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Comstock Homebuilding Companies, Inc. Reports 82 Percent Increase in New Orders From Washington, DC Region for July and August 2005

09/14/2005

 

"There's been a great deal of discussion about the health of the Washington, DC market this summer," said Christopher Clemente, Founder and CEO. "The driving forces of demand for new homes are job growth and population growth, both of which we have in the greater Washington, DC metropolitan area. Just this week it was reported by the Washington Post that the region had added over 70,000 jobs in the last 12 months. Traffic at our projects remains healthy. In fact we experienced an 18% increase in overall traffic in the Washington region during July and August as compared to the same two months last year. We believe that our current product mix including affordably priced condominium conversions is perfectly suited to a market demand for first time, early move-up and first move-down homes that continues to be strong."

"The 2005 new order numbers include just one sale at the Eclipse valued at $590,000 so the data is comparable to the same period last year," said Bruce Labovitz, Chief Financial Officer. "The Eclipse project did not start recording sales until September of 2004. In that month we ratified 218 sales valued at $76.1 million which significantly affected the results for the third quarter of 2004. Even without the dramatic effect of the Eclipse project we still expect positive growth in cumulative year to date new order revenue at the end of the third quarter of 2005."

About Comstock Homebuilding Companies, Inc.

Comstock is a production homebuilder that develops, builds, and markets single-family homes, townhouses, mid-rise and high-rise condominiums. The Company, which also redevelops rental apartment communities into for-sale condominiums currently operates in the Washington, D.C. and Raleigh, North Carolina markets where it targets a diverse range of buyers, including first- time, early move-up, secondary move-up, empty nester move-down and active adult home buyers. For more information on Comstock, please visit http://www.comstockhomebuilding.com.

This press release includes "forward-looking statements" within the meaning of the federal securities laws, which involve uncertainties and risks. These include statements regarding events or developments that the Company expects or anticipates will occur in the future, such as statements about the Company's strategies to improve operating performance. Please refer to the Company's prospectus and its other filings with the Securities and Exchange Commission for a complete discussion of these and other important factors that could cause results to differ materially from those projected by these forward-looking statements.

SOURCE Comstock Homebuilding Companies, Inc.

CONTACT:
Carrie Blewitt of Qorvis Communications, +1-202-448-3129
or [email protected]
for Comstock Homebuilding Companies, Inc.
Website: http://www.comstockhomebuilding.com

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