What is that tract of homes southeast of UCI and west of Turtle Rock/Ridge

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etheran_IHB

etheran_IHB

New member
I am talking about the homes on the cliff when you drive up culver to your left. Is that Newport Beach or Irvine? I also see a new tract getting built by Cal Pac just one level below those on the cliff.
 
[quote author="etheran" date=1216097365]I am talking about the homes on the cliff when you drive up culver to your left. Is that Newport Beach or Irvine? I also see a new tract getting built by Cal Pac just one level below those on the cliff.</blockquote>


Irvine Campus Housing. Cal Pac although was pioneered by Don Bren but his son Cary purchased it entirely from Don and no longer a part of TIC. Just like every builder Cal Pac is not insulated and the company is out of projects on the Irvine Ranch. The company is one of the best in construction management so many entities are hiring Cal Pac to build their projects.



The project you are referring to are for UCI staff to purchase only. It is relatively affordable but the catch is the appreciation is controlled and future buyers may have to be UCI staff.
 
[quote author="bkshopr" date=1216099976][quote author="etheran" date=1216097365]I am talking about the homes on the cliff when you drive up culver to your left. Is that Newport Beach or Irvine? I also see a new tract getting built by Cal Pac just one level below those on the cliff.</blockquote>


Irvine Campus Housing. Cal Pac although was pioneered by Don Bren but his son Cary purchased it entirely from Don and no longer a part of TIC. Just like every builder Cal Pac is not insulated and the company is out of projects on the Irvine Ranch. The company is one of the best in construction management so many entities are hiring Cal Pac to build their projects.

</blockquote>


Very nice information there.



Thank you

-bix
 
So you can not purchase those homes? Wow. That is weird. It is a captive market owned by UCI? Interesting that UCI will build homes there instead of more campus stuff. You would assume the school will just tell their staff to go buy a home in turtle rock or something. There is significant opportunity cost that they are giving up.
 
Are you talking about the ones off culver when you are headed towards Newport Beach from Irvine on the right hand side? I love that location. I'd pay a premium for that view and it looks like its for graduate students only. I agree, its a damn shame they arn't condos or even an IAC apartment complex.
 
[quote author="etheran" date=1216101484]So you can not purchase those homes? Wow. That is weird. It is a captive market owned by UCI? Interesting that UCI will build homes there instead of more campus stuff. You would assume the school will just tell their staff to go buy a home in turtle rock or something. There is significant opportunity cost that they are giving up.</blockquote>


Salary of professors and staff is too low to qualify completely mis-aligned local RE. It is better to keep salary low and offer housing incentive to attract better educators to UCI. This method will guarantee staff's loyalty to the school.
 
[quote author="25w100k+" date=1216102537]Are you talking about the ones off culver when you are headed towards Newport Beach from Irvine on the right hand side? I love that location. I'd pay a premium for that view and it looks like its for graduate students only. I agree, its a damn shame they arn't condos or even an IAC apartment complex.</blockquote>


Homes are not for students. Homes are for management and professors of UCI.
 
University Hills

- <a href="http://uhills.org/">http://uhills.org/</a>

- <a href="http://en.wikipedia.org/wiki/University_Hills,_Irvine,_California">http://en.wikipedia.org/wiki/University_Hills,_Irvine,_California</a>
 
[quote author="etheran" date=1216101484]So you can not purchase those homes? Wow. That is weird. It is a captive market owned by UCI? Interesting that UCI will build homes there instead of more campus stuff. You would assume the school will just tell their staff to go buy a home in turtle rock or something. There is significant opportunity cost that they are giving up.</blockquote>


http://en.wikipedia.org/wiki/University_of_California,_Irvine#Future_growth



<em>Future growth



As a part of its long-term efforts to "attain flagship status,"[17] UC Irvine has implemented construction projects (estimated to cost $1.3 billion over the next decade) that will accelerate the campus build-out and employ the remainder of the university's land grant.[18][19][20][21] The exponential increase in construction activity is a part of the Strategy for Academic Development at UCI through 2015, a master plan that outlines the vision of making UCI a first-choice university for college applicants nationwide.[22]</em>
 
[quote author="bkshopr" date=1216102696][quote author="25w100k+" date=1216102537]Are you talking about the ones off culver when you are headed towards Newport Beach from Irvine on the right hand side? I love that location. I'd pay a premium for that view and it looks like its for graduate students only. I agree, its a damn shame they arn't condos or even an IAC apartment complex.</blockquote>


Homes are not for students. Homes are for management and professors of UCI.</blockquote>


I'm talking about the 3 story apt. complex-ish looking buildings that are on the right of culver/bonita canyon...
 
