February 29, 2008
To: The Villas in Hawk Hollow Homebuyers
Re: Millennia’s Pricing Philosophy and Policy

We are all aware that the residential real estate market has experienced some difficult times of late. It’s almost impossible to avoid the constant barrage of negative news reports in the evening newscasts, the local newspapers, or over the internet. Unfortunately, these stories tend to report statistics based on national averages, and they create the impression that the residential real estate market is similar to a stock market for which the supply, demand and pricing are similar throughout the nation. Clearly, this is not the case. Yes, sales have slowed everywhere. But here in the Chicago area the supply and pricing of new homes have never experienced the wild gyrations we’re hearing about in other parts of the nation.

In places like southern California, Nevada, and Florida, wild speculation and easy mortgage money caused a huge run-up in the supply and pricing of new homes over the past three to four years. It’s the imbalance in the supply, demand and pricing of homes in these areas that has been most heavily impacting the “national average housing” statistics and has generated so many of the negative reports on the evening news. And unfortunately, we will all have to endure more negative news until such time that a more normal equilibrium has been restored to the housing market in these other parts of the nation.

We at Millennia believe, however, that the housing market in the Chicago area is poised for a resurgence. A pent-up demand that developed as people waited out the national housing storm is becoming evident in an increasing number of home sales throughout the northwestern suburbs and more particularly at The Villas in Hawk Hollow. If fact, less than twenty-five percent of the townhomes remain unsold at The Villas in Hawk Hollow. Thus, it has not been necessary, nor will it ever become necessary, for us to cut prices at The Villas in Hawk Hollow. Unlike the alarmist news reports about builders who are dumping product in those markets hardest hit by the housing recession, Millennia’s pricing policy has been to preserve the value of the homes of its homebuyers and to not engage in wholesale price discounts. In this way, we pledge to protect the investment value of the homes of our prior homebuyers as well as for all our future homebuyers.

The homes at The Villas in Hawk Hollow have been fairly priced from the beginning and we have never engaged in the deceptive practice of artificially inflating prices just so we could provide a deceptively large discount and/or sales incentive. It’s Millennia’s philosophy that the long-term investment value and excellent reputation of The Villas in Hawk Hollow can best be preserved by adhering to a stable and fair pricing policy that reflects the real enduring value of our homes. We will, however, agree to work with you as a prospective homebuyer in order to create the maximal combination of housing attributes (including location, features, options, customization, and pricing), and thus ensure that you achieve the highest investment value for your new home purchase.

We at Millennia thank you for your interest in purchasing a home here at The Villas in Hawk Hollow. And if you ultimately decide to purchase a home from us, we’re confident that you’ll be very pleased not only by the beauty and functionality of your new home, but by its long-term investment value as well.

Respectfully,

Dennis Hansen
President




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CLOSEOUT BEGINS AT LAKEBREEZE VILLAS IN LAKE ZURICH

Just as warm summer breezes must come to an end, so will the opportunity to purchase a new townhome at LakeBreeze Villas in Lake Zurich. Just six of 29 total residences remain at Millennia Homes' community of maintenance-free townhomes located on a quiet cul-de-sac.

The community's ideal northwest suburban location offers many advantages to buyers yearning to escape the congestion of suburbs such as Palatine and Arlington Heights and enjoy the quiet atmosphere of Lake Zurich, according to Dennis Hansen, President of Millennia Homes.

"Lake Zurich boasts one of the cleanest lakes around, high-quality schools (Lake Zurich Community Unit School District 95) and a redevelopment plan that will make the downtown area a perfect place for shopping and dining."

What's more, Hansen added, the Barrington Metra station, with service to downtown Chicago, is only a 15-minute drive away. And shoppers can visit Deer Park Mall, approximately a 10-minute drive from LakeBreeze Villas.

In addition, LakeBreeze is within a short walk of scenic city parks and Cuba Marsh Forest Preserve, which features two miles of biking/walking trails. And horseback riders can enjoy Lakewood Forest Preserve, just north of Lake Zurich.

Aside from its nearby outdoor amenities, Millennia Homes is being widely praised for its designs. LakeBreeze Villas recently won six design excellence awards in the June 2003 Lake County Tour of Homes, according to Hansen. In the multifamily category of homes priced at $400,000 and up, The Catalina model won awards for interior design, exterior design, landscaping, kitchen design, master bath/master suite design, and interior merchandising. Last year LakeBreeze Villas' Bayliner design won two awards in the competition.

"We are very excited about winning these accolades, which give buyers an added incentive to come see the acclaimed floor plans and quality construction offered at LakeBreeze Villas," said Patricia Featherstone, Sales Manager of LakeBreeze Villas. 
Construction on LakeBreeze Villas' 29 townhomes is winding down. Of the community's 10 buildings, seven are completed and the last three are in various stages of construction, according to Hansen, who anticipates the community to be entirely built by spring 2004.

Townhomes are still available in each of the three designs - the Aristocraft, Bayliner and Catalina. These homes feature two to three bedrooms, two-and-a-half baths and an attached two-car garage. They range from 1,907 to 2,557 square feet and are base priced from $345,900 to $405,900 (all prices subject to change without notice). Some of the available homes have English basements and one features a walkout basement. Four of the available residences are desirable end units, noted Hansen, who added that there's still time for buyers to add personalized touches to any of the homes.

Included among the remaining inventory is a fully-decorated model, which can be purchased with or without the specially-chosen furnishings provided by Winfield-based LaRue Design. Buyers who choose to take immediate closing on the model will also receive a significant price savings. The model offers additional amenities such as a finished basement, four bedrooms, three-and-a-half baths and upgraded finishes on countertops, cabinets and floor coverings. 

"One very popular upgrade is the gourmet kitchen, which includes 42-inch oak cabinets instead of the standard 30-inch cabinets," said Featherstone. "Also included are a double oven and either an island with cooktop or an extended breakfast bar."

Buyers may also choose from a variety of other upgrades, including whirlpool tubs in the master bath, fireplaces with stone or brick elevations, lookout or walkout basements on some locations, and brick paver patios in the courtyard gardens. 
Several extra amenities make LakeBreeze Villas distinctly different from other townhome communities, Hansen said. At the front of each townhome, a private courtyard garden is enclosed with simulated wrought-iron fencing and brick pillars and is accessible from the dining room or parlor via glass French doors.

At the back, a massive nine-foot-wide deck stretches 26 feet along the rear of the townhome and is accessible via glass sliding doors from both the great room and the ground floor master bedroom. The rear private decks are separated from one another with masonry wing walls. In addition, all townhomes have dormer window skylights, architectural shake roofs and fire sprinkler and alarm systems connected directly to the fire station.

Lawn and shrubbery upkeep, snow removal and exterior maintenance are covered in a monthly association maintenance fee, which ranges from $185 to $250.

LakeBreeze Villas has been designed for privacy and security. Six-foot-high concrete fences that resemble limestone walls have been installed along the east and north boundaries. And along the west boundary, a six-foot-high simulated wrought iron fence has been built. The meticulously landscaped community features mature trees and an attractive pond with a fountain as a focal point.

LakeBreeze Villas is located on the north side of Old Rand Rd., approximately 1,000 feet east of Rand Rd. (Il Rt. 12). For more information phone (847) 726-5899 or visit the on-site sales center daily between 10 a.m. and 6 p.m. Closed Wednesday and Thrusday.

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