The Real Deal Miami

The Real Deal‘s editor-in-chief on where to rent, where to buy

December 14, 2009 01:02PM

Now is a good time to rent in Manhattan and buy in Miami, The Real Deal‘s Editor, Stuart Elliott told personal finance Web site MainStreet.com. In New York City, concessions abound, making renting an attractive option even amid record-low mortgage rates and tax credits for homebuyers. “The average price of a Manhattan apartment is still around $1.3 million, despite the slowdown in the market,” Elliott said. “Renting is still a better option for most people, and landlords are offering one of two months free rent and paying for broker’s fees in a lot of cases.” As for Miami, price declines have already been astronomical, and this buyer’s market is poised to fall even further, he said. “Financial information firm Fiserv says prices are going to drop another 30 percent in Miami — amazing because the city has already been battered. So while prices might be cheap there, they could be even cheaper and represent a better buying opportunity in a year,” Elliott said. [The Street]