What to do post sale: Rent or buy?

By A. Ready | February 28, 2011 - 2:27PM

After owning an apartment for 15 years, one downtown seller posts a couple of concerns on StreetEasy.com: What to do with the post-closing cash (a problem we all should have), and where to live next. He's not sanguine about the future strength of the real estate market, nor is he thrilled about the prospect of paying $10,000 per month in rent to live next to a group of 20-somethings sharing a similar space.

Some responders suggest nixing the idea of moving altogether. Others feel downsizing for the next purchase is the way to go. But as one notes, looking beyond the typical rental buildings may yield better search results.

We decided to take a look downtown to see if we could find something suitable, and came up with a potential winner in the form of this three-bedroom, three-bathroom at the green condominium development Millennium Tower Residences at 30 West Street. The building's sales history shows that most units are larger than one bedroom, and the building did not offer any studios, reducing the presence of the potentially disruptive younger element. As these are condo units, it is unlikely that owners would rent to post-grad share groups. And at $7,750 for almost 1,700 square feet in a new luxury full-service condo building, the price is compelling and within budget.

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