University Hills

NEW -> Contingent Buyer Assistance Program
esq4_IHB

esq4_IHB

New member
Does anyone have any information on the grading and construction that has commenced near/in University Hills? Are those homes only for UCI professors and staff? thanks
 
Interesting... so is the new construction underway also only available to professors and high level administrators?
 
Here's some more info on University Hills:


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


<a href="http://en.wikipedia.org/wiki/University_Hills%2C_Irvine%2C_California" target="_blank">http://en.wikipedia.org/wiki/University_Hills%2C_Irvine%2C_California</a>





It sure would be nice to live there :)
 
<p>This home for sale is not representative of the larger University Hills community. It is a custom built home of which there are very, very few. Home prices in University Hills are now currently at about half of what it would cost in the outside market because of the external market craziness. It is a beautiful community however there is a significant down side to living here. The university dictates the maximum resale price. There is limited appreciation and the university will take a percentage of that appreciation and, we lease the land under our property. </p>
 
<em>"The university dictates the maximum resale price. There is limited appreciation and the university will take a percentage of that appreciation and, we lease the land under our property. "</em>





How is that different than renting?
 
<p>It is not much different than renting, other than the tax benefits from mortgage interest and some appreciation. For example, our purchase price in late 1999 for a 2000 square foot , three bedroom , 2 1/2 bath with a superb view was $247, 000. Now we can sell it for $345, 000. The appreciation is calculated by various indices which include faculty salary increases and the outside market to some degree, I believe. Between 10-30% of the appreciation goes back to the university based upon the ground lease arrangement you choose. Before purchasing, all buyers are clearly informed that the home should not be purchased as an investment and it is supposed to be your primary residence. By the way, the association dues plus the land lease are just under $300.00 per month.</p>

<p>It is truly a remarkable community , but if you plan on moving up to a larger home in UH( almost impossible) or moving out, one must have an additional funding resource and not rely on the appreciation. </p>
 
regardless it sounds like a great deal for those who are able to live there. you get almost all the benefits of home ownership without the risk. the "lost" appreciation would be largely negated by the discounted purchase price. this is not much different than the special low income housing programs in which teachers, firefighters, and other civil servants can purchase property at much lower than mkt prices, but appreciation is tied into some sort of index, say CPI+2%.
 
You must log in or register to reply here.
Back
Top