Competition Matrix For Residential Tower by Adam Greenfader

COMPETITION SUMMARY

Urban Residential Tower

ADAM GREENFADER 1

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

TABLE OF CONTENTS

SECTION 3: The Competition Housing Supply

…………………………………………56

New Home Projects: The Competition

…………………………………………61

Buena Vista

…………………………………………62

ElMaria

…………………………………………70

Plaza Del Palmar

…………………………………………76

Casa Maggiore

…………………………………………83

San Juan Tower

…………………………………………90

Portales de Arcobaleno

…………………………………………95

Regency Park

…………………………………………102

RidgeTop Luxury Apartments

…………………………………………106

Executive Summary Tiffany Tower is located in the San Juan Metropolitan Area off of road #844 in Cupey, Puerto Rico. Its principal linkage is road 199 and all of the city’s principal highways are within a few miles. The location is considered to be one of the best in its competitive market group. Tiffany Tower is located on 3,969 square meters or approximately 1.01 Cds. The land is sloped and has no natural vegetation. The project consists of a residential condominium and a mixed use commercial area. The mixed use commercial area has approximately 13,180 S.F. and 58 parking spaces. The parking spaces are stacked on two floors which are located above the residential parking. The residential parking lot has 88 spaces not including visitor and handicap spots. The parking lots share the same structure and access ramp but have separate vehicular entrances and pedestrian circulation. The residential tower is 12 stories and has 44 residential units. The apartments have two and three bedroom configurations that vary in size from 1,196-2,360 S.F. The units have modern finishings and are well designed. The project includes an electrical generator, cistern, two elevators, pool, storage units, covered parking, and children’s play area. The project’s principal strengths are its location, access to highways, a large master bedroom, storm shutters, bathroom finishings, window placement, and smart home 2

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Diagnostic Analysis October 15, 2008

Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

technology. The project’s principal weaknesses include the construction finishings, maintenance, vehicular circulation, and the commercial parking area, air conditioning compressors on the balcony, poor kitchen counter top and cabinets. There are currently 8 projects that compete with Tiffany Tower. All the projects are located within a 30 minute drive of each other. The projects are all 3 bedroom units. The prices range from $244,000 to $355,000. The average price of the homes after non government discounts is $303,287. The average price per square foot is $202 (total area). Tiffany Tower’s average price is $337,000 or $229 per S.F. The competition’s apartments range in size from 1,136 S.F. to 1,770 S.F. The Tiffany Tower apartment is approximately 31 S.F. smaller in size than the average 3 bedroom apartment. Unlike Tiffany tower, 42% of the competition has a powder room or an additional half bathroom. The competition’s finishings can be characterized by granite kitchen counter tops, over the sink sanitary equipment, and 9’ ceilings. Overall, the Tiffany Tower unit is equal or inferior to the competition. The competition’s facilities include a club house, gymnasium, pool (showers and bathrooms), Jacuzzi, and children’s play area. In general, these facilities are superior to those at Tiffany Tower. The total housing demand for the five year period (2007-20012) is projected at 49,887 units or 11,022 units annually (non-subsidized). The Tiffany Tower market area (San Juan and Guaynabo Region) makes up approximately 15.6% of the total demand of all Puerto Rico. Hence, the total demand for this region is 7,782 unit or 1,566 units per year. Multi-family units account for 29% of the total units demanded. Using the weighted average from the past sale activity, the market demand is estimated at 451 units per year. 52% of the demand is for homes in the $260,000 or more range, or 234 units per year. There is a total inventory of 468 units in the Cupey-Guaynabo Market Area. This inventory includes apartments that are completed and under construction. The average absorption rate for this market group is 2.44 units per month. Based on this slow absorption rate, many projects have curtailed their development plans. If we assume that the proposed project can capture an equal market share to its percentage of the total supply, it should command a capture rate of 5.4% (44 units of the proposed project / 468 assumed total available units + 336 new units). The proposed project’s absorption rate should approximate 12.6 units per year or a total project sell out in 3.4 years (44 units). The principal target market demographics consist of empty nesters (60%) and young professionals (40%). The sales strategy should be to reduce prices to competitive levels, improve project merchandizing, and control inventory. The total monthly payment for the 3 bedroom unit should fall below $2,000.00 per month. The 2 bedroom unit should be around the $1,500.00 per month. One of the project’s principal challenges is to buffer the commercial parking area that abuts to the residential lobby and units. The commercial parking is two stories in height 3

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and detracts significantly from the aesthetics and perceived security of the residential project. This nuisance can be mitigated by separating the commercial and residential vehicular traffic with a guard house. The guard house structure can be retrofitted from an existing auxiliary room in Tiffany Tower. Moreover, the commercial parking area can be landscaped with plants and trellis to block unsightly views. The project should also purchase gymnasium equipment, lobby and patio furniture. Several units may be rented so that the project does not look abandoned. All price discounts should be obfuscated by special closing bonuses or incentives in order to maintain the appraisal values. The competition offers both cash incentives, furniture packages, and mortgages with interest only payment for the first five years.

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Tiffany Tower â&#x20AC;&#x201C; Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Competition Table

Multi-Family Project Table Cupey-Guaynabo Market Area

$150,000

Ridge Top

Tiffany Tower

Arcobaleno

$100,000

Regency Park

$200,000

San Juan Tower

$250,000

Plaza Palmar

Buena Vista

$300,000

ElMaria

$350,000

Casa Maggiore

$400,000

$50,000 $0

Net Price

In the above noted table, you will find 9 projects that comprise the market area projects and competition for Tiffany Tower. As noted previously, the pries range from $250,000 to $450,000.

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Tiffany Tower â&#x20AC;&#x201C; Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Multi-Family Project Table Cupey-Guaynabo Market Area

$150

Ridge Top

Regency Park

Arcobaleno

San Juan Tower

Plaza Palmar

ElMaria

$175

Buena Vista

$200

Casa Maggiore

$225

Tiffany Tower

$250

Price Per S.F.

