Category Archives: Real Estate Rules

Common Sense Real Estate Advice For 2015

The United States has seen another year of decent economic growth, a better employment rate and a housing demand. It’s predicted by the National Association of Home Builders that the purchase of single-family homes will see an even bigger boost in 2015 than it did in 2014 which was considered the strongest year in some time. Economic recovery has not come to every state, but it is likely on its way. Buyers and sellers alike should keep in mind that the real estate market is both regional and unpredictable so it is wise to depend on time-tested fundamentals when buying or selling. There are a few tips that would be wise to follow though.

Sellers should pay attention to detail. Little things can go a long way with buyers. Keeping the property trimmed and cleaned can bring success at a much higher rate. Keep the property on the market smelling and looking clean by washing walkways, keeping hedges trimmed, make sure the lawn stays manicured and don’t be afraid to use scented candles in the house especially in the kitchen. Kitchens are a must for keeping detailed when a property is on the market so keep kitchen counters spotless, floors mopped and everything should be free of dust.

Buyers should take a checklist with them wherever they go to take notes. A notebook for pros and cons of each property will go a long way especially when first impression memories begin to fade. Home features tend to blend together after looking at many too, and a list will cut down on a lot of that. Also, having a checklist of must-have and preferred features in a property is something a smart buyer would do too. Finally, buyers might want to consider creating a rating system for each home they visit.

Working with an experienced firm in the real estate business such as Boraie Development is wise. A reputable firm like Boraie can assist in a variety of things such as property management, sales and marketing or even estate development. Boraie is the type of firm that can advise on and make good real estate decisions.

Pauline is Still Hoping for Revival in AC

Amid the casinos, land development in Atlantic City has always had its troubles but one tract in particular is proving to be a statement of economy and resource. A recent article by Atlantic City Press paints a detailed picture of the situation. 

In the mid to late 1960’s, Pauline Hill, Atlantic City’s Housing Czar, displaced about forty – five hundred people’s homes and businesses seated on an eighty acre lot. This was done to make room for commercial development which, at the time, had several multi-million dollar proposals on the property. Since then, the South Inlet has had one real estate deal after another fall through. However, revival could be around the corner. The Casino Reinvestment Development Authority, CDRA, has until September 30th, 2015 to decide. 

 

Wasseem Boraie, VP of Boraie Development, proposed the reconstruction of lots 132 and 133 in 2012. A developer with its roots in cities throughout New Jersey, Boraie Development has erected many projects in conjunction with names like Shaquille O’Neal and continues to have a detailed vision of the future Atlantic City. 

After purchasing lots 132 and 133 for 1 million dollars in 2013, Boraie Development proposed a movie theater, ice rink and apartments. All but the 250 apartments, named the Beach, have been put on hold but could be under construction this year. John Palmieri, the executive director of the CDRA, has stated his support for the development of the lots and looked at the project as a gateway to other developments in the area.

Atlantic City has also put its support behind the project by amending architectural specifications in order to meet zoning approval. In exchange, the Beach will reserve fifty of its units for affordable housing with government controlled rates. This will also allow Boraie Development to avoid property taxes and instead make more predictable payments to the CDRA on the property. The CDRA has also agreed to invest about 30 million dollars in the project. However, due to economic problems, the city has closed three of its eleven casinos and over five thousand people have lost their jobs. The lack of revenue has almost brought the city government to bankruptcy at which it is now stagnant. Because of this, the CDRA is not reconsidering the proposed loan offer which will expire on September 30th, 2015. At least for now, it seems that Atlantic City’s South Inlet will stay the way it is.

Read the original story over at Press of Atlantic City

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