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:
1750 Hilo Drive Vista, CA 92081
$1,500,000
4
Beds
2
Baths
2,450
SqFt
Status
Active
MLS #
200039710
Property Type
Single Family Residence
Price Type
--
Welcome to the magical Hope Ranch. This sprawling hilltop property consists of one newer main house and three additional cottages perfect for a family compound, income properties, potential rehab/assisted living facility farmland or anything you can imagine. The main house, with 4 bedrooms, 3 bathrooms and roughly 2400 square feet, was constructed in 2014 in the center of the surrounding out-buildings. [Supplement]: The cottages are filled with an abundance of beauty and character you must see to believe. Potential uses for this property include: horse ranch and equestrian estate, farming including avocado, tropical fruit trees or planting your own orchard while having locations for your farmhands to stay on the property! Step outside and within minutes you are in Downtown Vista Village to experience some of the best shopping, family fun and dining experiences in North County. Highway 78 is conveniently located less than a minute away from the home offering easy access to San Diego and Los Angeles. Some things cannot be put into words, you must come see it for yourself, come view and make this your home today!
2130 Sunset Dr Unit 143 Vista, CA 92081
$124,900
2
Beds
2
Baths
1,440
SqFt
Status
Pending
MLS #
200040324
Property Type
--
Price Type
--
SALE IS PENDING!! OFFER ACCEPTED. Vista's favorite 55+Senior park 4 miles to the beach. BEST PRICED HOME IN THE PARK. Large custom deck offers a PRIVATE oasis overlooking a protected running creek. Home is light and bright with lots of windows. New AC and furnace. Recently releveled. Open floorplan allows each room to flow effortlessly. The mstr br has door opening to back patio and also lets in the glorious ocean breezes. Fully furnished if you want. You'll love living in this community. Close to shopping, restaurants. $957 mo sp rent includes water sewer trash. Only 1 pet
894 Brookdale Drive Vista, CA 92081
$774,266
4
Beds
2.5
Baths
2,317
SqFt
Status
Pending
MLS #
200048130
Property Type
Single Family Residence
Price Type
--
Brand NEW energy-efficient home ready Feb-Mar 2021! The upstairs loft is perfect for for movie night, and you'll love the extra-large primary suite walk-in closet. Linen cabinets, gray granite countertops, white subway backsplash, rustic EVP, tile and neutral carpet in our upgraded Posh package. The abundance of outdoor recreation areas, shopping, and dining destinations coupled with the proximity to the ocean makes Vista the perfect place to call home. Complex Features: , Equipment: Fire Sprinklers,Garage Door Opener Other Fees: 0 Sewer: Sewer Connected Topography: LL
913 Arroyo Vista Drive Vista, CA 92081
$748,585
4
Beds
2.5
Baths
2,042
SqFt
Status
Pending
MLS #
200049403
Property Type
Single Family Residence
Price Type
--
Brand NEW energy-efficient home ready April 2021! The Residence 2 features 3 bedrooms, an upstairs primary suite, and a spacious first-floor living area. Espresso cabinets, granite countertops, fawn subway backsplash, wood-look tile, warm carpet and EVP in our upgraded Refined package. The abundance of outdoor recreation areas, shopping, and dining destinations coupled with the proximity to the ocean makes Vista the perfect place to call home. Complex Features: , Equipment: Fire Sprinklers,Garage Door Opener Other Fees: 0 Sewer: Sewer Connected Topography: GSL
718 Sycamore Avenue Unit 13 Vista, CA 92083
$109,900
2
Beds
2
Baths
1,248
SqFt
Status
Active
MLS #
PW20225925
Property Type
--
Price Type
--
PRICE CHANGE!!!!MOTIVATED SELLER!!!! 55 + Community. Beautiful home in the community of Grandview Terrace. 2 Bedroom/2 Full Bath. Boasts a huge living room, formal dining room, large kitchen, new carpet in both bedrooms, and laminate flooring in the kitchen, bathrooms, and living room. Nice long carport that fits 2 cars and plenty of parking in the community for your guests. Community includes Clubhouse/Recreation Room, Pool, RV/Boat Parking, Spa/Hot Tub. Near Restaurant's, Stores, Minutes to Beach, Garden Parks and more. Space rent $976.
