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Bluegreen Corporation adds 240 acres to Chatham's Chapel Ridge

Posted Friday, November 3, 2006

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Pittsboro, NC - Bluegreen Corporation announced the purchase of an additional 240 acres of land adjacent to its Chapel Ridge community located near Pittsboro, N.C. Sales of homesites in this community are expected to begin in March 2007 and generate estimated life-of-project sales of approximately $24.2 million over an anticipated two-year sell-out period, based on the Company's assessment of current estimated retail prices and the expected number of homesites to be offered.

Bluegreen anticipates that the majority of the new homesites will be 1-acre in size, although some 2-acre parcels are also expected to be available. Many of the new homesites will be heavily wooded and, in keeping with Bluegreen's efforts to preserve as much of the natural topography of the land as possible, will have spectacular views of the surrounding hills. Bluegreen also plans to offer a number of creek-side homesites.

"The addition of this property to Chapel Ridge provides potential owners with homesites we believe are unique to the area," said Daniel Koscher, president and CEO of Bluegreen Communities. "These are natural homesites with significant acreage and privacy, but owners still have access to all the amenities of the community." He added, "It is very exciting to be able to offer this product in this area of North Carolina."

George F. Donovan, president and CEO of Bluegreen Corporation, stated, "This latest acquisition reflects an ongoing commitment to increasing our inventory and broadening Bluegreen Communities' presence in the southeastern and southwestern U.S. Chapel Ridge is one of our most successful developments, reflecting North Carolina's growing popularity and the continuing acceptance of Bluegreen Communities' amenity-rich properties."

Chapel Ridge is located near Pittsboro, North Carolina. Prior to the acquisition of this new acreage, Chapel Ridge consisted of 677 homesites on 790 acres of rolling countryside. The community also boasts amenities geared toward active lifestyles - a Fred Couples signature golf course, swim and tennis center, clubhouse and other recreational areas. Most of these homesites range in size from 1/3- to 1/2-acres.

Bluegreen believes that its unique approach of selling homesites directly to consumers offers buyers greater value and more control. Owners are in charge of many key decisions typically made by developers or builders, such as the location of their homesite, the style and size of their home, the builder they choose, and when to build.

ABOUT BLUEGREEN CORPORATION

Bluegreen Corporation (NYSE:BXG) is a leading provider of Colorful Places to Live and Play(R). Bluegreen Communities has sold over 51,000 planned residential and golf community homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, Fla., and employs nearly 6,000 associates. In 2005, Bluegreen ranked No. 57 on Forbes' list of The 200 Best Small Companies and No. 48 on FORTUNE's list of America's 100 Fastest Growing Companies.

 
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Bluegreen Corporation adds 240 acres to Chatham's Chapel Ridge
Pittsboro's Chapel Ridge features a Fred Couples signature 18-hole golf course.


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