When viewing the competition by price per square foot, Tiffany Towers is the second most expensive project. Incidentally, the first project, Ridge Top, has not delivered units. It is thus expected that they will provide discounts shortly.

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Market Area Competition Map

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Diagnostic Analysis October 15, 2008

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

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BUENA VISTA City Location Access Neighborhood Characteristics Key Location Amenities Proximity to Tiffany Tower Proximity to Metro Area Location Summary Location Grade Developer Developer Experience Financial Institution Mortgage Institution Total Units Project Phases Project Type Community Curb Appeal Model Units Units per Floor Design Style Actual Age Total Room Count Bedrooms/Bath Total Construction Area (S.F.) Observable Easements Sales Price Sales Incentives Sales Price/Total Construction Area Reported Sales Delivery Date Absorption Rate Ownership Product Staging Sales Team Energy Efficient Items Data Sources Date of Inspection Legal Infrastructure

KEY FACTS San Juan Highway 844- KM 5.4 Ave. Las Cumbres Sub-urban, 50% Built Up, Middle-Class. Señorial Plaza & Los Paseos 8 Minutes Just on the fringe of Metro Area Adjacent to major highway, easy access. 2 ( 1 being lowest and 5 being best in market) Citadel Corp. Many projects in similar locations and product type. Firstbank First Mortgage 100 3 phases for a total 400 units Multi-family mid-rise Excellent ambiance and landscaping Excellent 4 Models: Garden, Balcony, Sub PH, PH 2 Contemporary New Construction 5 3/2.5 1,645 None $280,000 $10,000 + $6,000 for Appliances $161 23 8/1/2007 1.6 units per month Fee Simple Very Good – full model house Very good understanding of sales cycle None Filed Inspections 10/1/08 HOA, Architectural guidelines, & Restrictive Covenants

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

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Buena Vista Apartment 2 Bedroom Model 3 Bedroom Model Penthouse w/ Elevator Access Garden w/ Elevator Access 8’ Ceilings 9’ Ceilings Powder Room Intelli-Home System Wall A/C Units Central Air Conditioning Split Air Conditioning Intercom System Lamps Included Ceramic Floor Tiles Side by Side Laundry Independent Laundry Room Covered Terrace Area Security Windows Hurricane Shutters Interior Garden Carpet in Bedrooms Water Tank Heater Electrical (In-Line) Heater Kitchen Granite Counter Tops Adjacent Family Room Adjacent Outdoors Walk-in Pantry Alternative Eating Area High Quality Cabinets Master Suite Whirlpool & Shower Toilet & Bidet Room Double Sink Vanity Area Walk-In Closets Additional Closet Area Master Den Private Balcony

Yes

Building Configuration

Mid-Rise Condominium Walk-Up Multiple Apartment Models

Apartments Per Floor Elevators Per Floor Emergency Staircase Per Floor Trash Room Outdoor Apartment Lobby Enclosed Apartment Lobby Door Bells Apartment Signs 100% Covered Parking Semi-Covered Parking Non- Covered Parking 2 Car Parking Side to Side 2 Car Parking Back to Back Green Technologies

2 1 1

X X X X X X X X X X X X X X X X X X X X X X Yes X X X

X X X Yes

No X

X X X X X X X

Community Facilities Guard House Security Gate Tele-Entry at Entrance Door Lobby with Concierge Full Electrical Generator Water Cistern Facilities Club House with Bathrooms Independent Storage Rooms Basketball Courts Racquetball or Tennis Courts Volley Ball Children's Play Area Gymnasium Pool Kid's Pool &/or Jacuzzi Walking/Jogging Trail Garden and or Green Areas Street Signage Community Signs

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Yes

X X X

X X X X X X X X X X X

Yes X X X

X X X X X X X X X X X X X X X X

Diagnostic Analysis October 15, 2008

Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Buena Vista Competition Evaluation Product 1. Location – Buena Vista is located off of road # 844 in Trujillo alto. The project is located far from any principal highway. The surrounding neighborhood is picturesque. Buena Vista is approximately 8 minutes from Tiffany Tower. The location of Buena Vista is inferior to Tiffany Tower. 2. Apartment - The Buena Vista unit is larger in size (1,645 S.F.) and has better finishings than Tiffany Tower. Most notably, the apartment has a kitchen with a granite counter top, ample cabinets, an area for both a dish washer and wine cooler, and powder room. Overall, the apartment of Buena Vista is better than Tiffany Tower. 3. Community - The Buena Vista community includes a guard house and non-covered parking. The community is well maintained and has excellent landscaping. The Buena Vista community is more than double the size of Tiffany Tower with 100 units. The facilities include a pool, Jacuzzi, children’s play area and walking trails. An additional 300 units are scheduled for construction after the current inventory has been sold. Price Buena Vista is priced very competitively in the market area. The net price after non government discounts is $264,000. The price per square foot is the lowest at $161. This number is significantly lower than Tiffany Tower. Placement & Positioning Marketing Efforts – Buena Vista began delivering units at the end of 2007. It has over 75% of its inventory still available or 77 units. Special financing is being offered by FirstMortgage whereby the client pays interest only for the first five years. Buena Vista will be thus competing directly with Tiffany Tower for the foreseeable future (24-36 months). Due to the size of the community, Buena Vista will most likely continue to invest a considerable amount of money in media and other advertising. This will pose a direct threat to Tiffany Tower. Conclusion Buena Vista location is inferior to Tiffany Tower. Although located on the same road as Tiffany Tower, it substantially farther from the main highway. Buena Vista compensates by offering a very attractive apartment, strong security, and very well maintained recreational and green facilities. The price of the units is very competitive. Because of its size, it will invariably outspend Tiffany Tower in marketing & advertising. Its current absorption rate is 1.64 units per month. Buena Vista should be a project to follow closely.

