New Jersey today experiences a shortage of real estate properties. The number of buildings being erected has significantly gone down yet the demand is so high. Lawrence Yun, the realtor chief economist at national association of realtors predicts that the situation is bound to get worse in the near future. He says that many property developers having noticed that the number of buildings coming up is not proportionate to the demand, they withhold properties that should be for sale because they predict a market crisis.
During a real estate market crisis, those selling houses stand to gain as opposed to those buying. Since houses are in short supply, relators hike the prices and buyers have no choice but to buy at the set price. Since there is an anticipated real estate crisis sometime in the near future, several houses are being held back waiting for the crisis to escalate. This is in hope to make more money than they would if they sold now.
According to Rutgers, the properties acquired and developed by Boraie Development are always marketed. This is in line with their mission to meet the increasing demand for houses in New Jersey. In doing so, Boraie Development has gone a long way in solving the real estate problems in New Jersey. According to the article published in the Philly Purge, Boraie Development: New Jersey’s Most Sought-After Residences, the housing demand in New Jersey will only go up because most of the towns coming up in this area are close to transit and there is a constant supply of jobs. The amenities are great thus serving as a pull in factor for home owners.
In response to this development, Boraie Development is working with stable private sources of capital such as commercial banks and contractors who are skilled and able to deliver quality work on time to come up with buildings that are affordable and of good quality. They give preference to buildings that promise to attract people who will bring long term benefit in the town; like residential houses and office spaces.
Omar Boraie, the founder of Boraie Development is known for his passion to rebuild what is broken. When New Brunswick faced its challenges and people moved out to other towns, he bought rundown buildings and built impressive ones in their place. His project to put up state of the art facilities around the once run down town went a long way in seeing the town spring back to life again. Check out Central Jersey Working Moms for more.