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
Pending
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.
2130 Sunset Dr. Unit 67 Vista, CA 92083
$189,900
2
Beds
2
Baths
1,440
SqFt
Status
Pending
MLS #
PTP2103133
Property Type
Manufactured In Park
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!
2321 Sandy Vista, CA 92081
$675,000
3
Beds
2
Baths
1,946
SqFt
Status
Pending
MLS #
NDP2106926
Property Type
Single Family Residence
Price Type
--
Gorgeous creek side location. This warm and inviting single story home boasts 1941 sqft. 3 bedrooms 2 baths beautiful deck , large master suite and lots of natural lights. Wander into your secluded and private backyard and get lost in nature. Incredible creek views with no neighbors behind you. Enjoy the vaulted ceilings, cozy fireplace. Upgraded kitchen and baths ready to move in. Located within the top rated San Marcos school district. No Mello Roos. Community pool, spa, BBQ, common area, walking trails, creek and optional boat/ RV parking. Only one way in and out of the development for extreme charm and privacy. Easy access to 78 freeway, Sycamore, Palomar Airport Rd and Melrose. A short 7 mile drive to the ocean.
1171 Sunset Drive Vista, CA 92081
$1,199,000
5
Beds
5
Baths
2,986
SqFt
Status
Active Under Contract
MLS #
SW21148588
Property Type
Single Family Residence
Price Type
--
Horse Property! A-1 Agricultural Zone, One of a Kind, 2 Units, Custom Built Spanish Style House in Vista, Situated on a 36,590 square foot Lot or .84 Acre, Main House Offers 3 Bedrooms, 3 ¾ Baths, Kitchen, Dining with Island, also Includes a 2 bedroom Studio Unit. Formal Living and Dining Room, Double French doors to the Balcony, Beautiful panoramic views and colorful sunsets. Main Bedroom with it's own Sitting area and Fireplace, Main Bathroom Separate Tub and Shower, Double Sink, Walking Closet and access to the Balcony where you can overlook to the West for beautiful Sunsets... Main Level, Bedroom #2 and #3, Hall Bathroom with a Sunken Tub. Oversize 3 Car Garage, Laundry Hookups and a 3/4 Bathroom. Main Entrance as you descend to the Family room, 2nd Fireplace and 3/4 Bathroom, Out the Back patio is the 2nd Unit Studio with 2 Bedrooms, 1 Bath. Wrap Around Driveway, RV Parking and RV Clean-out. The House also Offers Water Softening and PAID SOLAR SYSTEM, Alley access, Corner Lot! Close to Freeway, Shopping Centers, and much more, NO HOA. Breeze Hill Elementary School, Madison Middle School and Rancho Buena Vista High School.
2209 Brookhaven Vista, CA 92081
$899,000
4
Beds
3
Baths
2,537
SqFt
Status
Pending
MLS #
LG21163582
Property Type
Single Family Residence
Price Type
--
SPACIOUS, LIGHT & BRIGHT, UPGRADED HOME WITH SOLAR OWNED! Great open floor plan with large living room featuring over-sized windows looking onto the beautifully landscaped front and back yards. Family room and downstairs opens up to the backyard where you can Enjoy a cool ocean breeze. One bedroom and bath downstairs. Walk upstairs to 3 spacious bedrooms and a large bonus room. Master bedroom includes a large walk-in closet, soaking tub, and shower. This home is in a prime location being close to Carlsbad, Shadowridge, San Marcos and only 7 miles to the beach
1396 Beringer Ln Vista, CA 92081
$920,000
4
Beds
3
Baths
2,147
SqFt
Status
Pending
MLS #
NDP2108728
Property Type
Single Family Residence
Price Type
--
Lovely 4 bedroom, 3 bath home, one bedroom and full bath (shower)located on main floor. Upgraded kitchen and bathrooms . OWNED solar, paid in full. Some shutters throughout, ll windows have window coverings.. Newer Windows, newer HVAC, newer Water heater. Kitchen features newer cabinets with pullouts, granite counter tops and SS appliances, Fridge conveys as well..Three car garage and private back yard with pavers..Move in ready..
1549 Sapphire Lane Vista, CA 92081
$849,900
4
Beds
2.5
Baths
2,605
SqFt
Status
Active
MLS #
NDP2108936
Property Type
Single Family Residence
Price Type
--
Executive home located in exclusive Shadowridge area without the hassle of a HOA. You must see this 4 bedroom 2 1/2 Bath, 3 car garage with a bonus room. The great room with vaulted ceilings, huge open concept family room, newly remodeled Kitchen, fresh paint shows like a new home! Has a rare downstairs Master bedroom with dressing room and private bath. A/C for those hot days! Sit beside your own private pool with a glass of wine in the evenings. Home is sold AS IS....
