January 4, 2005 - SALES TAKE OFF AT EAGLES NEST IN 2005

Limited Custom Lots Create High Demand

FOUNTAIN HILLS, Ariz. (January 4, 2005) – Sales and development at Eagles Nest, the prestigious custom lot community located in the McDowell Mountains in Fountain Hills, has far exceeded expectations during 2005. With a total of only 244 custom home sites in this gated mountainside community, the limited lots are in high demand. Of the 110 lots released in Phase I, 98 have sold. In addition, during 2005, several major structures were completed, including the Ranch House and the Gate House.

The next release of lots in Phase II is expected during the first quarter of 2006. Construction on Phase II is moving along at a good pace. Eagles Nest LLC, the developer of the community, had such a successful year that they broke ground early for Phase II development.

“We are thrilled with the success that Eagles Nest has seen since it opened for sales in November 2004,” said Steve Vargo, designated broker for MCO Realty. “We plan on releasing more lots in early 2006. In addition, we’re excited to see that lot owners have started the Design Review and building process at Eagles Nest.”

Other significant milestones reached this year include the re-opening of the public trailhead at Eagles Nest, which provides access to the McDowell Mountain Regional Park. The trailhead re-opened in September for guided tours with a beautiful ceremony featuring a tribal blessing by the Fort McDowell Yavapai Nation. By late January, restrictions will be lifted to allow hikers access to the trail without a guide. The public trail will be open from dusk until dawn daily, excluding major holidays.

The Ranch House and the Gate House were also completed in September. Starting in January, the Ranch House will serve as the on-site information pavilion at Eagles Nest, and will be the future site of the Eagles Nest Homeowners Association.

ABOUT EAGLES NEST

Located in the foothills of the McDowell Mountains in Fountain Hills, Ariz., Eagles Nest spans more than 500 acres and features only 244 custom residential lots – each measuring one acre or more in size. For further information on Eagles Nest, please call (480) 837-1005 or visit www.eaglesnestliving.com. Custom homesites at Eagles Nest are priced from the $500,000s to $1.5 million. Sales by MCO Realty, Inc.