This tour of San Elijo Hills includes a house sold in March by one of the Lopez Brothers, who ran Century 21 Eldorado. The Mortgage Fraud Blog has a good summary of their specific fraudulent acts:
During the conspiracy, they brokered fraudulent loans (including first and second mortgages), averaging approximately $400,000, for over 200 unqualified clients.
As part of their guilty pleas, the defendants admitted that they solicited clients at swap meets and by advertising in Spanish language newspapers and publications and on Spanish language radio stations. At times they used third parties with higher credit scores as “straw buyers,” misrepresenting to lenders that the third parties would occupy the homes. To fraudulently qualify clients for loans, the Lopez Team inflated clients’ incomes and bank account balances; falsified employment, rent, and credit information; misrepresented that clients were United States citizens; used altered social security cards and bank statements; and purchased from tax preparers letters that misrepresented that clients were business owners and that the tax preparers had prepared the clients’ tax returns. When lenders called to check the references, they impersonated employers, landlords, and creditors to falsely verify the information.
The defendants admitted that they obtained $1,070,000 in loan commissions from their fraudulent loan activities. As part of their plea agreements, Alejandro Lopez, Emilio Lopez, Sekhon, and Velasquez have agreed to repay to the Government their illegal gains, totaling $1,070,000, in the form of forfeitures or fines.
The Lopez brothers lost a home at the end of Schoolhouse to foreclosure, and sold short the one featured in the video below.
Emilio and his wife still own this house on La Plaza for which they paid $1,311,000 in Sept., 2004, with loans over a million dollars.
At least Emilio’s real estate license was revoked in November, 2008.
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In the San Marcos zip code 92078 there are a total of 375 NODs, NOTs, and REO properties, according to Foreclosureradar.com:
NOD = 207
NOT = 117
REO = 51
Year-to-date there have been 66 properties foreclosed in 92078. Thirty-five of those trustee sales have happened since June 1st, and of those, seven (or 20%) were sold to a third-party, rather than back to bene.
$1 million profit from plowing through just shy of $100 million in properties. Reminds me of thieves who steal copper writing costing thousands in damages, just to extract $50 of copper sold for scrap/meth.
How could they suspend his license. I thought it would be appropriate to put him on the board with Janae.
San Marcos 92078 Sample property tax:
5 beds, 3.5 baths, 3,373 sq ft
year purchased 2005: $824,000
Property Tax: $10,680
Here comes the long list:
1% TAX ON NET VALUE 6,730.00
VOTER APPROVED BONDS:
UNIFIED BOND SAN MARCOS SCHOOL 78.80
PALOMAR COMMUNITY COLL PROP 88.97
MWD D/S REMAINDER OF SDCWA 28.93
TOTAL ON NET VALUE 6,926.70
FIXED CHARGE ASSMTS:
MOSQUITO SURVEILLANC 2.28
CWA WTR AVAILABILITY 10.00
CFD 99-01 IA #D2L 3152.48
VECTOR DISEASE CTRL 5.92
CFD 98-02 IA #F-9 103.54
CFD 98-02 204.56
MWD WTR STANDBY CHRG 11.50
CFD 98-01 263.08
TOTAL AMOUNT 10680.06
Are HOA fees included here? If not that could be another $250 – $400 per month.
So Jim,
The 100k dips are happening in this neighborhood.
But your predicting that it will not happen in older neighborhoods like LC Valley? What about LC Oaks, LC Greens.
I’m hard pressed to believe that with the close proximity to SEH, the neighboring communities will not feel SOME pain.
Granted the San Marcos schools may not be as desirable, but I’m not sure a 3500 sq ft home in SEH that goes for 600k would go for 900k in a neighboring Carlsbad tract.
Saying as you’re fielding requests, how about a trip through Solana Beach and Del Mar?
