29 Homes Sold in Liquidation Sale

11/18/2008

REORGANIZATION SALE GOING STRONG
29 Homes Sold in Total

Vancouver, WA. – Pacific Lifestyle Homes announced today that the company has 29 home sales due to close by the end of the year. The majority of these sales have come from the reorganization sale that has been underway since the company announced that it would seek reorganization under Chapter 11 of the Federal Bankruptcy code.

The 29 sales have come from a variety of the company’s neighborhoods which are located in Oregon and Washington. Approximately 50% of the homes in the sale were located in Clark County, Washington, 25% were in the Salem and Lafayette, Oregon area, and 25% were acreage properties located in the rural areas. Pacific Lifestyle Homes is well known for building homes in communities that include amenities such as parks, walking trails, pools and clubhouses.

“We are very encouraged with the response. Buyers realize that our team builds a wonderful home and these are truly once in a lifetime deals,” said Kevin Wann, President and Chief Executive Officer of Pacific Lifestyle Homes. “We’ve gone from one sale a month to about five a week. It’s great news.”

This voluntary reorganization allows the company to restructure its overall capital position, while formulating a plan to pay back creditors and continue normal business operations. The sale started with just over 60 homes which included the entire company inventory of completed homes. The sale of the homes was a key component of the filing. The homes sale continues through November 23, 2008.

Potential buyers can make offers to purchase any of the homes from prices as low as $220,000. A special web site has been set up containing the inventory of the completed homes at www.newhomesale.org. The homes are in communities from all around the Portland metropolitan area: Camas, Ridgefield, Vancouver, Washougal and Woodland in Southwest Washington. Happy Valley, Lafayette and Salem in Oregon.

Court Issues Order Allowing Home Sales Free of Restrictions

The bankruptcy court also issued an order requiring all homes sold in the sale to be sold free and clear of any liens or encumbrances. Minimum sales prices have also been approved by the Court, which allows Pacific Lifestyle Homes to quickly respond to buyers’ offers. The order was issued by the Western District US Bankruptcy court in Tacoma.

The homes sold during the sale also include a full warranty. Pacific Lifestyle Homes has been well known for their excellent attention to customer service and buyers warranty issues.

About Pacific Lifestyle Homes: Pacific Lifestyle Homes is owned locally by Kevin Wann. The company was founded in 1996 and since its inception; the company has built 2000 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 twotime winner of the prestigious "Builder of the Year" award from the Clark County BIA.