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:
1734 Creekside Lane Vista, CA 92081
$929,000
4
Beds
2.5
Baths
2,417
SqFt
Status
Active
MLS #
NDP2209216
Property Type
Single Family Residence
Price Type
--
Reside in a gated community, very quiet and serene. A short distance to the shopping, DMV, Costco, Home Depot, Hospital and many other amenities. The largest floor plan in this community. Home has been upgraded with Bamboo floor throughout, except kitchen and bathrooms. Brand new kitchen countertop with a centered island. Brand new refrigerator, washer & dryer are included in the sale. All four bedrooms have mirrored closets. Backyard has matured trees. This home is waiting for a nice family.
200 S. Emerald Drive Unit 18 Vista, CA 92081
$299,000
2
Beds
2
Baths
1,440
SqFt
Status
Active
MLS #
NDP2209608
Property Type
Manufactured In Park
Price Type
--
Don’t miss this 2 bed/2 bath cozy, light & bright manufactured mobile home located in Santiago Estates of Vista! This park is an all-age community and an excellent location as it is close to the 78 freeway, Costco, shops, medical & restaurants. Home features are: 1440 Sq. ft. Spacious size Master bedroom with walk in closet & ensuite bath. The Indoor laundry room with access to the carport is nice when arriving home with groceries and work supplies. There is a generous side covered porch and a shed for storage. Tandem parking is under a covered carport that supports up to three vehicles. Entering the front door, a large light and bright open living/family/dining combo room with vaulted ceilings provide an essence of spaciousness and visual relief. A galley kitchen, hallway to indoor laundry, guest bath and bedrooms. Owner has recently installed Laminate wood flooring in the kitchen, hallway and baths. The park offers a community pool, jacuzzi, club house and an optional locked & gated RV storage for an added fee per month. Space Rent is $1000 plus water, trash, and sewage.
1838 Red Willow Way Oceanside, CA 92056
$728,290
4
Beds
3.5
Baths
1,930
SqFt
Status
Pending
MLS #
OC22203940
Property Type
Condominium
Price Type
--
BRAND NEW CONSTRUCTION. 3 story townhouse located in OCEANSIDE. This home features 1,930 sf of living space with a 2-CAR ATTACHED SIDE-BY-SIDE GARAGE, 4 bedrooms, 3 1/2 bathrooms, gourmet kitchen, white cabinets, quartz kitchen countertop, stainless steel appliances, solar purchase, electrical upgrades, and an open floor plan. The pricing also includes UPGRADED FLOORING. First floor ceiling height is 9 ft; Second floor ceiling height is 9 ft; third floor ceiling height is 8 ft., dual paned windows, tank-less water heating system included. This home will come with a new home warranty administered through the builder. Don't miss out.
1876 Teakwood Way Vista, CA 92081
$700,000
3
Beds
2.5
Baths
1,810
SqFt
Status
Pending
MLS #
NDP2209704
Property Type
Single Family Residence
Price Type
--
SUBJECT TO COURT CONFIRMATION & OVERBIDS. Great fixer opportunity for investors. Located in the highly desirable, gated community of Rancho Montecito! Gorgeous mountain view from the back yard. Probate sale, court confirmation required.
523 Longmeadow Street Vista, CA 92081
$696,690
3
Beds
2.5
Baths
1,679
SqFt
Status
Pending
MLS #
NDP2209819
Property Type
Condominium
Price Type
--
Brand new with paid solar panels and EV car charging station included in the price, your 3 Bedroom/2.5 Bath condo with your own private Patio Yard space. Neighborhood amenities include children’s playground, dog park, barbeques, and 30 guest parking spaces. School District will be in the San Marcos Unified School District. You’ll appreciate the generous sized walk-in closet in the Master Bedroom, as well as a double-sink Master Bath, and spacious Great Room. ENERGY STAR Stainless steel appliances are an included Kitchen feature. The attached 2-car garage is perfect for direct & easy access. The new Solar Energy System is included in the price, and you’ll enjoy all the benefits of owning it. Built with care by a renowned nationwide builder, you will appreciate the included new home Warranty. You will be minutes from Highway 78, I-5, I-15, with close access to Cal State University San Marcos, supermarkets, popular restaurants, and all the enjoyment of the Vista lifestyle!
2467 Melissa Ct Vista, CA 92081
$899,000
3
Beds
2.5
Baths
1,778
SqFt
Status
Active
MLS #
220024703SD
Property Type
Single Family Residence
Price Type
--
HUGE Price Reduction!! Magnificent 2-story pool home on a huge .27 acre lot! Located in one of Vista's premier neighborhoods, this fully upgraded home has it all. Complete with paid-off solar system, solar pool heat, upgraded flooring, fresh paint, new carpet in bedrooms, new cabinets, and new upgrades in bathrooms. Enjoy the stunning views while entertaining guests in this huge back yard with salt water pool. This home is in the coveted San Marcos school district! Walking distance to Joli Ann Leichtag Elementary School. No HOA or Mello Roos! Conveniently situated in cul-de-sac, and is close to 78 and 15 freeways. Enjoy peace and quiet on this private street with little to no traffic. This is truly one of the best homes Vista has to offer! Equipment: Dryer,Garage Door Opener,Pool/Spa/Equipment, Washer Sewer: Sewer Connected Topography: LL
718 Sycamore Unit 161 Vista, CA 92083
$115,000
2
Beds
2
Baths
1,248
SqFt
Status
Active
MLS #
220025583SD
Property Type
Manufactured On Land
Price Type
--
Back on market. A lovely place to call home in this clean, detached home. It has an open floor plan. Storage space galore! All Newer flooring, New Windows and kitchen cabinets and countertops. Homes on one side of street only - some added privacy. Large Master bedroom and Master bathroom with linen closet. Family room/den has closet storage. An outside storage shed. Driveway has room for 3 cars and room for a seating/BBQ area. 2 blocks from the 78 Fwy, across the street from a shopping center with fine restaurants. Easy access to public transportation and medical facilities. This 55+ community has a pool, hot tub, clubhouse, and library. Land lease fee $1,000/month. Buyers need park approval and verify the land lease fee at the time of purchase.