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Buena Vista Floor Plan

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

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Buena Vista Site Plan

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Buena Vista Entrance

Buena Vista Buildings (Back)

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

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Buena Vista Kitchen

Buena Vista Family Room

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

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Financing Offer FirstMortgage

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

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EL MARIA City Location Access Neighborhood Characteristics Key Location Amenities Proximity to Tiffany Tower Proximity to Metro Area Location Summary Location Grade Developer Developer Experience Financial Institution Mortgage Institution Total Units Project Phases Project Type Community Curb Appeal Model Units Units per Floor Design Style Actual Age Total Room Count Bedrooms/Bath Total Construction Area (S.F.) Observable Easements Sales Price Sales Incentives Sales Price/Total Construction Area Reported Sales Delivery Date Absorption Rate Ownership Product Staging Sales Team Energy Efficient Items/Tech Facilities Data Sources Date of Inspection Legal Infrastructure

KEY FACTS Cupey Highway # 844 Via highway 199 Sub-urban, 75% Built Up, Middle-Class. Señorial Plaza & Los Paseos 3 Minutes In Metro Area Adjacent to major highway, easy access. 4 ( 1 being lowest and 5 being best in market) ELMARIA Homes Corp. Limited with product type and market First Bank First Mortgage 64 2 Mid Rise with elevator Fair- large open parking lot view Fair I 2 units Contemporary New 5 3 bedroom and 2 baths 1,440 S.F. None $259,000 $10,000 (3.9%) $173 14 12/1/07 1.4 units per month Fee Simple Good- model house with decoration Good Intelligent homes system Field Inspection 10/7/08 HOA, Architectural guidelines, & Restrictive Covenants

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

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Elmaria Apartment 2 Bedroom Model 3 Bedroom Model Penthouse w/ Elevator Access Garden w/ Elevator Access 8’ Ceilings 9’ Ceilings Powder Room Intelli-Home System Wall A/C Units Central Air Conditioning Split Air Conditioning Intercom System Lamps Included Ceramic Floor Tiles Side by Side Laundry Independent Laundry Room Covered Terrace Area Security Windows Hurricane Shutters Interior Garden Carpet in Bedrooms Water Tank Heater Electrical (In-Line) Heater Kitchen Granite Counter Tops Adjacent Family Room Adjacent Outdoors Walk-in Pantry Alternative Eating Area High Quality Cabinets Master Suite Whirlpool & Shower Toilet & Bidet Room Double Sink Vanity Area Walk-In Closets Additional Closet Area Master Den Private Balcony

Yes

Building Configuration

Mid-Rise Condominium Walk-Up Multiple Apartment Models

2 1 1

X X X X X X X X X X X X X X X X X

Yes

X X X

X X X X X X X X X X X

X X X X Yes

X X X Yes X X X

X No X X X

X X X X X

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Yes X

4 outlets X X

No X X X X

X X X X X X X X

X X X X

Diagnostic Analysis October 15, 2008

Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Elmaria Competition Evaluation Product 1. Location – Elmaria is located off of Road #844 in Cupey. The project has various other road linkages. Elmaria is approximately 3 minutes from Tiffany Tower. The location of Elmaria is equal to Tiffany Tower. 2. Apartment - The Elmaria unit is approximately the same size (1,440 S.F.) and has equal or worse finishings than Tiffany Tower. Most notably, the apartment has a kitchen with walk-in pantry/laundry room, a large covered terrace (20’ x 7’), and double closets in the master bedroom. Overall, the apartment of Elmaria is equivalent to Tiffany Tower. 3. Community - The Elmaria community includes a guard house and no covered parking. Moreover, almost all the parkings are back-to-back. The Elmaria community has 64 units. The facilities include a pool, Jacuzzi, gazebo with bathrooms and shower and children’s play area. Price Elmaria is priced less than the market area. The net price after non government discounts is $249,000. The price per square foot is $173. This number is significantly lower than Tiffany Tower. Placement & Positioning Marketing Efforts – Elmaria has commenced the delivery of units in the 3rd Quarter of 2008. It has 78% of its inventory still available or 50 units. It will be thus competing directly with Tiffany Tower for the foreseeable future (12-24 months). As of present, its advertising has been mainly in the print press - El Nuevo Dia. Conclusion Elmaria is located in a comparable location to Tiffany Tower. While the Elmaria apartment has adequate finishings, it does offer a good design and plenty of storage space. The principal draw back of Elmaria is its parking configuration. Elmaria has an absorption rate of 1.4 units per month which is below the market area’s average.

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Diagnostic Analysis October 15, 2008

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

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ElMaria Buildings

ElMaria Recreational Facilities

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Elmaria kitchen

View of Bathroom (Separate Toilet Room)

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PLAZA DEL PALMAR City Location Access Neighborhood Characteristics Key Location Amenities Proximity to Tiffany Tower Proximity to Metro Area Location Summary Location Grade Developer Developer Experience Financial Institution Mortgage Institution Total Units Project Phases Project Type Community Curb Appeal Model Units Units per Floor Design Style Actual Age Total Room Count Bedrooms/Bath Total Construction Area (S.F.) Observable Easements Sales Price Sales Incentives Sales Price/Total Construction Area Reported Sales Delivery Date Absorption Rate Ownership Product Staging Sales Team Energy Efficient Items Data Sources Date of Inspection Legal Infrastructure

KEY FACTS Guaynabo Avenida Las Cumbres & Expreso Martínez Nadal Excellent directly of highway. Sub-urban, 75% Built Up, Middle-Class. Centro de Bellas Artes de Guaynabo 20 minutes Inside Guaynabo Metro Area Very Good 3 ( 1 being lowest and 5 being best in market) Plaza del Palmar Development, Inc Knowledgeable with product and market

