Release after 4 pm - National Circuit
Tuesday, December 14, 2004

                  CALPROP CONSIDERING GOING PRIVATE TRANSACTION

MARINA DEL REY, CA, December 13, 2004 - Calprop Corporation (OTCBB: CLPO)
announced today that Victor Zaccaglin, who is the chairman of the board, chief
executive officer, and single largest stockholder of Calprop, has proposed to
Calprop's board of directors that Calprop become a privately held company.
Calprop said that no specific price has been proposed by Mr. Zaccaglin for the
acquisition of its publicly held shares and that there is no assurance that any
transaction will actually be commenced or completed.

     As currently envisioned by Mr. Zaccaglin, the transaction would involve a
tender offer for outstanding Calprop shares by a corporation to be formed by Mr.
Zaccaglin and to which certain other existing Calprop stockholders would
subsequently contribute their Calprop shares, followed by a merger of that
corporation with Calprop. Cash would be paid in the merger at the same amount
per share as that paid in the tender offer for any remaining publicly held
Calprop shares not tendered in the tender offer. Mr. Zaccaglin and the other
Calprop stockholders he expects would be involved currently own approximately
83% of Calprop's outstanding shares.

     Calprop has retained Duff & Phelps, LLC to provide financial advice to
Calprop in connection with its consideration of a possible transaction and to
provide its opinion with respect to whether any specific transaction that may
ultimately be proposed by Mr. Zaccaglin is fair to Calprop's stockholders from a
financial point of view.

     Calprop said that Mr. Zaccaglin's proposal and Calprop's consideration of
that proposal is prompted by Calprop's deteriorating financial condition, the
substantial continuing costs that will be incurred by Calprop if it remains a
publicly traded company and uncertainty regarding Calprop's continuing viability
on a long term basis unless it obtains additional equity capital.

     Calprop does not currently intend to provide additional information
regarding the status of its consideration of such transaction unless and until a
tender offer or other specific transaction is commenced.

Additional Legal Information: This press release is for information purposes
only and does not constitute an offer to buy or the solicitation of an offer to
sell shares of Calprop common stock. The possible tender offer referred to
herein will, if commenced, only be made pursuant to an Offer to Purchase and
related materials that will be distributed to Calprop stockholders by the bidder
in the tender offer. Stockholders should read the Offer to Purchase and related
materials carefully because they will contain important information.
Stockholders will be able to obtain a free copy of the Tender Offer Statement on
Schedule TO, the Offer to Purchase and other documents that the bidder will file
with the Securities and Exchange Commission at the Commission's website at
www.sec.gov. Stockholders will also be able to obtain a copy of these documents,
without charge, from the bidder or from an Information Agent who will be
appointed by the bidder for the tender offer.