Harbor Custom Development, Inc. Closes on $4.48M Land Sale to Noffke Homes in Blaine, Washington

Six-acre land parcel represents the first of eight potential multi-development tracts to be developed within the Horizon at Semiahmoo subdivision in Blaine, Washington

Blaine, Washington, April 07, 2022 (GLOBE NEWSWIRE) — 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 closed on the sale of a six-acre multi-family tract in its Horizon at Semiahmoo subdivision in Blaine, Washington, to Noffke Homes for $4.48 million on March 31, 2022.

The land parcel represents the first of eight multi-development tracts expected to be developed at Horizon and will feature a mix of two-story triplexes and fourplexes, ranging from approximately 1,600 and 1,800 square feet. With completion anticipated by 2023, the condominiums will feature views of Birch Bay and the Cascade Mountains. “We’re excited to work with Noffke on this project, and it couldn’t come at a better time. In-migration pressure from the Bellingham and surrounding metropolitan areas of Vancouver, Canada, and Seattle, Washington have driven Whatcom County real estate inventory to record lows,” stated Sterling Griffin, Harbor Custom Development Inc’s President and CEO.

Noffke Homes is one of three Pacific Northwest builders who have expanded their geographic footprint to the Horizon community. MainVue Homes, Century Communities, and Noffke Homes closed on 71 Horizon lots in December of 2021 and anticipate pre-sales of the new single-family homes ranging from 2,200 square feet to more than 3,500 square feet beginning in the second quarter of this year. The project features a mix of luxury single-family view lots and multi-family dwellings set within a network of landscaped parks, open spaces, and trail systems. Once completed, Horizon at Semiahmoo will feature approximately 140 single-family homes and eight future multi-development tracts offering approximately 300 units.

Horizon at Semiahmoo is a planned community designed to connect residents to the outdoors while offering upscale living and resort-like amenities within a charming small-town atmosphere. Located in Whatcom County, Washington, and adjacent to the iconic Semiahmoo Resort and award-winning golf course, the 149-acre community boasts a natural forest setting with sweeping coastal views of Birch Bay and the Cascade mountains. The highly desirable location is ideal for remote workers, retirees, and those seeking to exit urban areas like Seattle and Vancouver, Canada.

For more information on Horizon at Semiahmoo or Harbor Custom Development Inc., please visit HorizonbyHarborCustomDev.com, call 888-772-2884, or email a representative at info@horizonbyharbor.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; 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 http://harborcustomhomes.com.

About Noffke Landholdings, Inc.

Noffke Landholdings, Inc. is a branch of Noffke Homes focused on land acquisition and development in order to create exclusive cutting-edge home designs tailored to the uniqueness of each community. Noffke is committed to quality and participates in the Master Builders Association of Pierce County, Kitsap Building Association, Cheers energy efficiency, and National Association of Home Builders. With a business focus on the quality of materials, research, integrity, and efficiency, Noffke Homes has doubled their growth in all sectors of the Real Estate market from 2019 to 2021. Noffke’s primary developments have been primarily in Pierce County, Washington, since 2012, where they’ve implemented over 14 different floor plans,150+ single-family homes, and countless styles, being the first in its class to bring new design eliminates towards the growth of this territory. They not only offer residential real estate within Peirce County but will be expanding into commercial space projects in late 2022. Noffke is eager to have the opportunity to continue this growth by partnering with Harbor Custom Development Inc. in the Horizon at Semiahmoo Master Plan Community, located in Blaine, Washington. “Harbor Custom Development exemplified key visionary skills in the success for this community, captivating our attention and eagerness to partner within them in this juncture, and we’re excited to see what the future holds,” expressed Matthew Noffke, President and CEO of Noffke Landholdings Inc. Noffke is ready to break ground January 2022, in the Horizon Community showcasing their sought-after single-family residential homes. For more information and to see upcoming projects, please visit www.noffkehomes.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.

Investor Relations
Hanover International
IR@harborcustomdev.com
866-744-0974

Ariel view of the Horizon at Semiahmoo community in Blaine, Washington.