98 1 Apartment, Mid Rise Parking lot centered. Poor location of recreational facilities Good. 3 bed / 2 baths and penthouse units. 2 Contemporary New 5 3/2 1,350 None $277,000 Appliances + 1% Legal Fees $200 85 (87%) 2006 3 units per month Fee Simple Decorated model house Fair, no discovery questions None Field Inspections 10/08/08 HOA, Architectural guidelines, & Restrictive Covenants

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

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Plaza del Palmar Apartment 2 Bedroom Model 3 Bedroom Model Penthouse w/ Elevator Access Garden w/ Elevator Access 8’ Ceilings 9’ Ceilings Powder Room Intelli-Home System Wall A/C Units Central Air Conditioning Split Air Conditioning Intercom System Lamps Included Ceramic Floor Tiles Side by Side Laundry Independent Laundry Room Covered Terrace Area Security Windows Hurricane Shutters Interior Garden Carpet in Bedrooms Water Tank Heater Electrical (In-Line) Heater Kitchen Granite Counter Tops Adjacent Family Room Adjacent Outdoors Walk-in Pantry Alternative Eating Area High Quality Cabinets Master Suite Whirlpool & Shower Toilet & Bidet Room Double Sink Vanity Area Walk-In Closets Additional Closet Area Master Den Private Balcony

Yes

Building Configuration

Mid-Rise Condominium Walk-Up Multiple Apartment Models

2 1 1

X X X X X X X X X X X X X X X X X X X X

Yes

X X X

X X X X X X X X X X X

X Yes X

X No X

Yes X

X X X No X X

X X X X X

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Yes X

No X X X X

X X X X X X X X X X

X X X X

Diagnostic Analysis October 15, 2008

Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Plaza del Palmar Competition Evaluation Product 1. Location – Plaza del Palmar is located off of Ave. Las Cumbres in Guaynabo. The project has various other road linkages. Plaza del Palmar is approximately 15 minutes from Tiffany Tower. The location of Plaza del Palmar is equal to Tiffany Tower. 2. Apartment - The Plaza del Palmar unit is smaller (1,350 S.F.) than Tiffany tower and has equal or better finishings. Most notably, the apartment has a kitchen with granite counter top, and 9 foot ceilings. Overall, the apartment of Plaza del Palmar is equivalent or better than Tiffany Tower. 3. Community - The Plaza del Palmar community includes a guard house and some covered parking. Many of the parking spaces are back-to-back. The Plaza del Palmar community has 98 units. The facilities include a club house, pool, Jacuzzi, gazebo with bathrooms, showers and children’s play area. Price Plaza del Palmar is priced less than the market area. The net price after non government discounts is $270,000. The price per square foot is $200. This number is lower than Tiffany Tower. Placement & Positioning Marketing Efforts – Plaza del Palmar began delivering units in 2006. The majority of its inventory (87% has been delivered.) The remaining 13 units will be competing directly with Tiffany Tower in the short term (12 months). As of present, Plaza del Palmar’s advertising has been mainly in the print press - El Nuevo Dia. Conclusion Plaza del Palmar is located on the far end of Guaynabo in a comparable location to Tiffany Tower. The Plaza del Palmar apartment has good finishings and the community offers adequate recreational facilities. The principal draw back of Plaza del Palmar is its parking configuration. Plaza del Palmar has an absorption rate of 3 units per month. This absorption rate is higher than market average. This is principally a result of coming on-line prior to the economic recession.

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

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Plaza del Palmar Site plan

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Diagnostic Analysis October 15, 2008

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008 Plaza del Palmar Floor Plan

Plaza del Palmar

Recreational facilities

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

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Compact Hallway

Large Walk-In Closet

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CASA MAGGIORE City Location Access Neighborhood Characteristics Key Location Amenities Proximity to Tiffany Tower Proximity to Metro Area Location Summary Location Grade Developer Developer Experience Financial Institution Mortgage Institution Total Units Project Phases Project Type Community Curb Appeal Model Units Units per Floor Design Style Actual Age Total Room Count Bedrooms/Bath Total Construction Area (S.F.) Observable Easements Sales Price Sales Incentives Sales Price/Total S.F. Reported Sales Delivery Date Absorption Rate Ownership Product Staging Sales Team Energy Efficient Items Data Sources Date of Inspection Legal Infrastructure

KEY FACTS Guaynabo Calle Unión Expreso Martínez Nadal Sub-urban, 75% Built Up, Middle-Class. Cento Bellas Artes Guaynabo 15 Minutes In Metro Area Adjacent to major highway, easy access. 2 ( 1 being lowest and 5 being best in market) Creative Developments Many projects in similar locations and product type. FEMBI 90 1 Mid-Rise Apartment Good facilities. Strong, Lush Landscaping 4-Garden Villa, Balcony, Sub PH, PH 2 Caribbean Mediterranean New Construction 5 3/2.5 1,670- 3,020 S.F. None $349,000 Appliances & cash bonus $200.00 18 3rd Quarter 2008 6 Units per month ( Initial delivery group) Fee Simple Excellent, good model house Good, use of some discovery questions. None El Nuevo Dia Sección de Construcción, Site Visit 10/05/08 HOA, Architectural guidelines, & Restrictive Covenants

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

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Casa Maggiorie Apartment 2 Bedroom Model 3 Bedroom Model Penthouse w/ Elevator Access Garden w/ Elevator Access 8’ Ceilings 9’ Ceilings Powder Room Intelli-Home System Wall A/C Units Central Air Conditioning Split Air Conditioning Intercom System Lamps Included Ceramic Floor Tiles Side by Side Laundry Independent Laundry Room Covered Terrace Area Security Windows Hurricane Shutters Interior Garden Carpet in Bedrooms Water Tank Heater Electrical (In-Line) Heater Kitchen Granite Counter Tops Adjacent Family Room Adjacent Outdoors Walk-in Pantry Alternative Eating Area High Quality Cabinets Master Suite Whirlpool & Shower Toilet & Bidet Room Double Sink Vanity Area Walk-In Closets Additional Closet Area Master Den Private Balcony

