The housing market has seen significant improvements since the crash in 2008. We have seen mortgage rates drop to historic lows in 2016 that have continued into 2017, to the point where there is now a housing shortage. According to a recent article published by Bloomberg, all across the country the supply of housing falls short of the demand, with many homeowners holding off putting their houses on the market hoping that their homes will appreciate in value. This trend is felt in all markets but especially in New Jersey where housing prices were already quite high.
To meet the demands of the housing shortage, new developments are being built. New Jersey in particular is seeing a boom of new apartments that are close to public transit. As millennials become more entrenched in the global economy, they are slowly moving out of the renting space and into the home ownership space. Having the option of public transportation nearby is a deal breaker for many in younger generations. Philly Push also points to the increasing employment and decreasing mortgage rates as likely signs that the housing market will continue to improve.
One particular development company is dedicated to solving the housing shortage in New Jersey. On their website, boraie.com, it is noted that Boraie Development offers several different types of services including real estate development, property management and sales and marketing. Boraie Development surrounds itself with only the best, be it the financial institution providing the financing or the architect putting their dreams into reality.
At the helm of every great business is a great leader, and Omar Boraie is the great leader behind Boraie Development. As NJBIZ points out, Omar Boraie has had an eye for real estate for several years. After completing a new luxury apartment building in New Brunswick, NJ Omar Boraie recalled all the people who turned up their noses at the opportunity to develop the once struggling city. Omar was able to see the great potential in New Brunswick and has worked tirelessly for the past several decades to make his vision complete.
Although Omar has had an immeasurable impact on the city of New Brunswick, he is the first to give credit to others who have helped in the revitalization. He points to the Johnson & Johnson company for staying in town, the mayor and Rutgers University, among others, who all came together and created a vision for their beloved city. You will be hard pressed to find a more trusted name in New Brunswick than Boraie.