Hovnanian Enterprises announced Monday morning that it had more than 2,100 gross sales -- 1,700 contracts and 400 deposits -- during the company's weekend "Deal of the Century" sales event. The New Jersey-based company says that due to high customer traffic at its communities, it had to accept sales deposits from customers rather than complete a final contracts. The nationwide sales promotion offered incentives, including extra appliances and upgrades valued at up to $100,000. The company's CEO, Ara K. Hovnanian, is calling the event a "huge success."
"The preliminary results from our Deal of the Century promotion exceeded our expectations," Hovnanian said in a press statement. "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. 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."
California-based Standard Pacific also launched a big sales event over the past weekend in 49 Southern California communities. Incentives offered include a free 42-inch plasma-screen television along with mortgage rates below 6 percent. Early results from Standard Pacific's "Mission: Possible" sale have been reported as weak, but the event, which began on Friday with a goal of selling 200 homes, continues through next weekend.