In the beginning, everybody in New Brunswick thought Omar Boraie, the founder, and president of Boraie Development LLC had altogether lost his mind. Omar did the unthinkable by investing all his cash in a derelict part of town. Here’s a recap of an article about the latest trends on the lucrative New Jersey real estate market, according to Boraie Development.
According to Boraie Development, LLC, New Jersey’s real estate market is on a steady rebound course after the pandemonium of the 2008 U.S housing debacles. States like New Jersey are witnessing property booms as shown by the significant drop in the foreclosure rates and the ever-rising home prices. Boraie Development, LLC seeks to build high-end luxury apartments and business premises to cater to the burgeoning consumer market in New Jersey.
Housing in NJ
For ages, New Brunswick struggled with a severe shortage of prime residential and business properties. According to the Chief Economist of the National Association of Realtors, Lawrence Yun, the area’s housing problem is just beginning. Lawrence Yu predicts an inevitable housing crisis in New Jersey and its confines as a result of the ever-widening gap between the supply and demand for affordable property. The NJ property market has been thrown into utter disarray as evidenced by the scenario whereby only new homes are being sold and very few existing properties are being auctioned or sold off.
On the other hand, many property analysts expect a significant surge in home prices in the coming financial quarters. Part of the shortage problem results from property owners in New Brunswick deliberately keeping their investments off the market until the prices appreciate.
Rising Rents and Dropping Mortgages
The eased accessibility of New Jersey’s CBD from the new satellite towns has seen the median properties prices soar over the past decade. Young professionals can today commute conveniently via the city’s transit trains to work and back. Moving forward, Capital Economists speculate that even though consumers will pay more to rent in New Jersey, the ever-falling mortgage rates will continue to attract more investors into the industry. Check out boraie.com to see more.
About Boraie Development LLC
Boraie is a highly reputed real estate developer based in New Brunswick, NJ. With Boraie, clients are always assured of timely results at the most competitive rates. Omar Boraie founded the company in 1972, after returning from his studies and travels in Europe. Sam Boraie saw the untapped potential of the then ghost town in New Brunswick and he purchased a few blocks. To date, the award-winning developer has sold well over $150M worth of prime residential and commercial properties