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:
950 S Melrose Vista, CA 92081
$999,999
6
Beds
4
Baths
3,126
SqFt
Status
Pending
MLS #
NDP2110751
Property Type
Single Family Residence
Price Type
--
Rare opportunity to own a 1 Acre VIEW LOT with ocean breezes!! This single story dual structure compound is 1 of a kind sitting in the heart of Vista. With a detached 3br 1ba home, TWO 2br 1ba units, & a maids quarters. (4 Potential Units) this is your clients dream. Meticulously designed, the property has surprises around every corner. All units tastefully remodeled w/custom quartz counter tops, center islands, custom cabinets, wood laminate flooring, custom trim and molding, new appliances, new multi pane windows, whole home water softening system, new doors, HVAC systems and more. This property has 3 separate entrances, wrap around driveway, RV Parking, & over 25+ available parking spots, on a new custom cement, drought tolerant, hardscape. Horses OK and to room for a pool!! A perfect home for; an extended family, contractor, business owner, large family, or investor. No expense has been spared, and no detail overlooked. The benefits, and potential of this property are endless. “She Shed” Trailer, wine view patio, & exterior pergolas, convey “as-is” without warranty. HURRY WON’T LAST!!
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.
840 Centennial Dr Vista, CA 92081
$949,000
4
Beds
2.5
Baths
2,564
SqFt
Status
Pending
MLS #
220002444SD
Property Type
Single Family Residence
Price Type
--
Welcome Home! This lovely property in the heart of Vista sits on 1/2acre lot that is all usable and flat! You can't help but to notice the charm and character through out both the inside and outside of the home! Lets start with driving up to the long private driveway at the end of a cul de sac. There is plenty of room to fit at least 5 vehicles and possible RV parking. Walking into the home you will be greeted with lots of natural light and a drop down living space with a fireplace. This is one of 3 living spaces to gather with family and friends. The kitchen is upgraded with granite counter tops, stainless steel appliances and custom cabinets. While cooking you can stare out to the other beautiful living room and dining area that boast Amazing vaulted ceiling and wood beams! There is another wood burning fire place that makes for a very cozy feel. Upstairs you will find all 4 bedrooms. The master and the neighboring bedroom have a very spacious deck off it with access to the backyard. Enjoy having coffee here while looking down at the view of your yard. Speaking of the yard, this is a true gem! The backyard has enough space to put a Pool, ADU, and/or anything else your heart desires. It is all usable land with endless possibilities. Other upgrades include AC, newer windows, and tile flooring. Central to shops, school, freeways, hospital, and restaurants. You don't want to miss this one! Sewer: Sewer Connected Topography: LL
2130 Sunset Dr Unit Spc 14 Vista, CA 92081
$220,000
2
Beds
2
Baths
1,440
SqFt
Status
Active Under Contract
MLS #
220005197SD
Property Type
Manufactured On Land
Price Type
--
Looking for backup offers. Green Valley is an active friendly senior community located with easy access to the 78 freeway, plenty of shopping nearby and just a five mile jaunt to the beach. The home offers a spacious floor plan and sits on an elevated lot. Many upgrades and update renovations have been done in this home, it shows pride of ownership. A must see for living the easy life in a great location! The living room opens to a dining area with a built-in hutch/display cabinet. A corner pantry and ample cupboards are big pluses to the cheery kitchen. The large family room, with its convenient built-in desk, opens to the kitchen and has access to the covered porch through glass sliders. Partially furnished with unbelievable bathroom upgrades. Community Clubhouse and pool, spa. Space rent is $890.56/mo., which includes water, trash and sewer for the buyer who must be 55+ Along with lots of updates and improvements in this home, you can be enjoy the California outdoor lifestyle and great amenities included too. There are two floor to ceiling closets in the primary bedroom provide 14 linear feet of space and in addition there is a large linen cupboard. The en suite master bath has been totally remodeled and highly upgraded now, it features extra large shower with thick glass enclosure to ceiling, new vanitiy, sink, a soaking tub and plenty of cabinets. The second bedroom has direct access to the 3/4 bath with walk-in shower. A utility closet and cabinets are a nice addition to the laundry room, washer and dryer, frig included. Newer engineered wood vinyl floors and light painted paneled walls, amazing tiled showers and custom bathroom fixtures and thick glass enclosures and modern bath tub in master bath as well as shower. New kitchen appliances included are dishwasher, stove, frig, a small counter microwave, disposal, stainless steel sink, Partially furnished. Space rent $890.56 monthly includes water, sewer, trash. Park has Clubhouse with pool and spa, with lots of open space. Complex Features: ,,, Equipment: Dryer, Washer Sewer: Sewer Connected Topography: LL
2130 Sunset Drive Unit #88 Vista, CA 92081
$229,000
2
Beds
2
Baths
1,550
SqFt
Status
Pending
MLS #
NDP2204130
Property Type
Manufactured In Park
Price Type
--
Well maintained quiet Private 55+ Park in Convenient Prime Location, ~ 5 miles to Coast, easy access to all Shopping, Restaurants, & Freeways. Seller has tastefully upgraded this home with recent paint, Front security Door, Ceiling Fans & Light fixtures, Heat pump/ AC with New compressor, 5 year Roof warranty on main roof, 2yrs on roofs of extended 245 sf bonus rooms with french doors, updated landscaping to include 4 Large Pots on property, front line Drip System, wireless Security System & Home Warranty to convey. In addition, Double Pane Windows, a 2 year Termite warranty that conveys with option to renew contract, & Seller is extending landscaper Vic's gardening services for an additional year. Why look further. This home has coastal breezes and it's small but lofty back yard has calming westerly views with a lemon tree and a magnolia tree.
