Up to Date Real Estate News from the Experts in Urban Living

Up to Date Real Estate News from the Experts in Urban Living February, 2011

Irvine Planners Approve Design of Large-scale Office, Retail Project

(Part 1 of 2)

IRVINE – City planners on Thursday approved a master plan for a large-scale office and retail development within the Irvine Business Complex, an area city leaders are hoping to transform into the community’s urban core.

The Hines office project would bring 785,000 square feet of office and 15,500 square feet of retail and restaurant space to the corner of Jamboree Road and Michelson Drive. It is across the street from the Central Park West development, one of the IBC’s first major mixed-use projects.

City staff members have said they are looking for an iconic design at the Hines site, which could set the stage for future development within the IBC. City leaders are hoping to transform the more than 2,500-acre Irvine Business Complex from a mix of 30-year-old businesses, commercial offices and industrial uses near the John Wayne Airport into a bustling urban environment.

Check back in the March 2011 issue of the newsletter for Part 2 of the article.

JUST LISTED – Beautiful Residence in Exclusive High Rise Tower

8072 Scholarship Pool View

8072 Scholarship, Irvine, CA – $538,000 1 bedroom, 1.5 bath, 1,335 square feet

Live in Orange County’s most exclusive high rise tower. This spacious residence (D) floor plan located on the 7th floor features pools & city lights views. Home includes: granite slab counter tops in kitchen and bathrooms, Viking appliances, recessed lighting, Snaidero European Cabinetry in dark wood finish, natural stone floor in master bath, pouter room and kitchen, fireplace in formal living room, 2 assigned parking spaces next to a private enclosed storage room.. Come live the lifestyle you have always dreamed! Experience extraordinary amenities and recreational oasis on nearly one acre of land The Plaza- Irvine.

Financial Update by Maurice

Rates are almost the same from last week, with a small increase to some of the zero point loan structures on the FNMA side. The 10 Year Treasury bond, which determines mortgage rates, has been on quite a bumpy road. The yield in the beginning of January was at 3.43% dropping mid-month to 3.28% and settling at 3.54% at end of business today.

Tomorrow we have a significant report in jobs market. If the numbers are stronger, you will see a quick jump in rates. If the numbers are disappointing, the bond market will soften and rates will hold. On CNBC today Bill Gross of PIMCO, the largest bond company in the US, stated that he sees rates staying steady through 2011. He is probably one of the smartest bond traders in the world, but, I must say he is in the minority. Have you ever been in a big crowd that started moving? If so, you know that once the crowd starts moving, everyone goes with it. If the sentiment on Wall Street does not agree with him, you will certainly see in increase in rates.

On the world view, Egypt has caused great concern to the market place as investors fear that the turmoil can cause a quick rise in oil prices which could lead bond prices to fall.

All of this means put your seat belt on and hold on for the bumpy ride!!

On a disappointing note, our Foreign National program has recently changed where their minimum loan amount is $300,000. The program has a minimum 50% equity required which means the value or sales price must be a minimum of $600,000. But, the good news is we can still loan to Canadians, just at a larger minimum loan amount.

Remember, Muhammed Ali said “Champions aren’t made in gyms. Champions are made from something they have deep inside them a desire, a dream, a vision. They have to have the skill and the will. But the will must be stronger than the skill.”

Based in Orange County, California, The Soussé Group is ranked number one in total sales in Irvine, California, 92612 over the past four years with more than $91 million in sales in 2007, 2008, 2009 and 2010 alone and 260 completed transactions. The Soussé Group has earned recognition amongst the top 50 agents in Orange County, California.
Kerry and Maurice Soussé
Realtor / BrokerThe Soussé Group
HÔM Real Estate Group
1200 Newport Center Drive, Suite 100
Newport Beach, CA 92660Direct Line: (714) 412-9014
Direct Line: (714) 412-8512
Direct Fax : (949) 640-7606
info@thesoussegroup.comAll Rights Reserved.

© 2010 The Soussé Group.

www.TheSousséGroup.comOfferings are subject to errors, omissions, prior sales or withdrawals without notice.

Hom GoupChristies Great Estates