According to NYPost, wealthy New Yorkers are choosing luxury apartments over luxury estates in Westchester. 11 $10 mm plus estates have sold in Westchester in the last seven years compared with 1355 apartments in New York City during the same period.
In the first quarter of this year, the count is 36 for NYC and 0 for Westchester. This trend figures to get even more exaggerated as Millenials (born between 1980 and 1999) become more and more part of the buyer population. They tend to like to live in urban environments, use public transportation and eschew driving as much as possible.
Read the full NYPost.com article.