Boraie Development is a real estate development, marketing, and property management company. Based in New Brunswick, New Jersey, Boraie Development has been in the forefront of developing quality residential and commercial property since early 1970’s. Led by Omar Boraie, an Egyptian migrant and his son Wasseem Boraie, the group has taken much pride in changing the housing sector in New Jersey. Visit statetheatrenj.org to see more.
Housing Situation in NJ
Due to the population explosion in the state of New Jersey, a housing crisis is cropping out in the area. As stated in an article published in the Philly Purge, NJ has been trailing in the growth of real estate market. Also, it is experiencing the highest number of residential mortgage defaulters in the US. However, of late there has been a slight improvement in the underlying local economy. The employment rate is improving as well as gaining home prices and formation of households. Therefore, locals are optimistic that the positive trend will continue in future and the housing crisis will be resolved. For more details visit Crunchbase.
Lawrence Yun, a Realtor Chief Economist, stated that the housing deficiency in NJ is evident. Few homes are on sale and auction, while those newly built are sold at a fast pace. Also, the reduction in the dispensation of housing permits is worrying. The homeowners and sellers are withholding their sales waiting for the prices to hike for increased gains. With this situation, the housing shortage in NJ is likely to hit the highest level ever.
Despite the situation, since ending of Great Recession, some towns in NJ are experiencing a commendable growth. With development infrastructure and low mortgage rates, these cities are becoming more attractive to investors thereby improving real estate market. Therefore, there is hope for the increment of house supply and reduction in prices. However, a soaring issue in NJ is that the cost of housing, as well as the rates of rent, is still going up.
Over the years, Boraie Development has been able to associate itself with credible financial institutions and work with renowned architects and contractors. The company has revolutionized the real estate market in NJ with quality work. They offer a range of services from development of properties, to their management as well as marketing and sales. Boraie Development consists of a committed team of visionary professionals who are dedicated to providing exceptional services to their clients. They aim to create urban estate projects that will attract and satisfy the renters, residents and financial partners.