The New Jersey real estate market looks for a stronger future

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As the global stock markets and real estate industry has slowly returned to financial good health the real estate markets of New Jersey have largely remained in a 2006 slump. Realty Today explains the still shrinking new Jersey markets have very few bright spots as a low population level and lack of investment since 2006 have seen prices stall and foreclosure rates remain above eight percent. One bright spot on the horizon is the Boraie Development LLC led the redevelopment of New Brunswick, which has taken company leader Omar Boraie more than four decades to complete, but is now reaping major rewards.

Experts believe New Jersey should be a shining star in the US real estate industry because of its close proximity to New York and the low population levels that allow the chance for development to take place. However, New Jersey remains stranded by high property taxes and a lack of industrial investment that has seen the real estate market so far fail to escape the problems first encountered in 2006. Boraie Development led New Brunswick redevelopment has seen abandoned buildings turned into housing developments and shopping facilities. In fact, New Brunswick has been inspired by the downtown areas of New York and used this model to become one of the few areas of economic growth in the state.

New Jersey has faced a large number of problems in recent years, which have added to the problems with the real estate market. However, the real estate market in New Jersey has always been hampered by the low level of population growth that remains under the national average across the US. Developments like those led by Omar Boraie in New Brunswick are showing how changing the way areas within New Jersey are viewed can have a positive effect on the New Jersey real estate market long into the future.