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:
1867 Saint Thomas Road Vista, CA 92081
$570,000
3
Beds
2.5
Baths
1,400
SqFt
Status
Active Under Contract
MLS #
SW21000346
Property Type
Single Family Residence
Price Type
--
Location, Location!! This Beautiful home is now available in the highly desired community of Shadowridge. The bright detached condo has the open feeling with beautiful Travertine Marble flooring. This home is the perfect size with 3 bedrooms 2.5 baths. The private yard had been landscaped with turf, for little maintenance while being the perfect spot for barbecues with family and friends. The home is within the top school district and walking distance from a beautiful pond with ducks and walking trails. Low HOA and No Melo-Roos! FHA approved. Check this home out while it’s still available! Seller requests 24 hour showing notice, thank you for understanding. Square footage is listed under Assessor parcel less, buyer to confirm square footage.
1959 Wellington Lane Unit 8 Vista, CA 92081
$399,000
2
Beds
2
Baths
924
SqFt
Status
Pending
MLS #
NDP2101547
Property Type
Condominium
Price Type
--
SHADOWRIDGE TOP LEVEL CORNER UNIT WITH COVERED PATIO OVER LOOKING THE POOL. FLOODED WITH NATURAL LIGHT & CEILING FANS IN EVERY ROOM. OPEN FLOOR PLAN. LIVING ROOM, DINING ROOM OPENS TO THE KITCHEN. THIS UNIT HAS AN INSIDE LAUNDRY ROOM WITH WASHER/DRYER INCLUDED. THE 2 BEDROOM, 2 BATHROOM UNIT HAS CARPETING AND WOOD. SCHOOL DISTRICT IS SAN MARCOS.
2130 Sunset Drive Unit 77 Vista, CA 92081
$155,000
2
Beds
2
Baths
1,440
SqFt
Status
Pending
MLS #
IV21079662
Property Type
--
Price Type
--
A nice, spacious air conditioned mobile home of 1,440 sqft plus a bonus/sun room, recently was painted, with new carpet and water heater, you would love many wonderful views of sunrise, sunset, sky and stars, wide streets, serene backyard with lots of Haas avocados, juicy lemons, flowers and plenty of parking for guests in the front and back, low space rent for newcomers to the park of $884.50/month including sewer, water and trash
718 Sycamore Ave Unit 26 Vista, CA 92083
$84,900
2
Beds
2
Baths
1,152
SqFt
Status
Active Under Contract
MLS #
SW21078494
Property Type
--
Price Type
--
**BACK ON THE MARKET!!***BEAUTIFUL home in the sought after GRANDVIEW TERRACE 55+ Community! This 2 BEDROOM/2 BATH house has a nice OPEN AND BRIGHT FLOORPLAN, white walls, & custom accent walls. NO Property Taxes! Newer Kitchen counters & toilets. Master offers double sinks & 2 closets. The walk in closet in each bedroom have been converted to one large office / closet - can easily be converted back if new owner desires. Handicap ramp & covered porch. Fenced yard w/ mature lemon & orange trees. LONG DRIVEWAY easily fits 3+ cars. Nice OCEAN BREEZES, and close to shopping and freeway access. This is your chance to live the simpler life and ENJOY!
2130 Sunset Dr. Unit 67 Vista, CA 92083
$189,900
2
Beds
2
Baths
1,440
SqFt
Status
Pending
MLS #
PTP2103133
Property Type
--
Price Type
--
Corner lot, in a cul-de-sac, beautiful, move-in ready 2BR/2BA + CA room home in very desirable, well maintained Green Valley Senior Community! Home has a spacious 1440 sq ft. floor plan with a family room, separate dining area, laundry room, spacious side yard, 2 sheds, front and back porch, laundry room, AC, carport and much more to list! All kitchen appliances convey. Community is close to shopping centers, freeways, transportation, beach and all that beautiful Vista has to offer! Come see this beautiful home today!
718 Sycamore Avenue Unit 156 Vista, CA 92083
$89,000
2
Beds
1
Bath
800
SqFt
Status
Active
MLS #
NDP2105389
Property Type
--
Price Type
--
Located on a large corner lot w/ a large yard - this home shows pride of ownership! Handicap ramp leading to enclosed porch and front door. This home has been lovingly decorated and cared for. You will notice plenty of natural light! Roof was resealed in 2020. Some windows have been upgraded to vinyl dual pane. The Master Bedroom has a walk in closet and a slider out to the spacious enclosed porch. The large yard is partially fenced and has two orange trees and a pomegranate tree. This home is on registration, which means it is NOT on property taxes. Located near the clubhouse, pool, spa, guest parking and other park amenities. This community is also walking distance to many Stater Brothers grocery store, Walgreens (Rx), Walmart (Rx), Target (Rx), dining, and more! Also convenient freeway access to highway 78! This is a 55+ park allowing two pets on approval.
