New Jersey Set to Rebound from the Slumping Real Estate Market Read more

New Jersey Set to Rebound from the Slumping Real Estate Market

In spite of home prices and sales rising across the country, the real estate industry in New Jersey has been much slower to recover from the 2006 economic crisis. Real estate experts, however, believe that the real estate slump will soon be over and that the real estate industry in the Garden State will recover.

According to a recent article published in Realty Today, the real estate market is still below what it was in 2006 when housing prices crashed. Experts say that the market has been slower to recover because the number of foreclosed homes in New Jersey is 8.12 percent and the state has a smaller population than most of the country.

Lower house prices can represent an opportunity to investors as well as those who live in nearby New York, where housing costs much more. This opportunity for new buyers, coupled with low interest rates and low down payments that are currently being offered by lenders, has experts confident that the real estate market is set to make a comeback. Technology which allows free advertising on social media, emerging demographics that demonstrate that more single people are buying homes and real-time brokers that are available to talk over the internet anytime, rather than just in-person, are also predicted to help the market increase

New Brunswick seems to be proof that the real estate market will soon improve. Once a thriving city, an increase in immigrant population, lower property values and neglect left the city struggling. In the 1980s the city began showing signs of a slow rebound that continues today. With a new focus and a recent redevelopment of the downtown area, New Brunswick has many hopeful that it’s a sign of the New Jersey real estate market re-emerging. 

Omar Boraie of Boraie Development is one of these hopefuls. Boraie has long believed that New Brunswick had the potential to be great. For four decades he worked hard to make his vision come to life. Buying vacated buildings, he built new office buildings and a New York-style high-rise condominium building that helped to shape what he envisioned for the city. His most recent project, The Aspire, a 17-story building with 238 residential units and 10,000 square feet of retail space, has many sharing in his vision.

A new downtown, with new Manhattan-like residential housing from The Aspire, has many excited. Boraie Development, LLC, once the sole believers in the potential for the city, now has many who believe. The new New Brunswick, along with the potential for new buyers and investors throughout New Jersey, demonstrates that New Jersey is ready to make an upswing in the real estate market.