899 Brookdale Drive Vista, CA 92081
$781,547
4
Beds
3
Baths
2,317
SqFt
Status
Pending
MLS #
200049968
Property Type
Single Family Residence
Price Type
--
Brand NEW energy-efficient home ready February 2021! The Residence 3 upstairs loft is perfect for for movie night, and you'll love the extra-large primary suite walk-in closet. Espresso cabinets, granite countertops, fawn subway backsplash, wood-look tile, warm carpet and EVP in our upgraded Refined package. The abundance of outdoor recreation areas, shopping, and dining destinations coupled with the proximity to the ocean makes Vista the perfect place to call home. Complex Features: , Equipment: Fire Sprinklers,Garage Door Opener Other Fees: 0 Sewer: Sewer Connected Topography: LL
2448 Verano Way Vista, CA 92081
$543,900
3
Beds
3
Baths
1,515
SqFt
Status
Pending
MLS #
SW20244940
Property Type
Condominium
Price Type
--
Nestled on the Carlsbad San Marcos border - Loads of South facing windows make this end-unit home bright and cheery all year long. 3 bed/ 3 bath with views toward hills from master bedroom. Nestled at the top of the hill just on the Carslbad and San Marcos border, Skyline is a hidden gem with great schools and low taxes. Easy access to all major freeways. Home will be ready for move-in this May! Buyer can still choose flooring Smart Home features throughout such as front door Smart lock, Smart garage door opener, front door SkyBell video doorbell, Smart thermostats, Z-Wave Smart light switch, Echo Dot, whole house Wi-Fi and more.
1253 Capistrano Lane Vista, CA 92081
$632,900
3
Beds
2.5
Baths
1,725
SqFt
Status
Pending
MLS #
NDP2003097
Property Type
Single Family Residence
Price Type
--
Dramatic price reduction! This home is a fabulous value, just waiting for you! All cabinetry recently painted & hardware added, carpeting recently cleaned. The backyard is low maintenance with stamped concrete and views to the west and north. Gorgeous! Home overlooks the community walking trail/picnic area with mature eucalyptus trees that protect the view! Newer kitchen appliances & water heater + upstairs bath & kitchen sink refinished for sparkling, clean surfaces!. Generous, downstairs master bedroom w/cathedral ceiling and access to patio and view = wonderful! Fireplace has upgraded hearth, close to HWY 78, schools and shopping. Gated RV parking upon availability. Please note: these homes are on modest lots and do not have large backyards.
1087 Shadowridge Dr Unit 112 Vista, CA 92081
$350,000
2
Beds
1
Bath
865
SqFt
Status
Pending
MLS #
NDP2003316
Property Type
Condominium
Price Type
--
Welcome to this beautiful Shadowridge condo, ideally located in one of the best locations within the Shadowridge Aspens complex. This upgraded condo is an upstairs unit featuring vaulted ceilings, a private patio, spacious rooms (master bedroom and an optional bedroom), an indoor laundry room, a kitchen with newer cabinets and countertops, and a detached garage (#97). Shadowridge Apsens offers exceptional community facilites including a luxurious pool, spa, and clubhouse that residents can enjoy. Located just a few miles inland from the Pacific Ocean, Shadowridge offers the ideal climate. With easy access to golf, shopping, beaches, restaurants, and cafes, Shadowridge Aspens is a great place to call home!
934 Arroyo Vista Drive Vista, CA 92081
$711,852
3
Beds
2.5
Baths
1,822
SqFt
Status
Pending
MLS #
200054013
Property Type
Single Family Residence
Price Type
--
Brand NEW energy-efficient home ready May 2021! The Residence 1 features a open-concept great room and kitchen perfect for entertaining guests. Linen cabinets, gray granite countertops, white subway backsplash, rustic EVP, tile and neutral carpet in our upgraded Posh package. The abundance of outdoor recreation areas, shopping, and dining destinations coupled with the proximity to the ocean makes Vista the perfect place to call home. Complex Features: , Equipment: Fire Sprinklers,Garage Door Opener Other Fees: 0 Sewer: Sewer Connected Topography: GSL
938 Arroyo Vista Drive Vista, CA 92081
$750,585
4
Beds
2.5
Baths
2,042
SqFt
Status
Pending
MLS #
200054194
Property Type
Single Family Residence
Price Type
--
Brand NEW energy-efficient home ready May 2021! The Residence 2 features 4 bedrooms, an upstairs primary suite, and a spacious first-floor living area. Espresso cabinets, granite countertops, fawn subway backsplash, wood-look tile, warm carpet and EVP in our upgraded Refined package. The abundance of outdoor recreation areas, shopping, and dining destinations coupled with the proximity to the ocean makes Vista the perfect place to call home. Complex Features: , Equipment: Fire Sprinklers,Garage Door Opener Other Fees: 0 Sewer: Sewer Connected Topography: GSL
2130 Sunset Drive Unit 14 Vista, CA 92081
$89,000
2
Beds
2
Baths
1,440
SqFt
Status
Pending
MLS #
NDP2003706
Property Type
--
Price Type
--
This Diamond in the Rough is just waiting for your remodeling/upgrading ideas and personal touches to make it SPARKLE! The home offers a spacious floor plan and sits on an elevated lot that backs up to a greenbelt. 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. 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 bath features double sinks, 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 stay. 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. Space rent, which includes water, trash and sewer will be $865 for the buyer who must be 55+(second resident may be 45+). Small pet up to 20 lbs. accepted. Buyer must obtain park approval.