Comstock Homebuilding Companies, Inc. Reports 82 Percent Increase in New Orders From Washington, DC Region for July and August 2
September 14 2005 - 4:39PM
PR Newswire (US)
RESTON, Va., Sept. 14 /PRNewswire-FirstCall/ -- Comstock
Homebuilding Companies, Inc. (NASDAQ:CHCI) today announced that its
Washington, DC regional operations generated 102 net new orders
valued at $28.6 million for the months of July and August 2005.
This represented increases of 82% or 46 units and 81% or $12.8
million as compared to 56 net new orders valued at $15.8 million
for the same two months in 2004. "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. Website:
http://www.comstockhomebuilding.com DATASOURCE: Comstock
Homebuilding Companies, Inc. CONTACT: Carrie Blewitt of Qorvis
Communications, +1-202-448-3129, or , for Comstock Homebuilding
Companies, Inc.
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