M.D.C. Holdings Acquires Assets of Crawford Homes in Jacksonville
* Acquisition significantly increases Company presence in Florida * Enhanced geographic diversification of operations * Over 550 lots and 165 homes under construction purchased

M.D.C. Holdings, Inc. , whose subsidiaries build homes under the name "Richmond American Homes," today announced that it has acquired substantially all of the assets of Crawford Homes, Inc., one of the largest homebuilders in northeast Florida, for an undisclosed purchase price paid in cash. The acquisition marks MDC's entry into Jacksonville, the second new market in Florida for the Company this year, following the establishment of a start-up operation in Tampa in July.

Assets acquired include over 550 vacant residential lots and 165 homes in various stages of construction, spread throughout 15 communities. Approximately 40 employees from Crawford Homes are expected to join MDC, including employees working in construction, purchasing, sales, marketing and finance.

"With a current backlog valued at over $20 million, this acquisition puts us in a strong position as we expand into Jacksonville," said David D. Mandarich, MDC's president and chief operating officer. "Including this new northeast Florida operation, MDC now has 25 homebuilding divisions, providing continued evidence of the successful execution of our long-term growth and diversification strategy. The former Crawford Homes employees joining Richmond American Homes have many years of experience in the Jacksonville market and will contribute a great deal to achieving our vision for northeast Florida. We are very pleased to welcome such a successful group of new employees to Richmond American."

Paris G. Reece III, MDC's executive vice president and chief financial officer, added, "We expect this acquisition to begin providing home closings and revenues immediately, and to be accretive to earnings in 2004. MDC's recording of this acquisition will not have a significant impact on the Company's balance sheet or debt to capital ratio. In addition, no goodwill will be recorded by MDC as a result of this acquisition."

Crawford Homes was founded by J. David Crawford in 1977. Crawford Homes closed 302 homes through the first eight months of 2003 at an average sales price of approximately $157,000.

Michael P. Kahn & Associates, LLC assisted Crawford Homes with this transaction.

MDC is one of the largest homebuilders in the United States. The Company also provides mortgage financing, primarily for MDC's homebuyers, through its wholly owned subsidiary HomeAmerican Mortgage Corporation. MDC is a major regional homebuilder with a significant presence in some of the country's best housing markets. The Company is the largest homebuilder in Colorado; among the top five homebuilders in Northern Virginia, Phoenix, Tucson and Las Vegas; and among the top ten homebuilders in suburban Maryland, Northern California, Southern California and Salt Lake City. MDC also has a growing presence in Dallas/Fort Worth and has recently entered the Houston, San Antonio, Philadelphia/Delaware Valley, West Florida, Jacksonville and Chicago markets. For more information, please visit .

Certain statements in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward- looking statements. Such factors include, among other things, (1) general economic and business conditions; (2) interest rate changes; (3) the relative stability of debt and equity markets; (4) competition; (5) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (6) the availability and cost of performance bonds and insurance covering risks associated with our business; (7) shortages and the cost of labor; (8) weather related slowdowns; (9) slow growth initiatives; (10) building moratoria; (11) governmental regulation, including the interpretation of tax, labor and environmental laws; (12) changes in consumer confidence and preferences; (13) required accounting changes; (14) terrorist acts and other acts of war; and (15) other factors over which the Company has little or no control.

SOURCE: M.D.C. Holdings, Inc.

CONTACT: Paris G. Reece III, Chief Financial Officer, +1-303-804-7706, , or Rachel L. Neumann, Communications Director,
+1-303-804-7729, , both of M.D.C. Holdings, Inc.