It Operates in Arizona
K. Hovnanian the home builder and the mortgage company are no strangers to controversy. In 2008, the home builder was involved in a class action lawsuit where the plaintiffs alleged their subdivision was built near an old bombing range. K. Hovnanian Homes has also been the subject of praise from homeowners citing the builders reputation and solid history. The company settled the lawsuit in 2011 for a reported $1.2 million. Hovnanian has also received numerous awards based on the quality of their construction and high level customer support.
Kevork Hovnanian stepped down as president of Hovnanian Enterprises in 1989, and was succeeded by his son, Ara K. Hovnanian. He remained chief executive until his retirement in 1997, and was also replaced as CEO by Ara Hovnanian. The company relied heavily on debt to fund the acquisitions. Ara Hovnanian is a graduate of The University of Pennsylvania Wharton School and led the company through 19 acquisitions of smaller builders from 1999 through the early stages of the housing crisis.
Hovnanian & Sons, of Mount Laurel Township, New Jersey. It remains one of the United States’ largest builders of “active adult homes”, which are sold under the name of Four Seasons communities. An additional 200,000 residences were sold between 1989 and 2009, as the company expanded its construction to include luxury homes, mid-priced homes and retirement communities. Hirair and Vahak also left the company by 1969 to found their own enterprises.
Scurria, Andrew (30 May 2018). “Blackstone Stands Down on Hovnanian Swaps Wager”. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. This page was last edited on 24 January 2023, at 13:01 (UTC). Breanne McCarthy, “Ocean Medical Center takes on $82 million expansion project”, The Ocean Star (March 1, 2013), p. Meier, Barry (2009-09-25). “Kevork S. Hovnanian, Construction Company Founder, Dies at 86”. The New York Times. Daily Real Estate News, Realtor Magazine Online. By using this site, you agree to the Terms of Use and Privacy Policy. Sims, Gayle Nonan (2007-08-15). “J.S. Hovnanian, New Jersey builder, dies”. Rubin, Gabriel T. (5 March 2019). “Wall Street to Tamp Down on Default Insurance Bets”. Text is available under the Creative Commons Attribution-ShareAlike License 3.0; additional terms may apply.
In 1959, Kevork Hovnanian, an ethnic Armenian originally from Iraq, and his three brothers, Hirair Hovnanian, Jirair Hovnanian and Vahak Hovananian, each contributed $1,000, in addition to $20,000 which they borrowed, to found Hovnanian Enterprises, Inc. in a trailer in Toms River, New Jersey. Hovnanian and his company earned a reputation to selling low cost condos and townhouses, many to first time young homeowners and families. A typical two-bedroom, two bathroom Hovnanian home built in the early 1980s cost approximately $30,000 because Hovnanian eliminated amenities such as communal swimming pools, which other builders used to attract potential buyers. In 1964 Jirair Hovnanian split off from his brothers’ company and founded his own construction business, J.S.
