Bluegreen Corporation Acquires 240 Acres of Land to Expand Chapel Ridge Golf Community | Press Releases

Friday, November 3rd, 2006

BOCA RATON, Fla.--(BUSINESS WIRE)--Nov. 3, 2006--Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play(R), today announced the purchase of an additional 240 acres of land adjacent to its Chapel Ridge community located near Chapel Hill, N.C. Sales of homesites in this community are expected to begin in March 2007 and generate estimated life-of-project sales of approximately $24.2 million over an anticipated two-year sell-out period, based on the Company's assessment of current estimated retail prices and the expected number of homesites to be offered.

Bluegreen anticipates that the majority of the new homesites will be 1-acre in size, although some 2-acre parcels are also expected to be available. Many of the new homesites will be heavily wooded and, in keeping with Bluegreen's efforts to preserve as much of the natural topography of the land as possible, will have spectacular views of the surrounding hills. Bluegreen also plans to offer a number of creek-side homesites.

"The addition of this property to Chapel Ridge provides potential owners with homesites we believe are unique to the area," said Daniel Koscher, president and CEO of Bluegreen Communities®. "These are natural homesites with significant acreage and privacy, but owners still have access to all the amenities of the community." He added, "It is very exciting to be able to offer this product in this area of North Carolina."

George F. Donovan, president and CEO of Bluegreen Corporation, stated, "This latest acquisition reflects an ongoing commitment to increasing our inventory and broadening Bluegreen Communities®' presence in the southeastern and southwestern U.S. Chapel Ridge is one of our most successful developments, reflecting North Carolina's growing popularity and the continuing acceptance of Bluegreen Communities®' amenity-rich properties."

Chapel Ridge is located near Chapel Hill and the Raleigh-Durham areas of North Carolina. Prior to the acquisition of this new acreage, Chapel Ridge consisted of 677 homesites on 790 acres of rolling countryside. The community also boasts amenities geared toward active lifestyles - a Fred Couples signature golf course, swim and tennis center, clubhouse and other recreational areas. Most of these homesites range in size from 1/3- to 1/2-acres.

Bluegreen believes that its unique approach of selling homesites directly to consumers offers buyers greater value and more control. Owners are in charge of many key decisions typically made by developers or builders, such as the location of their homesite, the style and size of their home, the builder they choose, and when to build.

Bluegreen Communities® is known for being an environmentally sensitive developer. In 2004, the Company pioneered a voluntary environmental program for land developers called the CleanSites Initiative, which was recently recognized and sponsored by the National Oceanic and Atmospheric Administration (NOAA) and the U.S. Department of Commerce.

ABOUT BLUEGREEN CORPORATION

Bluegreen Corporation (NYSE:BXG) is a leading provider of Colorful Places to Live and Play(R) through two principal operating divisions. With over 150,000 owners, Bluegreen Resorts markets a flexible, real estate-based vacation ownership plan that provides access to over 40 resorts, an exchange network of over 3,700 resorts and other vacation experiences such as cruises and hotel stays. Bluegreen Communities® has sold over 51,000 planned residential and golf community homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, Fla., and employs nearly 6,000 associates. In 2005, Bluegreen ranked No. 57 on Forbes' list of The 200 Best Small Companies and No. 48 on FORTUNE's list of America's 100 Fastest Growing Companies. More information about Bluegreen is available at www.bluegreencorp.com.

Statements in this release may constitute forward-looking statements and are made pursuant to the Safe Harbor Provision of the Private Securities and Litigation Reform Act of 1995. Use of words such as "plan," "plans," "expects," "will," and other forward-looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with economic, competitive and other factors affecting the Company and its operations, markets, products and services, risks that the Company's estimated remaining life-of-project sales will not be accurate, risks that the Chapel Ridge project will not be as successful as expected, will not be developed in the manner or within the time frames expected, and the risk factors and other issues detailed in the Company's SEC filings, including its most recent Annual Report on Form 10-K filed on March 16, 2006, and the Quarterly Report on Form 10-Q filed on August 9, 2006.

    CONTACT: Investor:
             Bluegreen Corporation
             Tony Puleo, 561-912-8270
             Chief Financial Officer
             tony.puleo@bluegreencorp.com
             or
             The Equity Group Inc.
             Devin Sullivan, 212-836-9608
             dsullivan@equityny.com
             or
             Media:
             Bluegreen Corporation
             Lisa Thornhill, 561-912-8251
             Director, Corporate Communications
             lisa.thornhill@bluegreencorp.com

    SOURCE: Bluegreen Corporation

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