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Bayside's Opening Results in 255 Homes Sold

OCEAN VIEW, DE. August 1, 2004 – Carl M. Freeman Communities today announced that the home sales during the first month for Bayside, a waterfront golf community near Fenwick Island, Delaware, exceeded their expectations.

Bayside is a master-planned community located off Route 54 just west of Fenwick Island, Delaware. It will feature a Jack Nicklaus Signature Golf Course and consist of a mix of home types and a variety of high-end recreational amenities. Its unique town center will host both retail and office space. Designed with over 50% open space, it favors the protection of natural resources on the 867 acre property.

“I am truly humbled by the success we’ve had with the opening of Bayside,” said Joshua M. Freeman, President and CEO of Carl M. Freeman Associates. “Not only did 144 of our most loyal Carl M. Freeman Communities homeowners invest with us again at Bayside, but an additional 111 joined them in the days following.”

Carl M. Freeman Communities has been developing resort communities on Delmarva for more than 30 years, building more homes at the shore than any other homebuilder. The name has become synonymous with responsible development, highest quality and lasting value.

“Bayside is the most exciting golf resort community we have designed to date,” Mr. Freeman continued. “And we believe there will be nothing like it on the Delmarva Peninsula. Obviously hundreds of Bayside homeowners agree with us.”

The Bayside sales office, located on Route 54 just west of the Route 20 intersection, is open seven days a week from 9:00 AM – 5:00 PM. They can be reached by calling 1-877-436-9998. Information is also available on-line at www.livebayside.com.