The United States housing crisis is shifting its focus to New Jersey hence raising more fears on the resurfacing of the housing problem in the U.S. One Real estate tracking company in a report indicated that New Jersey was increasingly creating a gap with other states regarding shares and rates of residential mortgages that are in foreclosure. Consequently, the real estate industry in New Jersey costs the country a lot.
Nonetheless, there has been a decrease regarding interest rates as well as foreclosures which have been contributed to the stringent rules that were put in place.
Lawrence Yun, an economist at the National Association of Realtors, admits that there is an increase in the demand for housing and that if the problem is not going to be addressed soon enough, it will soon turn into a housing crisis. The fact that there is an inadequacy of houses in the auction market and even people are not able to access new houses is a worrying trend. This means there are thousands of house entering the market every year with an urgency to sell them without ready buyers. If such a trend continues it means things in New Jersey will get from bad to worse.
The other thing worth noting is that New Jersey is at a point where real estate is at its peak. This is mainly attributed by the fact that the price of houses has been projected to increase in the next few years. That is probably why most real estate companies are rushing to build as many homes as possible and cash it from prospective buyers. New Jersey’s real estate industry was largely affected by the Great Recession, and it is only recently when the demand for housing has suddenly gone up even in remote places. This is the reason why most people are taking advantage to set up new buildings and apartments. For more details visit Crunchbase.
About Boraie Development
New Jersey has attracted various construction and real estate companies who are keen on improving the housing status of the town. Considering its long-term experience of over 20 years in construction, Boraie Development is one of the most sought-after companies in New Jersey. The company mainly uses private capital as its major source of funding, and that is probably why it gets a lot of attention in New Jersey. Boraie Development provides a wide range of construction and development services which are meant to ease the cost burden from its clients. Check out their website boraie.com
Sam Boraie is a New Brunswick-based real estate developer and philanthropist. He is the son of Omar Boraie, the founder of the Boraie Development, which is one of the leading real estate development firms in the state. Sam Boraie has been a community leader for more than 2 decades and his goal is modernizing New Brunswick City in New Jersey. He has, however, expanded his residential development activities to other markets in Newark and Atlantic City. Boraie is the current Vice President of the Boraie Development. He is also on the advisory board for Elijah’s Promise and on the Board of Trustees for the State theater of New Jersey.
The company’s primary goals include property development, sales and marketing, as well as real estate development, more information can be found on Bloomberg.com. In 2013, Sam Boraie together with an international basketball stall, Shaquille O’Neal worked together in the construction of the One Riverview located on Rector Street. The building is the first high-rise residential project in Newark for more than 50 years. He has also overseen completion of the One Spring Street project in New Brunswick which is a 25-story building in New Brunswick. Visit his crunchbase profile: https://www.crunchbase.com/person/sam-boraie#/entity
Sam Boraie oversaw the development of Aspire, a 238- unit high-rise building located near the New Brunswick Train Station in 2015. The high-rise tower has become the best choice for the millennial in search of a modern design and maximum luxury in a house. Surrounding the building is a wide array of clubs, theatres, and restaurants, which contribute greatly to the developments in the city. The company has also been responsible for the Albany St. Plaza located in the downtown Newark area. Additionally, it has also completed The Beach located in the South Inlet, Atlantic City. Other pending constructions include Rector in Newark and Waverly Place Estates in Montgomery.
Sam Boraie has been on the Board of Directors of the Elijah’s Promise where he uses his experiences in the corporate world to guide the decision-making efforts and plans for the future. The organization aims at breaking the cycle of poverty among the New Jersey residents by empowering individuals In getting and sustaining their jobs. The organization works towards eradicating hunger, encouraging social interactions, and supporting the rights of the underprivileged people in New Jersey. Additionally, the organization has a school that offers training on baking culinary and pastry arts all in a quest to feed the hungry.Check out the Boraie company profile on yahoo.com.
Another major Sam Boraie’s charitable act is the renovation of the State Theater in 2003. The theater has been a center for performances and film screening since December 1921. It has now become a modern day monument for over 30,000 students and students who attend to watch individual performances. The theater has been relying heavily on the charitable aids from Sam, his family, and the Boraie Development Company.