Harbor Custom Development, Inc. (Nasdaq: HCDI,
HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the
“Company”), an innovative and market leading real estate company
involved in all aspects of the land development cycle, today
announced it has expanded its geographical footprint into the Texas
market with 208 single-family lots under various stages of
development located throughout the Austin MSA.
“As one of the nation’s fastest-growing cities,
Austin is a prime location for real estate developments and the
perfect region to launch our luxury home collection,” Harbor Custom
Development, Inc. President and CEO Sterling Griffin said. “We’re
introducing our exceptional level of craftsmanship with modern
architecture that is unique to the area yet embodies the essence of
Hill Country living.”
Harbor closed on its first two single-family
homes in the Driftwood community of La Ventana in March 2022. The
company quickly followed that sale with nine additional homes under
contract that are expected to close later this year. There are
currently 23 other lots in various stages of construction
throughout Hill Country and nearby Horseshoe Bay.
Harbor’s portfolio includes the following
communities in the Austin MSA:
- Bunker Ranch in
Dripping Springs (2 lots)
- Cimarron Hills,
Georgetown (5 lots)
- Creek’s Edge,
Austin (2 lots)
- Flintrock Falls,
Austin (1 lot)
- La Ventana,
Driftwood (3 lots)
- Siena Creek,
Horseshoe Bay (32 lots)
- Stone House,
Horseshoe Bay (65 lots)
- Summit Rock,
Horseshoe Bay (78 lots)
- The Trails of
Horseshoe Bay, Horseshoe Bay (9 lots)
Harbor’s luxury homes range from 2,200 to 4,200
square feet, with prices ranging from $900,000 to $2,000,000. Most
homes feature four to five bedrooms, three and a half to four
bathrooms, and two to three-car garages. The design collections
showcase elegant and contemporary modern farmhouse elements
reminiscent of Hill Country, such as vaulted ceilings, accent
beams, stone and natural wood tones, modern light fixtures, barn
doors, metal or tile roofing, quartz countertops, and high-end
appliances.
“We offer a diverse real estate portfolio and
bring quality craftsmanship to everything we build. Our approach is
to develop to the surrounding community’s needs and tailor the
product to the buyers in that specific market. Whether that’s
luxury homes with scenic views, condominiums in desirable suburbs,
or apartments, we pride ourselves on creating communities our
customers are delighted to return to every day,” further stated Mr.
Griffin.
About Harbor Custom Development,
Inc.
Harbor Custom Development, Inc. is a real estate
development company involved in all aspects of the land development
cycle including land acquisition, entitlements, construction of
project infrastructure, home building, marketing, sales, and
management of various residential projects in Western Washington's
Puget Sound region; Sacramento, California; Austin, Texas; and
Punta Gorda, Florida. As a land developer and builder of
apartments, condominiums, single-family homes, and luxury homes,
Harbor Custom Development's business strategy is to acquire and
develop land strategically based on an understanding of population
growth patterns, entitlement restrictions, infrastructure
development, and geo-economic forces. Harbor focuses on acquiring
land with scenic views to develop and sell residential lots, new
home communities, and multi-story condominium and apartment
properties within a 20- to 60-minute commute of the nation's
fastest-growing metro employment corridors. Harbor is leading the
real estate industry as the first national land developer and home
builder accepting payment in the form of cryptocurrency for its
listed properties. For more information on Harbor Custom
Development, Inc., please visit www.harborcustomdev.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements relate to, but are not
limited to, expectations of future operating results and financial
performance, including GAAP and non-GAAP guidance for the year
ending December 31, 2022, the calculation of certain of our key
financial and operating metrics and expectations regarding sales of
inventory, as well as assumptions relating to the foregoing.
Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified. In
some cases, you can identify forward-looking statements by
terminology such as "may," "should," "could," "expect," "plan,"
anticipate," "believe," "estimate, "predict," "target," "project,"
"intend," "potential," "would," "continue," "ongoing," or the
negative of these terms or other comparable terminology that
concerns our expectations, strategy, priorities, plans, or
intentions. You should not put undue reliance on any
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results and will
not necessarily be accurate indications of the times at, or by,
which such performance or results will be achieved, if at all.
These forward-looking statements are subject to various risks and
uncertainties, including without limitation complications due to
COVID-19 which could cause delays in dates of completion or
closings, changes in the real estate industry such as increases in
mortgage interest rates which could dampen residential home
purchases, and those risks and uncertainties set forth in the
Company's filings with the Securities and Exchange Commission.
Thus, actual results could be materially different. This document
includes statements of summarized financial projections. There will
be differences between the projected and actual results because
events and circumstances frequently do not occur as expected and
those differences may be material. The Company expressly disclaims
any obligation to update or alter statements whether as a result of
new information, future events, or otherwise, except as required by
law.
Investor RelationsHanover
InternationalIR@harborcustomdev.com 866-744-0974
Harbor’s luxury design collections showcase
elegant and contemporary modern farmhouse elements reminiscent of
Hill Country.
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