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

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

Central Park West Update: Lennar has offer to the owners of Astoria a buyout and the building is now offered to the public for lease.

IRVINE – City planners 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.

The most striking aspect of the Hines project’s design is a large, central open area known as “The Green,” which is surrounded by six office buildings ranging from 2 to 11 stories and three parking structures. The buildings will be angled to draw optimum power from the sun, Hines officials said.

The guidelines approved by the Planning Commission require the developer to include 2.2 acres of central open space, protect views in and out of the area, allow pedestrian access and create a “signature corner” at Jamboree and Michelson. But the master plan also gives the developer the latitude to not construct approved buildings, or to change their location within the site.

Planning Commissioner Greg Smith argued the master plan gives too much latitude to the developer and not enough certainty for the community.

“Maybe there is a building, maybe there is not. Maybe it is 10 stories, maybe it is six stories,” Smith said. “That is pretty important stuff.”

Smith also questioned the decision to allow buildings closer to the street than usually allowed under city code, which others worry could limit the city’s ability to expand Jamboree if traffic continues to grow.

“I appreciate the open space in this project, but I can’t imagine the buildings can’t be moved over two or three feet to meet our standards,” Smith said. “What we are saying for the rest of the IBC is that there aren’t going to be any standards?”

Planning Commissioner David Sparks said the inclusion of cutting-edge, environmentally friendly design necessitated the deviation from previous city standards.

“It very well may be that this flexible build will be the wave of the future,” Sparks said. “The configuration is a factor here, and some of our setback guidelines may become antiquities.”

When the project was discussed by the City Council last month, Councilman Larry Agran said there would never be a widening of Jamboree, since the goal of the Irvine Business Complex is to focus on pedestrian, bike and mass-transit systems such as the free i Shuttle service.

Hines officials said the office project will be built in two phases. The first includes a little less than 300,000 square feet of office space in two or three buildings and an unspecified portion of the 15,500 feet of retail and restaurant space. The second phase would include 495,000 square feet of office space in three or four buildings, along with the remainder of the retail and restaurant space.

JUST LISTED – The Plaza, 5101 Scholarship, $718,000

5101 Scholarship, The Sousse Group, Luxury Irvine Condos

5101 Scholarship, 2 bedroom, den, 2 bath, 1,670 sq ft, $718,000

City lights and mountain views from this stunning 2 bedroom plus den, 2 bathroom residence (B) located on the 10th floor. Home includes: marble flooring throughout, built-in wine refrigerator in great room, custom built-ins in living room and den / office. Upgraded kitchen has dark granite counter tops and built-in lights inside the sleek, transparent glass European cabinetry. Upgraded carpeting in all bedrooms and custom built-ins in master bedroom closet. Experience extraordinary amenities and recreational oasis on nearly one acre of land…The Plaza-Irvine.

Financial Update by Maurice

Well, the 10 year treasury is just hovering at that 3.00% mark. All week it has dipped a tad below, bounced up and gone back down. This range has brought back some of the best interest rates we have seen in a very long time!!! You must take a look. We have true 30 year jumbo fixed rates in the high 4’s!!!!!!!!! Yeow.

What a time to be a buyer. Let me illustrate:

1. 30 Year Fixed at 6.5% (good overall interest rate) 6.71 APR on $750,000 Loan Amount: $4740 per month

2. 30 Year Fixed at 4.875% (today’s rate) 5.02% APR on $750,000 Loan Amount: $3969 per month

= Monthly savings is $770 per month right now!!!

You can see the tremendous opportunity as a buyer. Sales price down from 2007 highs and rates at incredible low’s. If you have a buyer who is sitting on the fence right now, show them this grid. Quite incredible!! We even have people refinancing and drawing money out at these low rates and investing in returns higher than these rates. They are making money on the banks money!!!

Remember, “Excellence is not a skill. It is an attitude” –Ralph Marston

Based in Orange County, California, The Soussé Group is ranked number one in total sales in Irvine, California, 92612. Topped $96 million is sales in 2010, 2009, 2008, 2007 along with 260 completed transactions and have successfully risen to the top 50 among the 25,000 agents in Orange County.
Kerry and Maurice Soussé
Realtor / Broker
The Soussé Group
HÔM Real Estate Group
1200 Newport Center Drive, Suite 100
Newport Beach, CA 92660
Direct Line: (714) 412-9014
Direct Line: (714) 412-8512
Direct Fax : (949) 640-7606
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