Hovnanian Enterprises

Hovnanian Enterprises, Inc. is a United States real estate company involved in every aspect of marketing homes, including design, construction and sales. The company works with individual detached housing as well as higher-occupancy dwellings, including townhouses, condominiums and retirement homes. In most cases, the company acquires and develops the land on which these developments are built, but in some geographic regions, Hovnanian offers to build their proprietary house designs on private land. The company consists of two operating groups, homebuilding and financial services, and recently entered the Fortune 500.

Despite some recent financial difficulties due to the 2008–2009 recession and financial crisis, Hovnanian Enterprises remains the sixth largest American homebuilder and the largest homebuilder in New Jersey, as of September 2009.

Company operations

Hovnanian Enterprises, Inc. has delivered in excess of 312,000 houses since incorporation including 5,934 homes in fiscal 2014, with base prices ranging from $46,000 to $2,350,000 and averaging about $280,000. It operates in Arizona, California, Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Michigan, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington DC, and West Virginia. Members of the Hovnanian family, including Ara K. Hovnanian, have voting control over approximately 56% of the votes as of October 31, 2014 equivalent to a stake worth $178 million in 2015.