749 Oleander Place Vista, CA 92081
$1,749,000
5
Beds
4.5
Baths
3,507
SqFt
Status
Pending
MLS #
NDP2203006
Property Type
Single Family Residence
Price Type
--
FIRST time on the market! Home + ADU + Barn + Land + RV Hookups. PRIME Vista countryside/San Marcos MARCOS LOCATION, SMUSD SCHOOLS. CUSTOM HOMESTEAD nestled in a cul-de-sac in Vista, on the border of San Marcos. Dwell abundantly in this 4 BED/3.5 BATH + OFFICE custom-built home, among an open, sun-drenched .57 acre lot, huge BARN with full utilities, office and ~300 sq foot STUDIO ADU. This peaceful lot is within walking distance to top-rated schools, and offers the best of all worlds for home, play, recreation, work, relaxation and location. Meticulously built by its owner in 1988, this treasured lodge-style home features vaulted ceilings with hand-cut wooden beams, Dacor appliances, granite countertops, custom cabinetry, THREE large river rock FIREPLACES, a LOFT/game room, NEW OUTDOOR KITCHEN and large entertaining decks, double garage, storage areas and so much more. Master suite, additional bedroom and large office on first floor. Two bedrooms and large, game room or bonus space loft upstairs. Large ~1500 square foot BARN beholds the space and opportunity to build out your dream, whether its a business, horse barn and stables, entertainment space, second home or large boat/toy storage. FULL RV hookups also available on-site, including electrical, water and sewer. Enjoy privacy and space, yet minutes to downtown Vista, the heart of San Marcos and SAN ELIJO HILLS. Flat, usable acreage for a POOL, agriculture, animals or additional outbuildings with its extremely favorable zoning. This listing is unmatched in its opportunity and grandeur, with immense INCOME-PRODUCING features. *NOTE: ADU photos have been virtually staged.
627 Via Bogota Vista, CA 92081
$525,000
2
Beds
2
Baths
1,454
SqFt
Status
Pending
MLS #
NDP2203114
Property Type
Manufactured On Land
Price Type
--
Rare extra office/bedroom in this home located in the highly sought-out 55+ Vista Del Mar senior community. Spacious open floor plan includes living room, dining room, kitchen combination with vaulted ceilings and sliding doors to wrap around deck with view and nice area for your patio set. Laundry room with washer and dryer. Attached one car garage Extra parking in driveway. Guest parking across the street. The community features a pool, a spa, a tennis courts, a RV lot, a large clubhouse, and many activities. It is located minutes to shopping (Costco is minutes away). Disclosure: almost all photos were taken before current tenants lived in home and the inside looks different as it is now occupied. Brand new copper repiping of the entire house and overhaul of FAU this year. New roof and water heater in 2017, new fences on 2017 and 2018, and new TREX(no termites) fence on back walkway in 2014.
1597 Green Oak Road Vista, CA 92081
$769,000
3
Beds
2
Baths
1,466
SqFt
Status
Pending
MLS #
220008288SD
Property Type
Single Family Residence
Price Type
--
BOM- Fantastic 1 story home awaits you! This traditional one-story 3 bd. 2 bath home with vaulted ceiling in the living room has been extensively upgraded with graceful style and taste and move in ready. Come see this home-fantastic for a family or retreat! This home has been upgraded with new paint, carpet, flooring, bathrooms with new shower in master bedroom, claw foot tub in 2nd bathroom and window shutters throughout the home, French door that leads out to the backyard with a coated concrete patio area to entertain. A fantastic, gated and professionally landscaped private side yard & rear yard with citrus trees, grass and slate tile for kids to play or adults to entertain, this is the home you've been dreaming about! Equipment: Garage Door Opener, Range/Oven, Shed(s) Sewer: Sewer Connected Topography: LL
1079 Woodcrest Vista, CA 92081
$930,000
3
Beds
2.5
Baths
2,004
SqFt
Status
Pending
MLS #
SW22070530
Property Type
Single Family Residence
Price Type
--
Welcome to beautiful Amber Woods in Vista, Shadowridge. Home features an open Kitchen to living room & dinning space w/ gas fireplace. Kitchen features granite counter tops w/ center island, cherry wood cabinets, SS appliances, brand new dbl oven, gas range & hard wood flooring. Oversized master w/ walk-in closet. Laundry room upstairs w/ sink. Large private yard w/ planter boxes & patio for entertaining & sunsets. Ethernet, AC, 2 car garage, No Mello Roos, San Marcos school district and close to shopping centers.
