Silverstone Communities in Millbrae, CA Sells Homes at Record Pace - 110% Higher Than Northern California Average

Business Wire, June 24, 2009

Silverstone Produces Record Sales Despite Difficult Housing Market

REDWOOD CITY, Calif. -- Silverstone Communities announced today that construction of Park Broadway in Millbrae, CA is complete and the pace of sales is outstripping its competition at a rate of 3 to 1.* The 108-unit condominium community is over 50 percent sold – just 10 months after opening, in one of the most difficult economic housing markets in decades.

The San Francisco Bay Area housing market continues to improve - delivering its ninth consecutive month of year-over-year sales increases, with the number of homes sold in the Bay Area increasing by 20 percent, since June 2008. As this month marks the second consecutive month of median home price increase since 2007, Silverstone Communities is poised to continue its impressive results.

Millbrae, CA is located just 15 miles south of San Francisco and 25 miles north of Palo Alto, positioned in one of the strongest job markets, and most desirable places to live on the Peninsula.

Silverstone Communities’ business strategy of consistently building pedestrian-friendly new home communities in the most desirable locations, within top-rated schools districts - and pricing them substantially lower than the area’s median home price has proven successful. “Park Broadway epitomizes our building strategy,” said John McMorrow, President of Silverstone Communities.

Park Broadway is a four-story, mid-rise condominium community with 96 homes on the top floors and 13 live-work lofts, offering storefront locations on El Camino Real. The urban-inspired community features eight floorplans with two and three bedrooms and up to 1,854 square feet of living space, plus private courtyards, an outdoor fireplace, spa and fitness center. The community sits at the edge of Millbrae’s downtown, within walking distance to shops and restaurants - and provides easy access to BART, Caltrain and freeways.

“Our business model works because land in exclusive areas is scarce, controlling the supply of new homes,” McMorrow said. “Because we successfully complete projects on time and on budget, we have an edge in prime land acquisitions that will allow us to continue to do what we do best – build and sell quality homes that people want to live in for years to come.”

Since 2006, Silverstone Communities has completed over 340 lofts, condominiums, townhomes and single-family new homes, creating opportunities for families to live in the most coveted Bay Area locations.

Silverstone Communities has several future projects in the planning stages along the Peninsula, located in San Carlos, Mountain View and San Jose. For more information visit www.SilverstoneCommunities.com.

About Silverstone Communities

Silverstone Communities is a local building company with a national presence and more than 100 years of combined real estate experience, with a passion for providing the best customer experience. We focus exclusively on creating affordable and desirable homes in pedestrian-friendly city centers and suburban downtowns that captures the essence of metropolitan living, providing communities close to transportation, high-quality schools, shopping and recreational venues.

*2009 Ryness Report and Data Quick.