468 405,418 405,418 405,418 393,563
41 City of HB annexation fees 2,117,690 97,121 97,121 97,121 109,454 111,643 111,643 110,070 134,443 137,132 137,132 137,132 133,122
42 Customer service 1,283,582 58,867 58,867 58,867 66,342 67,669 67,669 66,716 81,489 83,119 83,119 83,119 80,688
43 Entitlement costs 1,183,302 54,268 54,268 54,268 61,159 62,383 62,383 61,504 75,123 76,625 76,625 76,625 74,385
44 Accounts payable float 545,357 25,011 25,011 25,011 28,187 28,751 28,751 28,346 34,622 35,315 35,315 35,315 34,282
45 Insurance 1,620,687 74,327 74,327 74,327 83,766 85,441 85,441 84,238 102,890 104,948 104,948 104,948 101,880
46 Marketing, advertising 3,747,137 177,975 177,975 177,975 200,575 204,587 200,575 197,750 241,538 241,538 241,538 241,538 234,475
47 Warranty expense 1,600,000 0 0 0 0 0 0 0 0 0 0 0 0
48 Management 4,653,135 221,243 221,243 221,243 249,338 249,338 249,338 245,826 300,259 300,259 300,259 300,259 291,479
49 Model rent 13,510,544 525,000 787,500 787,500 787,500 837,500 837,500 732,930 774,938 732,930 732,930 732,930 732,930
50
51 Total development costs excluding financing 171,656,526 9,266,844 8,933,036 8,710,728 8,529,383 8,579,673 8,577,778 10,659,023 10,751,173 10,829,410 10,832,072 10,834,780 10,622,670
52 Cash flow before financing 336,567,452 (3,872,524) 11,750,522 14,545,481 9,443,282 12,588,510 12,802,086 10,934,640 10,871,427 19,591,884 20,121,595 20,660,576 21,423,855
53
54 Bulk value - excluding financing Disc Rate NPV “As Is” /Unit
55 Net present value of row 52 16% 219,679,697 795,941

Page 2 of 3
 Case 8:09-bk-21712-TA Doc 217-6 Analysis
Development Filed -03/26/10 Entered
Discounted Cash Flow 03/26/10 18:41:32 Desc
Exhibit B - Part 5 Page 30 of 33
Brightwater Discounted Cash Flow Analysis

