Redlining is a term that describes the unethical if not illegal practice where lenders red line a neighborhood or community, making it very difficult for buyers to purchase in these afflicted areas.
I have recently heard from a couple of direct lenders, Countrywide Home Loans and Bank of America, that most if not all of San Diego County real estate is in the red zone.
Qualifying for current red zone status simply means that the subject property is located in a declining market area. The impact of this colorization is significant to both the San Diego real estate market as a whole and to first time home buyers in particular.
How this version of redlining works creates a no-win situation for buyers putting down less than 5 percent.
Even if a buyer has negotiated a bargain purchase price, say 10 percent under market value, the appraiser will automatically deduct another 5 percent from the contract price to determine a value. In other words, a borrower cannot get away with putting less than 5 percent down.
I spoke with Brian Brady a couple of weeks ago about this matter. I had been told by a representative from a large direct lender that San Marcos, CA was in a red zone, and would be subject to different lending standards. Brian bristled at the thought of redlining, declaring it an illegal practice unless an entire region were painted red.
Well, it seems that most, if not all of San Diego County real estate, is swimming in blood.
One of our agents is struggling with a couple seeking to buy their first home in the Shadowridge area of Vista, CA. The buyer is an automobile service manager in nearby Carlsbad and his wife is an attorney. They are conservative in lifestyle, and can afford payments on a $417,000 home. However, they are short on down payment. And with current lending guidelines and the unavoidable prospect of buying in a red zone, they can no longer qualify for the 100 percent loan Countrywide Home Loans had promised.
And what makes this particular case so interesting is that the home is a foreclosure held by Countrywide as an REO (real estate owned). Any reasonable person would think that Countrywide Home Loans would jump through hoops to get this liability off their books especially with buyers like these.
Wouldn’t reasonable minds agree?
Listed below are all current listings of homes for sale in Shadowridge area of Vista:
1708 Landing Dr Vista, CA 92081
$835,000
4
Beds
3
Baths
1,768
SqFt
Status
Pending
MLS #
NDP2113343
Property Type
Single Family Residence
Price Type
--
Newly refreshed 4 bedroom/3 bath home in popular Shadowridge. Large 7,386 SF lot on a cul-de-sac street. Private backyard with no homes behind. Low HOA, no Mello-Roos. Bedroom and full bath on entry level. New carpet. Family room with fireplace. Vaulted ceilings in living room, dining room, and master suite. Central air conditioning. Community pool and spa located at end of cul-de-sac. Walk to Rancho Buena Vista High School, shopping, and restaurants.
1707 Landing Dr Vista, CA 92081
$850,000
3
Beds
2.5
Baths
1,386
SqFt
Status
Active
MLS #
220011596SD
Property Type
Single Family Residence
Price Type
--
Alluring and highly sought after Shadowridge community home in a private and picturesque cul-de-sac leading to the complex amenities with a pool, spa, and lovely playground. Sitting atop an oversized lot with spectacular curb appeal invites you to your cozy great room featuring breathtaking high volume ceilings. Tons of natural lighting flood in to your eat-in kitchen leading you to your private and sweeping lush yard with plethora of usable space and opportunity. Upper level features your primary bedroom with vaulted ceilings and two secondary bedrooms featuring a hallway bathroom off your airy catwalk overlooking your great room. Spectacular location very close by to Rancho Buena Vista High, shopping in Albertson's, CVS, restaurants, Buena Vista Park/trailhead, and more! This is a must SEE! Equipment: Range/Oven Sewer: Sewer Connected Topography: LL
866 Crestview Road Vista, CA 92081
$584,900
1
Bed
1
Bath
700
SqFt
Status
Pending
MLS #
SW22116334
Property Type
Single Family Residence
Price Type
--
Seeking Investors with a vision! 866 Crestview Rd. Selling TWO parcels together. Parcel 1 (APN:179-340-08-00) large lot with 700 sq ft one bedroom/one bathroom home. Parcel 2 (APN: 179-340-46-00) - land lot. Seller requests to sell lots together. Combined lots offer nearly half an acre, with stunning view of Vista. Contact listing agent for more information.
1640 Olympus Loop Drive Vista, CA 92081
$950,000
4
Beds
2.5
Baths
2,272
SqFt
Status
Pending
MLS #
PTP2203698
Property Type
Single Family Residence
Price Type
--
Serenity awaits at Shadowridge full of palm trees, hibiscus trees and roses. Step inside this beautiful property and fall in love with the vaulted ceilings, allowing tranquil breezes to pass through. This 4 bedroom 3 bathroom home offers adaptable space and is full of rich natural light. The kitchen boasts a magnificent marble center island, professional-grade Bosch Benchmark appliances, a built in refrigerator and frameless cabinets. Enjoy your gourmet kitchen with dynamic views of the mountains through your sparkling windows. Plenty of indoor and outdoor space, perfect for formal and casual dining. Glass sliding door opens to a private and bright backyard complete with 2 patios, picnic seating and BBQ.
