press release

Wakefield Development Communities Generate $202 Million in 2003 Sales

RALEIGH, N.C., Feb. 27, 2004 – Wakefield Development Company continues to hold the leadership position in the Raleigh/Wake County residential real estate market.

Five communities developed by the company combined to produce 758 new home sales for over $200 million last year, according to John Myers, director of operations for Wakefield Development Company of Raleigh, the community’s developer.

The five communities include Wakefield Plantation and Bedford at Falls River in North Raleigh, the Eagle Ridge golf community in southern Wake County, Cornerstone off US 70 in West Raleigh and the final phase of Delta Ridge, also in West Raleigh.

Highlighting the year was the performance of Wakefield Plantation, the 2,000-acre golf community off Falls of Neuse Road, which set an all-time Triangle record with 304 sales for $104.3 million last year.

It was the first time in Triangle history that a community has topped the $100 million mark in new home sales, Myers said.

Bedford also turned in a strong performance in its first full year of marketing, generating 192 sales for $53 million in 2003. What’s more, Myers said, the sales velocity at the 608-acre traditional neighborhood community off Falls of Neuse continues to accelerate, with more than 50 sales already in the first two months of 2004.

The company also reported brisk activity at Cornerstone, with 160 sales for $26.9 million; Eagle Ridge, with 68 sales for $15.3 million; and Delta Ridge, $4 million for the final 34 homes in the community. The company is also developing Waterstone in Fort Mill, SC, which produced 105 sales for $17.5 million, Myers reported.

Owned by Steve and Art Sandler of Virginia Beach, Wakefield Development is the Triangle’s largest developer of residential communities, with a portfolio of over 8,000 homesites and a total build-out value over $2.5 billion.

Since entering the Triangle market in early 1998 with the purchase of Wakefield Plantation in North Raleigh, Wakefield Development has generated over $750 million in new home sales, including nearly $482 million at Wakefield Plantation.