CAPRE’s Commercial Real Estate Headlines for January 31, 2020: Fifth Third Bank Invests in Opportunity Zones, Luxury Prices Fall in Manhattan, Average US Home Makes $65k in Profit

Check out the latest deals and developments in commercial real estate for January 31, 2020: Manhattan Luxury Prices Fall to 2013 Levels as Sellers Face Reality: The price threshold for Manhattan luxury homes, which constitute the top 20% of the market, fell to its lowest level since 2013, according to the Q4 2019 StreetEasy Market Reports. To land in the luxury tier, homes had to be priced at or above $3,816,835 — a 6.1% drop from the top threshold in the previous year. This fourth-quarter drop in the luxury threshold shows that many sellers at the top of the market have finally begun to accept lower prices in order to stand out amid the growing surplus of high-end homes. Even as price levels fell in the fourth quarter, luxury inventory expanded 12.2% over the previous year, with 4,354 homes for sale above the $3.816M threshold. Average U.S. Home Seller Profits Hit $65,500 In 2019, Another New High: ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Year-End 2019 U.S. Home Sales Report, which shows that home sellers nationwide in 2019 realized a home price gain of $65,500 on the typical sale, up from $58,100 last year and up from $50,027 two years ago. The latest profit figure, based on median purchase and resale prices, marked the highest level in the United States since 2006 – a 13-year high.…