Search Results for: hovnanian enterprises

S&P CUTS HOV RATINGS, BUT SHARES RISE

Hovnanian_new

Ailing national homebuilding giant Hovnanian Enterprises saw its stock and debt downgraded by a major ratings agency yesterday, but investors bid the company’s stock up neatly anyway.

The price of a share rose 70 cents, or almost 12 percent, to $6.63 today, continuing a recent climb out of a basement. For the first time in seven years, Hovnanian shares were trading below $5 last week.

Earlier in the day, Standard & Poor’s put the Red Bank-based company’s debt on credit watch with “negative implications” and downgraded it’s preferred shares after the company failed, as expected, to make a dividend payment to shareholders Tuesday.

Read More »

HOV CONTRACTS FALL OFF ANOTHER CLIFF

Hov_hq_81206Hovnanian’s Red Bank HQ, as seen from the foot of Maple Avenue in sunnier days.

Red Bank-based Hovnanian Enterprises, one of America’s largest publicly traded homebuilders, got walloped again in its latest fiscal quarter.

Continuing a slide that company official haven’t been able to foresee the end of, Hovnanian reported that sales results “significantly deteriorated” in October from recent months, with new orders down and contract cancellations up steeply.

As reported by Reuters:

Hovnanian said preliminary results for the fiscal fourth-quarter ended October 31, showed that excluding unconsolidated joint ventures, net contracts fell 10 percent to 2,781 homes, while sales slid 19 percent to 3,969 homes.

Would-be buyers canceled contracts at a rate of 40 percent, as many found themselves unable to qualify for mortgages. The cancellation rate rose from 35 percent in the prior quarter as well as the year-earlier quarter.

In early September, the company reported stronger-than-expected sales activity as a result of steep markdowns and heavy promotions that in some cases cut hundreds of thousands of dollars from asking prices for new homes.

Read More »

MENNA GIVES HOV EXEC ‘KABOOM’ HOTSEAT

Mayor Pasquale Menna has picked an executive at Red Bank-based Hovnanian Enterprises to chair the annual KaBoom Fireworks on the Navesink committee.

People_in_the_news

His pick: Peter Reinhart, a borough resident who’s senior vice president and general counsel at the publicly traded homebuilding company.

The company’s year-old headquarters is located at the river end of Maple Avenue, a primo fireworks-watching location. The grass amphitheater next to the building is the site of a big-ticket “Light Up the Night” catered party.

Read More »

HOV: WEEKEND PRICE CUTS MOVED UNITS

Slashing sticker prices and throwing in extra amenities, Hovnanian Enterprises reports that its weekend sales push on new housing units nationwide exceeded expectations.

Wall Street cheered the report, boosting the battered homebuilder’s stock price yesterday.

Money_half_column

From a report on Bloomberg.com:

The company had gross sales of 2,100 homes. More than 1,700 potential buyers signed contracts and 400 gave deposits, Red Bank, New Jersey-based Hovnanian said today in a statement. The sale began on Sept. 14 and ended yesterday. It has boosted the company’s shares almost 13 percent in the past two trading days.

Read More »

HOV PRICE-SLASHING ‘UNPRECEDENTED’

Today’s Star-Ledger reports that Red Bank-based homebuilding giant Hovnanian Enterprises is cutting prices and offering incentives worth up to $240,000 on unsold new homes, discounts that industry experts call unprecedented.

Money_full_column

From the story, by business reporter Joe Perone:

Just a few years ago, Hovnanian Enterprises held lotteries to sell new homes because demand for housing was white-picket-fence hot.

Now, with the residential real estate slump deepening by the month, the largest New Jersey-based homebuilder is holding a fire sale at developments across the country. Prices this weekend will be slashed by up to six figures — $100,000, $149,000, in some cases $240,000.

Read More »

IT JUST KEEPS GETTING WORSE FOR HOV

Hovnanian_new

Already struggling against a tide of falling real estate values, Red Bank-based homebuilding giant Hovnanian Enterprises is now, like others in its industry, fighting a rip current brought on by the collapse of the subprime mortgage market.

The company reported a sharp drop in revenue and a larger-than-expected net loss yesterday.

According to TheStreet.com, Hovnanian:

reported a loss of $80.5 million, or $1.27 a share, for the quarter ended July 31. That compared with earnings of $74.4 million, or $1.15 a share, a year earlier.

Analysts expected a loss of 99 cents a share for the recent quarter, according to Thomson Financial.

Revenue fell 27% to $1.1 billion, matching analyst estimates. New contracts dropped 24%, excluding those from joint ventures.

