The state of New Jersey has two different housing markets. In some parts of the state demand for homes is far outstripping supply. There are supply issues for a number of reasons. The first is that many homeowners think the value of their home will climb even higher than it already has so they’re holding on to sale later. Second, banks are not selling many of the homes they foreclosed on. Finally, there has been a drop in housing permits in these areas which means not as many new homes are being built.
According to Patch, in other parts of the state, though, the balance of homes being offered for sale and buyers are in much better balance. The homes that sell especially well are those that offer quick commute times due to nearby public transportation options like subways. Many of these areas have thousands of homes and apartments available so that people can find homes they like and can afford.
Boraie Development is a property development and management firm based in New Brunswick. They are building many condos and apartments in New Jersey. They are primarily a luxury developer that features high-end amenities in their buildings. Their specialty is building in urban cores which are where many millennial prefer to live. As they have been in business over 30 years they have developed very good relationships over the years with the banks who provide financing for their buildings as well as architects, contractors, and other professionals in the construction industry. For more details visit Crunchbase.
Beyond condos and apartments, Boraie Development has built other types of properties over the years as well. This includes offices, retail spaces, hotels, and buildings used for student housing. They manage all of the properties they have developed which includes maintenance as well as leasing, sales, and marketing. Over the years since their founding they have sold more than $150 million in property counting both residential and commercial transactions.
Boraie Development was founded by Sam Boraie. When he started developing properties in New Brunswick some thought he was crazy given that at the time this city wasn’t considered very nice or even safe. However, he started building good structures where vacant buildings had been and soon enough other businesses moved into the area around his properties revitalizing the downtown core of this city. His first project was on Albany Street and he continues to maintain his company’s offices in this building.