Maybe the reason you’re having trouble selling your co-op or condo apartment goes beyond the glut of glitzy new buildings and the fact that buyers are now in the driver’s seat. Maybe it’s as simple this: potential buyers are leaving town in droves.
More people are leaving New York City than any other metropolitan area in the country, Crain’s reports, with 277 moving every day, more than double the net exodus of 132 one year ago. Los Angeles and Chicago were next with triple-digit daily losses of 201 and 161 residents, respectively.
At the other end of the spectrum, seven cities had on average more than 100 new arrivals every day. Dallas, Phoenix, Tampa, Orlando, Atlanta, Las Vegas, and Austin saw substantial inflows from both domestic and international migration. Sun Belt cities Houston and Miami claimed the eighth and ninth spots in the ranking. Seattle was the only cold-weather destination among the top 10.
Two chronic complaints by New Yorkers – high home prices and high local taxes – were echoed in other parts of the country. While 200,000 residents left New York last year, pricey Los Angeles had a decline of nearly 120,000, and Chicago fell by 84,000. Miami, Washington, San Francisco and San Jose experienced similar trends. Softening the loss for New York, the city welcomed almost 100,000 international migrants from July 2017 to July 2018. The second most attractive locale for international migrants was Miami, which added 93,000, followed by Los Angeles, Houston, Boston and Washington. Even so, New York’s population drain was severe. Just ask someone who’s trying to sell a co-op or condo apartment.
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