AN ECONOMIC SHOT IN THE ARM

STRONG HOMES SALES AND A BOOST IN CONSUMER CONFIDENCE RESULT IN POSITIVE NEWS FOR MANATEE AND SARASOTA COUNTIES

(May 18, 2009) – Real estate sales are strong in Lakewood Ranch. Flying in the face of what turned out to be a lackluster first quarter for some areas of Manatee and Sarasota counties, Lakewood Ranch posted strong sales numbers for that same quarter and is projecting a 35% increase in closings for the second quarter over the first. Closings already completed during the month of April and first weeks of May are indicating an upturn and a boost in consumer confidence. Prices of condos, re-sale homes, and to-be-built homes are at their lowest levels. Nationally, the consumer confidence index is up by more than 12 points for month of April.* These are all indicators that the early days of market recovery are already upon us.

One Ranch neighborhood in particular is showing all the signs of real estate recovery. Charlie Brasington and his partner Al Hoffman, owners of Miramar, a townhome and condo neighborhood on the Legacy Golf Course at Lakewood Ranch, have seen heavy activity and sales. Only seven condo units and four townhomes remain to be sold in the neighborhood. “From the end user standpoint you’re never going to get better pricing or lower rates than right now,” said Brasington. “We, as investors in the real estate market, have been looking statewide. We see all the positive signs; great pricing, regained consumer confidence with buyers coming to the signing table, and even some price increases. When demand is up and inventory is decreasing, prices are bound to go up. That’s what is happening in Miramar and many other communities. We are nearing sell-out ahead of schedule and that’s exciting.”

Homebuilder Neal Communities continues to see activity and sales at the highest levels since 2005. They’ve also reported instances of multiple offers on the same home. “We are convinced that the real estate market decline has ended and the sales cycle has rebounded,” said Neal Communities’ Pat Neal. “People are buying new homes and are looking to their futures. They see that this is the time to buy a home, and they are confidently investing in new homes.”

Other Lakewood Ranch builders are also reporting sales. Multiple closings are scheduled for the second quarter from London Bay Homes, Gibraltar Homes, John Cannon Homes and Lee Wetherington Homes.

The residential real estate market outlook in Lakewood Ranch continues to be encouraging. Homes in Lakewood Ranch are retaining their value better than competing markets due in part to the proximity of community amenities, including work centers in the Corporate Park, convenience and specialty shopping areas, and new public schools. Good sales numbers were posted in Lakewood Ranch in 2008, including an average price of $498,000. Twenty homes sold at more than $1 million. Traffic in the new home Information Center for 2009 is at its highest level since 2005, showing interest is high as buyers realize now is the time to buy. There is something for everyone at Lakewood Ranch: new home pricing (including homesite) starts in the low $200,000s to more than $5 million. “An increase in return visits by prospects who have visited us previously is one of the leading indicators of an improving real estate market. More than 1,000 visitors made return trips to Lakewood Ranch in the first quarter of this year. “Even post-season traffic numbers are boasting these same trends,” explained Rex Jensen, president and CEO of Schroeder-Manatee Ranch, Lakewood Ranch’s parent company. “We attribute this to the fact that buyers know that if they are going to make a buying decision now, it had better be on a sure thing like the value that Lakewood Ranch offers.”

Market specialist Dr. David Parker of Parker Associates also agrees that Lakewood Ranch’s location and amenities are big drawing cards for Lakewood Ranch. “Thirty-seven percent of the more than 3,000 visitors to Lakewood Ranch during the first quarter stated that they were looking there because they wanted a better location.” Dr. Parker went on to say that 37% is the “highest location statistic that we have ever seen. That departure from the more normal 18% from 2007 is undeniably tied to people’s desire to invest in the safest place where the promise of future values will be the highest.” Rex Jensen added, “Low prices, low interest rates, builder incentives and available tax credits are all adding up to make the deals available sweeter than ever before. Combine all of those benefits with the 12 point increase in buyer confidence and it gives logic to the increase in sales and closings that our builders are experiencing.”

LWR Communities, LLC, the developer of Lakewood Ranch, and its builders have compiled a list of some positives based on the current market. This information is enclosed with this release, entitled “Why Build New, Why Build Now.”

* As reported by Parker Associates, real estate development marketing consultants.

Lakewood Ranch is the 8,500-acre award winning Master-Planned Community in Sarasota and Manatee counties on the West Coast of Florida. It is the largest Green-Certified community in the country. For more information on Lakewood Ranch, visit www.lakewoodranch.com.

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