Harbor Custom Development, Inc. Contracts to Acquire Land in Sacramento Metro Housing Market for $6,850,000.
Harbor Custom Development has announced a contract to acquire 55 undeveloped lots in Loomis, California, for $6,850,000. This community will feature single-family homes sized between 2,500 and 3,000 square feet, with prices projected from $1,000,000 to $1,300,000. The acquisition aims to expand Harbor's footprint in the Sacramento Metro Area, responding to urban flight trends from the Bay Area. Development activities are expected to commence in Q1 2022, with construction of homes anticipated in Q4 2022.
- Acquisition of 55 lots enhances market presence in the Sacramento area.
- Projected home prices between $1,000,000 and $1,300,000 indicate strong revenue potential.
- Expansion aligns with urban flight trends, potentially increasing buyer demand.
- Acquisition cost of $6,850,000 may strain financial resources.
- Dependence on market trends for successful sales post-development.
Gig Harbor, Washington , March 15, 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 55 undeveloped lots in a gated community in Loomis, California for
Located 28 miles from downtown Sacramento, the subdivision will offer single family homes ranging in size from 2,500 to 3,000 square feet and currently estimated to be priced from
“Adding the Loomis 55 lot subdivision to our portfolio, increases our Sacramento Metro Area footprint and meets our stated objective of providing residential housing that is a 30 to 60-minute commute to the urban job corridor. Urban flight from the Bay Area and Silicon Valley to less populated bedroom communities like Loomis provides for a steady stream of buyers looking for larger housing that can provide home office space, exercise and flex rooms, secure play areas for children and pets, and easy access to outdoor recreational activities,” 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, California, and 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 plans to begin constructing homes in the two new markets of the Darkhorse Golf Course community, located approximately 50 miles northeast of Sacramento in Auburn, California, and two established subdivisions located approximately 22 miles from Austin, 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 is the purpose of Harbor Custom Development's acquisition in Loomis, California?
How much did Harbor Custom Development pay for the 55 lots in Loomis?
When is Harbor Custom Development expected to start construction on the new homes?
What size and price range are the new homes in Loomis expected to be?
How does this acquisition impact Harbor Custom Development's business strategy?
