Newland Communities

Newland Communities Exhibit 1 SUMMARY OF COMPETITIVE COMMUNITIES RALEIGH-DURHAM-CHAPEL HILL MSA NOVEMBER 2001 Community Neighborhood Orientation Product Type Developer Builders Date Opened Total Units Planned 642 Total Units Sold 225 Current Avg Absorp 205 Product Price Range Product Size Range Price per SF or acre Meadowmont Condominiums Row House Cottage Home Fairway Park Traditional House Wakefield Plantation Club Villas Calloway on the Green Ridgely Townes Weatherby Villas Dunleith Fairview Savannah Savannah Village Stratford Hall St. James Place Deauville Estates Rosemont Middleton Glenstone Parkside Berkshire Scotts Mill Townhomes Single Family Single Family Riverside The Glens Willow Bend White Oak Run Hickory Hill TND TND TND TND TND TND Golf Golf & Lake Golf Village Village Golf Golf & Lake Golf Golf Interior Golf Interior Interior Golf Interior Village Village Village TND TND TND TND Family Family Family Family Family Condo Townhome SFD small SFD small SFD medium East West Partners White Oak Properties White Oak Properties Parker Lancaster Poythress and Timberline John Wieland Homes Wakefield Plantation Inc. Comstock Centex Sunstar Sunstar Custom Custom Amerimann Amerimann Centex Beazer and Centex Heritage Custom Custom Custom John Wieland Homes Sunstar Sunstar Sunstar York Properties Preservation and Stonewall Biltmore Cattano, Preservation, Vintage Rhein Interests Torrey Torrey, Centex St. Lawrence Homes, Centex Fortis, St. Lawrence Homes Apr-01 $100,000 $100,000 $530,000 $240,000 $475,000 $475,000 $130,000 $350,000 $190,000 $130,000 $142,000 $485,000 $600,000 $400,000 $400,000 $270,000 $250,000 $380,000 $600,000 $1,000,000 $340,000 $350,000 $160,000 $220,000 $130,000 $130,000 $160,000 $300,000 $103,000 $103,000 $140,000 $195,000 $200,000 - $1,000,000 $108,000 $1,000,000 $350,000 $600,000 $700,000 $3,500,000 $450,000 $250,000 $190,000 $150,000 $2,000,000 $2,000,000 $750,000 $750,000 $450,000 $600,000 $600,000 $2,000,000 $3,500,000 $650,000 $450,000 $190,000 $250,000 $450,000 $200,000 $170,000 $450,000 $273,000 $132,000 $180,000 $250,000 $273,000 800 800 2,700 1,200 3,000 3,000 1,286 2,500 1,700 1,286 1,200 4,000 3,800 2,450 2,450 2,600 1,850 3,000 4,000 4,500 2,450 2,900 1,400 1,766 1,300 1,300 1,500 2,500 1,021 1,021 1,464 1,600 2,567 - 4,500 1,000 4,500 2,000 3,500 4,000 9,400 4,800 2,200 1,859 1,435 8,500 9,400 3,600 3,600 3,600 4,000 4,000 8,500 9,000 3,600 4,200 2,300 2,780 2,500 1,900 1,500 2,500 3,742 1,589 2,189 2,593 3,742 $108 $125 $196 $200 $158 $158 $83 $140 $112 $101 $118 $121 $158 $163 $163 $104 $135 $127 $150 $222 $139 $121 $114 $125 $100 $100 $107 $120 $73 $101 $96 $122 $78 - $222 $108 $222 $175 $171 $175 $389 $94 $114 $102 $105 $235 $213 $208 $208 $125 $150 $150 $235 $389 $181 $107 $83 $90 $180 $105 $113 $180 $122 $83 $82 $96 $73 Jul-98 3,500 912 158 4-Plex Townhome Multi-plex Duplex SFD medium SFD medium SFD medium SFD medium SFD medium SFD medium SFD medium SFD large SFD large SFD large SFD large SFD small SFD small Jun-97 1,000 527 157 Townhome SFD garden SFD small Jan-00 730 365 138 Townhome SFD garden SFD small SFD medium ROBERT CHARLES LESSER CO., LLC Page 1 of 4 Comps.xls-By Community 09-8793.00 Printed: 7/20/2004 Newland Communities Exhibit 1 SUMMARY OF COMPETITIVE COMMUNITIES RALEIGH-DURHAM-CHAPEL HILL MSA NOVEMBER 2001 Community Neighborhood Orientation Product Type Developer Builders Date Opened Total Units