Rentals Units Become Available at the Siena

When Stephen Hovnanian and his company decided to build  condominiums in Cinnaminson, the real estate market was experiencing one of its more lucrative spans in American history.

On a tract of land previously comprised of mostly squalid one-story motels, notoriously known as “motel row” on Route 130, Hovnanian’s company set out to build a retirement community for adults over 55 years old. 

As part of redevelopment laws, the had razed the motels sitting on the 15-acre swathe—as well as a house and the very popular Fuji Japanese Restaurant—in an effort to rid the strip of criminal activity. 

“Cinnaminson wanted to attract different businesses at that time,” Hovnanian said. “We saw a renaissance in the township taking place.” 

The plan was to have 204 condominiums spread throughout 12 buildings. 

“We had hoped that we would absorb about two buildings, or 34 homes a year. That was our intended goal,” Hovananian said. 

That was more than five years ago.

Ultimately, two buildings with scenic vistas of Philadelphia’s skyline were built, and buyers were lured by the combination of a community-like feel, a prime location to shopping, elevators and newness.  

Buyers paid between $179,000 and $239,000 for two-bedroom condos with 1,114-1,873 square feet—with access to exercise areas and club rooms complete with billiards. 

Some, like Barbara and Michael Schneider, both 60, moved into Siena because they tired of maintaining their home in Northeast Philadelphia that they had owned for over 30 years. 

“At this point in our lives, we wanted things to be easier,” said Barbara Schneider, who bought a 1,200 square-foot condo for $179,000 over 18 months ago. 

But these days, as the economy has lingered at a standstill, no amount of luxury seems to be luring a cavalcade of buyers.  

So following extensive market research, Hovnanian says his company hopes to have found a new niche in the local real estate marketplace.  

Of the 34 condos completed thus far, 29 have been sold. But beginning last month, 17 units finished in a third building are being offered as rentals. 

“We looked at the trends, and what we found is that people past a certain age may still want to live in an adult community,” Hovnanian, 47, said. 

Hovananian admits, though, that because of downturns in the real estate market, the evidence is showing that some older adults have taken a hit when they have sold their homes and may not want to take another mortgage.  

“And, some people have lost a lot of savings in the stock market,” Hovnanian said, “So to put a large outlay out in another home...it’s just not something they are thinking of doing at this time. So, we can now offer a retirement community for those who would rather rent.”

Since renting started, Hovnanian said foot traffic has increased and “there has definitely been new interest in the Siena,” which has fees ranging between $1,350-1,850. 

“We have seen a lot of activity in an appreciably short amount of time, with one tenant moving in this week and another shortly,” Hovnanian said. 

Stephen Hovnanian is a principal of the familiar family-owned J.S. Hovnanian & Sons, which has been developing and building homes for over 47 years. 

The company has strong ties to the area and is headquartered in Mount Laurel with over 40 employees. 

They have been the winner of such prestigious awards as the 2011 Builder of the Year Award and a seven-time winner of the Commitment to Excellence Award earned through high feedback ratings from Hovnanian home buyers. 

“With this stale economy lingering, we’ve had to recalibrate,” Hovnanian said. “But, the renting looks encouraging—for everyone.”