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Oregon's 3rd Largest Builder Joins NewHomeSale.org

OREGON’S 3rd LARGEST BUILDER ANNOUNCES PLANNED LIQUIDATION OF ENITRE INVENTORY OF 2008 BUILT HOMES

Portland, OR. – Oregon’s third largest builder, JLS Custom Homes announced today that their entire inventory of homes built in 2008 will be liquidated beginning April 27th, along with inventory from two other area builders.

The entire sale will include 152 homes from 20 communities that span from Salem, Oregon up to Woodland Washington. JLS inventory will make up 70 of the homes that will be offered in the liquidation.

The homes being liquidated by JLS is made up from the company’s inventory of completed, but unsold 2008 home inventory. The homes range in size from 1,438 square feet to 3,793 square feet and will be priced from $159,950. All homes in the liquidation sale must be sold by June 30th.

Unlike other area builders who have liquidated inventory as part of the chapter 11 process in bankruptcy, JLS remains on solid financial footing.

“The downturn in the residential home market is no secret to anyone. We reduced our building pace from previous years, but it wasn’t enough as last year’s demand really plummeted. The liquidation sale is a great strategy for us to get our inventory back in line,” said Jason Sage, owner of JLS Custom Homes.

The homes offered in the sale are in the following communities, Vancouver (26 homes), Hillsboro (20 homes), SW Portland (8 homes), Aloha (7 homes), Gresham (6 homes), Beaverton (1 home), Happy Valley (1 home) and Salem (1 home). The individual communities include;

• Creekstone, Happy Valley, Oregon
• Deer Ridge, Gresham, Oregon
• Eagles View, Salem, Oregon
• Evergreen Park, Hillsboro, Oregon
• Hanson Meadows, Beaverton, Oregon
• The Oaks, Vancouver, Washington
• Rock Ridge Gardens, Hillsboro, Oregon
• Parkview, Vancouver, Washington
• Westhaven, Portland, Oregon
• York Park, Aloha, Oregon
• Woodridge, Vancouver, Washington

Sale Also Includes 82 Homes from Two Other Builders

The home liquidation will also include 82 homes from two other award winning builders, Pacific Lifestyle Homes and Legend Homes. The new home liquidation will be managed by the local home liquidation firm and prominent website, “NewHomeSale.Org”. NewHomeSale.Org has managed the liquidation of over 87 closed sales since the fourth
quarter of 2008.

The additional home inventory will include 44 Pacific Lifestyle Homes in Vancouver, WA. and 38 Legend homes in the Portland area. Both builders are in chapter 11-reorganization and went through a similar liquidation earlier in the year. The new inventory includes recently completed homes.

About The Sale: 129 homes built by JLS Custom Homes, Pacific Lifestyle Homes and Legend Homes are being liquidated. The homes represent the firms’ 2008 inventory of unsold, completed homes. All homes must be sold by June 30, 2008. Homes are offered on a first come, first served basis and will be removed from the liquidation once an offer has been accepted. Interested buyers can see the entire inventory at: www.NewHomeSale.Org.

About JLS Homes: Founded by Jason Sage in 1999, JLS Homes quickly established itself as being one of the premier homebuilders in the northwest. JLS has communities all over the greater Portland Metropolitan area including: Aloha, Beaverton, Forest Grove, Happy Valley, Hillsboro, Keizer, Salem, Sherwood, Tigard, Tualatin, Wilsonville, and most recently, expanding in Tri-Cities, Washington and Eugene, Oregon. In May 2006, JLS earned national industry honors by ranking number 138 in Builder Magazine’s annual “Top 200 Home Builders In The Nation”. For more information about JLS
Custom Homes visit: www.jlscustomhomes.com.

Home builder holds liquidation sale across NW Oregon

Builder Sells Homes at Bargain-Basement Prices

Pacific Lifestyle Homes Resumes Construction

PACIFIC LIFESTYLE HOMES RESUMES CONSTRUCTION
Court Ruling Paves the Way for Construction at Seven Communities in Oregon and Washington.

VANCOUVER, WA – An agreement reached Tuesday afternoon between Pacific Lifestyle Homes, its lenders, and the court will allow one of the Portland area’s largest homebuilders to resume construction after a six month hiatus.

