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:
2520 Lynn Way Vista, CA 92081
Open House
$1,150,000
4
Beds
2
Baths
1,906
SqFt
Status
Active
MLS #
NDP2204503
Property Type
Single Family Residence
Price Type
--
GORGEOUS HOME! OPEN & SPACIOUS FLOOR PLAN! GREAT FOR INTERTAINING! LOTS OF UPGRADES, UPDATED KITCHEN FEATURES QUARTZ COUNTER TOPS, 27inch DEPTH FOR MORE COUNTER SPACE, LARGE ISLAND AND SEATING NOOK WITH BEECHWOOD COUNTER TOPS, CABINETRY FEATURES SOFT CLOSING DOORS AND DRAWERS, LED RECESSED LIGHTING THROUGHOUT, TRACK LIGHTING IN KITCHEN, DINING AREA AND FAMILY ROOM, CEILING FANS, ATTIC FAN, LUSHLY LANDSCAPED 1/2 ACRE!! VERY PRIVATE FLAG LOT AT THE END OF A QUIET CUL-DE-SAC, FENCED W/ELECTRIC IRON GATE! NO HOA FEES OR MELLO-ROOS, STUNNING GROUNDS W/POOL, WALKWAYS, GARDEN AND POTTING AREA, BIG LOT FOR RV, TRAILER, BOAT & ROOM FOR PARKING + 3 CAR GARAGE! LOTS OF STORAGE, ROOM TO EXPAND! COUNTRY FEEL! VIEW!
200 S. Emerald Drive Unit 18 Vista, CA 92081
$279,000
2
Beds
2
Baths
1,440
SqFt
Status
Pending
MLS #
NDP2209608
Property Type
Manufactured In Park
Price Type
--
Price Improvement! Cozy 2 bed/2 bath manufactured mobile home located in Santiago Estates of Vista.This park is an all-age community and an excellent location, EZ access 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. Currrent Space Rent is $1000 plus water, trash, and sewage.
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.
1054 Kendale Way Vista, CA 92081
$603,490
3
Beds
2.5
Baths
1,362
SqFt
Status
Pending
MLS #
OC23013734
Property Type
Condominium
Price Type
--
A Brand New, Energy Efficient, 3 Bedroom Home, in the San Marcos School District, complete with a gorgeous Community Pool and Clubhouse. This Beazer Home is located in the Soltaire Community conveniently close to Carlsbad, and the 78 with beautiful modern architecture and thoughtfully designed floorplans. This home, also known as The Echo, has a full sized attached 2 car garage, that enters into the open kitchen, dining room, great room space. Entering in from the front is a patio with room for a seating area. Upstairs includes the Primary Bedroom with a shower and walk in closet. The two seconday bedrooms include a bath with a tub. No more carting laundry up and down the stairs as the laundry is located upstairs along with two linen closets for storage. Unlike used homes, you can rest assured knowing that buying a new Beazer home is built for the future, including several designations and recognitions beyond what building code requires. You will receive an Energy Star certificate for the homes energy efficiency that is proven to reduce your energy costs, and an Indoor Air Plus Designation that provides a cleaner, healthier environment for you and your family. Finally, you will receive a first year performance guarantee for the working systems of your home, a three year plumbing warranty, and a ten year warranty on the structural integrity of your home.
1355 Hedionda Avenue Vista, CA 92081
$1,199,000
5
Beds
4
Baths
2,704
SqFt
Status
Active
MLS #
IV23020244
Property Type
Single Family Residence
Price Type
--
Two homes with ocean views on nearly one acre of land. Ideal property for serious mechanic or hobbyist. The primary home is very spacious with just over 1700 sqft. Includes 3 bedrooms, 2 full baths, and a 2 car detached garage with laundry room. The porch on the main house and guest house faces west to enjoy the sunsets, view of the ocean, and ocean breeze. Guest home above workshop is approximately 1000sqft includes 2 bedrooms with one full bath. Large mechanic's workshop nearly 1200 sqft with a full bathroom, and 20ft x27ft RV garage. Lots of possibilities with this unique property. Agents bring your investors they are not going to want to miss out on this opportunity. Guest house is currently rented out. Renters would like to stay if possible. Buyers and buyer's agents to do their due diligence.
