New Jersey was always considered as one of the hottest real estate markets in the United States with its densely populated cities. During the financial crisis period, the state witnessed one of the biggest slowdowns of the industry with numerous foreclosures as well as delinquent cases. The New Jersey real estate sector was trailing behind other states, and this continued until recently. But, per the latest report by Philly Purge, the industry is on its way to a comeback. Per Zillow, the number of delinquency and foreclosure cases have significantly reduced in the recent months, and the industry showed the signs of revival.
When the industry is coming back, there is another serious issue is facing the entire industry – the shortage of supply. While a majority of New Jersey towns are facing the issues of shortage of inventory, an inflated pricing is expected across the industry. It may also compel the thousands of vacant homes, either second homes or vacation homes, hitting the market to utilize the pricing wave expected in the coming months. The government data also showed that there is a decline in the building permits in the recent months. For more details visit Crunchbase.
While the majority of the cities of the state show a similar trend, some cities are leveraging the high demand with an excellent inventory of apartments and homes. New Brunswick is the ideal example for this trend, and some of the highest quality developers based in the city like Boraie Development ensured that they are offering excellent housing solutions to its residents and people who wanted to invest there. As a leading developer of the region, Boraie Development is offering a comprehensive real estate experience to its customers by bringing best contractors, architects, and strong financial institutions together. It showcases reliability, capitalism, and vision in each of its projects. While giving preference to the residential real estate, Boraie Development also focuses on hotel assets, retail, entertainment, and commercial space. Check out pressofatlanticcity.com
The real estate development firm was established by Omar Boraie in 1972 as he wished to change the sky of the city. He foresaw the development needs of the city as its proximity to New York City. The expansion plans of Boraie Development helped the city to create a significant business base, and that gave more influx to it. Apart from real estate development, the firm is also involved in marketing and sales, and property management. The real estate developer also invested in other cities in the state including Newark, Milltown, and Montgomery.