Keeping It (Real) Estate: New Jersey Property Picture Looks to Rebound

After the bottom dropped out of the market in 2006, the national real estate picture began a slow upward climb. According to a recent article in the July 2015 edition of Realty Today, however, New Jersey has lagged behind this upward trend most notably due to a high number of foreclosures and a smaller state population. 

Nonetheless, experts predict this will soon change and cite several reasons why they expect an uptick in the Jersey market. It’s believed that low down payments and interest rates will attract buyers, particularly from neighboring New York. Aggressive marketing of properties on social media and SEO optimization also get the word out on properties and allow prospective buyers to track options. Real-time agents are also available online to provide property details. Although families continue to be the primary buyers, demographics show an increase in singles purchasing homes. 

All of these signs pointing to a rebound come as no surprise to Omar Boraie, president of Boraie Development LLC. Mr. Boraie is the visionary behind such urban refurbishing as New Brunswick’s One Spring Street Condominium, which opened in 2007 and sold out in two months. However, Mr. Boraie is quick to give additional credit where it’s due to companies such as Johnson & Johnson. “If Johnson & Johnson didn’t decide to live in New Brunswick, none of this would have happened,” says Boraie. 

Boraie Development’s current projects include The Aspire, a seventeen-story residential building with 238 units. Mr. Boraie believes that luxury accommodations will bring many professionals back into the fabric of New Brunswick and other New Jersey cities and contribute to real estate growth in the state. “Every morning I look out and see Johnson & Johnson. I see Rutgers. I see the medical school. I see the hospital expanding ….It’s the combination that is building downtown New Brunswick,” says Boraie. This combination, indeed, appears to be part of the winning blend that will bring New Jersey real estate back on the upswing.

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