1873 Falconer Court Vista, CA 92081
$1,100,000
4
Beds
3
Baths
2,833
SqFt
Status
Active
MLS #
IV22144829
Property Type
Single Family Residence
Price Type
--
This Beautiful 2 story home is located on a cul-de-sac in the desirable Shadowridge Estates neighborhood. Featuring 4 bedrooms and 3 baths with a spectacular floor plan, vaulted ceilings, step down formal living room, separate formal dining, large kitchen, plus family room with a fireplace. The main upstairs bedroom suite has a fireplace, spacious walk in closet, large bathroom with double sink, separate shower and tub. Additional 2 bedrooms upstairs and 1 bedroom downstairs. This home is ready with fresh paint and new carpet. 2833 sq.ft. of indoor living space, 3 car garage, an inviting outdoor space, front and backyard. LOCATION, LOCATION, LOCATION!
601 Via Bogota Vista, CA 92081
$505,000
2
Beds
2
Baths
1,200
SqFt
Status
Pending
MLS #
NDP2207068
Property Type
Manufactured On Land
Price Type
--
No more wallpaper as of 9/9/22, see the new improved home that looks so much better and younger. Great opportunity to own and enjoy this home in the desirable Vista Del Mar 55+ community where the land is included. Spacious Living room with vaulted ceilings. Brand New Stove added and Kitchen includes the refrigerator and an area for a kitchen table. Recently the popcorn ceilings were removed, home freshly painted and carpets cleaned. Primary Bedroom is good size 15.6 X 14 with mirrored walk-in closet 10 X 5 . Main bathroom has tub & Separate shower. There is a door off the Primary bathroom to access the back yard & Patio or add your own private spa. Inside laundry room with Utility sink will include Washer & Dryer. Dual pane windows. Central Air & afternoon breezes. Owners had 78 feet of Flat rail fence added in June 2019. This is a nice size home to enjoy and will include the sofa and 2 love seats.. Located across the street from the clubhouse for easy access to all amenities & provides for great guest parking. Nice size yard for your pet, gardening or relax & enjoy the private lanai patio area. Laundry area has an access door to the 2 car garage with automatic garage door opener and the extra refrigerator in garage will be included. Community features Clubhouse, Pool, Spa and Tennis courts/Pickle ball courts. Vista Del Mar is minutes to the Ocean and shopping areas and freeway access. Come and enjoy all this community has to offer, you'll be glad you did.. Pool is being converted to a salt water pool which i heard is better for your skin. New Comp roof was installed in 2017 with 10 year warranty on workmanship and 30 year warranty on the material. Park offers Free fenced RV parking based on availability.
1365 Beringer Lane Vista, CA 92081
$975,000
4
Beds
3
Baths
2,147
SqFt
Status
Active
MLS #
NDP2207094
Property Type
Single Family Residence
Price Type
--
TWO story, 4 Bed, 3 bath and 3 car garage residence is situated on the cul de sac street within the prestigious Shadowridge community. This SPACIOUS, LIGHT, and BRIGHT with easy flow layout home has numerous features throughout such as high cathedral ceilings, a first floor bedroom and full bath, ideal for guests or a home office. Additional features and benefits include, brand new flooring, new carpet, a nice kitchen with granite counter tops and stainless steel appliances. The second floor offers the main bedroom with vaulted ceilings, an en-suite bathroom with dual sinks, bath tub, separate shower enclosure and walk-in closet; two secondary bedrooms are light and bright. Additional features and benefits include inside laundry, oversized 3 car garage with plenty of overhead storage with a pull-down step ladder for access, newer AC condenser unit and low-maintenance backyard with patio cover. Location, location, location enjoy ocean breezes, being close to the Shadowridge Golf Course & clubhouse and being within a short distance to Rancho Buena Vista High School, shopping, restaurants, parks, trails and minutes from the ocean. Very low HOA! Don't miss out on this home!
1246 Capistrano Lane Vista, CA 92081
$774,950
3
Beds
2.5
Baths
1,578
SqFt
Status
Active
MLS #
ML81899194
Property Type
Single Family Residence
Price Type
--
Welcome home to 1246 Capistrano Lane in Hacienda Heights! This spectacular residence reflects pride of ownership with 1,578 sq ft, including 3 bedrooms and 2.5 baths. The downstairs features a spacious living room with cozy fireplace and high vaulted ceilings. The kitchen is perfectly centered to both a formal dining room, great for family gatherings, and separate breakfast nook with an adjoining powder bathroom for guests. Upstairs you will find plenty of cabinets with ample storage space and three bedrooms and a full bathroom. The private master suite includes vaulted ceilings, two spacious closets and newly remodeled bathroom with a luxurious walk in rain shower. Very well maintained backyard with beautiful landscaping and plenty of space, perfect for entertaining guests. HOA includes a children's tot lot and a tree lined walking path with picnic tables. HOA also provides gated RV parking park for a small monthly charge. Very close to restaurants, shopping and freeway access.
