Are Manhattanites Going Hipster?

The majority of high-end Brooklyn condos are still being bought by Brooklyn residents, but Manhattanites are closing in.

Since 2004, the number of luxury Brooklyn condos purchased by people from Manhattan has jumped 10% or more in all three categories–over $500K, over $750K and over $1M. Conversely, buyers from Brooklyn have dropped 12% or more in all categories.

The most remarkable surge over the past year is in condos priced above $1 million. The percentage of Manhattan buyers has jumped from 26% to a whopping 40%, while Brooklyn buyers have dropped from 63% to less than 50%.

One thing remains a constant though–people from Queens don’t care. Buyers in the $500K range have remained at 2% for eight years running, and the over $1 million market represents 0% of market share.

Source: Curbed

« $42.9 Million Greenwich Estate–A Poster Child for Staging | Home | Parking: Is There An App For That? »