About Murrieta's Olive Hill

Market Report for Homes for Sale in Murrieta - Olive Hill, July 2011

The market report for the coveted Olive Hill community is as would be expected in this market because it is such a discrete set of homes: these are lovely custom homes on 1 to 2+ acre lots in a gated community that only has three streets. These streets are Joshua Tree Court, Tyler Place and Truman Place, with gated entrance off of Ivy Street.

Once selling in the $1million+ range, the Olive Hill homes for sale are, at this point in the summer of 2011, selling for in a price range of about $450,000 to $600,000. That is the current asking price of the single home for sale right now.

The three homes that sold in Olive Hill this year did so in January, February and March of 2011. The price range was $260,000 for a home that needed serious repair and had soil movement issues, $460,000 for a home with no pool and no view, and $660,000 for a highly upgraded home with a fabulous pool and view. The latter home's pool had a rock slide situated on the hill that the home backed to, as well as extensive hardscape and landscaping, a fantastic home for entertaining.

You can search for homes for sale in Olive Hill several ways:

1. Search without signing in at SandToSeaProperties.com.

2. Search and be able to save listings at our Olive Hill neighborhood search.

3. Have us find homes by setting up an automated search that notifies you when an Olive Hill home hits the market or has a price change.

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.

Interested in receiving listings by email as soon as they hit the market? Click here to submit your search criteria for this custom service.

Or, would you rather search Murrieta without providing your personal information? Search Murrieta and surrounding areas here.

Market Report on Homes for Sale in Olive Hill, Murrieta, CA

Market report is followed by links to the current active listing and a link to all 12 sold listings in Olive Hill, Murrieta, since 2008. These links will only be active for 30 days from today, 3/20/2010.

Amenities: This is a gated community nestled against the Santa Rosa Plateau in Murrieta, CA. The homes in Olive Hill custom homes are custom and semi-custom homes on large lots. This gated community boasts many pool homes which really feel like quasi-estate homes. Most are highly upgraded with granite kitchen counters, custom paint and carpet. The bank-owned REO homes in Olive Hill custom homes are selling at prices about 58% of the highest price points of the 2008-2009 time frame (more on pricing below).

Taxes: Olive Hill custom homes have relatively low taxes (apx 1.08%).

Current active listing: Truman Place in Olive Hill Murrieta:

• The home for sale on Truman Place in Olive Hill Murrieta is listed at an asking price of $849,000. Given the sold comparables (see the next bullet point), it would have a hard time appraising at this price.
  
• SEE THIS ACTIVE LISTING IN OLIVE HILL MURRIETA by searching Murrieta for homes priced from $848,000 to $850,000; link will be good only as long as the home is active and for sale.
  
• The pictures don't quite do justice to the hillside water-slide into the pool. I attended a party here a couple years back, and the kids absolutely LOVED that water-slide built into the hillside. At the top of the slide is a sitting area to enjoy a panoramic view of Murrieta.

Sold Listings for Olive Hill custom homes in Murrieta:

• The three sold homes from January to March of 2010 in Olive Hill were sold at prices from $450,000 to $495,000.
  
• In 2009, six Olive Hill homes sold for prices from $475,000 to $770,000.
  
• In 2008, only three Olive Hill homes sold, at prices from $410,000 to $750,000. You can see pictures and descriptions of the sold listings in Olive Hill Murrieta for 30 days while the link is still active.

Market Report for Olive Hill, Murrieta, CA

Olive Hill is a lovely gated community of custom homes on large lots ranging from about 3/4 of an acre to over 2 acres apiece, making pools and large yards for play and entertaining the norm here. These custom homes are your own estate with lots of upgrades and privacy. Amenities on each home vary, but most are newer with granite slab kitchen counters, distinctive exteriors, and views, views, views of Murrieta. Olive Hill is situated partially up the hill backing the Santa Rosa Plateau, so lovely views of the Plateau abound as well.

The three Active listings range in asking price from $820,000 to $899,000. They are located on Joshua Tree, Truman and Tyler Place in Murrieta, CA.

The pending property in Olive Hill is a short sale, listed at $495,000.

The sold property was a banked-owned (REO) property that was listed for $500,000 and sold for $450,000 on February 2, 2010. Another Olive Hill home, located on Tyler Place, closed sale in December at $770,000, in a private sale.

• To see these 7 listings, click OLIVE HILL LISTINGS current as of today, February 22, 2010. This link will expire in 30 days.
  

• To free search homes in Murrieta without signing in, click this Murrieta home search link, or click to search
  

• To have us set up a targeted search for you, so you can receive emails immediately when a home meeting your criteria hits the market, you can submit your home search criteria, or email me at Lisa@DelzompoHomes.com. You can see homes hitting the market, select your favorites, and take your time to let us know when you are ready to move forward.