I don’t think Jim is saying that dips won’t happen in LC, but instead that the area is much more stable. The LC community has been there forever, as opposed to SEH which was a byproduct of the bubble. Not that SEH is bad; a view of the ocean from a swimming pool is relatively affordable there.
IMO the metaphorical spool of thread is only a quarter of the way unwound. This saga is not even close to being over.
Geez, 20 months house arrest living in a posh McMansion with a pool? Ohhh the stiff wrist slap of justice prevails. Why not make them live in just the pool for 20 months instead? Let them come out with permanent pickle-skin and no RE license for all I care.
I eyeballed some graphs and collected the following data. Relative to North County communities, SEH residents are the youngest. And to go along with one of my other posts (different thread) I’m confident to say their median salary can’t support the just under $600K median home price between 2005 – 2007. If so, then I’m sure their DE ratios are well over 50%. Again, I just eyeballed the graphs.
City Zip Code/Distribution of resident’s ages/Peak age
SEH 92078 30 – 42 32
Carlsbad 92009 35 – 46 40
Encinitas 92024 37 – 51 44
Solana Beach 92075 30 – 54 35,55 double peak
Del Mar 92014 42 – 57 54
RSF 92091 see notes see notes
RSF 92067 48 – 50 48,60
Carmel Valley 92024 36 – 43 38
RSF 92091 – Typically, the Male and Female distributions are similar, but in 92091 the Male and Female distributions are all over the place. Can anyone explain why?
Female 32 – 36, 57 – 62, 68 – 74
Male 40 – 43, 51 – 54, 72 – 76
“Everybody needs to notch down their ideas of value”
Truer words were never spoken!
Baja Carlsbad!
love it Jim!
The last house you toured on Glencrest – http://www.sdlookup.com/Pictures-090029321
You have to love the photos before the owners let the place go 🙂 Thanks for the glimpse into current state of reality Jim! Thumbs up!!
Jim,
Some information I thought you might want to have in your back pocket when your selling homes in La Costa Valley.
The 2007-2008 API scores for local high schools based by the two biggest subgroups, White students and Hispanic students (08-09 scores aren’t in yet):
La Costa Canyon
White (non-Hispanic) 828
Hispanic or Latino 668
Carlsbad High School
White (non-Hispanic) 830
Hispanic or Latino 714
San Marcos High School
White (non-Hispanic) 848
Hispanic or Latino 704
The students in Carlsbad and San Marcos (Baja Carlsbad) are scoring higher than La Costa Canyon High School? You should probably keep that a secret. And don’t tell your clients that San Marcos has a lower crime rate per 1000 residents than C’bad. That probably won’t help selling those gorgeous La Costa Valley Homes.
Thanks Randy.
Have you ever tried to sell a house in the San Marcos School District, where you are interacting with the buyers directly?
The reputation/perception among buyers is that San Marcos is less than LCC.
I have posted those very same scores here before, so I am well aware of the facts.
Joe, I live in the neighborhood you disparage in your little video. These myths continue to exist because guys like you perpetuate them. How many times have you pushed a buyer to a different, more expensive, neighborhood using the school district as the reason?
The truth is San Marcos schools are excelling. The San Marcos district was the only district in all of North County to rank above the state average in API and similar school rankings – the only one. (By the way, were you aware that LCC’s similar school ranking was a 1?)
This may come as a shock to you, but there are lots of people in San Elijo who prefer San Marcos over Carlsbad. Better weather, college influence, hills and trails, etc.
I have lived in Carmel Valley, Cardiff, Leucadia, and San Marcos, and am raising my kids here. When you dis the neighborbood like you did in your video, you dis all of us. And now that your video has been posted on SanElijoLife.com, much of the community will get to listen to your San Elijo commentary.
Randy,
Not certain Jim (Joe) is dissing your neighborhood. He is merely pointing out that one area is more desireable than another.
Could be the closer proximity to the beach.
To be honest with you, I have driven by San Marcos High around 2:30 on a school day and there is no way in hell I would send my teenager there!
