
                                                                    Exhibit 99.1

                         Avatar Reports 2003 Results

    CORAL GABLES, Fla., March 11 /PRNewswire-FirstCall/ -- Avatar Holdings
Inc. (Nasdaq: AVTR) today reported net income for 2003 of $18,463,000 on
revenues of $253,008,000, compared with net income for 2002 of $5,627,000 on
revenues of $190,251,000.

    Net income of $18,463,000 includes a tax benefit of $8,554,000 resulting
from a tax credit of $8,639,000 as the result of the elimination of certain
income tax reserves, a tax credit of $4,000,000 as a result of a reduction to
the valuation allowance for deferred income taxes and income tax expenses of
$4,085,000.  For the year ended December 31, 2003, pre-tax income from
operations was $9,909,000.

    The following table summarizes selected primary and active adult
homebuilding data for 2003, 2002 and 2001.

    Closings                           2003            2002          2001
     Number of Units                  1,193             926           764
     Aggregate Dollar Volume   $223,991,000    $160,354,000  $117,213,000
     Average Price Per Unit        $187,800        $173,200      $153,400

    Contracts Signed
     Number of Units                  1,758           1,201           909
     Aggregate Dollar Volume   $349,371,000    $219,011,000  $153,442,000
     Average Price Per Unit        $198,700        $182,400      $168,800

    Backlog
     Number of Units                  1,378             813           538
     Aggregate Dollar Value    $291,766,000    $166,386,000  $107,729,000
     Average Price Per Unit        $211,700        $204,700      $200,200

    Sales for 2003 include 503 contracts for single-family homes at Solivita,
Avatar's Central Florida active adult community, 792 contracts for single-
family homes at the Central Florida community of Poinciana, 331 contracts for
single-family homes at Bellalago, adjacent to Poinciana, 31 contracts for
single-family homes at Cory Lake Isles in Tampa, Florida, 74 contracts for
single-family homes at Rio Rico, Arizona, and 27 contracts for single-family
homes at Harbor Islands in Hollywood, Florida.

    At Harbor Islands 20 units remained for sale as of December 31, 2003,
which Avatar anticipates will be sold during 2004.  Avatar anticipates that
closings of all units at Harbor Islands will be completed during 2005.

    Avatar is an equity partner in a joint venture for development and
construction of Ocean Palms, a 38-story, 240-unit highrise beachfront
condominium in Hollywood, Florida, and sales are not included in the foregoing
chart.  As of December 31, 2003, 184 units were sold at an aggregate sales
volume of $142,193,000.  In December 2003, the joint venture closed on a
$115,000,000 construction loan.

    In 2003, Avatar closed on the sale to Wal-Mart Stores East, L.P. of a
26.09-acre site adjacent to the Poinciana Shopping Center for a 203,622
square-foot super store.  In February 2003, Avatar closed on the sale of a
150-acre site to Lowe's Home Improvement Warehouse for a 1.3 million square-
foot regional distribution center in the Poinciana Industrial Park.

    During 2003, Avatar acquired 907 acres adjacent to its Solivita community,
to be utilized for expansion of Solivita, and closed on an additional
acquisition of 606 acres of 2,372 acres under contract in Poinciana.

    In 2003, Avatar called for redemption of its 7% Convertible Subordinated
Notes due 2005 at the redemption price of $1,020 per $1,000 principal amount
outstanding.  The 7% Notes were convertible into common stock at a conversion
price of $31.80 per share, or 31,447 shares per $1,000 principal amount of the
7% Notes.  Of the $94,429,000 principal amount outstanding, $63,300,000
principal amount were redeemed, and $31,129,000 principal amount were
converted into 978,866 shares of common stock.  The redemption resulted in the
recording of a net pre-tax loss of $1,532,000 in the consolidated statements
of operations for 2003.

    On December 30, 2003, Avatar entered into a three-year $100,000,000 line
of credit facility secured by real property currently consisting of Crescent
Lakes and Cypress Woods in Poinciana, Solivita, Bellalago, Cory Lake Isles and
Harbor Islands.

    Avatar's assets at December 31, 2003 totaled $362,719,000, compared to
$386,067,000 at December 31, 2002.  Stockholders' equity at December 31, 2003
was $263,649,000, compared to $221,592,000 at December 31, 2002.

    At December 31, 2003, there were 9,389,772 shares of Avatar Common Stock
outstanding with a book value of $28.08 per share.

    Avatar anticipates that its income from continuing operations before
income taxes in 2004 will substantially exceed 2003 results, assuming, among
other things, no events causing a general economic decline occur.  Avatar also
anticipates that during 2004 it will consummate sales of commercial,
industrial and other land.  Avatar expects that cash flow generated from these
sources and external borrowings will enable it to continue to acquire new
development opportunities, expand operations at its existing communities and
commence development of new projects on properties currently owned and to be
acquired.

    Avatar Holdings Inc. is primarily engaged in real estate operations in
Florida and Arizona.  Its principal real estate operations are conducted at
Poinciana, Solivita and Bellalago in central Florida near Orlando, Harbor
Islands on Florida's east coast, Cory Lake Isles in Tampa, Florida, and at Rio
Rico, south of Tucson, AZ.  Avatar's common shares trade on The Nasdaq Stock
Market under the symbol AVTR.

    Certain statements discussed herein 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 important factors that could cause the actual results,
performance or achievements of results to differ materially from any future
results, performance or achievements expressed or implied by such forward-
looking statements.  Such risks, uncertainties and other important factors
include, among others: the successful implementation of Avatar's business
strategy; shifts in demographic trends affecting demand for active adult
communities and other real estate; the level of immigration and in-migration
into the areas in which Avatar conducts real estate activities; international
(in particular Latin America), national and local economic conditions and
events, including employment levels, interest rates, consumer confidence, the
availability of mortgage financing and demand for new and existing housing;
access to future financing; geopolitical risks; competition; changes in, or
the failure or inability to comply with, government regulations; and other
factors as are described in Item 7 (Management's Discussion and Analysis of
Financial Condition and Results of Operations) of Avatar's Form 10-K.

                    AVATAR HOLDINGS INC. AND SUBSIDIARIES

    Selected financial data for the years ended December 31, 2003 and 2002
                 (Dollars in thousands except per share data)

                                                        2003           2002

    Revenues                                        $253,008       $190,251

    Income from continuing operations                 $9,909         $5,641
     before income taxes

    Income tax (expense) benefit                      $8,554       ($2,266)

    Income from continuing operations                $18,463         $3,375
     after income tax
    Net income from discontinued                         $--         $2,252
     operations (including gain on disposal)

    Net income                                       $18,463         $5,627

    Net income per share (basic)                       $2.13          $0.64

    Net income per share (diluted)                     $2.11          $0.64

    Total assets                                    $362,719       $386,067

    Total stockholders' equity                      $263,649       $221,592
    Stockholders' equity per share                    $28.08         $25.24

SOURCE  Avatar Holdings Inc.
    -0-                             03/11/2004
    /CONTACT:  Juanita I. Kerrigan, Avatar Holdings Inc., +1-305-442-7000/
    /Web site:  http://www.avatarhomes.com/
    (AVTR)

CO:  Avatar Holdings Inc.
ST:  Florida
IN:  CST RLT
SU:  ERN