718 Sycamore Avenue Unit 66 Vista, CA 92083
$135,000
2
Beds
2
Baths
960
SqFt
Status
Pending
MLS #
NDP2210428
Property Type
Manufactured In Park
Price Type
--
Cute 55+ home w/ many upgrades & special features! No Property Taxes (Home is still on HCD Registration) Lovely garden setting in backyard w/ brick patio, planter boxes, and private back porch! Large California room adds additional square footage not listed. Remodeled Kitchen & updates to hall Bathroom. Roof recoated approx. 1-2 years ago. 3 solar tubes. 2 storage sheds. 55+ community walking distance to Stater Brothers grocery store, Walgreens (Rx), Walmart (Rx), Target (Rx), dining, and more! Also convenient freeway access to highway 78! This home is on registration, which means it is NOT on property taxes.
718 Sycamore Avenue Unit 92 Vista, CA 92083
$129,000
2
Beds
2
Baths
1,440
SqFt
Status
Active
MLS #
NDP2210575
Property Type
Manufactured In Park
Price Type
--
BACK ON MARKET NO FAULT OF HOME! Well Maintained-Lite-Bright & Well Cared for 1575 S.F includes an Enclosed Sun Room! 'Pride of Ownership' Grandview Terrace 55+ Community-2nd occupant can be 35+ Park includes Pool, Spa & Many Activities! Great No. San Diego County Location Between San Marcos & Vista near Shopping, Restaurants, & easy access to freeway-Not on Tax Roll-Buyer must have Park Approval-Recent upgrades: Newer Water Heater- FA Heater & AC-Double Pane Windows-Blinds-Flooring-Plumbing-Newer Bathroom Fixtures-Newer Roof W/Warranty & Insulation-Newer Skirting-Recently Leveled-Newer Shed, Fence & Carport Gutter-Recently Painted Ceilings-2 pets allowed must be 40 lbs or less
1577 Wildgrove Way Vista, CA 92081
$949,999
4
Beds
2.5
Baths
2,043
SqFt
Status
Active
MLS #
220027047SD
Property Type
Single Family Residence
Price Type
--
PRICE REDUCTION!! Welcome home to this almost brand new, energy efficient home with OWNED SOLAR in Shadowridge Vista! Built in 2020 this smart home comes with a 220 volt electric vehicle charger, tankless water heater, energy saver dual paned windows, dual zoned air conditioner, & a full security system with cameras installed all around the home with voice alerts. Kitchen has large pantry, oversized island and is open to the dining area and family room allowing for a very open concept floor plan! All bedrooms and laundry room are upstairs. Master bedroom is HUGE and has a massive walk in closet! Restaurants and shops within walking distance. Beach is only 7 miles away! Must see in person! Complex Features: , Equipment: Dryer,Garage Door Opener, Washer, Water Filtration Sewer: Sewer Connected Topography: LL
838 Plumosa Avenue Vista, CA 92081
$860,000
4
Beds
3
Baths
1,930
SqFt
Status
Pending
MLS #
NDP2210902
Property Type
Single Family Residence
Price Type
--
Country living but close to all! Custom estate in the heart of Vista! You must see this amazing property with over .6 acres! OWNED Solar- 35 panels! Sparkling fiberglass pool, recently resurfaced with beautiful pavers creating your own oasis. Newer roof. Original home is 3 bedrooms and 2 bathrooms, with a bonus addition/conversion to add an additional 1 bedroom, 1 bathroom apartment with kitchen. Floorplan includes TWO stone fireplaces, a living room, dining area and a combo family room/ dining room. Gated retreat with lots of privacy and ample parking for all your vehicles and toys. Spacious deck off the master with panoramic & sunset views! Lot is exquisitely landscaped with dozens of fruit trees- lemons, limes, grapefruit, pomegranate, apple, persimmon and more (all on a drip system)! Multiple covered patios to enjoy the beautiful Southern California weather. Whole home is electric (except for propane heated pool) so the solar means no gas/electric bill! Multiple sheds/ structures in the backyard for storage. Zoned for San Marcos School District. Excellent location, near grocery stores, restaurants, entertainment and easy access to the 78 freeway. This is a unique and amazing home that you don't want to miss!
La Oyada Outside Area (outside U.s.) Foreign Country, CA 00000
$179,000
3
Beds
3
Baths
2,250
SqFt
Status
Active
MLS #
PTP2207133
Property Type
Single Family Residence
Price Type
--
Casa La Oyada was recently built with Spanish Colonial style in mind, and it sits in fantastic location on a very quiet street that is still walking distance to the best restaurants, shops, and hot spots in town! The home offers 3 bedrooms, 3 bathrooms and approximately 2,250 square feet of covered living space. Plenty of space for entertaining and quiet enjoyment alike! With generous room sizes, soaring ceilings and lots of natural light Casa La Oyada feels spacious and comfortable. It features a large master retreat with a walk-in closet, a chef’s delight kitchen with lots of storage, and of course there is a sparkling courtyard pool. The 3rd bedroom is currently being used as a commercial office space with street side frontage, but could again be used as a bedroom without any modification needed – or could be converted into a garage for off street parking.