M.D.C. Holdings to redeem on Oct. 19 all US$86.3M outstanding 7.0% senior notes due 2012

DENVER , September 20, 2011 (press release) – M.D.C. Holdings, Inc. (NYSE: MDC) today announced that it will redeem all of its outstanding 7.0% Senior Notes due 2012 (the "2012 Notes"), which total $86.3 million, on October 19, 2011. The Notes will be redeemed at a redemption price that will include a premium based on the present values of the remaining scheduled payments on the Notes as described in the indenture, together with accrued and unpaid interest on the Notes to the redemption date of October 19, 2011.

About M.D.C. Holdings, Inc.
Since 1972, MDC's subsidiary companies have built and financed the American dream for more than 165,000 families. MDC's commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding operations across the country, including the metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Francisco Bay Area, Washington D.C., Baltimore, Philadelphia, Jacksonville and Seattle. The Company's subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol "MDC." For more information, visit www.mdcholdings.com.

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