Their own universe

Jurassic Park dinosaurs, WaterWorld and the Terminator practically inhabit their backyards, and the neon lights of CityWalk beckon tourists year-round. But those who live in Universal City’s shadow don’t always mind the hubbub, thanks to the studio’s good-neighbor policy (free parking passes) and the excitement of residing in the glow of a Hollywood landmark.

Beginnings

In 1915, Carl Laemmle officially opened Universal City, a 230-acre ranch atop a hill he purchased for $165,000 for filmmaking. Today the 391-acre property is owned by General Electric and Vivendi and includes studios, a theme park and CityWalk. The site has a ZIP Code, but no housing. Yet.

Drawing card

Universal City-adjacent residents like the location, just minutes from the 101 and 134 freeways. This enclave of tidy North Hollywood single-family homes and apartments, splashy Hollywood hillside estates and stately Toluca Lake homes attracts entertainment industry employees who like to live close to work. Also, Hollywood Boulevard is a 10-minute car ride or a subway stop away.

Insider’s viewpoint

Toluca Lake resident Terry Davis recalled the time she first heard a dinosaur’s roar while seated in her living room several years ago. The windows and doors were closed, and she couldn’t imagine the source of the rumbling. Then came her eureka moment: “Universal City!”

Davis, president of the Greater Toluca Lake Neighborhood Council, doesn’t notice the prehistoric racket much anymore, but the applause of theme-park enthusiasts and the pyrotechnic explosions from park attractions do float down from “the monolith hovering over us” when the wind is blowing just so, she said.

Her home’s proximity to Universal City has benefits too. For Davis, it’s being close to the Gibson Amphitheatre, for musical and other events.

Good news, bad news

Because Universal City is a major attraction, good restaurants, clothing stores, bookstores and specialty shops have developed along the nearby thoroughfares. The location also is handy when locals’ cousins roll in from wherever.

“Living here feels like ‘Hollywood,’ ” said Sue Rubano, 51, who worked at Walt Disney Studios for eight years. She and her husband, actor-musician John Rubano, 49, live just west of Universal City in North Hollywood. “When relatives visit, they have the entertainment and can stay in the park’s hotels too.”

There’s also a perk for adjacent neighbors: Universal City’s Community Parking Program, launched in fall 1994, provides 12 free parking passes annually for residents living roughly within the boundaries of Coldwater Canyon Drive; Magnolia Boulevard; Hollywood Way; and Riverside, Forest Lawn and Mulholland drives. Parking fees at the venue are $10 for everyone else.

Traffic, noise and housing density, though, have neighbors worried about the effect of a 138-apartment complex -- where rents are expected to be $1,650 to $4,800 -- nearing completion across the street from the park’s main entrance; the proposed expansion of the park property, which will add studios, office space and a residential neighborhood on the back-lot; and the relaunch of CityWalk this year, with a new skydiving show and music venues.

Housing stock

The areas immediately surrounding Universal City have about 723 single-family homes, 410 condos and 3,134 apartment units in buildings with four or more units. There recently were about 10 single-family homes for sale, priced from $729,000 to $4.75 million; and nine condos listed, from $480,000 to $739,000.

Report card

The North Hollywood and L.A. areas adjacent to Universal City are part of L.A. Unified School District. Student scores on the 2006 Academic Performance Index Growth Report were 797 out of a possible 1,000 at Rio Vista Elementary, 736 at Toluca Lake; 747 at Walter Reed Middle School; 655 at North Hollywood and 608 at Hollywood high schools.

Historical values

Residential resales:

Year...Median Price

1995...$282,500

2000...$452,500

2005...$865,000

2006...$920,000

diane.wedner@latimes.com

Sources: DataQuick Information Systems; Coldwell Banker agent Doreen Martin; Keller Williams Realty agent Scottman Wall; api.cde.ca.gov; www.universalstudios.com/homepage/html/inside/history.html; www.campodecahuenga.com/index.html.