If you have been keeping up with the housing market in New Jersey, chances are you’re well aware that the garden state was significantly impacted by the recession. In fact, during this time, New Jersey reportedly surpassed nearly every state in the U.S., in terms of foreclosures and delinquent mortgages. Although every state in the union was impacted by the recession, which lasted from 2007 to 2009, New Jersey was hit particularly hard, resulting in a calamitous downturn in state’s real estate market. However, as the U.S. began to climb out of the recession, and New Jersey saw an upswing in their local economy, a new housing problem arose.
Although a rebounding economy may sound great, it revealed a new set of real estate challenges for New Jersey. In fact, several studies have pointed to New Jersey’s strengthening economy as the impetus for the state’s current housing shortage, and according to Lawrence Yun, a chief realtor economist with the National Association of Realtors, the gap between the state’s available housing and consumer demand is expected to increase. So, how will New Jersey avoid, yet another, housing crisis? It’s simple, build new homes.
If you’re unfamiliar with Boraie Development, they are a leading real estate development company based in New Brunswick, NJ. According to the company’s website, Boraie Development LLC operates primarily as a real estate company, but they are also proficient in property management, development, sales, and marketing. In recent reports, Sam Boraie announced plans to create new projects that will spur the local economy, while simultaneously remediating the states housing shortage. These plans include attracting new residents and working with financial partners, that are equally committed to seeing Central Jersey Working Moms thrive.
According to Rutgers, one of the most ambitious projects backed by Boraie Development is an Atlantic City apartment project, which began construction in late 2016. The project, which is reportedly aimed at attracting millennials, will be comprised of 250 luxury apartments, all equipped with granite countertops, hardwood flooring, and stainless steel appliances. The project is said to be in the neighborhood of $81 million, in terms of development cost, making it one of the largest modern-day apartment projects in the state of New Jersey. Needless to say, local government officials are ecstatic; Aaron Randolph, Atlantic City’s first ward city councilman, expressed his enthusiasm for the project and is pleased to see years of planning finally come to fruition.