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1.
Short definition: Formerly sweet area initially taken over by hipsters, then by brats - all at the expense of forcing out the original inhabitants who no longer can afford living there.

Longer definition: Take for example Majorna in Sweden. Historically Majorna has been a place for the poor but has in recent years skyrocketed to become one of the most posh living areas around. Still with the historical whiff of ghetto in the atmosphere, hipsters flock like iPad'ing rats to the place, gentrifying it of its original inhabitants. With their wreckelss financial expenditures the hipsters has driven up the housing prices enormously which also attracts brat asses who are in search of exclusivity.
And so it begins, one hipster to the other:

"Hey man you see that poor area, I don't really know why but I so feel like waking my inner concrete ghetto realness, lets buy a flat for the fun of it and start another Hipstybratization yaay!"
by winzane March 07, 2013