Harbor Custom Development, Inc. Continues Expansion into Austin Metro Housing Market

Rhea-AI Summary

Harbor Custom Development (HCDI) has contracted to acquire 30 developed single-family lots for $2.5 million in the Siena Creek subdivision, Horseshoe Bay, Texas. Construction of 4 and 5 bedroom homes is anticipated, with lot sizes ranging from 0.25 to 1.00 acres and prices between $600,000 to $1,000,000. This move aims to capitalize on the growth of the Austin Metro area, driven by urban migration and low inventory in surrounding regions.

Positive

• Acquisition of 30 developed lots for $2.5 million enhances portfolio.
• Expected construction of upscale homes priced from $600,000 to $1,000,000.
• Strategic expansion into the growing Austin Metro market.

Negative

• None.

Gig Harbor, Washington , March 10, 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 contracted to acquire 30 developed single family lots for $2,500,000 in the Siena Creek subdivision in Horseshoe Bay, Texas, located approximately 53 miles west of Austin.   

Harbor Custom Homes anticipates commencing construction of 4 and 5 bedroom homes on lots ranging from 0.25 to 1.00 acre and priced from $600,000 to $1,000,000 near the destination resort, “The Club at Horseshoe Bay” (clubhsbresort.com).  Horseshoe Bay has experienced growth as a result of Austin’s rapidly growing employment base and the subsequent migration of households to the Lake and Hill Country region.

“We are excited to expand our presence in the Austin Metro marketplace. Acquisition of the Horseshoe Bay lots is a natural progression of our area strategy to be a commutable distance to Austin while providing upscale housing in the scenic Lake and Hill Country region.  Urban flight from Austin combined with decreasing inventory in the bedroom and rural communities like Horseshoe Bay offer a great opportunity for our company,” stated Sterling Griffin, President and CEO of Harbor Custom Homes.

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.  Harbor has active or recently sold out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington.  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 real estate acquisition did HCDI announce on March 10, 2021?

HCDI announced the acquisition of 30 developed single-family lots for $2.5 million in Horseshoe Bay, Texas.

What is the price range for homes to be built on the new lots acquired by HCDI?

The new homes are expected to be priced between $600,000 and $1,000,000.

What is the significance of the Horseshoe Bay acquisition for HCDI?

The acquisition allows HCDI to expand its presence in the growing Austin Metro area, capitalizing on urban flight and decreasing inventory.