Shea Homes Announces Entry Into Houston Market

Jul 9, 2013

(WALNUT, Calif.) Shea Homes, one of America's largest private homebuilders, today announced that the Company will be starting a new operating division in the Houston, Texas market. The move marks Shea Homes' first entry into building new homes in Texas.

Joining the Company as Division President to head up the expansion into Houston will be Keith Luechtefeld, an experienced local market operator. He was previously the Houston Division President for Darling Homes.

"We are excited to be expanding our geographic footprint into the largest and one of the fastest growing housing markets in the country," said Bert Selva, Shea Homes President and CEO. "We believe our expansion into Texas will complement our existing west coast, southwest and southeast presence. In addition, we are pleased to have someone of Keith's caliber and experience lead our Houston division."

Mr. Selva added, "We look forward to bringing Shea Homes' key differentiators of home design, quality and a great customer experience to the dynamic Houston market."

The Company expects to deliver its first new homes in the Houston area in 2014.

About Shea Homes

Shea Homes Limited Partnership, operating as Shea Homes, is one of the largest private homebuilders in the nation. Since its
founding in 1968, Shea Homes has closed more than 90,000 homes. Shea Homes builds homes with quality craftsmanship and designs that best fit varied lifestyles and budgets. Over the past several years, Shea Homes has been recognized as a leader in customer satisfaction with a reputation for design, quality and service. For more about Shea Homes and its communities, visit sheahomes.com.

This news release contains forward-looking statements and information relating to Shea Homes and its subsidiaries, such as our potential for success in the Houston market and our expectation of our first deliveries in Houston in 2014, which are based on the beliefs of, as well as assumptions made by, and information currently available to, our management. These statements reflect our management's current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumptions of future events that may not prove to be accurate. Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of Shea Homes' control and difficult to forecast and that may cause actual results to differ materially from those that may be described or implied. Such factors include but are not limited to: changes in employment levels; changes in the availability of financing for homebuyers; changes in interest rates; changes in consumer confidence; changes in levels of new and existing homes for sale; changes in housing demands; changes in home prices; and various other factors, both referenced and not referenced above, and included in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements may vary materially from those described as anticipated, believed, estimated, expected, intended, planned or projected. Except as required by law, Shea Homes neither intends nor assumes any obligation to revise or update these forward-looking statements, which speak only as of their dates. Shea Homes nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

Contact: Andrew Parnes, CFO @ 909-594-0954