K. Hovnanian's(R) Four Seasons at Lakes of Cane Bay Realizes $5.3M in First Weekend

Highly-motivated homebuyers and their families attended the VIP sales event on Friday, June 24 in the 9 home Model Park of K. Hovnanian’s® Four Seasons at Lakes of Cane Bay. They included buyers from more than ten different states along the Eastern Seaboard, as well as local area residents. Based on their expressed prior interest, all were invited to be among the first to select one of the 61 homesites in Phase I of the amenity-rich 55+ master-planned community, including premier lakefront and private wooded homesites.

Sweet Sixteen

During the first four days following the event, the K. Hovnanian® sales team has sold sixteen homes for a total of $5.3M. “We made a great first impression in the Charleston market, and our team is thrilled with these initial results,” says Sam Abruzzo, Senior Community Manager of K. Hovnanian’s® Four Seasons at Lakes of Cane Bay.

“Our Model Park with its nine different and fully-furnished model homes wowed everybody, and the gorgeous new Lakeside Home Collection has been very well received,” notes Abruzzo. “Buyers recognize our quality craftsmanship, excellent finishes and thoughtful design – and this location is just superb.”

K. Hovnanian® Homes, a division of Hovnanian Enterprises®, Inc. (NYSE:HOV), is one of the top ten homebuilders in the U.S. This is the company’s first 55+ community in South Carolina, though it is already well-known for its new home neighborhoods in Savannah, Hilton Head Island, Lady’s Island and Bluffton.

Lakeside Home Collection

The Lakeside Home Collection includes more than 15 different home designs that appeal to homeowners who are looking to move to a more efficient, low-maintenance home. The homes reflect the unique style of South Carolina’s desirable Lowcountry with features that are specifically designed to suit the active 55+ lifestyle.

Active 55+ Living

K. Hovnanian’s® Four Seasons at Lakes of Cane Bay brings the best in luxurious 55+ living to Summerville, just a short drive from historic Charleston and South Carolina’s inviting beaches. The gated community features a 300-acre lake and an 8-mile navigable waterway, perfect for fishing, kayaking, boating, paddle boarding, birding and other outdoor activities. The community also features a second-to-none amenity center including a 21,000 square foot clubhouse, indoor/outdoor saline pool complex, pickleball, bocce and tennis courts, demonstration kitchen, kayak launch, amphitheater and yoga studio (coming in 2017).

The Sales Center at K. Hovnanian’s® Four Seasons at Lakes of Cane Bay model park is now open for sales to the general public.

The Community is intended to provide housing primarily for persons 55 years of age or older, and additional restrictions apply. The Community shall be operated as an age-restricted community in compliance with all applicable state and federal laws. At all times, at least eighty percent (80%) of the homes within the Community shall be occupied by at least one (1) individual 55 years of age or older.

About Hovnanian Enterprises®, Inc.:

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The Company is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company’s homes are marketed and sold under the trade names K. Hovnanian® Homes, Brighton Homes® and Parkwood Builders. As the developer of K. Hovnanian’s® Four Seasons communities, the Company is also one of the nation’s largest builders of active lifestyle communities.

Additional information on Hovnanian Enterprises, Inc., including a summary investment profile and the Company’s 2015 annual report, can be accessed through the “Investor Relations” section of the Hovnanian Enterprises’ website at http://www.khov.com. To be added to Hovnanian's investor e-mail list, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.

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Senior Community Manager Sam Abruzzo welcomes buyers to VIP sales event at K. Hovnanian’s® Four Seasons at Lakes of Cane Bay.

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Guests at K. Hovnanian’s® Four Seasons at Lakes of Cane Bay VIP event.