This one won't surprise many paying attention to the Brooklyn real estate market. For October 2008, prices in some Brooklyn neighborhoods are more expensive than similar neighborhoods in Manhattan. It used to be that renters would flock to Brooklyn to find more affordable apartments, but this is changing due to Brooklyn's hip and hot neighborhoods commanding top rental prices for New York City.

Brooklyn's hottest neighborhoods such as Williamsburg, Brooklyn Heights and Park Slope are leading the way in high rents. A one bedroom apartment listing going for about $2,200 in Brooklyn Heights can be found on the Upper East side for $1,950 and on the Lower East Side for around $2,100 monthly. It's hard to believe Brooklyn real estate is going for more than some of Manhattans most sought after neighborhoods, but that time has come.

It's not only rents that are increasing in Brooklyn, sale prices for condos and apartments are topping those in Manhattan as well. DUMBO, Fort Green and Fulton Ferry have been topping sale prices in Midtown East, East Village, the Lower East Side and Murray Hill recently. Brooklyn brownstones used to be a deal compared to similar properties in Manhattan, but those days are behind us as Brooklyn becomes hipper and hotter than Manhattan.