Harbor Custom Development, Inc. Announces Entrance into Texas Market

National builder and land developer brings 208 single-family homes throughout the Austin MSA

AUSTIN, Texas – (GLOBENEWSWIRE) – April 18, 2022 – 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.