For many of us, the 2007 through 2009 recession will forever be etched in our minds; however, many people don’t know what spurred to the recession, to begin with. If you’re part of that demographic, the recession followed the burst of the housing bubble, which occurred in mid-2007. One of the hardest hit states was New Jersey, which reportedly eclipsed every other state in the union in delinquent mortgages and foreclosures. These events triggered a significant downturn in New Jersey’s real estate market and simultaneously caused a decline in the state’s overall economic activity. Fortunately, as the U.S slowly regained its economic footing, so did New Jersey; however, the state found itself confronted with a new kind of housing problem.
On the surface, an economy that is improving would signify positive changes for any state; however, for the garden state, a strengthening economy resulted in a housing shortage. How is this possible? Well, as the economy improved, and consumer confidence grew, homes sales began to skyrocket. Over time, this created a shortage of available homes, which soon translated to higher home prices for available property. So, how does New Jersey avoid this new variation of a housing crisis? Well, new homes have to be built. However, this requires much more than simply constructing new homes; there is a degree of foresight, as well as research and development, that needs to take place first, which is where Boraie Development comes into the picture.
According to WSJ, Boraie Development is one of the premier real estate and development companies in New Jersey. Although they mainly operate in the real estate sector, Boraie Development is also heavily involved in sales and marketing, as well as property management and development. While New Jersey was struggling with this, very unique, housing crisis Boraie Development stepped in to present local government officials with a solution. What did the solution entail? It was a plan that would not only gain financial backing from several corporate partners but one that would attract new residents in the process.
In a report by NJBiz, in late 2016, Boraie Development began constructing luxury apartments in Atlantic City, a resort city on New Jersey’s Atlantic coast. The ambitious project was aimed at millennials and consisted of 250 apartments, all of which included stainless steel appliances, granite counters, and of course, hardwood floors. The $81million dollar price tag made it the largest apartment project in New Jersey’s recorded history. The project was met with enthusiasm by many local officials and signified real change for the garden state. You can search on Yahoo to see more.