$102 Million dollar luxury home community announced!

Orange County land developer announces 102 million dollar luxury home project in Temecula's Wine Country. While there has been a slump in the housing market, the luxury home market is posting swift gains.

[ClickPress, Tue Aug 07 2007] Elliot Leonard of Newport Beach has announced the development of a 102 million dollar luxury home community in Temecula's renowned Wine Country. The development consists of 41- 2 acre custom home sites located in the hills overlooking Temecula. The private, gated community will include finished individual view lots to accommodate the luxury home buyer. Homes are anticipated to be between 4,000 and 15,000 square feet.

While their have been many reports of the housing market slump taking place in Southern California, the luxury home market has remained consistent. According to DataQuick, a leading real estate information source, the declines are in the lower half of the market, while prices in the upper half of the market remain strong. The Prestige Home Index reports that luxury home values climbed as high as 6.5% in the first quarter of 2007 in the Los Angeles area. San Diego posted increases of 3.2% for the same quarter. The San Francisco area market held steady with sales consistent with the previous quarter.

The developer of Ridgeview Estates at the Groves has been in the real estate development industry for the past 20 years. He has developed numerous real estate projects throughout Southern California as well as in New York. "The increase in popularity of the area's wine region, coupled with the lack of land available, provided the perfect opportunity for a development like this. Our goal is to provide the affluent home buyer with the availability of estate size lots in one of the area's most beautiful sites. The lots provide breathtaking views of the Temecula Valley and overlook the prestigious Valley of the Horses. Residents will enjoy the exclusivity and privacy of the community while still being close to all of the modern conveniences that Temecula has to offer" said Elliot.

The initial phase of lots will be released in October. For more information about Ridgeview Estates, contact KOR Real Estate (951)264-4778 or korrealestate.com

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