Residential Real Estate Sales Rally Bucks Trend: Southwest Florida Developer Bonita Bay Group Doubles January Sales

BONITA SPRINGS, FL--(Marketwire - February 7, 2008) - Defying current market conditions, developer Bonita Bay Group had 28 sales in its Southwest Florida communities during January, double the number recorded during January 2007. The sales included single-family homes and homesites, coach homes and villas in Verandah in Fort Myers, Mediterra in North Naples, Sandoval in Cape Coral and TwinEagles in Naples, generating a sales volume of $13.7 million.

"We think a combination of factors pushed January sales," said Gary Dumas, regional general manager for Bonita Bay Group. "Mortgage rates are good, people are tired of waiting, and our communities offer not only a range of attractive residential options, but also the lifestyle people picture when they think of Southwest Florida."

"Bonita Bay Group's January sales numbers are a good indication that we are nearing the bottom of the market in Southwest Florida," said Henry Fishkind, Ph.D., who heads an Orlando-based economic and financial consulting firm established in 1987. "It's no surprise that homebuyers are drawn to the communities developed by Bonita Bay Group, a company that has a strong track record and is in the market for the long haul."

"We've worked hard to respond to the needs of the market and to be as competitive as possible," said Dumas. "In addition to the increased buyer demand, we're also encouraged by increases in traffic to our sales center -- up by 20 percent from last year, and with a 22 percent increase in first-time visitors. This is a positive indicator of future sales and gives us reason to enter 2008 with a sense of cautious optimism."

To encourage homebuyers to visit its communities, for a limited time Bonita Bay Group is underwriting incentives such as club memberships and master homeowner association fees.

Bonita Bay Group is a diversified, privately owned company involved in the planning, development, sales and management of master-planned communities, free-standing recreational amenities and commercial facilities. The company is respected for its commitment to meticulous planning, environmental stewardship, integrity and attention to detail. Bonita Bay Group employs more than 1,300 individuals and is currently developing six master-planned communities, 14 golf courses and two marinas. To learn more, visit http://www.bonitabaygroup.com.

Contact Information: Contact: Amy Gravina Gravina, Smith & Matte 239-826-3717