Yes

Building Configuration

Mid-Rise Condominium Walk-Up Multiple Apartment Models

2 2 1 1

X X X X X X X X X X X X X X X X X X X X X X Yes X

No X

X X X X Yes X X X

X X X X X

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Yes

X X X

X X X X X X X X X X

Yes X

No X

X X X X X X X X X X X X X X X X X

Diagnostic Analysis October 15, 2008

Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Casa Maggiore Competition Evaluation Product 1. Location - Casa Maggiore is located off of the Martinez Nadal Highway in Guaynabo. Immediately adjacent to the project is the highway and other multi-family projects. The units all face the highway and are exposed to both noise and air pollution. Casa Maggiore is approximately 15 minutes from Tiffany Tower. The project is principally for the Guaynabo target market. The location of Casa Maggiore is equal to Tiffany Tower. 2. Apartment - The Casa Maggiore unit is larger in size (1,670 S.F.) and has better finishings than Tiffany Tower. Most notably, the apartment has a kitchen with a granite counter top, over the counter sinks, and a walk-in closet with a wood organization system. The split air conditioning compressors are stored in the master balcony. Overall, the apartment of Casa Maggiore is significantly better than Tiffany Tower. 3. Community - The Casa Maggiore community includes a guard house and covered parking for over 85% of all the units. The Casa Maggiore community is almost double the size of Tiffany tower with 90 units. The facilities include a pool, Jacuzzi, gymnasium, children’s play area and walking trails. Price Casa Maggiore is priced competitively to the market area. The net price after non government discounts is $334,000. The price per square foot is $200. This number is significantly lower than Tiffany Tower. Placement & Positioning Marketing Efforts – Casa Maggiore commenced the delivery of units in the 3rd Quarter of 2008. It has over 80% of its inventory still available or 72 units. It will therefore compete directly with Tiffany Tower for the foreseeable future (12-24 months). Due to the size of the community, Casa Maggiore will most likely continue to invest a considerable amount of money in media and other advertising. This will pose a direct threat to Tiffany Tower. Conclusion Casa Maggiore is located in a comparable location to Tiffany Tower. The adjacent highway is a disturbance. The project compensates by offering a very attractive apartment, strong security, and abundant recreational facilities. The price of the units is competitive. Because of its size, it will invariably outspend Tiffany Tower in marketing & advertising.

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Diagnostic Analysis October 15, 2008

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Tiffany Tower â&#x20AC;&#x201C; Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Casa Maggiore Building Facade

Casa Maggiore Covered Parking Entrance

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

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Hallway Detail

Kitchen and laundry Room

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Tiffany Tower â&#x20AC;&#x201C; Cupey, Puerto Rico Doral Financial Corporation

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Shower in Master Bedroom (notice towel branding)

Closet Organizing System

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Tiffany Tower â&#x20AC;&#x201C; Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

SAN JUAN TOWER City Location Access Neighborhood Characteristics Key Location Amenities Proximity to Tiffany Tower Proximity to Metro Area Location Summary Location Grade Developer Developer Experience Financial Institution Mortgage Institution Total Units Project Phases Project Type Community Curb Appeal Model Units Units per Floor Design Style Actual Age Total Room Count Bedrooms/Bath Total Construction Area (S.F.) Observable Easements Sales Price Sales Incentives Sales Price/Total Construction Area Reported Sales Delivery Date Absorption Rate Ownership Product Staging Sales Team Energy Efficient Items Data Sources Date of Inspection Legal Infrastructure

KEY FACTS Cupey Off Road #199 and #844 Adjacent to Highway Sub-urban, 50% Built Up, Middle Class. Los Paseos Mall 1 minute Within city center 4 ( 1 being lowest and 5 being best in market) Excellent location many amenities nearby Same Development team as Tiffany Tower Much experience with similar product and location. N/A N/A 48 1 Condominium Apartments Very good facilities and natural ambiance Excellent 3 bedroom units 2 Contemporary New 5 3/2 1,770 S.F. None $360,000 N/A $203 46 (96%) 9/6/2006 1.8 units per month Fee Simple None, empty apartment Developer None Field Inspection 10/07/08 HOA, Architectural guidelines, & Restrictive Covenants

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

San Juan Tower Apartment 2 Bedroom Model 3 Bedroom Model Penthouse w/ Elevator Access Garden w/ Elevator Access 8’ Ceilings 9’ Ceilings Powder Room Intelli-Home System Wall A/C Units Central Air Conditioning Split Air Conditioning Intercom System Lamps Included Ceramic Floor Tiles Side by Side Laundry Independent Laundry Room Covered Terrace Area Security Windows Hurricane Shutters Interior Garden Carpet in Bedrooms Water Tank Heater Electrical (In-Line) Heater Kitchen Granite Counter Tops Adjacent Family Room Adjacent Outdoors Walk-in Pantry Alternative Eating Area High Quality Cabinets Master Suite Whirlpool & Shower Toilet & Bidet Room Double Sink Vanity Area Walk-In Closets Additional Closet Area Master Den Private Balcony