Planned 925 225 150 Total Units Sold 500 Current Avg Absorp 125 Product Price Range Product Size Range Price per SF or acre Southern Village Market Lofts 500 Market Street Merritt Park Highgrove Highgrove Glenhaven Arlen Park Graylyn Governors Club Single Family TND TND TND TND TND TND TND TND TND Golf Golf Condo Condo Condo Townhome SFD small SFD small SFD small SFD small Bryan Properties Montgomery Dev Co The Boulevard Company White Oak Properties Cambridge, Dixon/Kirby, McNeill Burbank Future Homes, Jerry Smith Builders, Kemp-Harris, Keystone, Melville Builders, Poythress, Synergy, Timberline, Upright Governors Club BRW, Brightleaf, Chase Building Co., Crist-Chapman Builders, Diversified Shelters Corp., J. Daniel Fritz, Ken Huff, K Alan Co., Ray King Builders, Byron Mitchell Builder, Inc., Mrozek Design & Construction, Pomarico, T.L. Stewart Builders, Van Slyke Builders same as SFD small n/a Bryan Properties White Oak Properties Barnes, Dixon/Kirby, McNeill Burbank Future Homes Jerry Smith Builders, Poythress, Timberline, Upright Builders, Woodard Builders, Tailored Homes, Helton Homes, McNeill Burbank, Robuck, Jeff Fike, Dixon/Kirby, Samuel B. Carrico, Barrington, Barnes 1995 $102,000 $102,000 $125,000 $178,000 Sold Out $250,000 $250,000 $250,000 $250,000 - $700,000 $220,000 $190,000 $195,000 600 700 600 1,280 Sold Out 1,700 1,700 1,700 1,700 - 4,000 1,300 1,300 1,280 $139 $146 $208 $139 Sold Out $147 $147 $147 $147 - $208 $169 $146 $152 550 - $700,000 $700,000 $700,000 $700,000 - 4,000 4,000 4,000 4,000 - $175 $175 $175 $175 1989 1250 1220 110 SFD small $300,000 - $1,500,000 $300,000 - $1,500,000 2,800 - 8,000 2,800 - 3,200 $88 - $234 $107 - $469 Single Family Homesite Sunset Ridge Condos Townhomes Single Family Single Family Golf Golf Golf Golf Park Golf Golf SFD medium Homesite $400,000 - $700,000 $60,000 - $150,000 1991 1,500 950 100 $84,000 - $400,000 $84,000 - $120,000 $130,000 - $250,000 $230,000 - $230,000 $400,000 - $400,000 3,600 - 8,000 0.25 - 0.50 700 - 3,080 700 - 990 1,280 - 2,200 2,230 - 2,230 3,080 - 3,080 $111 - $88 $240,000 - $300,000 $102 - $130 $120 - $121 $102 - $114 $103 - $103 $130 - $130 Condo Townhome SFD small SFD large ROBERT CHARLES LESSER CO., LLC Page 2 of 4 Comps.xls-By Community 09-8793.00 Printed: 7/20/2004 Newland Communities Exhibit 1 SUMMARY OF COMPETITIVE COMMUNITIES RALEIGH-DURHAM-CHAPEL HILL MSA NOVEMBER 2001 Community Neighborhood Orientation Product Type Developer Builders Date Opened Total Units Planned 1,500 Total Units Sold 225 Current Avg Absorp 81 Product Price Range Product Size Range Price per SF or acre Brier Creek Tournament Homes Carriage Townhome Carolina Collection Golf Villa Collection Executive Collection The Estates Heritage Pines Villa Home Garden Home Carpenter Village Townhomes Charleston Homes Golf 4-plex Townhome SFD small SFD medium SFD medium SFD medium AAC AAC AAC TND Townhome SFD garden Toll Brothers Toll Brothers Toll Brothers Toll Brothers Toll Brothers Toll Brothers Toll Brothers US Home Westminster Westminster W & W Partners Impact Design/Build, Inc., Amward Homes Wardson Construction, Inc., Southbrook Builders, Blankenship & Mussler, Olde Raleigh Homes Douglas Ward & Associates, Poythress Construction Co., Samuel B. Carrico, Inc., Upright Builders, Inc., Wardson Construction, Amward Homes, South Pointe Builders, Calibre Homes and Beamon Building Dec-99 $202,975 $202,975 $284,975 $279,975 $295,975 $349,975 $449,975 - $576,975 $216,975 $297,975 $292,975 $325,975 $382,975 $576,975 2,474 2,520 2,474 2,514 2,611 3,135 3,400 1,380 1,380 1,540 - 4,780 2,510 2,594 2,795 2,936 3,211 4,780 2,215 1,880 2,215 $81 $81 $115 $111 $113 $112 $132 - $132 $86 $115 $105 $111 $119 $121 Jan-00 302 160 80 Duplex SFD garden $150,000 - $230,000 $150,000 - $188,000 $195,000 - $230,000 $160,000 - $1,000,000 $160,000 - $240,000 $260,000 - $350,000 $100 - $127 $109 - $100 $127 - $104 $100 $208 $100 - $100 $113 - $109 1996 575 255 63 1,600 - 4,800 1,600 2,400 2,300 3,200 Neighborhood Homes SFD small $299,000 - $499,000 2,300 3,000 $130 - $166 Estate Homes Cary Park Single Family Single Family Single Family TND TND TND TND SFD medium East West David Weekley John Wieland Homes Brentwood Homes, Teris Construction Group, Carolinian Homes, Impact Design-Build, Ange Construction, DG Baron & Co., Sampson Construction, Barrington Homes, Van Slyke Builders, Sam Young Builders, Woodard Builders, Lawrence Construction, n/a Feb-00 2,400 80 44 $500,000 - $1,000,000 $285,000 $285,000 $470,000 $490,000 $700,000 $320,000 $470,000 $700,000 3,200 2,834 2,834 3,250 3,500 - 4,800 4,300 3,094 3,700 4,300 $156 - $208 $101 $101 $145 $140 $163 $103 $127 $163 SFD small SFD small SFD medium Homesites TND Homesite $65,000 - $100,000 0.25 - 0.75 $260,000 - $133,333 ROBERT CHARLES LESSER CO., LLC Page 3 of 4 Comps.xls-By Community 09-8793.00 Printed: 7/20/2004 Newland Communities Exhibit 1 SUMMARY OF COMPETITIVE COMMUNITIES RALEIGH-DURHAM-CHAPEL HILL MSA NOVEMBER 2001 Community Neighborhood Orientation Product Type Developer Builders Date Opened Total Units Planned 244 Total Units Sold 95 Current Avg Absorp 44 Product Price Range Product Size Range Price per SF or acre Governors Village Homes Homesites Faerrington Village Patio Homes Courtyard Homes SFD Churton Grove Single-Family Falls River Condominiums Townhomes Cottage Cluster Patio Single Family TND TND TND AAC AAC AAC AAC Family Family Parks SFD small Custom Homesite Governors Club M/I $225,000 - $320,000 $320,000 - $320,000 $45,000 - $55,000 $240,000 $240,000 $275,000 $275,000 $600,000 $390,000 $500,000 $600,000 3,200 - 3,200 1,600 1,600 1,700 1,800 4,000 3,000 3,000 4,000 $100 - $100 $130 $150 $162 $153 $167 $130 $167 $150 SFD garden SFD medium SFD large Fitch Fitch Fitch Fitch Churton Grove Dev LLC Drees, Beazer and Biltmore East West Partners White Oak Properties Dobson McNeill Burbank Homes Robuck Terry-Peterson Robuck, Rice, Tingen, Cityscape, Summerton and Parker Lancaster Bluegreen Local Custom Builders Local Custom Builders 1974 1,500 980 25 1999 410 50 25 SFD Large $220,000 - $360,000 $220,000 - $360,000 $80,000 $80,000 $160,000 $140,000 $230,000 $166,000 $250,000 $420,000 $120,000 $180,000 $190,000 $260,000 $175,000 $420,000 1,500 - 3,600 1,500 - 3,600 780 780 1,560 1,300 1,700 1,650 2,000 3,100 980 2,050 1,800 2,200 1,680 3,100 $100 - $147 $147 - $100 $88 $103 $103 $108 $135 $101 $125 $135 $122 $88 $106 $118 $104 $135 Feb-96 Parks Condo Townhome SFD Small SFD Medium SFD Garden SFD Large 981 96 89 99 44 53 600 833 8 The Preserve at Jordan Lake Wooded Homesite Golf Homesite Resort/2nd Golf Golf 2001 516 260 n/a Custom Homesite Custom Homesite $250,000 $50,000 $100,000 $750,000 $60,000 $150,000 14,375 - 43,560 14,375 - 43,560 14,375 - 43,560 $17 - $17 $3 - $1 $7 - $3 ROBERT CHARLES LESSER CO., LLC Page 4 of 4 Comps.xls-By Community 09-8793.00 Printed: 7/20/2004