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Small American real estate developer: Harbor Custom Development, Inc. (HCDI) (2014 – )

Harbor Custom Development Inc. (AMEX: HCDI) was established on 02/15/2014 and is headquartered in Gig Harbor, Washington, USA, with 40 full-time employees. The company operates as a residential house builder in the greater Seattle area and strives to become the fastest growing in the United States Leading developer of high-quality single-family homes and residential communities in urban areas of China.

Harbor Custom Development

Harbor Custom Development, Inc. (HCDI):

Harbor Custom Development, headquartered in Gig Harbor, Washington, was founded by Mr. Sterling Griffin, who was the Vice President of Marketing at James S. Griffin Co., responsible for the development and construction of houses in the greater Seattle area.

Harbor Custom Development Inc. is a real estate development company. The company focuses on all aspects of the land development cycle, including land acquisition, entitlements, project infrastructure construction, housing construction, marketing, sales and management of various residential projects in the Puget Sound area of ​​western Washington.

Harbor Custom Development Inc. focuses on acquiring land to develop assets for the construction and sale of residences, family communities and multi-family properties. It owns and controls residential communities in western Washington, which contain more than 350 lots in different stages of development. Its real estate in Kissap County, Washington, includes Valley View Estates, which has 49 lots; Settler’s Field, which has 51 lots; Port Washington Park, which has 36 lots, and Soundview Estates, which has 240 lots.

Harbor Custom Development mainly builds residential properties in the Bremerton area of ​​Seattle, a large city west of Seattle south of Tacoma. HCD manages all aspects of residential property development, from land purchase to rights, construction, marketing and ongoing management.

HCD’s revenue increased sharply last year (2019), and in the 12 months ending March 31, 2020, the company’s sales reached 37 million U.S. dollars.

As of the end of 2019, Harbor Custom Development’s backlog of undeveloped residential development properties was worth nearly US$15 million. According to Sammamish Mortgage’s 2019 market research report, data company Zillow expects the median house price in Washington State to rise by 4.6%. The report predicts that prices may continue to rise due to low interest rates and a decrease in the number of houses on the market. However, despite the low financing costs, the outbreak of the Covid-19 coronavirus may put tremendous downward pressure on market conditions, as the number of entry-level buyers has fallen due to unemployment. If the epidemic abates during the hot summer, the overall economy may rebound, but the speed of the potential rebound will be unknown.

Harbor Custom Development, Inc. (HCDI) investment:

Harbor Custom Development Inc. (AMEX: HCDI) plans to list on NYSE America (formerly American Stock Exchange) on 08/28/2020 IPO. The issue price is US$6-8, 1.8 million shares are issued, and US$12.5 million is raised. ThinkEquity (a Fordham Financial Management subsidiary) exclusive underwriting.

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