press release

2005 Looks Like Another Record-Breaking Year for Wakefield Development Communities

RALEIGH, N.C., July 20, 2005 – The new home market is the hottest in Raleigh and Wake County history, and Wakefield Development Company is helping turn up the heat.

Through the first six months of 2005, the company’s five Wake County communities have generated 643 for $174.8 million, compared to 1,019 sales for $252 million for all of 2004, according to John Myers, president of Wakefield Development Company.

The five communities include Wakefield Plantation and Bedford at Falls River in North Raleigh, Eagle Ridge in Southern Wake County, Cornerstone off US 70 in West Raleigh, and Edgewater off US 64 Business in East Raleigh.

Leading the way are the company’s two flagship communities – Wakefield Plantation, a 2,000-acre golf community, and Bedford, a 608-acre Traditional Neighborhood community, which are continuing their neck-and-neck battle for new home sales supremacy in the Triangle market.

Through June, Wakefield Plantation had generated 215 new home sales for $66 million, while Bedford’s totals stood at 206 sales for $65.3 million.

With six months to go in 2005, it appears certain that Wakefield Plantation will celebrate its third straight year with sales over $100 million, Myers said. And barring a late season slowdown, Bedford should become only the second community in Raleigh and Wake County history to top the $100 million mark.

Two other Wakefield Development communities – Eagle Ridge and Edgewater – are likewise heading to more far exceed last year’s totals. Eagle Ridge, the 530-acre Garner golf community, has generated 81 new home sales for $20.1 million, compared to 85 sales for $19.8 million in all of 2004. Edgewater, located off US 64 East in Raleigh, has recorded 107 sales for $18.3 million so far this year, compared to 119 sales for $20.3 million for all of 2004.

Sales have also been brisk at the company’s fifth community – Cornerstone off US 70 in West Raleigh.  In its final phase, Cornerstone has recorded 34 sales for $5.1 million Myers said.

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.

The company’s newest Triangle community slated for a late summer release is Twin Lakes off Davis Drive in Cary.  KB Home is the primary builder in this 787-homesite community.   Renaissance Park in south Raleigh, consisting of 1,100 homesites and commercial and Twelve Oaks in Holly Springs, a 1,300-homesite golf community, are expected to open in mid 2006.

In addition to its Triangle communities, Wakefield Development has launched a new community in Burlington called Mackintosh on the Lake, consisting of over 1700 homes, priced from $130,000 to over $1 million, Myers said. The first custom homes are well underway he said. 

About Wakefield Development Company

Wakefield Development Company is the Triangle's largest developer of residential communities, with a portfolio that includes over 14,000 home sites. In addition to the 2004 NCHBA Community of the Year, Bedford at Falls River, the company has six other communities under development across the Raleigh-Wake County market, including Wakefield Plantation, Eagle Ridge, Edgewater, Cornerstone, Delta Ridge and Twin Lakes. Wakefield is developing Mackintosh on the Lake in Burlington, and will begin construction of two new Triangle area communities, Renaissance Park and Twelve Oaks. For more information, call 919-556-4310, visit www.WakefieldCommunities.com, or email info@wakedev.com.