1350 Lupine Hills Drive Vista, CA 92081
$1,595,000
4
Beds
3
Baths
2,962
SqFt
Status
Pending
MLS #
NDP2203427
Property Type
Single Family Residence
Price Type
--
Welcome to a spectacular oasis in a highly sought-after location within the Shadowridge community. This single story, highly upgraded home features an open floor plan with vaulted ceilings and views of the beautiful backyard from nearly every room. As you enter, you will immediately notice the natural light from the many upgraded Anlin windows that draw you to the resort-like backyard that is an entertainer’s dream. Outdoor resort-style amenities include three waterfalls surrounding an island of tropical plants, dining area with built-in grill, and wrap-around Alumawood patio cover providing shade to many seating areas. Take a walk through the backyard that has a wide variety of mature fruit trees nestled along the lush landscape. Double French doors in the primary bedroom open to lead you to the private oasis or, relax by the fireplace in the bedroom as you listen to the peaceful sounds of the waterfall. Do not miss the dual extra-large closets and a highly upgraded bath. This entertainer’s kitchen overlooks beautiful landscaping complete with a six burner Dacor range, slide out shelving throughout, double ovens, and a large walk-in pantry. Additional features include paid off PV solar electric system that conveys with the sale, Shadowridge HOA RV parking available for a nominal fee , numerous fruit trees and native plants, 2 storage sheds, herb garden, upgraded HVAC system with upgraded HEPA filtration system all with an incredibly low HOA of $36 per month and no Mello-Roos! Do not miss the rare opportunity to own this piece of paradise, schedule your private showing today!
1113 Countrywood Lane Vista, CA 92081
$1,200,000
3
Beds
2
Baths
2,203
SqFt
Status
Pending
MLS #
NDP2203476
Property Type
Single Family Residence
Price Type
--
Rarely available single level home with spectacular views of the Shadowridge Golf Course and club house with mountain vistas in the background. Entry leads to a living room with cathedral ceilings and formal dining room with lots of windows and light. Central air conditioning is throughout the entire house. This charming home has a remodeled kitchen with granite countertops and a breakfast bar looking out on to the golf course and opens up to a cozy family room and fireplace. The spacious master suite has Cathedral ceilings, walk-in closet, dual sink vanity, shower and soaking tub. Sliding glass doors on both the family room and master suite look out to a magnificent backyard large enough to accommodate endless possibilities (in-ground pool, jacuzzi, putting green or gazebo). Direct golf course access with a leisurely 5 minute stroll up the first fairway to the pro shop, fitness center, and the private patio, dining and bar facilities of Shadowridge Golf Club (membership required). Current owner often enjoys happy hour and dinners at the club and then walks home down the first fairway. Located within the wonderful community of Shadowridge Estates with low HOA. Easy access to shopping, beaches, and restaurants. Shadowridge is a great place to call home!
986 Lupine Hills Drive Unit 91 Vista, CA 92081
$580,888
2
Beds
2
Baths
1,123
SqFt
Status
Pending
MLS #
NDP2203751
Property Type
Condominium
Price Type
--
Amazing spacious Shadowridge 2 Bedroom, 2 Bathroom Condo in a maturely landscaped setting. Completely remodeled. New vinyl plank flooring and carpeting. New Paint! The kitchen has white cabinets, quartz counters and stainless steel appliances. The kitchen opens to the inviting living room featuring light-catching skylights, a cozy brick fireplace and sliding doors to the spacious and private balcony. The primary bedroom offers access to the balcony and en-suite primary bathroom with a quartz-topped vanity with dual sinks. Down the hall, the secondary bedroom is generously sized and adjacent to a full bathroom. Additional features include an indoor laundry closet, a detached single-car garage, newer water heater and furnace. Enjoy the nearby community pool and spa. Centrally located near shopping and dining options and easy access to the 78 freeway. Open House this Saturday, 4/30 from 3-6 p.m. and Sunday, 5/1 from 12-4 p.m.