Read More »

HOV LOSSES CONTINUE, MOODY’S REACTS

Hovnanian_new

“Frustrated” by a housing market that keeps moving in the wrong direction, Red Bank-based Hovnanian Enterprises yesterday reported its third consecutive quarterly loss.

As a result, Moody’s Investors Services cut its ratings on Hovnanian debt issues, saying the homebuilder’s cash flow from operations will likely remain negative amid the ongoing housing-sector slump, according to the Associated Press.

The publicly traded homebuilder, which last year built a new HQ assessed at $19.1 million on West Front Street, said it lost $30.7 million, or 49 cents per share, in its second fiscal quarter, compared to a profit of $101 million, or $1.55 per share, for the comparable 2006 period.

From Forbes.com:

“We are frustrated to report that the housing market has continued to slip further in many locations in terms of both sales pace and sales prices,” said Ara K. Hovnanian, the company’s president and chief executive. “The housing market weakened in the latter part of the second quarter, and the slower conditions have continued into May.”

Read More »

FLORIDA STINKING UP HOV RESULTS

Hovnanian_new

Contract cancellations like crazy in a particular Florida market are dragging down earnings at Hovnanian Enterprises, officials of the Red Bank-based homebuilding company say.

The builder said it expects to take a $90 million hit from writing down the value of inventoried land and cancelled contracts in the Fort Myers-Cape Coral region, according to a report at TheStreet.com.

Before factoring in those charges, the company is forecasting earnings per share of 20 cents, up from the 5- to 10-cents forecast in the company’s earlier “guidance.” The impact of the Florida writedowns on net earnings per share was not included in TheStreet’s report, but MarketWatch says it will result in a loss.

An analyst quoted by MarketWatch said the $90 million charge represents “nearly the entire purchase price” Hovnanian paid to acquire a homebuilder in the Fort Myers market in August, 2005.

Read More »

HOV’S STORM-RELATED SHRINKAGE

Hovnanian_new

Having “hit kind of a wall” in 2006, Red Bank-based Hovnanian Enterprises is being cautious about 2007, a company executive says in an interview in today’s Star-Ledger.

J. Larry Sorsby, HOV’s chief financial officer, tells the Ledger’s Judy DeHaven that the company is “not trying to grow through a downturn.

“We’re making the right steps to shrink in a downturn, in terms of our balance sheet, making sure we have the right capital structure in place and the balance sheet to weather the storm.”

Read More »

RED BANK: COUNCIL DROPS REVERSE APPEALS

red bank nj oceanfirst hqThe OceanFirst Bank headquarters was the subject of a reverse appeal case settled Wednesday. (Photo by John T. Ward. Click to enlarge.)

By JOHN T. WARD

hot topic red bank njBombarded by criticism from the business community, the Red Bank council on Wednesday dropped a plan to pursue a new round of  “reverse appeals” against commercial properties it believed to be undertaxed.

But first, the council approved the settlement of an older reverse appeal that will boost the taxable value of a downtown building by 69 percent over three years. And battles over cases filed in 2018 continue.

Read More »

RED BANK: TOWNHOMES PLANNED, AGAIN

red bank denholtz southbank 16-22 west front stAn architect’s drawing of the townhomes proposed for Boat Club Court. (Rendering by Rotwein+Blake. Click to enlarge.)

By JOHN T. WARD

hot topic red bank njFifteen years after approvals were granted for a Red Bank townhouse project that never got built, a third builder is taking a shot at a tucked-away plot overlooking the Navesink River.

Read More »

RED BANK: COFFEE CORRAL PLAN OK’D

An exhibit used in the Coffee Corral hearing illustrates the placement of the new building, which would on Shrewsbury Avenue at the corner of Drs. James Parker Boulevard. The existing shop would be used for roasting beans. (Photo by John T. Ward. Click to enlarge.)

By JOHN T. WARD

Red Bank’s Coffee Corral won approval for an ambitious West Side building plan Monday.

The borough planning board gave a unanimous OK for owners Courtlyn Crosson and her father, business founder Russ Crosson, to transform vacant land at the corner of Shrewsbury Avenue and Drs. James Parker Boulevard into a new home for the coffee shop, plus an adjoining restaurant.

Read More »

RED BANK: PLAN PANNED FOR LOOKS, PARKING

An architect’s depiction of the Element, as seen from the north side side of West Front Street. (Rendering by Rotwein + Blake. Click to enlarge)

By JOHN T. WARD

A new round of hearings on the Element, a proposed 35-unit apartment building in downtown Red Bank, began Wednesday night with concerns raised about parking adequacy and aesthetics.

Mayor Pasquale Menna called the appearance of the structure “bulky and not very inviting,” while several residents challenged a traffic consultant’s claim that the project’s on-site parking was sufficient.

