First Phase of Home Sites Released for Sale at Sereno Canyon in North Scottsdale

Nearly Fifty-Percent of Home Sites Sold Within Three Months

SCOTTSDALE, Ariz. (September 21, 2007) - Sereno Canyon, a private custom home development in North Scottsdale, Ariz. sold nearly 50 percent of its phase one home sites upon the initial release of lots.During a pre-sales period interested buyers had the opportunity to place reservations on land parcels within phase one, which consists of 39 available lots.

Final public report was received by the City of Scottsdale on June 1, enabling Sereno Canyon to convert reservations into contracts. Out of the 29 reservations secured during the pre-sales period, 16 of these parcels were purchased, leaving 23 home sites available for sale within phase one of Sereno Canyon. Three additional phases of land will be available over approximately the next fours years, with select home sites in the second phase of Sereno Canyon anticipated to be released by Spring of 2008.

“Sereno Canyon is one of the last custom estate communities in North Scottsdale. It is evident by our conversion rates there is a high demand for this type of property. Large lots nestled among the remote, native dessert and 360 mountain views create a feeling of remoteness in a bustling area of the Valley,” states Jim Buckley, director of sales for Sereno Canyon.

Located at Happy Valley Road and the 122nd Street alignment, Sereno Canyon features 122 custom home sites averaging 2.5 acres in size with prices ranging from the low to mid $700,000s to $2 million. More than 62 percent of the 330-acre community will be preserved for open space, protecting view corridors and maintaining spacious home sites.

Nestled at the base of the McDowell Mountains, Sereno Canyon offers dramatic 360 degree views of the native desert, surrounding mountains, Tonto National Forest and Four Peaks. Surrounding mountains and federally protected areas ensure the community will be little affected by city encroachment, while hiking trails accessible from the community allow residents access to secluded outdoor recreation. Additionally, community amenities such as The Retreat will provide residents with resort-style luxuries, including workout facilities, an outdoor fire pit and barbeque area, view terraces and a negative edge regulation-sized lap pool and spa.

For more information on Sereno Canyon, visit visit www.harvardinvestments.com.

About Crown Community Development Sereno Canyon is owned by Crown Community Development, a division of Henry Crown Companies, one of the nation's largest privately held business organizations. Crown‘s diverse interests range from real estate investments such as Rockefeller Center in New York City; operating companies like Great Dane Trailer; and high profile recreation/resorts such as Aspen Ski Company and the Ojai Resort in Ojai, California. Additionally, the Crown family holds significant stock positions and board memberships in General Dynamics, Chase/JP Morgan, Sara Lee, and Hilton Hotels, as well as investment holdings in the New York Yankees and Chicago Bulls. Crown Community Development was founded in 1973 to invest in, and later to manage, a 3,500-acre property in Aurora, Illinois on the western edge of suburban Chicago. Today, the acreage is one of the nation‘s premier areas to live and work and is a living laboratory for Crown‘s growing expertise in community development. Over the past three decades, Crown‘s mission has remained constant - to envision and create memorable high quality communities that meld naturally into their surroundings and generate long-term value for landowners, municipalities, builders, residents and neighbors. Crown Community Development has projects from Florida‘s Gulf Coast to Chicago's North Shore and many states in between. For more information, visit www.cciland.com.

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