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:
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.
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.
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!
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
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
Well Maintained 55+ Private Mobile Home Park with Clubhouse & Pool, 1983 Mnfr. Home, Vaulted Ceilings & Open Floor Plan, ~1344 sf on Big Lot with Widened updated Carport, Custom Shed, & Interior Upgrades. Spacious & Private, easy access to freeways, minutes to Beach. Location, Location, Don't miss out! Lease Rent $919. month, includes Water/Trash Pre-approved by Park Management Owner occupied Listing Agent (FSBO) Call Susanne Compliance of Covid Rules and Qualified Buyers-Easy to show
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.
Brand NEW energy-efficient home ready April 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 Arroyo Vista the perfect place to call home. Known for their energy-e?cient feat Complex Features: ,, Equipment: Fire Sprinklers,Garage Door Opener Other Fees: 0 Sewer: Sewer Connected Topography: LL
Brand NEW energy-efficient home ready May 2021! The Residence 3 plan features an upstairs loft that is perfect for for movie night, and you'll love the extra-large primary suite walk-in closet. 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. Known for their energy-e?cient features, our homes help you live a healthier and quieter lifestyle while saving you thousands of dollars on utility bills. Complex Features: ,, Equipment: Fire Sprinklers,Garage Door Opener Other Fees: 0 Sewer: Sewer Connected Topography: LL
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.
A Prime Location atop a private 55+ Community with North Westerly Views. This Customized Home has many one-of-a kind features, including a wrap around Enclosed California Room Entrance with Unique Bar Area and Sunset Views. An Additional Front Entrance to Living Room with Fireplace & High Ceilings opens to large Dining Area, Kitchen & Nook. Bedrooms have Large Walk-In Closets. A Separate Large Laundry Room with back door leads to Customized Carport Area, with Sheds, a Workroom, & additional Terraced Patio with unique landscaping. A Must See. Space Rent $827.00 Pre-Approval with Park Management
Modern living in the Grandview Terrace Mobile Home Park. Senior community with one-person to be at least 55 years of age or better. Other occupant can be younger - as young as 35. Mobile home restored with remodeled kitchen and bathrooms. Current owner has updated with intent of never leaving. Very modern feel as you walk thru the interior. Kitchen has large solid granite counter tops, maple cabinetry, full tile backsplash, peninsula formed countertop layout, pendant lighting. Main bath has a whirlpool bath, custom cabinets, Corian-type vanity top with double integrated sinks. There is a laundry room with newer full size-type washer and dryer. Complex Features: ,,,,, Other Fees: 0 Sewer: Sewer Connected Topography: GSL