EXHIBIT 99.1
                                  NEWS RELEASE
                                  ------------

CONTACTS:         Joseph A. Santangelo - Chief Financial Officer
                  Orleans Homebuilders, Inc. (215) 245-7500
                  (www.orleanshomes.com)
                  ----------------------

FOR IMMEDIATE RELEASE:

              ORLEANS HOMEBUILDERS, INC. COMPLETES THE ACQUISITION
                     OF THE CHARLOTTE REAL ESTATE ASSETS OF
                        PEACHTREE RESIDENTIAL PROPERTIES

BENSALEM, PENNSYLVANIA, DECEMBER 29, 2004:
- ------------------------------------------

On December 23, 2004, Orleans Homebuilders, Inc. (ASE:OHB) a residential
homebuilder with operations in Pennsylvania, New Jersey, North Carolina, South
Carolina, Virginia, Florida and Illinois, through a wholly-owned subsidiary,
completed the acquisition of the real estate assets of Peachtree Residential
Properties in Charlotte, North Carolina pursuant to an Asset Purchase Agreement
of the same date. The acquisition included eight communities consisting of
approximately 215 building lots and rights to acquire approximately 220 lots
under agreements. Peachtree will continue to operate as an independent company
in the greater Atlanta market.

         About Orleans Homebuilders, Inc.
         --------------------------------

         Orleans Homebuilders, Inc. develops, builds and markets high-quality
single-family homes, townhouses and condominiums. The Company serves a broad
customer base including first-time, luxury, move-up, empty nester and active
adult homebuyers. The Company currently operates in the following ten distinct
markets: Southeastern Pennsylvania; Central and Southern New Jersey; Charlotte,
Raleigh and Greensboro, North Carolina; Richmond and Tidewater, Virginia;
Orlando, Florida; and Chicago, Illinois. The Company's Charlotte, North Carolina
operations also include adjacent counties in South Carolina. To learn more about
Orleans Homebuilders, please visit www.orleanshomes.com.
                                   --------------------



Certain information included herein and in other Company statements, reports and
SEC filings is forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995, including, but not limited to, statements
concerning anticipated earnings per share, operating results, financial
resources, pace of sales, growth and expansion. Such forward-looking information
involves important risks and uncertainties that could significantly affect
actual results and cause them to differ materially from expectations expressed
herein and in other Company statements, reports and SEC filings. For example,
there can be no assurance that the current sales pace can continue in the
absence of an improvement in the current general economic environment. These
risks and uncertainties include local, regional and national economic
conditions, the effects of governmental regulation, the competitive environment
in which the Company operates, fluctuations in interest rates, changes in home
prices, the availability and cost of land for future growth, the availability of
capital, the availability and cost of labor and materials, our dependence on
certain key employees and weather conditions. Additional information concerning
factors the Company believes could cause its actual results to differ materially
from expected results is contained in Item 7 of the Company's Annual Report of
Form 10-K for the fiscal year ended June 30, 2004 filed with the SEC.