Yes

Building Configuration

Mid-Rise Condominium Walk-Up Multiple Apartment Models

X X X X X X X X X X X X X X X X X X

Yes

No X

X X X

2 1 1 X X X X X X X X X X X

X X X Yes

X No X

X X X X X Yes

No X X X X

X X X X

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Yes X

No X X X X

X X X X X X X X X X X X X X

Diagnostic Analysis October 15, 2008

Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

San Juan Tower Competition Evaluation Product 1. Location – San Juan Tower is located off of road #199. The project has very good access and road linkages. San Juan Tower is approximately 1 minute from Tiffany Tower. The location of San Juan Tower is equal to Tiffany Tower. 2. Apartment - The San Juan Tower unit is much larger (1,770 S.F.) than Tiffany tower and has equal finishings. The unit has an independent laundry room, an outdoor storage for the a/c compressors, and a large kitchen. The project was started in 2004. Overall, the San Juan Tower Apartment is better than Tiffany Tower. 3. Community - The San Juan Tower community includes a guard house and both covered and non-covered parking. The San Juan Tower community has 48 units. The lobby areas are well designed and finished. The recreational facilities are extraordinarily ample for such a as small community. The gymnasium and lounge are particularly grand. The community facilities of San Juan Tower are better than Tiffany Tower. Price San Juan Tower’s net price is $360,000. The price is the highest in the market category. The price per square foot is on par with the market average at $203. San Juan Tower is finalizing its sales with the remaining 2 units. Placement & Positioning Marketing Efforts – San Juan Tower’s sales are 96% complete and will thus not be competing directly with Tiffany Tower. Conclusion San Juan Tower is located about 1 minute from Tiffany Tower. Its surrounding community is greener and thus superior. The apartment is larger and the recreational facilities are ample. The project is offering its last two units and will thus not be direct competition.

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

San Juan Tower Parking

Kitchen Detail

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Pool Area

Gym and Lounge

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PORTALES DE ARCOBALENO City Location Access Neighborhood Characteristics Key Location Amenities Proximity to Tiffany Tower Proximity to Metro Area Location Summary Location Grade Developer Developer Experience Financial Institution Mortgage Institution Total Units Project Phases Project Type Community Curb Appeal Model Units Units per Floor Design Style Actual Age Total Room Count Bedrooms/Bath Total Construction Area (S.F.) Observable Easements Sales Price Sales Incentives Sales Price/Total Construction Area Reported Sales Absorption Rate Delivery Date Ownership Product Staging Sales Team Energy Efficient Items Data Sources Date of Inspection Legal Infrastructure

KEY FACTS Cupey Highway 8176, Ave. Víctor Labiosa Very good directly of main road. Sub-urban, 75% Built Up, Middle-Class. Señorial Plaza & Los Paseos 5 minutes Inside Metro Area Very Good 4 ( 1 being lowest and 5 being best in market) Lopez Homes Corp. Track record with product but not location Banco Popular de Puerto Rico Popular Mortgage 52 1 Condominium (sub-urban) Parking lot centered. Adequate. 7 different models (all 3 bedroom units). 4 per floor Contemporary New 5 3/2 1,532 None $330,000 $10,000-$15,000 (4%) $206 18 2.57 units per month 3/1/2008 Fee Simple ExcellentVery knowledgeable None Field Inspections 9/15/08 HOA, Architectural guidelines, & Restrictive Covenants

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Arcobaleno Apartment 2 Bedroom Model 3 Bedroom Model Penthouse w/ Elevator Access Garden w/ Elevator Access 8’ Ceilings 9’ Ceilings Powder Room Intelli-Home System Wall A/C Units Central Air Conditioning Split Air Conditioning Intercom System Lamps Included Ceramic Floor Tiles Side by Side Laundry Independent Laundry Room Covered Terrace Area Security Windows Hurricane Shutters Interior Garden Carpet in Bedrooms Water Tank Heater Electrical (In-Line) Heater Kitchen Granite Counter Tops Adjacent Family Room Adjacent Outdoors Walk-in Pantry Alternative Eating Area High Quality Cabinets Master Suite Whirlpool & Shower Toilet & Bidet Room Double Sink Vanity Area Walk-In Closets Additional Closet Area Master Den Private Balcony

Yes

Building Configuration

Mid-Rise Condominium Walk-Up Multiple Apartment Models

X X X X X X X X X X X X X X X X X X

Yes

No X

X X X

4 2 1 X X

Yes X

X X X X X X X X X

X X X X Yes X X

X X X Yes X

X No X X X

X X X X

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No X

X X X X X X X X X X X X X X X X X

Diagnostic Analysis October 15, 2008

Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Portales de Arcobaleno Competition Evaluation Product 1. Location – Portales de Arcobaleno is located off of Highway 8176 on Ave. Víctor Labiosa. The project has various other road linkages. Portales de Arcobaleno is approximately 5 minutes from Tiffany Tower. The location of Portales de Arcobaleno is equal to Tiffany Tower. 2. Apartment - The Portales de Arcobaleno unit is larger (1,532 S.F.) than Tiffany tower and has better finishings. Most notably, the apartment has a kitchen with a granite counter top, ample cabinets, Jacuzzi in the master bath, and an interior garden area. Overall, the apartment of Portales de Arcobaleno is better than Tiffany Tower. 3. Community - The Portales de Arcobaleno community includes a guard house and no covered parking. Many of the parking spaces are back-to-back. The Portales de Arcobaleno community has 98 units. The building has elegant hallways with stone wall coverings, open glass railing staircase, and an excellent design for storage area and emergency staircase. The facilities include a club house, pool, Jacuzzi, gazebo with bathrooms, showers and children’s play area. The most impressive recreational element in Portales de Arcobaleno is its roof top gymnasium and track. With the exception of the parkings, the community of Portales de Arcobaleno is better than Tiffany Tower. Price Portales de Arcobaleno is priced slightly higher than the market area. The net price after non government discounts is $316,000. The price per square foot is $206. This number is lower than Tiffany Tower. Placement & Positioning Marketing Efforts – Portales de Arcobaleno began delivering units in March of 2008. Only 35% of its inventory has been delivered. The remaining 34 units will be competing directly with Tiffany Tower in the foreseeable (12-24 months). As of present, Portales de Arcobaleno’s advertising has been mainly in the print press - El Nuevo Dia. Conclusion Portales de Arcobaleno is located within a few minutes and in a comparable location to Tiffany Tower. The Portales de Arcobaleno apartment has good finishings and the community offers better than market recreational facilities. The principal drawback of Portales de Arcobaleno is its parking configuration. Portales de Arcobaleno has an absorption rate of 2.57 units per month. This absorption rate is higher than market average. It will be direct competition to Tiffany Tower.

