Montecito Property Comany Makes History! First Developer in North America to Sell Condos Online

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FOR IMMEDIATE RELEASE
Contact For USCONDEX:
Anne Kazel-Wilcox
(561) 741-1010
akazel@goldcoastcommunications.com

Contact For Montecito: 
Nelson Hudes   
(905) 660-9155
nelson@n5r.com                                               

MONTECITO PROPERTY COMPANY MAKES HISTORY!
FIRST DEVELOPER IN NORTH AMERICA TO SELL CONDOS ONLINE

August 3, 2005, JACKSONVILLE, FLORIDA --Imagine buying a condo in the privacy of your own home, no waiting in line, no pressure, and it's done at your leisure. This is not a dream, it's now reality!

Montecito Property Company ("Montecito"), a leading condo conversion firm, today announced that it is the first developer in North America to sell condos online in real time. The groundbreaking new initiative is in collaboration with U.S. Condo Exchange, LLC ("USCONDEX"), a revolutionary online marketplace dedicated to condominium sales and purchases.  USCONDEX has licensed its proprietary online technology to Montecito, creating an exclusive site for the company, www.ownportofino.com, Montecito will immediately begin making its condo units available on the site, starting with a 384-unit luxury condominium property in Jensen Beach, Florida. Consumers will be able to complete their entire condo purchases online from start to finish. Additional Montecito properties nationwide will follow shortly. The initiative marks a new advancement in the burgeoning condominium market and is expected to be part of a growing trend toward the "onlining" of the $190-billion annual condo market in the U.S.

"This changes everything," states Chip Conk, CEO of Montecito Property Company.  "No one has ever done this before. As leaders in this industry, we are proud and excited to be the first developer in North America to offer online sales directly to the consumer. It is truly groundbreaking and we believe there's a big future in marketing our product this way."

Montecito's online launch begins with Portofino in Jensen Beach, situated approximately 30 miles north of West Palm Beach on Florida's Treasure Coast. The property just completed a very successful one-day (SUPER SATURDAY) sales event on the weekend of July 16th, with grand opening day sales amounting to 60% of the entire project. Montecito expects the number of sales and out-of-area buyers to jump rapidly with the addition of an online buying option for consumers. Potential buyers can peruse different condo models, see floor plans and property amenities, discover recreation and services in the area, and click their way to their desired new home completely online.

"There are an increasing number of people buying condos without seeing them because they don't have the time to visit models or go to sales events.  Going online to make new condo purchase will be very appealing," continued Conk. He added that in some of the hotter condo markets, would-be buyers line up before sunrise for the best opportunities to buy new units. Now, buyers are just a click away from a purchase. No more long lines; no hot or inclement weather, just a computer.

Montecito chose the Jensen Beach property to launch its online initiative because it is currently off-season in Florida, a time when consumers have to cope with 90-plus temperatures and the threat of hurricanes. The new online program avoids all of that, allowing consumers to consummate transactions in the comfort of their own home, just as with online banking which has become a normal day-to-day function for many people.

Added Richard Swerdlow, CEO of the U.S. Condo Exchange, "The online market for condos holds the potential for exponential growth, and even if sales are just a fraction of the overall market, that's still huge." He predicts, "The way people buy condos will never be the same again."

The new Montecito/USCONDEX collaboration takes online capabilities even one step further. The developer will not only be able to sell its units online, but also have a single point of entry for managing its properties in real time, allowing for the company to maximize pre- and post-construction sales. Among other features, the USCONDEX-powered site will allow Montecito to have real time pricing and inventory control, help identify trends for decision making, conduct real time tracking of leads and sales force performance metrics, initiate automated marketing campaigns, and provide real time financials at a glance.

"We're revolutionizing the art of buying and selling condo properties by allowing virtually every management and sales decision to be made in real time based on real time data," concluded Swerdlow.

Montecito Property Company is one of the fastest growing property company companies in North America, specializing in condominium conversions. The firm, headquartered in Jacksonville, Florida, acquires multifamily properties in major metropolitan areas throughout the U.S., repositioning those communities for conversion to upscale condominiums offering above-average value. Recent projects include properties in Florida, California, South Carolina and Arizona. With its executives having more than 50 years combined experience in the real estate industry, Montecito has emerged as the leader in offering properties of distinction and luxury at exceptional value.

USCONDEX was founded by principals of Miami-based Swerdlow Group, one of the preeminent real estate development firms in the Southeastern U.S., and Pacific Alliance Limited, LLC, a New York-based merchant bank specializing in e-commerce, communications businesses, technology and emerging markets. The exchange, www.uscondex.com, brings together buyers, sellers, brokers and developers to one central marketplace where condos can be researched, negotiated and purchased 24-hours a day from around the world. USCONDEX offers buyers and brokers exhaustive research capabilities to make educated purchases; it provides sellers cost-effective access to a large and targeted, worldwide customer base; and it offers developers and financial intermediaries real time and objective data for condo development and underwriting decisions. The firm's offices are located in Miami and New York City.