Hovnanian Enterprises, Inc. designs, constructs, markets, and sells single-family detached homes, attached townhomes and condominiums, urban infill, and active adult homes in planned residential developments. The company has delivered approximately 306,000 homes, including 5,930 homes in 2013. The company’s activities comprise two distinct operations: homebuilding and financial services. Its homebuilding operations consist of six segments: Northeast, Mid-Atlantic, Midwest, Southeast, Southwest, and West. The company’s financial services operations provide mortgage loans and title services to the customers of its homebuilding operations. The company, excluding unconsolidated joint ventures, offers homes for sale in 192 communities in 34 markets in 16 states throughout the United States. The company markets and builds homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active adult buyers, and empty nesters. Residential Development Activities The company’s residential development activities include site planning and engineering, obtaining environmental and other regulatory approvals and constructing roads, sewer, water, and drainage facilities, recreational facilities, and other amenities and marketing and selling homes. These activities are performed by its associates, together with independent architects, consultants, and contractors. The company’s associates also carry out long-term planning of communities. A residential development includes single-family detached homes and/or a number of residential buildings containing from 2 to 24 individual homes per building, together with amenities, such as club houses, swimming pools, tennis courts, tot lots, and open areas. Customers The company’s customers consist of first-time buyers, first-time and second-time move-up buyers, luxury buyers, active adult buyers, and empty nesters. Business Strategy The company’s goal is to become a significant builder in each of the selected markets in which the company operates, which would enable the company to achieve powers and economies of scale and differentiate it from most of its competitors. Seasonality The company’s business is seasonal in nature and, historically, weather-related problems, typically in the fall, late winter and early spring, can delay starts or closings and increase costs. History Hovnanian Enterprises, Inc. was founded in 1959. The company was incorporated in New Jersey in 1967 and reincorporated in Delaware in 1983.
hovnanian enterprises-a (HO3:Berlin)
110 West Front Street
PO Box 500
Red Bank, NJ 07701
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