The Bluffs on the Cape Fear is Top Selling Community in 2007

Grand Opening of Blackbeard's Forest to Kick Off 2008
BRUNSWICK COUNTY, N.C.--(Business Wire)--
According to county tax records, The Bluffs on the Cape Fear
closed more homesites than any other preconstruction community in
either Brunswick or New Hanover county in 2007. The Bluffs on the Cape
Fear is a new 600-acre, gated, fully-amenitized, dockable, waterfront
community located off of Dogwood Road in Leland.

The Bluffs closed 181 homesites in 2007, totaling $28.3 million in
sales. This brings total sales to $51.6 million for the 386 homesites
sold since the community's Grand Opening in mid-2006. The Bluffs'
sales and marketing company, Vision Producers, Inc. of Wilmington,
N.C., attributes the success to the community's scenic location on the
Cape Fear River, the land planning and nature preservation philosophy,
extensive amenity package, conservative pricing, close proximity to
historic downtown Wilmington, and significant progress in
infrastructure and amenity construction.

"The Cape Fear area has recently been recognized by several
national publications and organizations for experiencing a large
amount of growth, as well as being a desirable place to live, and The
Bluffs is proud to be a part of the excitement," said Judd Arnold,
President of Vision Producers, Inc. "The Bluffs team is extremely
grateful for all of those who have helped us to earn this position,
and we look forward to continuing to provide an exceptional place to
live in the renowned Cape Fear area as we enter 2008."

The Bluffs is releasing Blackbeard's Forest, a selection of
premier wooded, and dockable, waterfront homesites, on April 26th and
27th, 2008. This will be the community's fourth release. "Every one of
our Grand Opening events has been a great success," said David Swain,
President of Wilmington-based developer Swain & Associates, and a
partner in The Bluffs on the Cape Fear development. "The guests aren't
only impressed by our community when they visit, but they fall in love
with the area and have a great time at our events."

The Sim family bought a homesite at The Bluffs in 2007 and plans
to visit again for the Spring event. "We were tired of the cold snowy
weather, rising taxes and traffic of New Jersey," said Cathy Sim.
"When we decided to look for a safe place to continue raising our
children, the Wilmington area had the close proximity to water that we
were looking for. We soon realized that The Bluffs' beautiful location
along the Cape Fear River was the place we wanted to call home."

When complete, The Bluffs on the Cape Fear will offer more than
700 homesites in a variety of environments, including riverfront,
lakefront, and nature. Amenities include extensive nature trails and
parks; a Private Beach Club on Oak Island; a 6,000 square foot
Lakeside Clubhouse uniquely built to extend over one of the many
community lakes; a fitness center; a media center; indoor and outdoor
swimming pools; lighted HarTrue tennis courts; a waterfront park with
boat launch facility; a proposed 40-slip marina; gaming areas with
bocce ball and horseshoe pits; boat and RV storage; close proximity to
renowned area beaches; and over 40 golf courses within a 40-mile
radius. More information is available at www.thebluffsnc.com or by
calling the sales office at 866-725-8337.

VPI Marketing
Hilary Brady, 910-790-8746, ext. 107
hbrady@vpimarketing.com

Copyright Business Wire 2008