January 3,2002

LOCAL HOMEBUILDER ASTORIA HOMES ANNOUNCES
RECORD CLOSINGS FOR 2001

Sia Howe, director of marketing for Astoria Homes, announced today that the Las Vegas-based homebuilder closed a record number of homes in the year 2001. The local homebuilder closed on 819 homes last year, showing a dramatic growth for the local company since its inception in 1995.

"Our home closings for 2001 nearly doubled those for 2000," said Howe. "We are extremely pleased with the continued growth of our company and the product we are providing to the Las Vegas valley."

Astoria Homes closed 412 homes in the Las Vegas valley in 2000, 421 homes in 1999, and 279 home in 1998.

In addition to its record home closings, the company also welcomed two new communities to the Las Vegas valley in 2001: Villa Villagio in the master-planned community of Seven Hills in Henderson; and Silverado Place in Silverado Ranch in Southeast Las Vegas.

Founded in 1995, Astoria Homes is an award-winning homebuilder with communities including: Canyon Trails and Auburn Hills in Rhodes Ranch; Stonegate Encore; Silverado Place in Silverado Ranch; Villa Villagio in Seven Hills; and Ironwood in Centennial Hills.

The majority of the Astoria Homes communities feature "Energy Star," an EPA-approved system of ensuring that homes are at least 30 percent more efficient that the Model Energy Code. By using the "Energy Star" program, homeowners save valuable energy and also lower the cost of heating and cooling their homes.

For more information on Astoria, the homebuilder's website can be accessed at: www.AstoriaHomes.com.