BOCA RATON, Fla. – Oct. 28, 2004 – Bluegreen Corporation (NYSE: BXG), a leading U.S. developer and marketer of timeshare resorts and planned residential and golf communities, has announced that it has, for the first time, been named one of "America's 200 Best Small Companies" by Forbes magazine. Bluegreen was ranked number 67. The entire list appears in the November 1, 2004 issue of Forbes.

Forbes' selection process begins with a review of more than 3,500 companies whose latest 12-month sales were $5 million to $750 million. To qualify, candidates had to show a consistent pattern of positive growth during a five-year period, as well as over the last 12 months. The ranking is based on growth in sales, earnings per share, and return on equity over a five-year period and the latest 12 months. Companies were required to have a stock price above $5 per share on October 1st, and net profit margins greater than 5 percent.

George F. Donovan, President and Chief Executive Officer of Bluegreen, commented, "We are very honored to be included on such a prestigious list. This ranking reflects the quality of our properties and successful execution of our business plan. Most importantly, it reflects the talent and dedication of our employees. It is because of their efforts that we are able to provide our customers with among the most memorable leisure and lifestyle experiences in our industry."

Bluegreen is one of the leading companies engaged in the acquisition, development, marketing and sale of vacation ownership resorts and residential homesites. Bluegreen Resorts are located in a variety of popular vacation destinations, including: Marathon, Florida; Orlando, Florida; Ormond Beach, Florida; St. Augustine, Florida; Surfside, Florida; the Smoky Mountains of Tennessee; Myrtle Beach, South Carolina; Charleston, South Carolina; Wisconsin Dells, Wisconsin; Gordonsville, Virginia; Hershey, Pennsylvania; Branson, Missouri; Ridgedale, Missouri; Boyne Falls, Michigan; and Aruba. Bluegreen Communities operations are predominantly located in the Southeastern and Southwestern United States.

Contacts
Investors:
Bluegreen Corporation
John Chiste, 561-912-8010
john.chiste@bxgcorp.com

Or

Media:
Lisa Thornhill, 561-912-8251
lisa.thornhill@bxgcorp.com

Or

The Equity Group Inc.
Devin Sullivan, 212-836-9608
dsullivan@equityny.com