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Homes Sell, With DiscountsNEWARK, Sept. 17 (AP) — The home builder Hovnanian Enterprises claimed “huge success” on Monday with its weekend sales blitz, which included six-figure discounts on homes being built or completed in 19 states. The company said it made more than 2,100 sales, broken down as about 1,700 contracts signed and 400 deposits taken. It said agents took deposits when they did not have time to finish the paperwork for contracts before the deadline of 9 p.m. Sunday. The sales promotion began at 9 a.m. Friday at 449 communities nationwide. Prices were lowered by up to 25 percent, with the largest discounts typically offered on the most expensive homes. The discounts included a three-bedroom condominium by the Hudson River in West New York, which was reduced by $240,000, or 22 percent, to $862,000. A 25 percent discount was being offered on a two-bedroom home in Jackson Township, N.J., lowering its price tag to $300,501. The preliminary results exceeded expectations, said Ara K. Hovnanian, the company’s president and chief executive. “The high level of traffic we saw in our sales offices and models over the weekend and over the past several weeks convinces us that there are interested buyers in the market today,” Mr. Hovnanian said. “However, with all of the negative publicity about the housing market, many home buyers were hesitant to buy because they worried that even lower prices might be offered later.” Like other builders, Hovnanian, based in Red Bank, N.J., has been hurt by sharply reduced sales and growing inventories. The weekend’s figures approached Hovnanian’s results for the most recent quarter. It reported 2,539 contracts for the three months that ended July 31, down 24.2 percent from the period a year ago. Hovnanian sold 3,179 completed homes in the quarter, down 31.2 percent from a year earlier. Tag CloudExternal InformationAdditional InformationBank is fined £490,000 over former trader’s hidden losses...Siemens to announce 7,000 job cuts... Top Court Rules Against Philip Morris... For Suppliers, the Pressure Is On... Where Am I?News Main Page - Business - Homes Sell, With Discounts |
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