Housing prices are increasing quickly across most of the United States. New Jersey, in particular, has surging home prices which have not only resulted in newcomers to the market not being able to afford a home but also an increase in mortgage delinquencies and even foreclosures. This has led to the real estate market experiencing a large slowdown in this state despite a lower unemployment rate and millennial finally getting married and forming households where the prospects are better. Check out Central Jersey Working Moms for the details.
The shortage in New Jersey housing due to these issues could turn into a true emergency if supply and demand of housing is not better met. The fears are that an unbolting of a surge of new houses for sale on the market could lead to home values plummeting as homeowners desire to quickly sell their home by undercutting other similar homes on the market. There are a large number of vacant homes held by banks that could flood the market if they all start selling the houses in their inventory around the same time.
There are, however, some areas of New Jersey that feature a high level of housing demand coupled with a good amount of inventory. The one trend among these properties is good access to mass transit. Homes that are near mass transit are experiencing steady demand and good values.
Boraie Development is a real estate company with almost 40 years of experience in the New Brunswick real estate industry. They had the foresite to build the condos and apartments they build near mass transit which makes their properties increasingly interesting to millennial and others who want to live in an urban environment.
At Boraie Development they don’t only build residential properties as they also manage them including marketing, sales, and maintenance. They have been creating properties for years which attracted people back to New Brunswick which had been a failing community back in the early 1970’s when the company was formed. Despite people thinking the founder of the company, Omar Boraie, was crazy for building in a city experiencing depopulation he had faith that he could attract people back to the city by building attractive places for them to live and work as well as near mass transit.
Today, Boraie Development has a number of properties in not only New Brunswick but also one in Atlantic City and another in Newark, New Jersey.