1571 Fortaleza Way Unit 36 Vista, CA 92081
$799,000
4
Beds
3.5
Baths
1,977
SqFt
Status
Pending
MLS #
230003497SD
Property Type
Townhouse
Price Type
--
This townhome is designed with an open concept, providing a beautiful, light, and bright living space. The main living area features three walls of windows, offering plenty of natural light and views of the surrounding area. The kitchen is equipped with modern stainless steel appliances and boasts quartz countertops and ample built-in storage. The large island is perfect for family meals or meal preparations by multiple chefs.The primary suite is spacious and includes a massive walk-in closet and an oversized spa shower, providing a luxurious retreat after a long day. The third-floor ceilings are vaulted, adding to the open and airy feel of the home. The entry-level bedroom is en-suite, making it ideal for guests or use as a home office. It also features oversized patio access, providing a convenient indoor-outdoor flow. This townhome is situated in a prime location within the luxury complex, which features a pool, spa, barbecue, and picnic area for outdoor entertaining. Guest parking is conveniently located near the unit, and the garage includes a quick car charger.One of the unique features of this complex is the inclusion of solar panels, which are owned and maintained by the complex and leased to the individual homeowners. The buyer will need to agree to the terms of the solar agreement.
1056 Kendale Way Vista, CA 92081
$703,990
3
Beds
2.5
Baths
1,627
SqFt
Status
Pending
MLS #
OC23030657
Property Type
Condominium
Price Type
--
A Brand New, Energy Efficient, 3 Bedroom Home, in the San Marcos School District, complete with a gorgeous Community Pool and Clubhouse. This Beazer Home is located in the Soltaire Community conveniently close to Carlsbad, and the 78 with beautiful modern architecture and thoughtfully designed floorplans. This home, also known as The Quinn, has a full sized attached 2 car garage, that enters into the open kitchen, dining room, and great room space. Entering in from the front is a patio with room for a seating area. Upstairs includes the Primary Bedroom with a shower and walk in closet. The two secondary bedrooms include a bath with a tub. No more carting laundry up and down the stairs as the laundry is located upstairs along with two linen closets for storage. Unlike used homes, you can rest assured knowing that buying a new Beazer home is built for the future, including several designations and recognitions beyond what building code requires. You will receive an Energy Star certificate for the homes energy efficiency that is proven to reduce your energy costs, and an Indoor Air Plus Designation that provides a cleaner, healthier environment for you and your family. Finally, you will receive a first year performance guarantee for the working systems of your home, a three year plumbing warranty, and a ten year warranty on the structural integrity of your home.
1052 Kendale Way Vista, CA 92081
$645,490
3
Beds
2.5
Baths
1,576
SqFt
Status
Pending
MLS #
OC23029870
Property Type
Condominium
Price Type
--
A Brand New, Energy Efficient, 3 Bedroom Home, in the San Marcos School District, complete with a gorgeous Community Pool and Clubhouse. This Beazer Home is located in the Soltaire Community conveniently close to Carlsbad, and the 78 with beautiful modern architecture and thoughtfully designed floorplans. This home, also known as The Marlow, has a full sized attached 2 car garage, that enters into a foyer with a half bath and leads into the open kitchen, dining room, and great room space. Entering in from the front is a patio with room for a seating area. Upstairs includes the Primary Bedroom with a shower and walk in closet along with two secondary bedrooms and a full bath with a tub. Unlike used homes, you can rest assured knowing that buying a new Beazer home is built for the future, including several designations and recognitions beyond what building code requires. You will receive an Energy Star certificate for the homes energy efficiency that is proven to reduce your energy costs, and an Indoor Air Plus Designation that provides a cleaner, healthier environment for you and your family. Finally, you will receive a first year performance guarantee for the working systems of your home, a three year plumbing warranty, and a ten year warranty on the structural integrity of your home.
