April 20th, 2008 - Temecula, California

 

ORANGE COUNTY LAND DEVELOPER ANNOUNCES 102 MILLION DOLLAR LUXURY HOME PROJECT IN TEMECULA'S RENOWNED WINE COUNTRY

 

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 two-acre custom home sites located in the hills overlooking Temecula. This private, gated community will include finished individual view lots to accommodate the high-end luxury home buyer, with estate-styled residences anticipated to be in the 4,000-15,000 square feet range.

 

While there have been many reports of the housing market slump taking place in Southern California, the luxury home market has remained consistently in demand. 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 available land, 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.

 

Rancon Real Estate, Temecula’s premiere independent real estate brokerage specializing in luxury real estate has been hired to market the Ridgeview Estates development. As an effective leader in the real estate industry for 37 years, Rancon’s commitment to excellence, professionalism and their broad scope of experience makes Rancon the right choice for this outstanding project. The initial phase of lots are available now!  For more information about Ridgeview Estates At The Groves, please contact Trish Lundin at (951) 491-5582 or Barbie Blackmore at (951) 757-0077.