The Meadows Leads Denver Metro Area in 2009 New Homes Sales

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Relocations, First-Time Homebuyers Keeping Housing Sales Afloat in Castle Rock

CASTLE ROCK, Colo.; May 5, 2009 – The Meadows at Historic Castle RockTM, a master-planned community south of Denver, leads the seven-county Denver-metro area in 2009 new home sales after four months. According to Metrostudy, The Meadows has written 60 new home contracts as of April 26th.

“We’re finding that relocations and first-time homebuyers are driving sales,” said Jim Riley, president of Castle Rock Development Company, developer of The Meadows. “The Meadows is outselling the other markets because we’re meeting the needs of these two demographics. Jobs are driving people to the south end of town, and great home value and strong sense of community are helping to close sales in The Meadows for buyers that come in with great incentive packages from the government.”

The Meadows is located just south of the Denver Tech Center, which employs roughly 350,000 people and, according to the South East Business Partnership, a business association representing the area, the south east business corridor could see three percent job growth this year, or another 1,050 jobs added in 2009.

“The climb out of the recession isn’t going to happen overnight, but the government incentives for first-time homebuyers are having a positive influence on sales in The Meadows. We are seeing an increase in sales the first part of this year over the last part of 2008,” said Riley. “In today’s economic environment we all need to make short-term rather than long-term comparisons. It’s meaningless to compare today’s new home sales to the sales of two or three years ago. Our frame of reference is 60 to 120 days out. Baby steps.”

The Meadows has plans to break ground on a mixed-use town center in late 2009 or early 2010 depending upon market conditions. The town center plan includes retail shops, restaurants, apartments, single-family homes, and office space and will serve as the central hub to the community.

About The Meadows at Historic Castle Rock

An extension of historic downtown Castle Rock, The Meadows master-planned community sits lightly on the land with some of the most stunning views of ridgelines and vistas in Colorado. The community offers 1,100 acres of public land including parks, schools, open spaces and more than 24 miles of trails, including over 7 miles of natural trails. The “Out West” experience that comes from being nestled in the foothills of the Rocky Mountains is balanced by being only a short commute from the Denver Tech Center and downtown Denver. Seven homebuilders offer new homes ranging in price from the mid $100,000s to the mid $500,000s.

For more information about The Meadows, visit www.MeadowsCastleRock.com.