1063 Kendale Way Vista, CA 92081
$584,990
2
Beds
2
Baths
1,196
SqFt
Status
Pending
MLS #
OC23028270
Property Type
Condominium
Price Type
--
A Brand New, Energy Efficient, 2 Bedroom Home, in the San Marcos School District, complete with a gorgeous Community Pool and Clubhouse. This Beazer Home is located in the Soltaire Community conveniently close to Carlsbad, and the 78 with beautiful modern architecture and thoughtfully designed floorplans. This home, also known as The Cleo, has a full sized attached 2 car garage, a foyer, and staircase that leads you upstairs. The second floor enters you into the open kitchen, dining room, and great room space. Upstairs also includes the Primary Bedroom with a shower and walk in closet, as well as the two secondary bedrooms that include a bath with a tub. No more carting laundry up and down the stairs as the laundry is located upstairs along with two linen closets for storage. Unlike used homes, you can rest assured knowing that buying a new Beazer home is built for the future, including several designations and recognitions beyond what building code requires. You will receive an Energy Star certificate for the homes energy efficiency that is proven to reduce your energy costs, and an Indoor Air Plus Designation that provides a cleaner, healthier environment for you and your family. Finally, you will receive a first year performance guarantee for the working systems of your home, a three year plumbing warranty, and a ten year warranty on the structural integrity of your home.
1064 Kendale Way Vista, CA 92081
$534,990
1
Bed
1
Bath
1,082
SqFt
Status
Pending
MLS #
OC23040701
Property Type
Condominium
Price Type
--
A Brand New, Energy Efficient, 1 Bedroom with a large third floor loft, in the San Marcos School District, complete with a gorgeous Community Pool and Clubhouse. This Beazer Home is located in the Soltaire Community conveniently close to Carlsbad, and the 78 with beautiful modern architecture and thoughtfully designed floorplans. This home, also known as The Aura, has a full sized attached 2 car tandem garage, a foyer, and staircase that leads you to the upstairs. The second floor enters you into the open kitchen, and great room space. Upstairs also includes the Primary Bedroom with 2 walk-in closets. The third floor offers a large loft. Unlike used homes, you can rest assured knowing that buying a new Beazer home is built for the future, including several designations and recognitions beyond what building code requires. You will receive an Energy Star certificate for the homes energy efficiency that is proven to reduce your energy costs, and an Indoor Air Plus Designation that provides a cleaner, healthier environment for you and your family. Finally, you will receive a first-year performance guarantee for the working systems of your home, a three-year plumbing warranty, and a ten- year warranty on the structural integrity of your home.
1062 Kendale Way Vista, CA 92081
$604,990
3
Beds
2.5
Baths
1,362
SqFt
Status
Pending
MLS #
OC23040693
Property Type
Condominium
Price Type
--
A Brand New, Energy Efficient, 3 Bedroom Home, in the San Marcos School District, complete with a gorgeous Community Pool and Clubhouse. This Beazer Home is located in the Soltaire Community conveniently close to Carlsbad, and the 78 with beautiful modern architecture and thoughtfully designed floorplans. This home, also known as The Echo, has a full sized attached 2 car garage, that enters into the open kitchen, dining room, great room space. Entering in from the front is a patio with room for a seating area. Upstairs includes the Primary Bedroom with a shower and walk in closet. The two secondary bedrooms include a bath with a tub. No more carting laundry up and down the stairs as the laundry is located upstairs along with two linen closets for storage. Unlike used homes, you can rest assured knowing that buying a new Beazer home is built for the future, including several designations and recognitions beyond what building code requires. You will receive an Energy Star certificate for the homes energy efficiency that is proven to reduce your energy costs, and an Indoor Air Plus Designation that provides a cleaner, healthier environment for you and your family. Finally, you will receive a first year performance guarantee for the working systems of your home, a three year plumbing warranty, and a ten year warranty on the structural integrity of your home.
2130 Sunset Drive Unit 84 Vista, CA 92081
$269,000
2
Beds
2
Baths
1,344
SqFt
Status
Active
MLS #
NDP2301920
Property Type
Manufactured In Park
Price Type
--
This well maintained home is located in a 55+ community, has coastal breezes and is ~5 miles to beaches. It sits on a Big Lot, has an Open Floor Plan with Cathedral Ceilings, and the front upper windows let in light, with treetop views and tinting for privacy. This quiet private park, with easy access to the best shopping, dining and cultural activities, can boast Location, Location! There are many upgraded features: Recent new natural gas furnace, widened carport, large custom shed, many upgraded cabinets, counters, floors, & fresh paint. Also, partial upgraded double pain windows, bonus security screen doors at both entries, a spacious yard with fruit trees and fence trellis for added privacy. A Must See!