Read More »

RED BANK: BUILDER PRESERVES OLD HOME

219 e bergen 042716The newly restored structure at 219 East Bergen Place is believed to date back to 1874, says its new owner. (Photo by John T. Ward. Click to enlarge)

By JOHN T. WARD

WhatsGoingOnHereAn investment by a business owner has secured a future for another one of Red Bank’s older homes.

Mike Villane, owner of Lead Dog Custom Homes, recently completed a gut-job renovation of 219 East Bergen Place, where his young business is now headquartered.

Read More »

RED BANK: HOV LOSSES EXTENDED

hovanian hq 071715Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

Red Bank-based homebuilder Hovnanian Enterprises posted a net loss of $7.7 million in its third fiscal quarter, the company reported Wednesday.

In the current fiscal year, which began November 1, the company has posted net losses of $41.6 million, compared to a loss of $15.3 million in the first nine months of fiscal 2014, Hov reported.

As he did after the second-quarter results were released in June, president and CEO Ara Hovnanian said in a statement that the company was “disappointed” with the results. But better days lie ahead, he said.

Read More »

RED BANK: RIVERFRONT REC CENTER PROPOSED

red bank harbor 1 041515Renderings of the proposed Red Bank Harbor plan filed with the borough government on Wednesday. The horseshoe-shaped borough marina is in the foreground above. (Drawings by S.O.M.E. Architects. Click to enlarge.)

By JOHN T. WARD

red bank harbor 2 041515Vastly eclipsing the concept of a mere dog run, a startup development firm has proposed the creation of a privately funded, $3.5 million recreation facility on the site of Red Bank’s borough-owned red clay tennis courts in Marine Park, redbankgreen has learned.

Dubbed Red Bank Harbor, the plan drafted by Jetsun Enterprises and filed at borough hall on Wednesday calls for the creation of an enclosed visitors’ center along with an 18-hole miniature golf course, a synthetic ice rink, a boathouse for rental of paddleboats and kayaks, and a concession stand in the park, which fronts on the Navesink River.

Read More »

RED BANK: HOMEBUILDER’S NET DOUBLES

hov-hq-8-12-06Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

Hovnanian Enterprises posted net earnings of $17.1 million in its third fiscal quarter, more than doubling the $8.5 million net in the comparable 2013 period, the Red Bank-based homebuilder reported Thursday.

Citing “the early stages of a recovery” for the housing industry, and “assuming no change in current market conditions,” the compaany expects to wrap up the year with a profit, president and CEO Ara Hovnanian said in a statement.

Read More »

RED BANK: HOMEBUILDER POSTS LOSS

hov-hq-8-12-06Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

Hovnanian Enterprises delivered fewer homes and a net loss in its latest fiscal quarter, the Red Bank-based homebuilder reported Wednesday.

The second quarter saw a net loss of $7.9 million in the three months ended April 30, compared with net income of $1.3 million in the prior-year second quarter, which included $2.6 million of federal and state tax benefits.

Read More »

RED BANK: BURNHAM STILL FIERCE ON COVE

rb parking 041713The parking lot at Maple Cove, as viewed from the library property on West Front Street. Below, Councilwoman-elect Cindy Burnham with borough Administrator Stanley Sickels at a recent fire department event. (Click to enlarge)

By JOHN T. WARD

sickels burnham 120313Cindy Burnham may have broken the Democratic lock on Red Bank’s council, but she hasn’t abandoned the pet cause that got her there, or her style of defending it.

At several borough council meetings since winning election in November, Councilwoman-elect Burnham has stood at the commenters’ microphone and sparred with nearly all of her future colleagues on the governing body over the fate and history of Maple Cove, the town’s sole public Navesink River access. Burham is widely credited with having saved the site, at the north end of Maple Avenue, from possible development.

As she has for years, Burnham insists that the incumbents secretly want to sell the property to Hovnanian Enterprises, which owns abutting real estate. The latest evidence of the council’s intent, Burnham says, is the administration’s scheduling of a public forum on Monday, December 30, over whether to remove the site and another one at the public library from the town’s Recreation and Open Space Inventory, or ROSI.

One by one, as they have in the past, the Democrats insisted they do not, and – despite her repeated claims to the contrary – never have had plans to sell the site.

Read More »

RED BANK: HOV POSTS STRONG RESULTS

hov-hq-090511Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

Red Bank-based homebuilder Hovnanian Enterprises reported strong growth in revenue and earnings Thursday.

Revenue rose 21.5 percent in the fourth quarter, to $591.7 million, driving net income for the period to $32.8 million, after a loss of $84.4 million i the year-prior period. At 59 cents per share, the earnings “handily beat analysts’ expectations” of 17 cents per share, the Motley Fool reported.

Read More »