The U.S Real Estate industry is quickly turning its attention to New Jersey. This move is likely to increase the number of houses in an area which is already overpopulated. Data from the housing sector indicates that New Jersey takes the lead when it comes to mortgage uptake and the trend has had negative effects on the general real estate industry. Compared to other States, New Jersey also has the highest number of foreclosures and hence derailing the efforts by the federal government to make housing affordable and to everyone. Economic experts warn that if that trend continues it would turn into a major crisis not only in New Jersey but other states.
However, a recent survey indicates that there has been a decrease in the number of foreclosures cases in New Jersey. Factors such as increased employment rates, reduction in house prices and formation of households are some of the factors which have led to the positive trends. A chief economist from the National Association of Realtors said that the shortage of housing in places such as New Jersey might soon turn into an emergency if the situation is not addressed soon enough. He said that there has been an increase in the demand for houses and yet the supply remains stagnant. Check out pressofatlanticcity.com
Real estate companies are companies are keeping a close eye on New Jersey based on a recent study which revealed that the price of houses would soon appreciate. The decline in the number of houses in New Jersey is attributed to the Great Recession which drove away most construction companies. Nonetheless, there is hope as many real estate companies are beginning to fill the gap that has been in existence for several years. Most towns in New Jersey are gearing up for the new trend as the prices of the new buildings have drastically gone higher than expected in the past few months. For more details visit Crunchbase.
In bid to bridge the housing gap in New Jersey, most real estate companies are taking advantage of the situation. There are several construction companies trying to have a piece of the cake in the construction sector in New Jersey. Boraie Development is one such company. It is one of the most visible construction companies in New Jersey. The company has been in operation for the past 20 years both in New Jersey and other parts of the U.S. They have a team of professionals who have the interests of clients in their hearts.
Jason Halpern, the Founder, and Principal of JMH Development is known for high-value service in real estate development and his philanthropic work to the society. JMH Development is a major real estate development firm in the New York State with both commercial and residential projects across the U.S. The firm has developed many projects across the state that includes major hotels, townhouses, condominium projects, etc. The firm is especially known for developing high-value properties in Miami Beach, Brooklyn, and Manhattan.
Jason has great exposure to real estate development from his younger ages as his family is involved in constructing and maintaining hundreds of projects for the last 50 years. He has a tradition of maintaining the historical aspect of the area where he invests. So while developing, he ensures the historical value of the property or suburb is not compromised, and it is well preserved. This is greatly seen in the developments of 184 Kent, which was a century old warehouse. The 184 Kent was originally constructed in 1913 and Jason did a total remodeling without compromising its architectural values and converted it into 340 luxurious rental apartments. It should be noted that the property is currently listed on the National Register of Historic Places. It also won the Building Brooklyn Award in 2011 for the most adaptive to reuse category.
Jason’s commitment to retain the value of various structures brought him in renovating Starwood Aloft hotel in Miami. It was originally Motel Ankara, and Starwood entered an agreement with JMH Development to renovate the hotel along with building an eight-story tower. The Townhouses of Cobble Hill located at Brooklyn also has a similar story. It was the renovation of four historic townhomes along with five new ones. With high-quality architecture and luxurious finishes, it is one of the best townhomes in New York. Jason is very specific in understanding the need of the locality, building, and customers. He is highly motivated and dedicated to preserving the best of past and present to the future.
Jason is very active in understanding the needs of the society as well. He finds time and money to spend in philanthropic activities. He was instrumental in setting up Joel A. Halpern Trauma Center instituted at Westchester Medical Center. The center is known for some sophisticated treatments including life-threatening internal injuries, burn victims, caring children and pregnant women, etc. It has options for critical neurosurgery, open-heart surgery, and orthopedic surgery. He was also instrumental in leading his firm into the philanthropy and signed an agreement with a non-profit organization called water, to donate $20,000 for each contract it is signing in its Three Hundred Collins, a residential project located in Miami. Through two charity organizations named Splash and Relief Society of Tigray, the firm supply clean and safe water for at least 650 people in Ethiopia and Nepal.
According to a recent report by the pressofatlanticcity.com, the Middlesex County Improvement Authority has not been able to pay one million dollars in principle for a loan twenty million acquired several years ago from Casino Reinvestment Development Authority. The institution has had arrears for more than five years racking up to seven million from missed payments.
According to the Middlesex Improvement Authority, the loan was acquired in the year 2005, and it was used to bankroll the construction of the popular Heldrich, one of the modern New Brunswick hotels. A conference center was also constructed using this loan.
Stephen Sweeney, the current state Senate president, had previously touted the actions done by the corporation as just a paragon of the things done by most of the private firms in the country. According to him, the public funds that should be used for important projects are being used by the private companies to execute their large scale constructions.
Chris Paladino is a successful lawyer in the city, and he is handling the corporation’s legal activities. Christopher is believed to have arranged for the twenty million loans. He believes that his clients will pay the loan, but he urges the authorities to give them more years.
According to Christopher, the hotel was completed in the year 2007, just when the financial crisis was starting. Business was severely affected by the financial crisis, and the hotel was not able to make money to pay for the loan as earlier planned. Most of the companies in the country are starting to recover from the crisis, and the hotel will be able to make profits in the recent future.
The New Brunswick Development Corporation, popularly known as Devco is a private and non –profit making company that specializes in urban real estate activities. The company was started in the 1970s, and many people recognize it as a powerful tool for the economic growth of the city.