Coruscation

Even among competitors, he gained a reputation as a builder of bare-bones homes who kept prices low. In the early 1980s, for example, the typical Hovnanian condominium residence was a two-bedroom, two-bathroom dwelling that cost about $30,000. In his developments, Mr. Hovnanian kept prices down by omitting the amenities, like swimming pools and community buildings, that other builders used to attract buyers.

"There are limited recreation facilities going in because people have little time for socialization," Mr. Hovnanian told The New York Times in 1983, explaining his philosophy.

By 1989, his company had sold more than 30,000 condominiums and other residences in states stretching from New Hampshire to Florida. The projects were so popular that they sometimes sold out over a weekend. Mr. Hovnanian also operated a finance company that made loans to buyers, who sometimes bought more than one residence, including some as investments.

Since then, the company has built more than 200,000 other homes. And in recent years, it has expanded its portfolio to include the construction of medium-price homes, luxury homes and retirement communities with recreational facilities.