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Diagnostic Analysis October 15, 2008

AXYON - Advanced Solutions For Real Estate Development

Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Building Facade

Parking Area

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Main Stair

Club house with pool

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Hallway (stone wall detail)

View of kitchen

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

REGENCY PARK City Location Access Neighborhood Characteristics Key Location Amenities Proximity to Tiffany Tower Proximity to Metro Area Location Summary Location Grade Developer Developer Experience Mortgage Institution Total Units Project Phases Project Type Community Curb Appeal Model Units Units per Floor Design Style Actual Age Total Room Count Bedrooms/Bath Total Construction Area (S.F.) Observable Easements Sales Price Sales Incentives Sales Price/Total Construction Area Reported Sales Delivery Date Absorption Rate Ownership Product Staging Sales Team Energy Efficient Items Data Sources Date of Inspection Legal Infrastructure

KEY FACTS Guaynabo Avenida Martínez Nadal, Exit 169 Near Highway but no direct access Sub-urban, 50% Built Up, Mid/low-Class. None 25 minutes Within 5 minutes of city center 2 ( 1 being lowest and 5 being best in market) Fair location, not many amenities nearby Israel Koppel Much commercial experience, limited residential 148 1 Condominium Fair Fair 2 & 3 bedroom units 8 Contemporary New 5 3/2 1,136 S.F. None $269,000 $25,000 $215 132 (89%) 3/1/2005 3 units per month Fee Simple Fair Poor None Field Inspection 7/12/07 HOA, Architectural guidelines, & Restrictive Covenants

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Regency Park Apartment

Yes

2 Bedroom Model 3 Bedroom Model Penthouse w/ Elevator Access Garden w/ Elevator Access

X X

8’ Ceilings 9’ Ceilings Powder Room Intelli-Home System Wall A/C Units Central Air Conditioning Split Air Conditioning Intercom System Lamps Included Ceramic Floor Tiles Side by Side Laundry Independent Laundry Room Covered Terrace Area Security Windows Hurricane Shutters Interior Garden Carpet in Bedrooms Water Tank Heater Electrical (In-Line) Heater Kitchen Granite Counter Tops Adjacent Family Room Adjacent Outdoors Walk-in Pantry Alternative Eating Area High Quality Cabinets Master Suite Whirlpool & Shower Toilet & Bidet Room Double Sink Vanity Area Walk-In Closets Additional Closet Area Master Den Private Balcony

Building Configuration

X X

Mid-Rise Condominium Walk-Up Multiple Apartment Models

X X X X X X X X X X X X X X X X

Yes

No X

X X X

8 2 2 X X X X N/A X X X X X X

X Yes

X No X X X X

X Yes

X No X X X X X X X X

AXYON - Advanced Solutions For Real Estate Development

Yes X

No X

X X X X X X X X X X X X X X X X X

Diagnostic Analysis October 15, 2008

Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Regency Park Competition Evaluation Product 1. Location – Regency Park is located off of Martínez Nadal Highway. The project has adequate access and road linkages. Regency Park is approximately 30 minutes from Tiffany Tower. The location of Regency Park is equal to Tiffany Tower. 2. Apartment - The Regency Park unit is much smaller (1,136 S.F.) than Tiffany tower and has worse finishings. The unit was delivered in 2005 and it is clearly out dated. Overall, the Regency Park Apartment is inferior to Tiffany Tower. 3. Community - The Regency Park community includes a guard house and semi-covered parking. The Regency Park community has 148 units. It is the second largest community in the market area. The community facilities include a club house, pool, Jacuzzi, gymnasium, and tennis/basketball court. The recreational elements in Regency Park are abundant yet not luxurious. The community facilities of Regency Park are better than Tiffany Tower. Price Regency Park’s net price is $244,000. The price is the lowest in the market category. The price per square foot, however, is above the market average at $215. Regency Park has had sales problems since its inception. The project has been plagued with construction and permitting issues. The project has sold over 89% of its units and is liquidating its inventory by offering discounts of upwards of 9%. Placement & Positioning Marketing Efforts – Regency Park has aggressively been marketing its project since 2006. Assuming that Regency Park can continue its 3 unit per month absorption rate, the project will thus be competing directly with Tiffany Tower for the next 12 months. Conclusion Regency Park is located about 30 minutes from Tiffany Tower. Its location is fair and the apartment is dated. The project is offering aggressive discounts in order to liquidate its remaining 16 units. Regency Park will thus not be direct competition.

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Regency Park Building Facade

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

RIDGETOP LUXURY APARTMENTS City Location Access Neighborhood Characteristics Key Location Amenities Proximity to Tiffany Tower Proximity to Metro Area Location Summary Location Grade Developer Developer Experience Mortgage Institution Total Units Project Phases Project Type Community Curb Appeal Model Units Units per Floor Design Style Actual Age Total Room Count Bedrooms/Bath Total Construction Area (S.F.) Observable Easements Sales Price Sales Incentives Sales Price/Total Construction Area Reported Sales Delivery Date Absorption Rate Ownership Product Staging Sales Team Energy Efficient Items Data Sources Date of Inspection Legal Infrastructure

KEY FACTS Guaynabo Martínez Nadal Highway( PR 19, KM 0.3) Fair small road access to project. Sub-urban, 75% Built Up, Middle-Class. Guaynabo Area 20 minutes Inside Metro Area Good 2 ( 1 being lowest and 5 being best in market) Omega Engineering Much large scale engineering experience 160 3 Mid-Rise Apartments Under Construction Fair – below road grade Multiple units (all 3 bedrooms) 2 Apts. Per Floor Contemporary New 6 3 bedrooms and 2.5 baths 1,538 None $355,000 None (pending delivery of units) $231 – highest in Market Area Developer reports 35% options (56 units) 1 Quarter 2008 N/A Fee Simple None Fair – No sales personnel None Field Inspections 10/03/08 HOA, Architectural guidelines, & Restrictive Covenants

