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Silverstone Communities Achieves Record Sales in 2007

SILVERSTONE COMMUNITIES ACHIEVES RECORD SALES IN 2007
Homebuilder thrives despite real estate market downturn
January 15, 2008

REDWOOD CITY, Calif.-During a year when most homebuilders experienced record declines, Redwood City-based Silverstone Communities today announced record sales for 2007. Silverstone recorded closings on 92 homes and generated $69 million in revenue.

Silverstone closed out its Villagio community in Cupertino, a development of 80 condominiums and 19,000 square feet of retail space. Villagio was one of the fastest-selling communities in the Silicon Valley during 2007.

"During 2007, Silverstone Communities emerged as a Bay Area leader in developing urban infill communities due in large part to the company's business model and prime-location homes," said John McMorrow, President of Silverstone Communities. "This is why Villagio sold out so fast. And it's why we are duplicating this strategy across the San Francisco Bay Area."

Silverstone Communities is currently developing four communities with combined projected revenue of $210 million. Together, Enclave in Santa Clara, Birch Terrace in Pleasanton, Park Broadway in Millbrae, and Peninsula Real in Los Altos will offer approximately 270 lofts, condominiums, townhomes and single family detached homes in some of Northern California's most desirable locations.

"We build high-quality homes that average home buyers can afford in areas where they might not otherwise be able to buy - such as Millbrae and Los Altos," said John McMorrow, President of Silverstone Communities.

Park Broadway begins sales of its $600,000 to $900,000 Millbrae homes in March. Silverstone broke ground on the $57 million Peninsula Real development in August 2007 and is slated to begin sales of its homes priced from $560,000 to $1 million in June.

"Accessibility to work, great schools and a prestigious community with the best lifestyle amenities are very important to our buyers," said McMorrow. "By offering affordable new homes in these incredible locations we opened a door for our customers that did not exist."

ABOUT SILVERSTONE COMMUNITIES
Silverstone Communities was formed in 2004 to address growing demand from homebuyers and cities for development of exceptional housing in pedestrian-friendly urban neighborhoods. Silverstone specializes in the construction of podium-style condominiums, townhomes and single-family homes located close to transportation, freeways, schools, shopping, entertainment and recreational venues. For more information, visit www.SilverstoneCommmunities.com.

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