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Harbor Custom Development, Inc. (HCDI)

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3.0200-0.1100 (-3.51%)
At close: 4:00PM EDT

3.0000 -0.02 (-0.66%)
After hours: 5:21PM EDT

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Previous Close3.1300
Open3.1500
Bid2.9900 x 2200
Ask3.0500 x 900
Day's Range2.9000 - 3.1900
52 Week Range2.6200 - 8.3620
Volume429,140
Avg. Volume1,025,096
Market Cap44.917M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateNov 16, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • Harbor Custom Development, Inc. Contracts to Develop 99 Lots in Soundview Estates for Lennar Increasing Harbor’s Total Contract Value to $16,830,000
    GlobeNewswire

    Harbor Custom Development, Inc. Contracts to Develop 99 Lots in Soundview Estates for Lennar Increasing Harbor’s Total Contract Value to $16,830,000

    Gig Harbor, Washington , April 19, 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 entered into a construction contract to develop 99 lots with Lennar Northwest, Inc., a subsidiary of the Lennar Corporation (“Lennar”), in phase 7 of Soundview Estates located in Bremerton, Washington. Harbor Custom Homes® previously announced the contract for sale of the 99 undeveloped lots to Lennar on February 18, 2021 and today announced consummation of a construction contract with Lennar to install the infrastructure to develop the property for 99 single family homes on those lots. The two contracts have a combined value of $16,830,000. Harbor has also announced the completion of infrastructure improvements on 240 lots at Soundview Estates, of which 215 were purchased by Lennar for single family home construction. With the addition of phase 7, Soundview Estates has grown to a 339-lot subdivision offering spectacular views of the Olympic Mountains, Mt. Rainier, the Seattle Skyline, and Puget Sound. Soundview Estates is less than a ten-minute drive to downtown Bremerton, the Seattle Ferry, and the Kitsap Naval Shipyard. Soundview Estates can be seen at: https://vimeo.com/453127877. “Lennar has been a great partner to work with and has met all our expectations by designing single family homes that meet the needs of residential buyers in Kitsap County. We look forward to delivering them the final 99 lots in Soundview Estates in 2022 and anticipate they will continue with their current success of constructing quality single family homes that capture the beauty of this unique setting,” stated Sterling Griffin, President and CEO of Harbor Custom Development, Inc. About Lennar Corporation Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up, and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title, and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LenX drives Lennar's technology, innovation, and strategic investments. For more information about Lennar, please visit www.lennar.com. 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; 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 two new markets beginning the second quarter of 2021. In the Sacramento metro market, Harbor will be constructing homes in completed subdivision in both Rocklin and Auburn, California. In the Austin metro market, Harbor has acquired developed lot inventory in Dripping Springs, Driftwood and Horseshoe Bay Texas. 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. CONTACT: Investor Relations Hanover International IR@harborcustomdev.com 866-744-0974

  • Harbor Custom Development, Inc. Establishes New Banking Relationship with Washington Federal and Secures $6,383,000 in Construction Financing.
    GlobeNewswire

    Harbor Custom Development, Inc. Establishes New Banking Relationship with Washington Federal and Secures $6,383,000 in Construction Financing.

    Gig Harbor, Washington , April 08, 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 established a new corporate banking relationship with Washington Federal Inc. DBA “WaFd Bank” and secured $6,383,000 in construction financing for 13 single family homes at Soundview Estates, a 339 lot subdivision located in Bremerton, Washington. Sterling Griffin, President and CEO of Harbor stated, “We are excited to enter into a new banking relationship with a top tier multi-state lender like WaFd Bank. Their eight state Western U.S. footprint provides us the opportunity to grow Harbor Custom Homes in several of our target markets with conventional financing. We are currently established in the Seattle, Sacramento and Austin metro markets and look forward to potential expansion into other markets prior to year end.” “Eric Seidenberger, Director of Home Builder Finance at WaFd Bank stated, “We are pleased Harbor Custom Homes chose WaFd to be their banking partner and welcome the opportunity to be a part of their growth.” About WaFd BankWashington Federal, Inc. is the parent company of Washington Federal Bank ("WaFd Bank"), a national bank that operates over 200 branches in Washington, Oregon, Idaho, Utah, Nevada, Arizona, Texas and New Mexico. Established in 1917, the bank provides consumer and commercial deposit accounts, financing for small to middle market businesses, commercial real estate and residential real estate, including consumer mortgages, home equity lines of credit and insurance products through a subsidiary. As of December 31, 2020, reported $19.1 billion in assets, $14.2 billion in deposits and $2.1 billion in stockholders' equity. For further information about WaFd Bank, please visit www.wafdbank.com 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 Washington state, 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. Harbor has also acquired developed lots and plans to begin constructing homes in the Sacramento and Austin metro markets beginning in the second quarter of 2021. The Darkhorse Golf Course community, located approximately 50 miles northeast of Sacramento in Auburn, California, and the La Ventana and Bunker Ranch subdivisions located approximately 22 miles from Austin, in Driftwood and Dripping Springs, Texas, are Harbor’s newest locations. 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. CONTACT: Investor Relations Hanover International IR@harborcustomdev.com 866-744-0974

  • Harbor Custom Development, Inc. Contracts to Purchase 80 Unit Condominium Site in Tacoma, Washington Expanding First-Time Home Buyer Footprint
    GlobeNewswire

    Harbor Custom Development, Inc. Contracts to Purchase 80 Unit Condominium Site in Tacoma, Washington Expanding First-Time Home Buyer Footprint

    Gig Harbor, Washington , April 05, 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 entered into a purchase and sale agreement for the acquisition of approximately 1.85 acres of land in Tacoma, Washington for $2,000,000. The purchase is expected to close on or before May 22, 2021. Located less than ten minutes to downtown Tacoma’s urban core job market, the 80 condominiums will cater to first-time home buyers searching for affordable options in the robust Tacoma area housing market. Harbor anticipates the 1 and 2 Bedroom units will be priced between $300,000 and $400,000 and fill a significant need in the local marketplace. Tacoma has been one of the strongest housing markets in the nation over the past two years and, in January 2021, as reported by Redfin, was the fastest selling market in the country. (Redfin puts Tacoma No. 1 for fastest selling housing market | Tacoma News Tribune (thenewstribune.com).) Sterling Griffin, President and CEO of Harbor, stated, “Tacoma represents an ideal location for Harbor Custom Homes® to increase our Western Washington footprint and address the significant need for affordable housing in Tacoma. As home prices continue to escalate due to record low inventory levels, first-time homebuyers are often priced out of the market. We are directly addressing this fundamental gap in the marketplace and believe offering condominiums priced below $400,000 in Tacoma creates an excellent growth opportunity for the Company while providing a highly desirous product for first-time homebuyers.” 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; 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 two new markets beginning the second quarter of 202. Those markets are the Dark Horse Golf Course community 50 miles Northeast of Sacramento and established subdivisions approximately 22 miles from Austin, located in Driftwood and Dripping Springs, Texas. 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. CONTACT: Investor Relations Hanover International IR@harborcustomdev.com 866-744-0974