Wagon Wheel is a small, cozy community climbing up a hill off of Oso Parkway. There are five unique developments, each offering residents an abundance of amenities, with properties ranging up to 2,800 square feet in size. The Dakotas is a townhome neighborhood located across from beautiful natural walking areas. Each unit has its own one car garage and the community has parking spaces available for additional cars and guests. There is a community pool and spa for residents of these homes. California Landmark homes are two-story, single-family detached homes. The homes include attached two or three-car garages and some offer beautiful valley views.

California Laredo homes are one- and two-story, single-family detached homes, many situated on large lots. The homes include attached three-car garages and many boast striking views of the valley. California Silverado homes are all two-story, single-family detached houses. The homes all include attached two-car garages and most offer valley views as well. Some homeowners have added additional interior floor space with second story lofts or additional rooms. Community pride is apparent in these neighborhoods, where families often gather for special activities.

The Wagon Wheel area approached build-out in the late 1990s, but local leaders and county officials decided to allow the community to remain unincorporated, rather than having it become part of the newly developed city of Rancho Santa Margarita.