1
2 Quarter 12 13 14 15 16 17 18 19 20 21 22 23 24
3 Quarter end Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Total
4 Sales rate scenario
5 Sales rate (units per month) 5.5 5.5 5.5 5.5 3.1 3.1 3.1 2.7 0.0 0.0 0.0 0.0 0.0
6 Closings
7 Trails 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26
8 Sands 4.0 4.0 4.0 3.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58
9 Cliffs 6.3 6.3 6.3 6.3 4.8 4.8 4.8 4.1 0.0 0.0 0.0 0.0 0.0 91
10 Breakers 6.3 6.3 6.3 6.3 4.5 4.5 4.5 4.0 0.0 0.0 0.0 0.0 0.0 90
11 Total 16.6 16.6 16.6 16.4 9.3 9.3 9.3 8.1 0.0 0.0 0.0 0.0 0.0 265
12 Average price per unit
13 Annual appreciation rate scenario 8% 8% 8% 8% 9% 9% 9% 9% 9% 9% 9% 9% 9%
14 Trails 1,022,226 1,042,670 1,063,524 1,084,794 1,109,202 1,134,159 1,159,678 1,185,771 1,212,450 1,239,731 1,267,624 1,296,146 1,325,309
15 Sands 1,165,940 1,189,258 1,213,044 1,237,304 1,265,144 1,293,610 1,322,716 1,352,477 1,382,908 1,414,023 1,445,839 1,478,370 1,511,633
16 Cliffs 1,884,114 1,921,796 1,960,232 1,999,437 2,044,424 2,090,424 2,137,458 2,185,551 2,234,726 2,285,007 2,336,420 2,388,989 2,442,741
17 Breakers 2,471,557 2,520,988 2,571,408 2,622,836 2,681,850 2,742,192 2,803,891 2,866,978 2,931,485 2,997,444 3,064,886 3,133,846 3,204,358
18 Sales revenue
19 Trails 0 0 0 0 0 0 0 0 0 0 0 0 0 23,541,167
20 Sands 4,663,758 4,757,034 4,852,174 4,701,757 0 0 0 0 0 0 0 0 0 64,173,848
21 Cliffs 11,869,917 12,107,316 12,349,462 12,596,451 9,813,235 10,034,033 10,259,799 8,960,759 0 0 0 0 0 170,530,948
22 Breakers 15,570,809 15,882,226 16,199,870 16,523,867 12,068,325 12,339,862 12,617,509 11,467,914 0 0 0 0 0 220,945,295
23 Units in escrow 16,832,720
24 Model profit share 0 0 0 0 0 0 0 10,600,000 0 0 0 0 0 10,600,000
25 Model deferred payment 1,600,000
26 Total revenue 32,104,485 32,746,575 33,401,506 33,822,075 21,881,560 22,373,895 22,877,308 31,028,672 0 0 0 0 0 508,223,978
27 Development costs
28 Commissions-closing costs 160,522 163,733 167,008 169,110 109,408 111,869 114,387 155,143 0 0 0 0 0 3,971,833
29 Commissions-closing costs % 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
30 Off-site improvement 31,638 31,638 31,257 17,725 18,080 18,080 15,747 0 0 0 0 0 493,432
31 On-site improvement 171,968 171,968 169,896 96,343 98,270 98,270 85,590 0 0 0 0 0 2,682,005
32 Common areas 311,029 311,029 307,282 174,251 177,736 177,736 154,803 0 0 0 0 0 4,850,796
33 Direct construction - Trails, Sands 1,047,161 1,047,161 994,803 0 0 0 0 0 0 0 0 0 22,180,270
34 Direct construction - Cliffs, Breakers 5,946,424 5,946,424 4,389,027 4,389,027 4,476,808 3,899,155 0 0 0 0 0 84,656,269
35 Options cost 734,642 734,642 725,791 411,577 419,808 419,808 365,639 0 0 0 0 0 11,457,451
36 Indirect construction 190,888 190,888 188,588 106,943 109,082 109,082 95,007 0 0 0 0 0 2,977,075
37 Model upgrade 21,439 21,439 21,180 12,011 12,251 12,251 10,670 0 0 0 0 0 334,358
38 Property tax 59,384 59,384 58,668 33,269 33,935 33,935 29,556 0 0 0 0 0 926,146
39 Fees- building permits 38,773 38,773 38,306 21,722 22,157 22,157 19,298 0 0 0 0 0 604,701
40 Fees - final map 401,435 401,435 396,598 224,900 229,398 229,398 199,798 0 0 0 0 0 6,260,758
41 City of HB annexation fees 135,785 135,785 134,149 76,072 77,593 77,593 67,581 0 0 0 0 0 2,117,690
42 Customer service 82,302 82,302 81,311 46,109 47,031 47,031 40,963 0 0 0 0 0 1,283,582
43 Entitlement costs 75,872 75,872 74,958 42,507 43,357 43,357 37,762 0 0 0 0 0 1,183,302
44 Accounts payable float 34,968 34,968 34,547 19,590 19,982 19,982 17,404 0 0 0 0 0 545,357
45 Insurance 103,917 103,917 102,665 58,219 59,383 59,383 51,721 0 0 0 0 0 1,620,687
46 Marketing, advertising 234,475 234,475 231,650 131,363 131,363 131,363 114,413 0 0 0 0 0 3,747,137
47 Warranty expense 0 0 0 0 0 0 0 1,600,000 0 0 0 0 1,600,000
48 Management 291,479 291,479 287,968 163,299 163,299 163,299 142,228 0 0 0 0 0 4,653,135
49 Model rent 843,635 843,635 705,297 705,297 705,297 705,297 0 0 0 0 0 0 0 13,510,544
50 0
51 Total development costs excluding financing 10,917,736 10,920,946 9,140,947 6,899,335 6,954,237 6,379,047 1,562,566 1,755,143 0 0 0 0 0 171,656,526
52 Cash flow before financing 21,186,749 21,825,629 24,260,559 26,922,741 14,927,322 15,994,848 21,314,741 29,273,529 0 0 0 0 0 336,567,452
53
54 Bulk value - excluding financing
55 Net present value of row

