Report Shows Overall Pending Sales Increased 10.6%

FOR IMMEDIATE RELEASE
Contacts: Arlene Carozza, NABOR, President, 239/877-7411
Michele Karrasch, NABOR, Manager of Events & Marketing, 239/216-4148

NABOR REPORTS FEBRUARY REAL ESTATE TRANSACTIONS

Report Shows Overall Pending Sales Increased 10.6% Breaking 28-Month Trend

NAPLES, Fla. – March 17, 2008 – For the third consecutive month, real estate activity in the
Naples area steadily increased, with condo sales and single-family homes under $300,000
leading the way, according to a report released by the Naples Area Board of Realtors®
(NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
Most notably, February marked the end of a 28-month downward trend of pending home sales,
which increased 10.6 percent overall from February 2007.

NABOR President Arlene Carozza, a Realtor® and corporate trainer with Amerivest Realty,
attributes the increased activity to lower median prices, reduced interest rates, abundant
inventory and common sense.

“Buyers have realized the incredible values that are currently available and will most likely be
gone by next season,” Carozza stated. “As the lower priced inventory is absorbed, there is
nowhere for prices to go but up.”

The report, which provides annual comparisons of single-family home and condo sales (via the
Multiple Listing Service), price ranges and geographic segmentation, also includes an overall
market summary. The statistics are presented in chart format, along with the following analysis:

♦ Overall pending home sales in the greater Naples Area, which includes Naples Beach,
North Naples, Central Naples, South Naples, East Naples, Immokalee and Ave Maria,
increased 10.6 percent, with 513 in February 2008 compared to 464 in February 2007.

♦ Overall homes sales were 289 in February 2008 compared to 304 in February 2007, a 4.9
decrease.

♦ Overall condo sales increased 4.5 percent, with 162 sold in February 2008 compared to
155 in February 2007, and condo sales under $300,000 increased 36 percent with 83 in
February 2008 compared to 61 in February 2007.

♦ Single-family home sales decreased 14.8 percent overall, with 127 in February 2008 and
149 in February 2007, but sales in the less than $300,000 category saw a 66.6 percent
increase with 45 in February 2008 compared to 27 in February 2007.

♦ The overall median sales price decreased 14 percent from the same month last year.

“There is tremendous activity in the low end of the market,” said Jo Carter, president of Jo Carter
& Associates, acknowledging that homes less than $300,000 is the best-selling category right
now. “Properties that are priced realistically are being sold.”

Tom Bringardner, president of Premier Properties, predicts this activity will have a domino
effect. “In a traditional market recovery, as the lower priced product is sold, it pushes buyers into
the higher price ranges.”

To view the entire February report, go to www.NaplesArea.com.

The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered
1949) whose members have a positive and progressive impact on the Naples community.
NABOR is a local board of REALTORS® and real estate professionals with a legacy of nearly 60
years serving 5,000 plus member-customers. NABOR is a member of the Florida Association of

REALTORS® and the National Association of REALTORS®, which is the largest trade
association in the United States with more than 1.3 million members and over 1,400 local boards
of REALTORS® nationwide. NABOR is structured to provide programs and services to its
membership through various committees and the NABOR Board of Directors, all of whose
members are non-paid volunteers.