Zillow suggests that the New Jersey market has higher rates and shares of residential mortgages that have been defaulted and are in foreclosure compared to other states. Nevertheless, the rates of delinquency and foreclosure have reduced over the years due to developments in home pricing, increased households, and higher employment rates. Even then, the real estate market in New Jersey is still developing. New York Times analysts forecast that shortages in housing may continue if the gap between the demand and supply of housing widens. The need to close the gap has contributed to the rapid sales of new development, increase in auctions, and the development of substandard houses.
Despite all the challenges and the nature of the market, some of the New Jersey cities are leading in the creation of innovative and trendsetting developments. The prices in these cities have registered consistent monthly growth. The advantage of residing in these cities is the proximity to economic centers and availability of functional transit systems. More houses will develop as property owners anticipate higher interests and more jobs created. The accessibility of mortgages drives consumer demand for housing at lower rates and higher rental rents. More analysis of this market is published in the Philly Purge.
New Brunswick is one of the cities that have grown significantly. At the center of the developments in the city is Boraie Development. The company has consistently developed unparalleled quality, innovative and luxurious properties for the last twenty years. The privately held and funded company has created strong networks with contractors, architects, and financial institutions to enable them to complete and develop their projects as scheduled. Boraie Development business unit focuses on real estate management, development, and marketing. The Boraie team purposes offer exceptional client services and create properties that exceed their expectations.
Boraie’s target market is individual households, businesses, and other commercial developers. Their property offerings include retail spaces, residential homes, student accommodation and hotels. So far, the company has made over $150 million in sales. The NJ Biz spotlight lists Boraie as one of the company’s that has inspired the growth of downtown New Jersey with developments such as The Aspire a New York style inspired luxury house development.
Omar Boraie is the entrepreneur behind Boraie Development. As a student, he envisioned venturing into the development of high-end properties. After Johnson & Johnson reaffirmed its stay in New Brunswick, Omar began buying neglected properties in Albany street. By 1988, the company had opened its inaugural development Albany Street Tower One. Currently, Boraie Development is focusing on creating units that can accommodate the growing workforce in New Jersey as well as the millennials. For more info, visit statetheatrenj.org.
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