Market Report for Murrieta, Olive Hill's Gated Community

Market Report for Murrieta, Olive Hill's Gated Community

Looking for a gated community in Murrieta with very large lots and quasi-mansions, at prices less than half of buyers of the new homes there paid?  Take a look at Olive Hill.  These homes are "newer," built in the time frame of 2000, and are about 3000 to 4000+ square feet, on lots approximately one to two acres.  An impressive feature for relaxing and reading a book or entertaining is their location: high enough on the hill of the Santa Rosa Plateau that many have panoramic views of the Murrieta-Temecula valley. 

The large lots lend themselves to swimming pools, tennis courts and extensive gardens; a paradise for entertaining guests. 

What about neighbors?  The people who first purchased these homes paid anywhere from almost $700,000 to over a million dollars for each.  Rumor is that one of the Black-Eyed Peas lives in this community, but unlike homes owned by Cher or Kathy Griffin, I couldn't find a title report verifying that.

The market for these homes has followed the market for higher price range homes, for example in Bear Creek and Tenaja, also in West Murrieta.  During the recession, the market "stalled" as buyers waited on the sidelines while prices were over $1million.  With the passage of time and life events, many of the owners could not wait for the market to recover, and several of the homes went through foreclosure or short sale proceedings in Olive Hill.  By 2010, the home sales price of a bank-owned home in Murrieta's Olive Hill is in the mid-$400,000's. 

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