SHADOW CREEK RANCH SELLS OUT HOMESITE INVENTORY AS LEGACY HOMES INKS DEAL

Next lots available for purchase by builders in March

HOUSTON, TEXAS (October 29, 2001) – The principals of Shadow Creek Ranch Development Company are pleased to announce an agreement with another top-tier Houston builder, Legacy Homes. Legacy purchased the last of the available lots for sale at Shadow Creek Ranch this year.

"I'm very pleased we were able to reach an agreement with Legacy Homes," said Carlo Ferreira, Principal of Shadow Creek Ranch Development Co. "They are well-known and respected throughout the building industry and one of the top 15 homebuilders in the state of Texas. Legacy will fill our prospects' demands for high-quality, affordable homes."

Legacy plans to break ground on their first model home in Shadow Creek Ranch in early 2002 and will begin selling homesites in the neighborhoods of Enclave Terrace and Bay Front Estates. These two neighborhoods are part of The Village of Emerald Bay, the first of a total of six villages that will make up Shadow Creek Ranch when complete. Shadow Creek Ranch will be Legacy's ninth project in Houston.

"We are excited about being invited to build in Shadow Creek Ranch because of its proximity to the Central Business District and the Texas Medical Center," said Mickey Pizzitola, Houston Division President for Legacy Homes. "But also because of our confidence in the Developers vision and financial commitment to produce an absolutely beautiful community for people to live in and raise their families."

Legacy will offer homes ranging in ranging in size from 2,000- to 4,500-square-feet, on 60- and 70-foot interior and cul-de-sac lots. The mostly front- and swing-entry homes will range in price from the $140s to $220s. Detached garage plans will also be available.

"Every builder with national aspirations has Houston on their radar screen," said Ferreira. "Several top-name national builders are looking to break into this market. The demand for land is so strong that we've sold out all our 1st quarter 2002 production," he concluded. The Legacy agreement represents the last available homesite inventory in Shadow Creek Ranch. The next available homesites for purchase by builders will be ready in the second quarter of 2002. Additional builder announcements will be made at that time.