870 Vale View Drive Vista, CA 92081
$998,000
3
Beds
2
Baths
1,783
SqFt
Status
Active
MLS #
OC22149392
Property Type
Single Family Residence
Price Type
--
Entertainers Paradise located 9 miles to the Beach! You will also enjoy shopping at the Carlsbad Premium Outlets! This amazing half acre lot has TWO beautiful very private backyards! One is a fully landscaped park setting with a half basketball court, regulation hoop (Mega Slam 72 backboard) and brand new custom oversized shade structure with deck and bar to watch the games! The second backyard on the opposite side of the home has a huge pool yard and custom party house! The party house has a large custom bar with a built-in spot for your kegerator as well as a built-in projector for fight night or movie night! The pool has new plaster/tile and has an attached hot tub. This Property has views for days! Enjoy watching several NYE and 4th of July firework shows from your own deck! So much fun to be had on this half acre property nestled at the end of the easement for total privacy and seclusion. Oversized bedrooms. Master has full bath that goes out to pool and hot tub. Brand new huge garden ready for ALL of your favorite fruits and veggies. Huge dog run. Plenty of RV/boat parking. Option to purchase all outdoor and bar furniture. This house has an amazing Oasis vibe! Come check it out before its gone! No HOA fees.
1122 Casa Bonita Way Vista, CA 92081
$849,900
3
Beds
2.5
Baths
1,890
SqFt
Status
Active
MLS #
220018338SD
Property Type
Single Family Residence
Price Type
--
Well maintained two-story home with an attached two-car garage located within the heart of Vista. This amazing residence features a cozy fireplace and durable flooring throughout. Vaulted ceilings with large windows bask the home in an abundance of natural light. A beautifully appointed kitchen boasting granite countertops, stainless steel appliances, and warm honey-hued cabinetry with breakfast counter seating that opens to the family room. All bedrooms are upstairs including the spacious primary suite offering vaulted ample closet space and its own en-suite bathroom with dual sinks, a relaxing soaking tub, and walk-in shower. Outdoor living extends to the private backyard featuring thoughtfully designed hardscape including a covered patio, built-in BBQ station, and low-maintenance landscaping, making it perfect for entertaining. Conveniently located, just minutes away from shopping, dining, parks, golf amenities, Highway 78, plus so much more. No HOA and No Mello Roos! Don’t let this opportunity pass you by! Sewer: Public Sewer Topography: LL
609 Paseo Rio Vista, CA 92081
$789,999
4
Beds
2.5
Baths
1,802
SqFt
Status
Pending
MLS #
NDP2206707
Property Type
Single Family Residence
Price Type
--
New Flooring Throughout! Come check it out if you saw it already. This is the Lowest priced 4 bed in 92081! This home is located in the Award winning Vista Unified School district. And the beach being only a few miles away is Heaven. Costco/shopping is very close. 609 Paseo has new Exterior Paint, Dual Paned Updated Windows, Low Maintenance front and back Yards. All bedrooms upstairs. High Ceilings, Finished Garage, No Neighbors behind or in front, the Best floor plan in the community in one of the best locations of the complex, fire sprinklers installed and guest parking across the street. The great news is that the termite work has already been taken care of. Tenting will be completed before escrow. Community has Low HOA, Tot Lot, Park and Trails. Easy access to 78 and I5. This is a fun community that my clients have loved raising their kids here. It’s been said that Vista is one of the most pleasant places in California. Known as America's Climatic Wonderland for its outstanding climate. It has so many different outside activities from shopping, to movies in the park, The Wave Waterpark and great restaurants. Only a few miles from the Pacific ocean, it has wonderful ocean breezes and a Mediterranean climate that is just beautiful. Again the Flooring is REPLACED! I virtually staged the living room, family room, one bedroom and back yard landscaping. Buyer to verify all information for themselves.
2427 Verano Way Vista, CA 92081
$775,000
3
Beds
3.5
Baths
1,726
SqFt
Status
Active Under Contract
MLS #
PTP2204965
Property Type
Townhouse
Price Type
--
Beautiful Turn-Key retreat located on the border of Carlsbad and San Marcos in the Skyline Community. This move-in ready 3bed/3.5 bath features: quartz countertops, wood flooring, stainless steel appliances, tall ceilings, quiet cool fans, in-unit Laundry Room, a personal balcony with views of the trees and greenery within the complex and so much more! The unit comes with Smart Home features and an attached 2-Car Garage. Complex offers it's resident access to the community pool, spa, clubhouse, BBQ grills, tot-lot, park area and plenty of quest parking. Located near great eateries, breweries, and has easy access to the 78 freeway and is between the 15 & 5 Freeway.