Hacienda de Mita condominiums beside the 7th fairway, a gated community of 100 units with the first release featuring three 4-storey buildings and one 3-storey building, each building with its own swimming pool, directly on the beach as well as a private beach-club with full services.

Punta Mita's ONLY beachfront condominium development. Hacienda de Mita is located directly between the Anclote Beach Town and the 7th par 5 fairway of the existing Jack Nicklaus Golf Club in Punta Mita. It will ultimately consist of 100 luxury condominium villa units, with only this current release facing directly to the beachfront.The initial release is composed of 31 - 3 bedroom, 3 1/2 bathroom 3,200 square foot villas in four, 4-story buildings, each building having its own infinity swimming-pool. Each building will have a total of 8 villas - 2 villas per floor. The individual villas will feature marble flooring, washer & dryer, Sub-Zero refridgerators and Viking cooktop kitchens. Each floor will be accessed by an elevator and each villa will be allocated 2 private, underground parking spaces. Adjacent to the 4 buildings facing the beach will be a Beach Club for the exclusive use of the Hacienda de Mita ownership group.

The current net pricing for this release on these very spacious villas is from $659,000. to $830,000. to be paid through construction with a June 2006 delivery date. The developer has given us at Punta Mita Properties until 5PM CST, May 24th, 2005 to secure Reservation Agreements and refundable escrow deposits at these prices, after which they will be increased by 10%. As an added incentive, the developer is also providing Resident Family Golf Club Memberships to the Private Jack Nicklaus Golf Club to those people that take advantage of this program by the specified date and time.

It is fair to say that we will not likely be able to offer this size of villa in this kind of beachfront location and ammenty package ever again in Punta Mita. We therefore expect that these villas will have substantial capital appreciation and experience very strong rental demand at the same time. If you would like me to provide you with additional details please let me know immediately, and I will be pleased to send it to you.