Pacific Lifestyle Homes filed for Chapter 11 reorganization in October of 2008. Since that time, the company has focused on selling existing inventory, successfully selling more than 50 homes through a new home liquidation sale that began last fall.

“This is huge step in our reorganization,” said President and CEO Kevin Wann. “This ruling will inject working capital into the company, allowing us to replenish our home inventory at various communities in Washington and Oregon.”

Pacific Lifestyle Homes is headquartered in Vancouver, Washington. The company was founded in 1996 and is owned by Kevin Wann. From 2004 to 2008, the company closed 1,292 homes, and in 2008, the company sold 135 homes.

Homebuilding will begin immediately in Pacific Lifestyle Home’s communities in Woodland, Ridgefield, Vancouver, and Washougal in Washington and Happy Valley, Lafayette, and Salem in Oregon.

Company Sells 50 Homes in Liquidation Sale

Heeding the advice of reorganization consultants, Pacific Lifestyle Homes liquidated its inventory of 2008 built homes in a sale that concluded March 31. The sale netted 50 home sales, bringing inventory back in line with acceptable ratios.

The company will liquidate several homes that have been completed since the start of the previous liquidation as part of a multi builder sale that will take place sometime in the next few weeks.

The homes will once again be sold through liquidation company NewHomeSale.Org. The inventory for the next sale is expected to be added in the next few weeks.

About Pacific Lifestyle Homes: Pacific Lifestyle Homes is locally owned by Kevin Wann. The company was founded in 1996 and since its inception, has built 2,000 homes throughout the greater Portland area. Pacific Lifestyle Homes is one of the most celebrated builders in Southwest Washington and Northern Oregon, and is a two-time winner of the prestigious Builder of the Year award from the Clark County BIA.

49 Homes Sold

JOINT NEW HOME LIQUIDATION EFFORT COMES TO A CLOSE
Legend and Pacific Lifestyle Homes sell a combined 49 homes

The recent new home liquidation sale that ended on March 31st has netted a successful 49 combined home sales for local Portland builders, Pacific Lifestyle Homes of Vancouver, WA. and Legend Homes of Portland, OR.

Reorganization consultants for both builders advised the companies earlier this year that inventories of completed spec homes were far too high recommending that both builders liquidate their inventories by March 31st, 2009.

“We are thrilled with the results. To have this kind of success as the market is rebounding is a really positive sign," said Jim Chapman, president of Legend Homes. Both builders expect strong results from the sale. Pacific Lifestyle Homes was equally as successful with the liquidation. “Selling this inventory of homes is a real boost to us. By selling this additional inventory, we are now on track to emerge from chapter 11 protections,” said Kevin Wann, chief executive officer of Pacific Lifestyle Homes.

The homes offered in the sale ranged in size from 1,214 square feet to 4,462 square feet. All homes included the respective builder’s typical warranties and customer service. Homes sold for some eye popping deals from as low as $174,900.

“These are two of our industry’s leaders and I applaud their efforts. It shows how even the biggest players in one industry can work together to reach a common goal,” said Dave Nielsen, chief executive officer of the Home Builders Association of Metropolitan Portland.

Legend Homes is one of the Portland metro area’s most enduring builders. Founded in 1965 by David Oringdulph, the company sold 1,760 homes between 2004 through 2008.

The communities that were included in the sale are in Happy Valley, Hillsboro, Tualatin, Tigard, Wilsonville, and Clackamas in the Portland area; and Camas, Ridgefield, Vancouver, Washougal, and Woodland in Southwest Washington. Additionally, there are homes in North Albany, Corvallis, Lafayette, and Salem in the Willamette Valley.

The homes were sold through a unique liquidation company and website, www.newhomesale.org. The site lists new homes that must be liquidated due to bankruptcy or severe financial distress.

Company Restructuring Moving Along For Both Firms

Both Pacific Lifestyle Homes and Legend Homes report positive movement toward emerging from chapter 11 protections.

Legend Homes, who filed for its reorganization first, has found the process to be very positive. “It has allowed us to restructure our capital position and review our entire operation. I think anytime you do that, you will find better ways to operate,” said Chapman. Legend is expected to emerge from chapter 11 protections during the third quarter of 2009.

