January 30, 2023


Home Improvement

Harbor Tailor made Enhancement, Inc. Enters Senior Housing Current market

4 min read

Gig Harbor, Washington , Sept. 09, 2021 (World NEWSWIRE) — Harbor Custom Development, Inc. (NASDAQ: HCDI, HCDIP, HCDIW) (“Harbor,” “Harbor Custom made Homes®,” or the “Company”), an impressive and market top true estate organization involved in all areas of the land improvement cycle, these days announced that it has shut the acquisition of roughly 2.34 acres of land for the construction of 112 senior condominium units in Burien, Washington for $2,600,000. In the heart of Western Washington’s Puget Seem Location, Burien, situated in King County, is fewer than a 15 moment commute to downtown Seattle and 30 minutes to Tacoma. The Mira Condominiums will cater to the 55+ age demographic and will be preferably suited for retiring staff members from King County which contains the company headquarters of Amazon, Microsoft, Costco, Starbucks, Nordstrom’s, Weyerhaeuser, PACCAR, Expedia, and Alaska Airways, amid some others. Boeing no longer maintains its corporate headquarters in the Seattle location but does have close to 58,000 personnel in Washington Point out, the the vast majority of whom are located in the Puget Audio region. Harbor anticipates the Studio, 1 and 2 Bedroom senior condominium models will be priced among $395,000 and $495,000 and fill a important have to have in the local marketplace. Residence selling prices climbed 25% yr above calendar year and the median marketing rate of a property in King County in accordance to S&P CoreLogic Circumstance-Shiller Residence Cost Index released August 31, 2021, was $871,000.

Sterling Griffin, President and CEO of Harbor, mentioned, “Burien signifies an suitable place for Harbor Custom Homes® to enter the 55+ Senior Housing Industry and deal with the important have to have for affordable senior housing in King County. As home selling prices continue to escalate because of to report very low inventory amounts, seniors on preset incomes are pressured to promote their homes as taxes and the fees of retaining their residence escalate at unparalleled ranges.” “We are specifically addressing a fundamental will need in the market and believe that featuring 55+ senior condominiums priced underneath $400,000 in Burien serves an crucial local community need to have whilst supplying an great progress chance for the Firm,” stated Jeff Habersetzer, Main Functioning Officer at Harbor.

About Harbor Customized Progress, Inc.

Harbor Custom made Growth, Inc. is a real estate development organization included in all factors of the land development cycle including land acquisition, entitlements, design of challenge infrastructure, dwelling constructing, advertising and marketing, profits, and management of several residential jobs in Western Washington’s Puget Audio area Sacramento, California and Austin, Texas. Harbor has energetic or not long ago sold-out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, Belfair, Allyn, Port Orchard, and Blaine in the point out of Washington. In addition, Harbor has acquired land and will start setting up homes in three new marketplaces. In the Sacramento metro sector, Harbor will be constructing households in accomplished subdivisions in each Rocklin and Auburn, California. In the Austin metro marketplace, Harbor has obtained formulated lot stock in Dripping Springs, Driftwood, and Horseshoe Bay, Texas. The Corporation recently obtained home in Punta Gorda, Florida, and strategies to begin design of oceanfront condominiums there in 2022. Harbor Tailor made Development’s organization approach is to purchase and build land strategically, based mostly on an comprehending of population advancement patterns, entitlement limitations, infrastructure growth, and geo-economic forces. Harbor focuses on actual estate within just target markets with hassle-free obtain to metropolitan locations that are generally characterised by diverse economic and work bases and expanding populations. For extra info on Harbor Personalized Improvement, Inc., remember to take a look at www.harborcustomdev.com.

Forward-Looking Statements

Particular statements in this press release constitute “forward-seeking statements” inside the this means of the federal securities legal guidelines. Terms these types of as “may,” “might,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, perception, or recent anticipations, are forward-seeking statements. These forward-seeking statements are dependent upon recent estimates and assumptions. Whilst the Business thinks these ahead-on the lookout statements are reasonable, undue reliance should really not be positioned on any such forward-searching statements, which are based on facts readily available to us on the date of this release. These ahead-hunting statements are matter to several dangers and uncertainties, which include devoid of limitation people established forth in the Company’s filings with the Securities and Exchange Commission. Therefore, true results could be materially unique. The Firm expressly disclaims any obligation to update or alter statements whether as a final result of new information, future activities or or else, other than as essential by regulation.

Contact: Investor Relations Hanover Worldwide [email protected] 866-744-0974
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