New Jersey Real Estate and how things have changed

An article that was seen on Realty Today says that real estate is still struggling in New Jersey even though there has been a few high profile investments to turn the Garden State around. According to the article on Realtor Today, there are still properties in New Jersey that are way below market value. Industry is improving in the real estate industry, but the people of New Jersey are afraid to put their properties up for sale because they are afraid they will not get what the properties are worth.

Experts say there are two reasons why the property prices in New Jersey are still not going back up to market value, one, the rate of foreclosed properties is at 8.12% and second, the population of New Jersey is half of what other states population’s average. This is a good time for investors to be buying property even though New Jersey has really high state taxes, and commercial and residential properties are cheaper than New York. With lower down payments and lower interest rates, some people feel that the real estate market there is about to take an upswing. There is also an increasing interest in single people wanting to buy their own home. 

Omar Boraie and Boraie Development LLC have been predicting an upswing in New Jersey Real Estate because of the improvements that they have been seeing in New Brunswick. The dream for New Brunswick began forty years ago, and is now coming to fruitation for the 73 yr. old Omar Boraie and Boraie Development LLC. He had been predicting the upswing in real estate in New Jersey for a while. He now laughs at all the doubters who said he couldn’t help rebuild New Brunswick the same way he saw Europe get rebuilt when he went there from his home country of Egypt.

He is now about to finish his vision of a high rise of luxury apartments on Somerset Street called “The Aspire” that is right in the middle of all the action in New Brunswick. He said when he first started his renovating New Brunswick it was horrible, it wasn’t safe, but he could see the potential. Now it has been transformed. He said back then there were 21 vacant and rundown buildings on this same block. He started buying each one and then told the city of his plan. They did not see his vision. He now has developed Albany Street Plaza Tower One, which brought the city the needed top level office space, then he build Tower Two adding even more top level office space. He then built a high-rise building with top notch condominiums with 25 stories with residential condos, office space, retail space and a parking garage and an outdoor area for barbequing and a walking trail to walk your dog. The building was finished in 2007 and sold all its space in two months. No one believed it could happen so they turned around and did it, now they have had the last laugh.