The outlook at Pacific Lifestyle Homes is also up. “Our team has remained extremely positive. The reorganization was about restructuring our debts and overall capital picture. We finished 2008 with a very positive sales quarter,” said Wann. Pacific Lifestyle Homes is expected to emerge from chapter 11 protections sometime in the third quarter of 2009.

“Two thousand eight was a really tough year for many of our builders. Navigating the changing credit markets and requirements of the lending institutions were major challenges. This year, with institutions stabilizing and interest rates hitting a 50-year low, things should be looking up,” said Nielsen.

About Legend Homes: For over 40 years, Legend Homes has been a key fixture in Portland homebuilding industry. It is a market leader in the design and construction of innovative homes in the greater Portland and Corvallis metropolitan areas. Legend Homes is known for its high-quality green homes that are crafted with premium materials to ensure sound structures, enduring strength, and improved air quality and energy efficiency. Legend Homes is a two-time recipient of Builder of the Year awards, one from the Oregon Association of Home Builders and one from the Home Builders
Association of Metro Portland.

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Liquidation Effort Sells 33 Homes

JOINT NEW HOME LIQUIDATION EFFORT NETS MAJOR SALES
Legend and Pacific Lifestyle Homes sell 33 homes

The new home liquidation sale launched in late January has netted 33 combined home sales for local Portland builders, Pacific Lifestyle Homes of Vancouver, WA. and Legend Homes of Portland, OR.

The sale featured over 100 homes from around the Portland metro area. Houses were located in neighborhoods as far south as Corvallis and as far north as Woodland, Washington.

Both firms filed for Chapter 11 reorganization in 2008 and are in the midst of working through reorganization procedures. Each company reports positive progress with plans to emerge by the third quarter of 2009.

Legend Homes is one of the Portland metro area’s most enduring builders. Founded in 1965 by David Oringdulph, the company sold 1,760 homes between 2004 through 2008.

Sale to Conclude March 31

Reorganization consultants for Pacific Lifestyle Homes and Legend Homes have advised that current inventories of completed spec homes are too high. Experts recommend that both builders liquidate their inventories.

All homes included in the sale must be sold by March 31, 2009 for the companies to remain on target with their reorganization plans.

“As the market slowed and demand for new homes decreased, we were left with an oversupply of completed homes," said Jim Chapman, president of Legend Homes. Both builders expect strong results from the sale. “The homes are certainly priced to sell. Once we reduce overall inventory numbers, we will return to a very manageable operating position,” said Kevin Wann, chief executive officer of Pacific Lifestyle Homes.

The homes offered in the sale will range in size from 1,214 square feet to 4,462 square feet. All homes include the respective builder’s typical warranties and customer service. Potential buyers can make offers to purchase any of the homes from prices as low as $174,900.

The communities included in the sale are in Happy Valley, Hillsboro, Tualatin, Tigard, Wilsonville, and Clackamas in the Portland area; and Camas, Ridgefield, Vancouver, Washougal, and Woodland in Southwest Washington. Additionally, there are homes in North Albany, Corvallis, Lafayette, and Salem in the Willamette Valley.

Buyers interested in purchasing a home during the sale can view the available homes being liquidated at www.NewHomeSale.org.

Company Restructuring Moving Along For Both Firms

Both Pacific Lifestyle Homes and Legend Homes report positive movement toward emerging from Chapter 11 protections.

Legend Homes, who filed for its reorganization first, has found the process to be very positive. “It has allowed us to restructure our capital position and review our entire operation. I think anytime that you do that, you will find better ways to operate,” said Chapman. Legend is expected to emerge from Chapter 11 protections during the third quarter of 2009.

The outlook at Pacific Lifestyle Homes is also up. “Our team has remained extremely positive. The reorganization was about restructuring our debts and overall capital picture. We finished 2008 with a very positive sales quarter,” said Wann. Pacific Lifestyle Homes is expected to emerge from Chapter 11 protections sometime in the third quarter of 2009.

About The Sale: Over 100 homes built by Pacific Lifestyle Homes and Legend Homes are being liquidated. The homes represent the firms’ 2008 inventory of unsold, completed homes. All homes must be sold by March 31, 2008. Homes are offered on a first come, first served basis and will be removed from the liquidation once an offer has been accepted. Interested buyers can see the entire inventory at www.NewHomeSale.org.

Liquidation sale reduces home inventory by one-third