wp,
There are a few answers to that question. There are buyers that want a premiere property and would take it anywhere be it LCV, LCO or Olivenhain if it was nice enough and priced right.

Regarding LCO, it seems as though premiere lots come up there fairly regularly and I dont know that there are people waiting for them. Based upon the peak prices paid for all the homes there I fully expect plenty of premiere properties to come on the market. I would also expect that if cheap enough a LCO buyer would be fairly apt to go to Olivenhain.

LCV is a completely different animal and most of the premiere lots are still in original owners hands that paid pre-bubble pricing. I know many and the chance sof them selling or having to sell are very minimal. Should your run of the mill LCV 4 or 5 BR 2600+ sq ft home on a 10,000+ sq ft quiet cul de sac lot come on the market there will always be people waiting for that beacue they are more rare and more affordable (thus more in demand). While there are higher end areas, there are lots of folks that want a premiere lot in LCV because of the unique set of attributes it has (location, school, amenities, community feel etc.)