Weak condo market yields new breed of buyer

August 12, 2009 08:42AM

Are well-priced condos killing the hipster movement? The Observer reports that a younger, hipper breed of buyer is emerging, thanks to a deteriorating condo market and a glut of realtors and developers all too ready to offer concessions. One 23-year-old buyer got a $51,000 price cut on her one-bedroom condo in Greenpoint’s Ikon building at 50 Bayard Street — and the developer paid her taxes and fees as well. But this phenomenon is not without its pains. “Condo shame,” a term the Observer coined, has apparently afflicted the too-cool set, who feel they’ve lost their hipster credibility by switching up from renter to owner.

Comments are closed.