Omar Boraie founded Boraie Development in 1986. Based in New Jersey the company specializes in the development, marketing, and the management of real estate in urban areas. The types of properties that are in demand in cities is diverse. In response to this Boraie’s offers properties suited to the hospitality industry, residences including student housing, retail space, and diverse purpose sites.
The success of Boraie Development can be credited to the prescience of Sam Boraie. Four decades ago city officials weren’t sanguine about New Brunswick’s future. Boraie saw what everyone else was missing. His company’s first purchases were 21 abandoned and distressed properties. Today, Downtown New Brunswick is experiencing a rebirth thanks to Omar Boraie’s vision.
While surging home values benefit homeowners they create a hardship for renters. In areas experiencing surges, the increase in rent exceeds the increase in wages by more than six percent. According to an article posted on NJ Biz, this trend could make New Jersey ground-zero for a national housing crisis.
Chief Economist at the National Association of Realtors Lawrence Yun is concerned that the situation will only get worse perhaps rising to the level of a crisis. Supply and demand are at the heart of the problem. There simply isn’t enough housing to satisfy demand. For more details visit Crunchbase.
New Jersey has one of the highest rates of mortgage defaults and mortgages that are nearly in default. This trend has adversely affected the real estate market in New Jersey. Economist are worried that the competition to sell properties recently placed on the market will exacerbate the situation.
Still, the real estate situation in the Garden State is not all grim. The reality site Zillow forecasts an uptick in property values in New Jersey. The shortage could be eased by homes that are being kept off the market because of speculation being put up for sale as housing prices increase.
There are towns in New Jersey where the supply is equal to the demand. Property values in urban areas have been steadily increasing. The advantage that these emerging growth areas have is their close proximity to New Jersey Transit stations. Increased employment opportunities are also a contributing factor.
As the demand for property in New Jersey increases Boraie Development will be there to fill the demand. Through its association with the best lending institutions, contractors, and architects guarantees Boraie’s ability to complete projects on time.