Page 3 of 3
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Exhibit B - Part 5 Page 31 of 33

Appendix F
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Exhibit B - Part 5 Page 32 of 33 1

Professional Qualifications of Carl DiStefano, MAI

Experience
Valuation of commercial, industrial, office, and retail properties;
multi-family properties; hotels and motels; commercial and residential
land; residential subdivisions; mobile home parks; recreational vehicle
parks; self storage; pari-mutuel race tracks; historic properties; special-
purpose properties; low- income tax credits.
Market feasibility analysis; acquisition, management, and
disposition analysis; mortgage loan and credit underwriting; troubled
loan workout and foreclosure; problem property analysis and
disposition, expert testimony.

Education
Stanford University, 1974, M.B.A., Major: Real Estate, Finance
University of Nebraska, 1970, Undergraduate Major: Economics
Appraisal Institute:
Advanced Income Capitalization, 1997
Litigation Valuation, 1991
Basic Valuation Procedures, 1991
Real Estate Appraisal Principles, 1991
American Institute of Real Estate Appraisers:
Course I-A: Appraisal Principles, Methods, and Techniques, 1975
Course I-B: Capitalization Theory and Techniques, 1976
Course II: Urban Properties, 1978
Capitalization Theory and Techniques, Part A, 1990
Capitalization Theory and Techniques, Part B, 1990
Case Studies in Real Estate Valuation, 1990
Report Writing and Valuation Analysis, 1990
Standards of Professional Practice, 1990
International Right-of-Way Association:
Course 403: Easement Valuation, 1993
Course 401: Appraisal of Partial Acquisitions, 1994
Course 101: Principles of Real Estate Acquisition, 1994
California Community Colleges and University of California Irvine:
Real Estate Principles, Practices, Law, Taxation, and Urban
Development

DISTEFANO COMPANY
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Exhibit B - Part 5 Page 33 of 33 2

Professional Qualifications of Carl DiStefano (continued)

Designations and Licenses

MAI (Member Appraisal Institute), The Appraisal Institute, Chicago, Illinois
Certified General Real Estate Appraiser, State of California (Certificate AG001517)

Employment
DiStefano Company 1990–present
Owner
American Savings & Loan (New West Federal), Irvine, 1986-90
Vice President-Team Leader, Asset Management Department
Bredero Consulting & Development, Irvine, 1984-86
Vice President/Project Manager
IHR Properties & Development, Los Angeles, 1983-84
Vice President, Finance
Wells Fargo Bank, Newport Beach, 1979-83
Assistant Vice President-Construction Loan Officer
Prudential Insurance Co. of America, Newport Beach, 1974-79
Investment Manager-Senior Appraiser

Professional Activities
Qualified Expert Witness, Orange County, Los Angeles County Superior Courts
Member, National Experience Review Committee, Appraisal Institute
Member, Regional Ethics and Counseling Panel, Appraisal Institute
Former Member, National Appraisal Technology Committee, Appraisal
Institute
Former Member, Board of Directors, Orange County Chapter of the
Appraisal Institute (1995 Chapter Secretary)
Member, International Right-of-Way Association
Associate Member, Urban Land Institute

DISTEFANO COMPANY