Harbor Custom Development Inc. (NASDAQ:HCDI) told investors it has partnered with Austin-based general contractor, Wurzel Builders Ltd to expand its luxury single-family home division in Horseshoe Bay, Texas.
The real estate company said it anticipates breaking ground with its new luxury home collection this summer on lots it owns in the Siena Creek and Summit Rock communities of Horseshoe Bay.
It has contracted with Wurzel Builders to construct homes specifically designed to address the needs of the retiring baby boomer demographic and purchasers of second homes looking for a resort community offering world-class golf courses, recreational lake access, and top-of-the-line medical facilities. The Horseshoe Bay Resort community is located approximately one hour drive from Austin and less than two hours from San Antonio, the company added.
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“We are excited to announce our partnership with Wurzel Builders and believe our targeted demographic is well-positioned to acquire homes in the current economic cycle,” Harbor president and CEO Sterling Griffin said in a statement. “Together we will move forward constructing quality homes specifically designed to fit the needs of Horseshoe Bay’s growing 55+ community.”
Harbor said it announced its expansion into the Austin and Horseshoe Bay markets in early 2021, adding that its unique business model allows for exceptional growth opportunities by partnering with local builders and developers.
It currently has 94 developed lots available in the Horseshoe Bay Resort community. Its most recent finished home sale in Horseshoe Bay occurred in the Siena Creek subdivision on February 28, 2023 and had a closing price of $1,550,000, the company added.
“We are excited to introduce our latest home plan collection to our existing inventory with floorplans ranging from 1,800 to 2,800 square feet and starting at $800,000,” Harbor chief operating officer Jeff Habersetzer added. “This new collection is tailored for the 55+ lifestyle, including single-level, open-concept floor plans designed for main floor living, covered outdoor spaces for entertaining, and the luxury interior finishes our homebuyers have come to expect from Harbor.”
Wurzel Builders president Barry Wurzel commented: “Wurzel Builders is excited to be Harbor Custom Development’s manager and builder partner to construct and sell their homes in the Horseshoe Bay community. Horseshoe Bay is a beautiful area, and we’re looking forward to being part of the team to create comfortable high-quality living spaces.”
Harbor Custom Development is involved in all aspects of land development, including acquisition, entitlements, construction, home building, marketing, and managing projects. The company is focused on Western Washington's Puget Sound region, Sacramento in California, Austin in Texas, and Punta Gorda in Florida.
Contact the author at stephen.gunnion@proactiveinvestors.com