Brown: We're Shifting from Buyer's to Seller's Market
By Thomas Grillo
Sunday October 16, 2011
A hub real estate mogul who owns more than 5,000 units in Greater Boston said the recession in the Bay State's housing market is over.
"The residential market is making a comeback" Harold Brown, the 86-year-old chairman of the Allston-based Hamilton Co., told the Herald. "We hit the bottom and we're digging our way out and we're headed up."
Brown cited apartment home sales data, apartment vacancy rates in the single digits and rising rents as indicators that the residential market is rebounding. His latest project is the transformation of the 12-story mid-rise office building in Downtown Crossing across from the former Filene's building into 55 apartments. He expects to have the project completed by the end of next year and to rent the one-bedroom units for $1,600 and two-bedrooms for $2,200.
"Prices are no longer dropping and that's a good sign that homes are holding their value," Brown said. "On the single-family side, sales are coming back and foreclosures are down from a year ago."