Harbor Custom Development, Inc. Closes 29 Lots for $4,338,300 in Sacramento Metro Market’s Darkhorse Golf Course Community

Rhea-AI Summary

Harbor Custom Development (NASDAQ:HCDI) announced the closure of 29 lots at the Darkhorse Golf Course community for $4,338,300, totaling 65 lots acquired. The half-acre lots, offering views of the four-star golf course, will be developed into luxury homes priced between $900,000 and $1,200,000, with construction commencing in Q2 2021. CEO Sterling Griffin noted the limited housing inventory in the area, which is expected to drive up home prices as urban flight from the Bay Area continues.

Positive

• Acquisition of 29 developed lots, totaling 65 in the Darkhorse community.
• Plans to construct luxury homes priced between $900,000 and $1,200,000.
• Limited housing inventory in the area may lead to increased home prices.

Negative

• None.

Gig Harbor, Feb. 24, 2021 (GLOBE NEWSWIRE) --

Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,” or the “Company”), (NASDAQ:HCDI), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced that it has closed on 29 developed lots for $4,338,300, bringing its total to 65 in the Darkhorse Golf Course community 50 miles northeast of Sacramento in Auburn, California.  

The Darkhorse Golf Course lots average a half-acre in size and provide scenic views of the beautiful four-star rated course and hill country setting.  Harbor Custom Homes® anticipates commencing construction of 4- and 5-bedroom luxury homes priced from $900,000 to $1,200,000 beginning in the second quarter of 2021. 

“I am very pleased with our acquisition team’s rapid execution on accumulating the Darkhorse lots. Housing inventory is extremely limited within the community and at this time there are no available newly constructed homes listed for sale in Darkhorse. Growing our footprint in the Sacramento metro marketplace is a significant accomplishment for the Company. Urban flight from the Bay Area and Silicon Valley to the less populated bedroom communities like Auburn provides for a steady stream of move up and luxury buyers that significantly reduce inventory levels in these areas causing home prices to increase,” stated Sterling Griffin, President and CEO of Harbor Custom Development, Inc.

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, and sales of various residential projects in Western Washington’s Puget Sound region, Sacramento, California and Austin, Texas. Harbor has active or recently sold-out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington. In addition, Harbor has acquired land and will begin constructing homes in the two new markets of the Dark Horse Golf Course community 50 miles northeast of Sacramento, California, and established subdivisions approximately 22 miles from Austin, located in Driftwood and Dripping Springs, Texas beginning in the second quarter of 2021.  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 real estate within target markets with convenient access to metropolitan areas that are generally characterized by diverse economic and employment bases and increasing populations.  For more information on Harbor Custom Development, Inc., please visit www.harborcustomdev.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws.  Words such as “may,” “might,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements.  These forward-looking statements are based upon current estimates and assumptions.  While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release.  These forward-looking statements are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission.  Thus, actual results could be materially different.  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.

FAQ

What did Harbor Custom Development announce on February 24, 2021?

Harbor Custom Development announced the acquisition of 29 developed lots in the Darkhorse Golf Course community for $4,338,300, bringing the total to 65 lots.

What are the expected prices for the new luxury homes in the Darkhorse community?

The new luxury homes are expected to be priced between $900,000 and $1,200,000.

When is construction expected to begin for the new homes in Darkhorse?

Construction is expected to commence in the second quarter of 2021.

How does limited housing inventory affect Harbor Custom Development?

Limited housing inventory in the Darkhorse area is anticipated to increase home prices, benefiting Harbor Custom Development.