BLUEGREEN'S TIMESHARE SALES CLIMB 53.4%

Source: Bluegreen Corp.

February 10, 1999
Bluegreen Corporation, one of the leading companies engaged in the acquisition, development, marketing and sale of timeshare resorts and residential land, announced on Monday record financial results for the three and nine month periods ended December 27, 1998

Timeshare sales in the third quarter rose 53.4% to $25.0 million from the prior like quarter, and sales for the first nine months of fiscal 1998 climbed 87.8% to $74.9 million from the prior year period. Timeshare sales in the fiscal 1998 third quarter grew to represent 45.0% of total sales of real estate from 36.7% for the same period last year. Management believes that timeshare sales will grow to approximately 50.0% of total sales of real estate by the end of fiscal 1999.

Fiscal 1998 third quarter sales from the Company's residential land division (lot sales) increased 8.0% to $29.2 million from the comparable prior year period, while land sales increased 19.9% to $94.5 million from the same period last year.

Higher timeshare sales for the fiscal 1998 third quarter are due primarily to an increase in the number of timeshare interests sold at the Company's existing resorts, as well as sales of $3.7 million generated as a result of the December 1997 acquisition of the unsold timeshare inventory at the La Cabana Beach & Racquet Club in Aruba through a 50%-owned joint venture, with no corresponding sales in the fiscal 1998 third quarter. Additional contributing factors include sales generated from the Company's recently opened off-site sales offices; an increase in the average sales price of timeshare properties to $8,619 from $8,300 in the same period of the prior year; the seasoning of existing resorts from the prior year periods; and increased effectiveness of new and additional marketing programs.

Bluegreen's timeshare resorts are located in a variety of popular vacation destinations including the Smoky Mountains of Tennessee; Myrtle Beach, South Carolina; Charleston, South Carolina; Branson, Missouri; Orlando, Florida; Wisconsin Dells, Wisconsin; and Aruba, while its land operations are predominantly located in the Southeastern and Southwestern United States.