1137 Columbus Way Vista, CA 92081
$915,000
3
Beds
2.5
Baths
2,419
SqFt
Status
Pending
MLS #
NDP2109381
Property Type
Single Family Residence
Price Type
--
Welcome to 1137 Columbus Way in Vista, CA! In the desirable Shadowridge Golf Course community. This beautiful turnkey property boasts stunning views of the surrounding mountains and Shadowridge Golf course. You will notice the pride of ownership in this mature community. As you walk into this home you will be greeted with large vaulted ceilings, exposed wood beams, and ample natural light. The gorgeous curved staircase frames the spacious foyer and hallway that leads to your downstairs main bedroom. The Primary Bathroom is beautifully done with both his and her sinks, walk in shower and a walk in closet. Your kitchen is an entertainers dream with all updated appliances and ample counterspace for large family gatherings. The kitchen, with a beautiful open concept looks into your Family room. The Family room has a prominent stone fireplace with windows facing your well maintained yard which borders the 7th fairway and stunning mountain views. This is a pool sized lot that comes with an above ground covered spa. Seller has engineering drawings of a new deck. Upstairs you will find an office facing yet again, the gorgeous views. Great for working from home! Also, upstairs bathroom and Guest Bedroom. This home has every amenity! Front load washer and Dryer. Central AC and Heat. New top of the line Solar and reinforced roof with new replaced roof tiles, 2 car garage with a flat driveway. Shutters on all the windows and Hardwood throughout the downstairs. Oh, and a $32 HOA!
1955 Rosewood Street Vista, CA 92081
$775,000
3
Beds
2.5
Baths
1,810
SqFt
Status
Pending
MLS #
SW21179369
Property Type
Single Family Residence
Price Type
--
IMMACULATE TURNKEY HOME IN THE HIGHLY DESIRABLE GATED COMMUNITY OF RANCHO MONTECITO! You will be impressed with the beautiful curb appeal of this home with the extended custom driveway. As you approach the home you are greeted by a courtyard. Home features 3 bedrooms, 2.5 bath. As you enter the home you are sure to be impressed by the beautiful laminate wood flooring and vaulted ceilings. The family room features a beautiful gas fireplace and high vaulted ceilings with decorative beams. The family room opens nicely to the dining room which is perfect for entertaining guests. Step outside to your backyard with covered patio cover directly from the family room. The kitchen features beautiful white cabinets with plenty of storage space, granite countertops and custom backsplash, pantry, stainless steel appliances including refrigerator. The beautiful bay window overlooks the backyard. Directly off the top of the stairs is a nice open loft that can easily be converted into a 4th bedroom of office. The skylights directly over the loft adds plenty of natural light. Enter the master bedroom through the double doors and enjoy reading a book and relaxing on the cozy window seat. Main bedroom features separate floor to ceiling mirrored wardrobe closets, ceiling fan and ensuite with dual vanity sinks with granite countertops, gorgeous cabinets and spa-like custom shower with glass doors. The secondary bedrooms include a ceiling fan and mirrored floor to ceiling wardrobe closets. Secondary bathroom features a gorgeous granite countertop, beautiful maple cabinets and custom tiled tub with glass shower enclosure. Step outside to your beautiful private, park-like backyard. A yard of this size is rare in this community! Entertain guests under the beautiful wrap around patio cover. Backyard also features new fencing and plenty of grass to enjoy! Every window throughout the home has been upgraded with dual-pane windows! Enjoy the community private pool, spa, picnic tables located in close proximity of the home. Community hosts several events throughout the year. Near plenty of shopping, restaurants and Shadowridge Golf Club.
1198 Drifting Circle Drive Vista, CA 92081
$749,900
3
Beds
2
Baths
1,908
SqFt
Status
Pending
MLS #
PTP2106006
Property Type
Single Family Residence
Price Type
--
Charming Vista home with double door entry, sunken living room with cozy fireplace and open views to the back yard. Separate dining area and there is a family room off of the kitchen, bringing back family time. Ceiling fans throughout, great storage in the kitchen! Huge master bedroom, with lots of room, walk in closet and dual sinks! Family and friends will enjoy the room to run and play in the back yard! Established trees and real grass make for enjoyable gatherings.
622 Via Santa Paulo Vista, CA 92081
$515,000
3
Beds
2
Baths
1,504
SqFt
Status
Pending
MLS #
NDP2110054
Property Type
Manufactured On Land
Price Type
--
Beautiful Manufactured 3 Bedroom 2 Bathroom home located in the desirable 55+ Vista Del Mar Complex with Low HOA. No Space rent, You own the land! Enjoy the views from your massive deck in the back, you can see the ocean on a clear day! Plenty of room to entertain your friends and family. Nice open entry into the home. Dining area opens to the living room with a gas fireplace. Master bath has a soaking tub and a shower. Kitchen is open and has a breakfast nook. 1 Guest room has a Murphy bed that comes with the home. Plenty of natural light throughout the entire home. Big 2 car garage is attached to the home that has a workbench and plenty of built in storage and 2 parking spots to park in your drive way. Lots of amenities in this community including pool, tennis courts, putting green, and clubhouse. Come see this home today!
2440 Links Way Vista, CA 92081
$849,000
3
Beds
2.5
Baths
1,900
SqFt
Status
Pending
MLS #
NDP2109908
Property Type
Single Family Residence
Price Type
--
This is it! Highly upgraded golf course view home in the highly sought after Shadowridge community. Gorgeous turn key home with amazing views of the golf course. Enjoy your morning coffee or view the beautiful sunsets from your oversized pool-sized lot overlooking the third green. Vaulted ceilings and an abundance of newer windows make this home light and bright. First floor primary bedroom with upgraded bathroom and walk in closet with new built ins. Kitchen is an entertainers dream and was recently upgraded with a large island with seating and an abundance of cabinets. Recently upgraded plumbing, A/C, heater. 2 car garage with plenty of built in storage cabinets, epoxy flooring and extra long driveway. Central vacuum makes cleaning a breeze! Close proximity to the community pool. Won't last. Make an appointment today for a private showing or come to the open houses Friday, August 27 from 5:30-7:30pm or Saturday, August 28 from 11-1pm.