20 Oct Monday News Round-Up from Fairway of the Carolinas
The Charlotte real estate market is full of excitement! Here are some of the recaps of news items we’ve had our eye on this week.
CNL Commercial Real Estate Acquires the Services Business of Faison
Orland headquartered CNL Commercial Real Estate, Inc., has reached an agreement to acquire the property management services business of Charlotte based Faison Enterprises Inc. CNL Commercial Real Estate, Inc. is a commercial real estate services and investment firm associated with CNL Financial Group. Paul Ellis, group president of CNL Commercial Real Estate said,
“We are simply honored to be trusted by the Faison team and its customers with this opportunity and we are excited to welcome new, talented associates to our company.”
This acquisition will add 39 associates to the CNL Commercial Real Estate family. Faison’s CEO H. Thomas Webb III said,
“In the last three years, our focus has been on direct and co-investments in Faison’s core Southeast markets, closing 10 investments with a gross value of $150 million. In addition, as a fee developer for an institutional client, we have developed eight multifamily projects in the Southeast. This transaction will allow Faison to put even more focus on its investment activities and development of multifamily housing”
Mortgage Rates Fall Below 4%, Many Americans Consider Refinancing
Long-term borrowing costs continue to fall with the average rate on a 30-year mortgage falling back below 4 percent. These rates are at the lowest level since June 2013. Jeff Clabaugh of Washington Business Journal quoted Freddie Mac saying,
“A 30-year fixed-rate mortgage averaged 3.97 percent in the week ending Oct. 16, down from 4.12 percent last week. A 15-year fix fell to 3.18 percent, down from 3.30 percent.”
Freddie Mac’s chief economist Frank Nothaft said,
“Mortgage rates are at their lowest levels since June 2013 amidst continued investor skepticism regarding the precarious economic satiation in Europe”
This sudden plunge in rates has caused many Americans to pose the question, “should I refinance my mortgage?”. The tempting possibility of locking in a rate below 4% has many people motivated to do this. According to WSOCTV, Research done this year by economists at the University of Chicago and Brigham Young University found that 20 percent of eligible households failed to refinance when rates first made doing so profitable in late 2010. They essentially cost themselves $11,500 in potential savings. Those who missed those late rates last year now have a second chance.
Purchasing a home is an exciting time in your life! When you are ready to buy a home, Fairway of the Carolinas is here to make sure your purchase process goes as smoothly as possible! We have local offices to make meeting easy! You can find us in Charlotte, Ballantyne, Cotswold, Matthews, Union County, Concord, and Lake Norman.
Boak, J. “Market Turmoil: A gift for Mortgage Refinancers?” Web Article. WSOC TV, 19 Oct 2014. Web. 20 Oct 2014.
Clabaugh, J. “Mortgage rates fall below 4%”. Web Article. Charlotte Business Journal Morning Edition. Charlotte Business Journal, 17 Oct 2014. Web. 20 Oct 2014.
CNL Commercial Real Estate. “CNL Commercial Real Estate to Acquire the Services Business of Faison”. Web Article. Nasdaq GlobeNewswire, 17 Oct 2014. Web. 20 Oct 2014.