Just a few short years ago, the New Jersey real estate market was on the verge of imploding. Now, there are many reasons to believe its on the cusp of a comeback. A stagnant economy, high taxes and the aftermath of back-to-back hurricanes, put a huge load in the upwards of $30 million on the citizens of New Jersey.
New Jersey real estate mogul Omar Boraie, owner of Boraie Development LLC., is a visionary who sees the potential of building more housing. His latest project is a high-rise luxury apartment called the Aspire. This residential unit was built in an effort to breath new life into New Brunswick, which has been deteriorating for some time.
The 73-year-old builder recounts how bad the area was several decades ago. “The area had many dilapidated units and abandoned houses,” says Boraie. While many criticized Boraie in his attempts to upgrade the area, he saw it as an opportunity to do some good. Boraie has also built two plaza towers over the years that have both commercial and residential renters. “The are is beautiful now and should bring more wealth back to town,” says Boraie.
Although the New Jersey Shore isn’t quite back to its pre-hurricane condition, the areas are slowly getting back to its original state. As the devastated areas continue to get upgrades, more and more people will take advantage of the new and improved middle-class housing.