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

RidgeTop Apartment 2 Bedroom Model 3 Bedroom Model Penthouse w/ Elevator Access Garden w/ Elevator Access 8’ Ceilings 9’ Ceilings Powder Room Intelli-Home System Wall A/C Units Central Air Conditioning Split Air Conditioning Intercom System Lamps Included Ceramic Floor Tiles Side by Side Laundry Independent Laundry Room Covered Terrace Area Security Windows Hurricane Shutters Interior Garden Carpet in Bedrooms Water Tank Heater Electrical (In-Line) Heater Kitchen Granite Counter Tops Adjacent Family Room Adjacent Outdoors Walk-in Pantry Alternative Eating Area High Quality Cabinets Master Suite Whirlpool & Shower Toilet & Bidet Room Double Sink Vanity Area Walk-In Closets Additional Closet Area Master Den Private Balcony

Yes

Building Configuration

Mid-Rise Condominium Walk-Up Multiple Apartment Models

2 1 1

X X X X X X X X X X X X X X X X X X X X N/A N/A Yes N/A

No X

X X X Yes

n/a No X X X X

X X X X

Yes

AXYON - Advanced Solutions For Real Estate Development

X X X

X X X X N/A X X X X X X

Yes X

No X

X X X X X X X X X X X X X X X N/A N/A

Diagnostic Analysis October 15, 2008

Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

RidgeTop luxury Apartments Competition Evaluation Product 1. Location – RidgeTop Luxury Apartments is located off of Martínez Nadal Highway. The project has poor access. However, the development is representing that a new road will begin construction shortly and that it will connect the project directly with the Martínez Nadal Highway. RidgeTop Luxury Apartments is approximately 20 minutes from Tiffany Tower. The location of RidgeTop Luxury Apartments is inferior to Tiffany Tower. 2. Apartment - The RidgeTop Luxury Apartments unit is larger (1,538 S.F.) than Tiffany tower and has better finishings. Although the model has not opened yet, the most notable design features are the 9’ ceilings powder room, and large terrace with breakfast nook. Overall, the Ridge Top Luxury Apartment is better than Tiffany Tower. 3. Community - The RidgeTop Luxury Apartments community will include a guard house and semi-covered parking. The RidgeTop Luxury Apartments community has 160 units. It is the largest community in the market area. The community facilities include a club house, pool, Jacuzzi, gymnasium with sauna, and four gazebos. The most impressive recreational element in RidgeTop Luxury Apartments is the lounge area with cooking facilities and wine cellar. The community facilities of Ridge Top Luxury Apartments will presumably be better than Tiffany Tower. Price RidgeTop Luxury Apartments net price is $355,000. The price per square foot is the highest in the market area at $231. The reason for this is that RidgeTop Luxury Apartments does not offer developer discounts. It is more than likely that when the project begins delivering units, it will lower its prices to increase its absorption rate. If the project offers the market area average 4% discount, its prices ($340,000) would be lower than Tiffany Tower. Placement & Positioning Marketing Efforts – RidgeTop Luxury Apartments has not started to aggressively market its project. The developer claims that it has the majority of its first phase is optioned. Notwithstanding, the eventual closing of said options, the project will still have a considerable inventory available- around 100 units. RidgeTop Luxury Apartments will thus be competing directly with Tiffany Tower for the next (12-36 months). As of present, RidgeTop Luxury Apartments has done some advertising in the print press and most likely will aggressively attack the market in 2009. Conclusion RidgeTop Luxury Apartments location is fair, but if the new road is built, it will be in a comparable location to Tiffany Tower. The RidgeTop Luxury Apartments apartment has good finishings and the community offers better than market recreational facilities.

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Diagnostic Analysis October 15, 2008

AXYON - Advanced Solutions For Real Estate Development

Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Ridge Top Site Plan

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Ridge Top October 2008

First Deliveries Projected 1Q 2009

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Tiffany Tower â&#x20AC;&#x201C; Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Artistic Rendering Recreational Facilities

Artistic Rendering Living Room

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Diagnostic Analysis October 15, 2008

Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Recreational Facilities Tables Below is a table with each project’s recreational facilities. Today, the industry standard suburban multi-family product offers a gymnasium, pool with bathroom and shower, and child’s play area. Because of land costs, only a small percentage (33%) has either a basketball or tennis court. Maintenance costs range from $148.00 to $350. The maintenance costs are usually derived by using a pro-rata calculation based on the size of the apartment. The maintenance cost usually covers the security guard, landscaping of common areas, and waste disposal. It should be noted that Tiffany Tower is deficient in both the recreational facilities and the security element. The majority of the market area (62%) has a fully equipped gymnasium. These gyms usually include anywhere between 5-10 training machines and free weights. In addition, 100% of the competition has a pool area with a shower and bathrooms. As for security, which has been noted previously, all of the competition has a security guard house that curtails vehicular traffic. Buena Vista, because of it size, also has an independent security gate. Tiffany tower does not have either a security guard house or any other method to curtail cars entering the premises.

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Diagnostic Analysis October 15, 2008

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Diagnostic Analysis October 15, 2008

Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation

Comparative Room Dimensions Below is a table with each project’s key room dimensions. The main rooms were analyzed in order to compare size and design efficiency. In the master bedroom, Tiffany Tower competes favorably with 12’6” x16’. Although the room has a comparatively small walk-in closet (3’ x 9’), it does have an additional closet as only 1 other project can claim (33%). The master bathroom is equal or inferior to the competition. Tiffany Tower’s kitchen is smaller than the competitions with 8’4” x 11’. The living room is about the same size and 71% of the competition has laundry closets rather than rooms. Tiffany Tower’s balcony is the second largest with 18’x 7’6”.

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Diagnostic Analysis October 15, 2008

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Tiffany Tower – Cupey, Puerto Rico Doral Financial Corporation