A Local Focus Pays Off For Some of the Country’s Leading Real Estate Developers

Real estate is inherently local, and developers who fail to account for that fact do so at their own peril. As those who read more from NRIA online will see, understanding local markets is always a key to success in the real estate business.

That company and certain others have made local knowledge and focus priorities with all of their projects. A quick look at the places where some of NRIA’s most successful efforts have been targeted should highlight the effectiveness of this approach.

Two Possible Approaches to Developing Real Estate

Some relatively large real estate companies use the same general approach wherever they become active. That can seem like an effective way of keeping costs down and minimizing the likelihood of mistakes, but it often proves to be misguided.

Companies like NRIA prefer to analyze individual markets extensively before making any moves within them. They strive to come to a deep understanding of how each locale works before they attempt to make any proposals.

This take on real estate development almost inevitably proves more effective and impressive than the alternative. While developers who stick to a cookie-cutter approach sometimes meet with success that tends to be more coincidental than deserved. Development companies that tailor their offerings to suit particular cities and regions end up being a lot more consistent with their victories.

Mastering Numerous Distinct Markets by Targeting Each One Appropriately

This can be seen in how NRIA has historically focused and expanded its operations. Now and recently active in four distinct communities, that company has completed notably appropriate projects in places including:

• Philadelphia. Once a famously blue-collar town, Philadelphia has been evolving at a rapid pace. Low property costs and other enticing factors have attracted many developers and others to the area in recent years. NRIA has been successful at producing housing units that appeal to longtime Philadelphians just as much as newcomers. That has not meant sticking strictly to the kinds of affordable housing that might be most expected but instead working significant amounts of luxury into the mix.

• Brooklyn. As the most vibrant of New York’s five boroughs, Brooklyn has become a top destination for people from all over the country. Property prices in Brooklyn have been rising steadily for many years, and developers have had to adjust their goals to compensate. Luxury-oriented developments in Brooklyn regularly attract intense interest from people who are interested in trading up. More affordable units produced by renovating older buildings have an important place in the borough, as well.

• Northern New Jersey. Moving to New Jersey to raise a family has been a familiar stage of life for people who work in New York for generations. Northern New Jersey combines easy access to the Big Apple with a lot more free space and lower prices. Developments that leverage these strengths effectively inevitably fare better than those that do not.

In successfully developing and renovating properties in places such as these, companies like NRIA demonstrate the importance of having an intensely, consistently local focus. The only way to serve any community as effectively as possible with a new real estate development is to understand it first.