Builders Optimistic Despite Housing Slowdown

NEPTUNE, NJ-Three experts offered their perspectives on New Jersey’s housing market at a breakfast meeting, hosted by the Shore Builders Association of Central New Jersey, at the Jumping Brook County Club here. The featured speakers were Joe Riggs, group president of K. Hovnanian Homes; Ed Walters Jr., president and founder of the Walters Group; and Arvo Prima, president of Prima Builders. Peter Reinhart of Hovnanian Enterprises moderated the event.

The depth of the downturn in the housing industry has hit builders across the country, causing them to cut back on production and reassess strategies. “This recession was far deeper than anyone expected,” said Walters, who explained that his Barnegat-based firm has survived over the years because it was able to diversify. The development firm has expanded its scope to include single-family, multifamily and large-scale commercial projects. He lauded attendees for surviving in today’s housing market, stating that, “We should all be proud of the fact that we’re still in business.”