Category Archives: Affordable Real Estate prices

Boraie Bringing New Live to New Brunswick

For years, New Brunswick had struggled behind the rest of major college towns, despite being home to Rutgers University, the birthplace of American Football and serving as one of the top college institutions in all of the state. The skyline remained small and simply unimpressive. However, with the recent development investments made by Boraie Development, the skyline has started to considerably revamp itself and now it is being compared to Cambridge and Ann Arbor.

New Brunswick faced many of the same problems as other cities. It saw a major influx of immigrants on into the population over the last several decades. This influx of immigrants, many of whom did not possess a higher level education or excellent language skills, required less expensive rent in order to live. This ultimately reduced the quality of living conditions as landlords could not put the necessary time and money into the properties. This caused a drop in property value and other problems.

Now, different investments where made into the city dating back to the mid 1970s. Johnson & Johnson made several large investments into the city, which helped many investors decide to bring new housing and business options to the city. Due to this, while other cities struggled with the immigration influx, New Brunswick started to see an improvement with the situation on starting in the middle of the 80s. This did not drastically change the outlook of the city though. It more or less stopped the bleeding and progress trickled forward, if at all.

This is where the Boraie Development investments started to come in. The private development company constructed a 17 story residential building which provided luxury housing. The luxury housing charged a hefty price, but it attracted wealthy business heads to the area and also up and coming professionals who wanted to be party of the trendy atmosphere. Eventually, Boraie Development started to invest more into the city, pumping in around $77 million into different projects around the city. This has drastically changed the way the city looks and functions in the last two decades or so. Now, while the city on does have a ways to go in improving its overall image, it is starting to look more the part of a major college town that attracts more than just college students. By standing up with the likes of Ann Arbor and Cambridge, outside professionals are finally starting to look towards the city, mostly in part due to Boraie.

Is this the peak of Manhattan apartment prices?

There appears to have been a bit of a reversal in the direction of Manhattan apartments, which may indicate that the peak in real estate prices has been reached. This follows a trend that follows other markets including China, Miami, Australia, London and now the venerable New York City real estate market may suffer.

The suffering that Manhattan has been minor to date and comes at the heels of a historic rise in real estate prices. Many people have been predicting a downturn in real estate after this rise and some brokers are indicating that the economics surrounding the New York City real estate market are no longer logical and don’t fit with reality. Therefore a cool down period is expected in terms of real estate prices in Manhattan.

The first sign of this downturn is an increase in the vacancy rate for Manhattan apartments which have increased to one of the highest points of the last decade. The vacancy rate in Manhattan was 2.87 percent during the month of November, which is up from 2.31 percent a prior year. The vacancy rate has not been as high as it was in November 2015 since the summer of 2006.

If you are a lessor, you need a high quality broker to represent you and get your unit rented among the increased vacancy rate. No longer is it simply a matter of putting your unit on the market and having it rented. If you are a landlord, you should consider using Town Residential Real estate to represent your apartment and help to get it rented in a competitive market. Town Real Estate is an expert in renting units for landlords and effective in quickly placing your apartment by helping you to price your unit effectively and at a market rate and advertising your apartment well.

Likewise, if you are a renter looking to take advantage of the market you should contact Town Residential Real Estate who can help you to locate an apartment and to take advantage of the competitive pricing available. An experienced real estate agent like Town Residential can explain to you the market and can help you negotiate amenities like a free month of rent.

The decrease in prices may make it a better option to wait before renting units as despite the increased vacancy rate, prices are at a high as they have climbed almost 4% from the prior year with average prices of $3,361. Many are predicting that the peak is at hand and rental interest will decrease from here.