PRICES ESCALATE FOR HOUSING IN NEW YORK

Based on their high market value, one in every five homes in the market based in Brooklyn and Manhattan can be considered a luxury home as compared to the sales average within the past year. NYC luxury real estate has recorded high-profit returns that have seen the yearly increase in market value of various strategically located homes. A recent article posted by Luxury Daily reports that New York’s real estate records a remarkable growth by 9.5 percent about the previous year (http://www.luxurydaily.com/new-york-real-estate-reaches-record-high/). This data relays a spectacular growth, being the fastest ever experienced in the past seven years.

With the recent excavation of rent prices by 10.7 percent from the previous year, the median rent costs have reached $3,339, while Brooklyn recorded a gradual rise in 1.5 percent. Alan Lightfeldt, StreetEasy’s data scientists, mentioned that housing in Manhattan is becoming more expensive a factor that adds more weight on Manhattan’s long-term housing affordability. Manhattan and Brooklyn are both locations that are the most sought after for housing privileges. Also with the rise in rent costs more New Yorkers will have to divert their interests to above 110th street in Manhattan and South and East Brooklyn to counter the hike in rent prices.

Founded in 2010, Town Residential is New York’s leading firm in luxury real estate services. Started by the firm’s CEO and co-chairman, Andrew Heiberger and Joseph Sitt respectively, Town Residential specializes in sales leasing of luxury homes and property developments. Town Residential plays a crucial part in New York’s real estate having surpassed the desired standards in quality and professionalized service.

The real estate firm employs professionalized manpower and a consistent winning formula that has earned the company numerous financial accolades in the real estate industry. The company is also a source for the talented human resource, as it was named one of the top fifty places to gain employment in New York. With the mentor ship and guidance visionary leaders, Town Residential offers an unsurpassed level of quality service that puts it at the lead in the real estate business.

During the third quarter of the current year, there was a slight drop in rent prices in New York. Sales dipped by 4.5 percent, which Town Residential confirms shouldn’t necessarily raise an alarm to investors. The report by the real estate firm indicated that the drop in market value of residential homes would, in fact, boost the sustainability of high prices. New York real estate increases in market value yearly which predict remarkable profits for real estate investors.

Boraie Development Revitalizes New Jersey

 

According to Housing Wire, New Jersey has been slow to rejoin the Great Recovery. While struggling with slow job growth, high taxes, and the collapse of the real estate market, New Jersey was hit by two devastating storms: Irene (2011) and Sandy (2012) costing residence $1 billion and $30 billion respectively. Revitalizing the economy and the state’s real estate market has certainly been a challenge, but Housing Wire also notes that the state is set for a new real estate boom.

One key player in this revitalization is Boraie Development. Boraie Development LLC is undertaking projects in Atlantic City, New Brunswick, and Newark, among other New Jersy cities. Much like the New Brunswick office Boraie Development now occupies, the company specializes in turning overlooked properties into luxury accommodations.

In Atlantic City, Boraie Development is taking part in the transformation of the South Inlet into the Lighthouse District. The plan includes complimentary business and residential development. For its part, Boraie Development is committed to build a 250-unit apartment complex. With the expansion of Richard Stockton College by fall of 2015, the area is positioned for growth.

Boraie Development is also working with Shaquille O’Neal to bring life back to Newark’s fading downtown area. Together they transformed the old theater on Springfield Avenue into the CityPlex12 Newark. The development team has also begun construction on downtown Newark’s first residential tower in over 50 years. With a price tag of $60 million it is quite an investment in the future of the city. 

These are not new ventures for Boraie Development. The developers have built more than 100 million square feet of commercial and residential property in New Jersey over the past decade. The combination of business and residential space appeals to the pre-married millennials who are starting to invest in their first homes. The development team recognizes that a community is comprised of more than just work and living spaces. A community thrives on culture, and Boraie Development is willing to do its part there as well. 

After the financial pinch New Jersey felt in the economic downturn, the brown development in struggling communities throughout the state leaves New Jersey poised for a healthy surge in the real estate market. Boraie Development is proud to be part of that process.