Harbor Custom Development, Inc. Closes on $3.8M Sale of 20 Developed Lots to Noffke Homes

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 20 developed lots in its Horizon at Semiahmoo subdivision in Blaine, Washington. to Noffke Homes for $3.8 million.

“We welcome Noffke Homes to the Horizon at Semiahmoo project and look forward to working with them as one of our select builders in this beautiful Horizon subdivision,” stated Sterling Griffin, President and CEO of Harbor Custom Development, Inc. “As a first-time partner with the Noffke Homes team, we believe their unique home designs, along with their thoughtful floor plans, meticulous level of quality and standard of luxury, makes them a wonderful addition to Horizon and to the greater community of Blaine and Whatcom County.”

Noffke Homes is the first builder to close in Phase 1 of Horizon and anticipates pre-sales to begin in the first quarter of 2022. Potential homebuyers can expect to see the same beautiful quality custom homes that Noffke has been known for since the company launched in 2012—with cutting-edge designs built to stand the test of time, both aesthetically and functionally.

Harbor acquired the 219-acre Horizon subdivision in July 2021. The purchase included 71 developed lots with panoramic views of Birch Bay, the Cascade Range and situated adjacent to the iconic Semiahmoo Resort and award-winning golf course. “This project provides HCDI the opportunity to help alleviate the significant shortage of residential housing in Whatcom County,” stated Jeff Habersetzer, Chief Operating Officer of Harbor Custom Development, Inc.

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. Harbor has active or recently sold-out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, Belfair, Allyn, Port Orchard, Lacey, Burien, Yelm and Blaine in the state of Washington. In addition, Harbor has acquired land and will begin constructing homes in three new markets. In the Sacramento metro market, Harbor will be constructing homes in completed subdivisions 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. The Company recently acquired property in Punta Gorda, Florida, and plans to begin construction of oceanfront condominiums there in 2022. 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.

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 takes part 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 quality of materials, research, integrity and efficiency, Noffke Homes has doubled their growth in all sectors of the Real Estate market from 2019-2021. 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 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.