January 13, 2009 / 5:04 AM / in 10 years

Brooklyn apartment sales prices fall 7.5 pct -report

NEW YORK, Jan 13 (Reuters) - The median sales price of an apartment in the New York City borough of Brooklyn fell 7.5 percent in the fourth quarter amid turmoil on Wall Street and financial sector layoffs, according to a report.

Prices are declining citywide as the protracted U.S. housing slump belatedly reached New York following upheaval in the financial sector. Cheaper, outlying sections of the city like Brooklyn are at relatively more risk than is the commercial and cultural center of Manhattan during such times, said Jonathan Miller, CEO of appraisal firm Miller Samuel, who wrote the report with real estate brokerage firm Prudential Douglas Elliman.

“With Manhattan starting to see weakness, the price advantage is less compelling,” Miller said.

In the fourth quarter, Brooklyn’s median sales price fell 7.5 percent year-over-year to $490,000 while the number of sales dropped 42.7 percent to 1,846.

The number of days a listing had to sit on the market before sale rose 5 percent to 133 days from this year’s third quarter.

North Brooklyn was the borough’s only region to show a gain with a 3.7 percent increase in the median sales price, but that number is not reflective of the current market, Miller said.

Almost three-quarters of all sales in North Brooklyn were condominiums, many of whose prices were set as long as 18 months ago when the market was stronger. (Reporting by Helen Chernikoff; Editing by Phil Berlowitz)

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