992 Lupine Hills Drive Unit 98 Vista, CA 92081
$419,900
2
Beds
2
Baths
1,123
SqFt
Status
Pending
MLS #
IG21109170
Property Type
Condominium
Price Type
--
Beautiful ground level condo located in The Shadowridge Glen Community. Newly remodeled Kitchen with granite countertops. Easy access to the 78 freeway and shopping centers, life just became more convenient! Take time out of your day to enjoy the community pool & jacuzzi. No need to park outside when you can enjoy your single car detached garage that is just a few steps away.
2652 Coronado Place Vista, CA 92081
$650,000
2
Beds
2
Baths
1,654
SqFt
Status
Pending
MLS #
NDP2105893
Property Type
Single Family Residence
Price Type
--
Great single level in very well cared for neighborhood. Near Shadowridge Country Club. Vaulted ceilings. Large master bedroom with walk in closet. Second bedroom also has a walk in closet. Loads of storage through out the home as well as the garage. Fireplace in living room. Air Conditioning. Drought resistant low maintenance landscaping. Back yard has citrus trees, avocado, peach and apple trees. There is a fountain and a gazebo. Low monthly HOA fee and no mello roos.
1701 Crystal Ridge Way Vista, CA 92081
$649,000
2
Beds
2
Baths
1,124
SqFt
Status
Pending
MLS #
NDP2105743
Property Type
Single Family Residence
Price Type
--
ABSOLUTELY ADORABLE and move in ready!! This single story home is a gem!! Updated and upgraded to today's trends!! Great room living to maximize space, cozy fireplace, tile throughout (no carpet!) Updated kitchen with island, subway tile, light fixtures and farmhouse sink! This one is right off of HGTV & Pinterest worthy! Private low maintenance backyard. House has been replumbed. 2 car side by side garage. AC, plantation shutters, lots of extras. Community pool and close to shopping, RBV HS and access to major freeways. Hiking and biking trails within walking distance and only a few miles to some of San Diego's best beaches. Community pool and hot tub nearby.
2130 Sunset Drive Vista, CA 92081
$158,000
2
Beds
2
Baths
1,080
SqFt
Status
Active
MLS #
NDP2106196
Property Type
--
Price Type
--
Location, Location, Location! This beautiful home shows like new. Two bedroom, two bath, dinning room, living room, kitchen with newer appliances, laundry room and newly constructed storage shed wired with electricity, large size carport, newly coated roof Est. cost at $7,500. Park amenities offer community pool and RV Parking. Close to shopping, restaurants, local beaches, the 78 freeway and I5 freeway are just minutes away. This is the perfect place to call home sweet home!
2446 Verano Way Vista, CA 92081
$575,000
2
Beds
2.5
Baths
1,183
SqFt
Status
Pending
MLS #
210015939
Property Type
Townhouse
Price Type
--
Located just East of Carlsbad. Unique Experience the quintessential So Cal living in this master-planned, gated community with numerous amenities. Located close to a hip hotel /restaurant for walking distance entertainment. Door to Pacific Shore in 10 minutes drive. TurnKey, upgraded w/ modern materials like Quartz, luxury Vinyl flooring & Shaker style cabinetry. Perfect brand new, never been live home located across the street from exclusive use clubhouse w/ pool and Spa and guest parking. Easy access to 78 FW and located equal distant to 15 Fwy and 5 FWy, the major arteries of San Diego. Enjoy boat recreations at Lake San Marcos, 18th hole of Golf at St Mark Executive and world class dining and shopping nearby. Public parks for hiking and biking connected. Direct Distance to ocean is 6 miles, which mean you will avoid the June gloom overcast. For academia, Cal State University San Marcos is 3.5 miles away. Assigned public high School San Marcos is 1 mile away. CC&R community will have restriction on pets and guest parking. Complex Features: ,,,,,, Equipment: Dryer,Fire Sprinklers,Garage Door Opener, Range/Oven, Washer Sewer: Sewer Connected, Public Sewer Topography: LL
1926 Rosewood Street Vista, CA 92081
$649,000
3
Beds
2
Baths
1,366
SqFt
Status
Pending
MLS #
NDP2106848
Property Type
Single Family Residence
Price Type
--
Great opportunity to own a single story Shadowridge home within the gated community of Rancho Montecito. Come see this three bedroom, two bathroom home with an estimated 1,366 square feet. Vaulted ceilings, wood flooring in the entry, the kitchen and dining area. A/C and a cozy gas fireplace. Two car attached garage and a private fenced yard with no homes behind.