[quote author="25w100k+" date=1216107806]



I'm talking about the 3 story apt. complex-ish looking buildings that are on the right of culver/bonita canyon...</blockquote>




let's say that Culver/Bonita runs North-South, and shady canyon/anteater run east west.



the area West of culver and North of anteater is graduate student housing, last time i checked



the three story stuff is all graduate student housing



the area West of Culver and South of Anteater is Faculty/staff housing.



The final phase of this housing (all SFR) is getting started and is supposed to list at $450k-$600k. it may seem cheap to people in the private sector, but it is too expensive for a starting assistant professor of history pulling in $75k. it will likely be occupied by senior faculty and health sciences/business/law faculty.
 
The UCI Universtiy Hills faculty/staff housing is really only utilized by faculty. Staff don't really have a chance. I know staff who have been on the waiting list for a home for 10+ years. Faculty are always put at the top of the list and usually get a home after a short wait.
 
All homes in University Hills are located on lots owned by The Regents and leased through the Irvine Campus Housing Authority (ICHA) to individual homeowners. The land is subleased to the home buyer who elects one of three rent payment plans. Plans vary in the amount of monthly payment and percentage of appreciation paid upon sale as deferred rent.



Certain requirements are imposed upon the sale and resale of a home to assure that University Hills homes remain available to and affordable by members of UCI's academic community.



* A resale home must first be offered to the University, the faculty and then the staff



* The resale price of a home is restricted to the sum of the seller's initial purchase price adjusted by the increase in certain indexes plus the appraised value of capital improvements



* If circumstances of a homeowner's University employment change, he or she may no longer be eligible to own in University Hills



* A home in University Hills may only be used as a principal residence
 
[quote author="SoOCOwner" date=1216113487]The UCI Universtiy Hills faculty/staff housing is really only utilized by faculty. Staff don't really have a chance. I know staff who have been on the waiting list for a home for 10+ years. Faculty are always put at the top of the list and usually get a home after a short wait.</blockquote>




depends on the level of the staff. and new recruits have priority over people already here.



e.g. a new lawyer at the tech transfer office is better off than an assistant librarian.
 
There are 13 homes that are custom built that can be purchased by non-UCI prof/staff. But the University has the first right of purchase at the appraised value. If the university doesn't want it, it can then be sold to the public.



There is a home that is currently for sale:

http://www.redfin.com/CA/Irvine/5-Harvey-Ct-92617/home/5752105

The house is very nice- but a little dated and obviously very expensive. They want TRidge/TRock prices but for a non-University employee, it doesn't warrant those comps, imo. The house has been empty a year.



The realtor was quick to point out to me that the neighbor in the cul-de-sac is the new Dean of the Law School- apparently purchased the home for $1.6 million one year ago.
 
[quote author="etheran" date=1216101484]So you can not purchase those homes? Wow. That is weird. It is a captive market owned by UCI? Interesting that UCI will build homes there instead of more campus stuff. You would assume the school will just tell their staff to go buy a home in turtle rock or something. There is significant opportunity cost that they are giving up.</blockquote>


socialism/communism
 
[quote author="etheran" date=1216101484]So you can not purchase those homes? Wow. That is weird. It is a captive market owned by UCI? Interesting that UCI will build homes there instead of more campus stuff. You would assume the school will just tell their staff to go buy a home in turtle rock or something. There is significant opportunity cost that they are giving up.</blockquote>


It makes a ton of sense...If UCI wants to get quality Prof's they have to entice them in some way--why would an instructor leave a high paying job from another school where they may have a home, to come here for the same or even higher salary and have to rent in the ghetto? We all know that a large salary in the OC doesn't get you a large house...
 
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