Factor in the price of a private high school and add it to the bottom line purchase of your home. No way I could afford it.
To each his own.
God Bless
I was more interested in the beef Jim seemed to have with those guys from Keller-Williams when he deliberately veered away from that distinctive red sign…
“To be honest with you, I have driven by San Marcos High around 2:30 on a school day and there is no way in hell I would send my teenager there!”
Wow Ginger that is quite a revealing comment. Sounds like blessings are needed all around.
No crossing guard and kids “J” walking across San Marcos Blvd as cars are zooming by. Surprised a child was not hit by a passing vehicle.
Am I missing something?
Why shall blessing’s be reserved?
Ginger,
Because Randy has taken it upon himself to be the spokesperson and watchdog for San Elijo Hills, he thinks he has the right to come in here and be a smart-aleck.
I deleted the video.
Randy, I know you’re probably new to the site here, but it’s been built on the truth in transparency.
Consumers learn how to make smarter decisions as a result of what they see here, and that is my intention.
If you take it personal, and go running around SEH crying wolf, then so be it. I will take the rath of the commotion you are trying to stir up.
But it won’t change my feeling that transparency is a good thing.
Jim,
Thanks for the great work! We are actively shopping SEH (and Bressi, among other developments about which you have commented) and much appreciate your candor.
Thanks for not letting these guys get under your skin. Anyone who is looking for a home appreciates your helpful posts and enlightening, rather than bullying, comments from your readership.
Jim is there anyway for those of us that missed the video to see it now??? Very interested in SEH and your opinions of it.
Jim says, “I will take the rath of the commotion you are trying to stir up.”
That’s ironic. You drive in my neighborhood, disparage it and my school district (without justification) and I am the one stir “the rath of the commotion” – whatever that means.
As I said earlier, there are a lot of people who prefer this community over Carlsbad. (Mike the Buyer, I’d be happy to tell you all the reasons why).
But I suggest you do this, Jim. Repost your video, and I will personally circulate it around San Elijo Hills. I have many friends up here, and have been very active in this community since its beginning. I will make sure that your video it is widely viewed, which I am certain will drive traffic to your website and blog, and no doubt increase your profile in this community. It might even cause Mike to use your services for his home purchase.
Finally, I hope you don’t think I am bullying. That is not my goal. You expressed some strong opinions about SEH, and I responded (with data no less). If this blog is truly about “truth and transparency” then you should welcome the dialog.
Jim,
I do appreciate your website, however the tone of the video and the comments do give the impression that you are “dissing” SEH. If you would stick to the facts that- “yes, there are lots of distressed homes and likeley to be more in SEH.”, then I think Randy would not be so upset. In my opinion, Randy is correct in countering your observations with facts, just as you are correct for pointing out facts about SEH. I purchased a home here 8 months ago and, although I miss living at the beach, SEH is a really unique and cool place to live.
Oh yeah, we need a place to drink some beer in SEH!!!!
Just my thoughts.
Adam
Can you send me the video of San Elijo Hills? I want to see what all the comments are about. Am looking to buy in the downtown area, but want to have all the information possible. thanks.
This video was picked up by San Elijo Life with some blurb about delivering stuff unfiltered and then an invitation to comment. Several comments were made but now the link and comments have been scrubbed clean. Why the coverup? Was there some arm-twisting going on behind the scenes? Whatever happened to standing behind what you publish? That the video blurb and comments were scrubbed from San Elijo Life does not surprise me- I think most of us recognise their stuff as fluff.For THIS blog to pull something without explanation IS surprising. Care to comment Jim?
I stand by what I publish.
disparage it and my school district
I didn’t do either, but when a guy accuses me of that, he is trying to pick a fight.
I’m not looking for a fight, I’m going to let it go, and drop it every time.
The sensitive part in the video was mentioning that a dozen-plus people are over-encumbered on one street. Hearing that makes people cringe, but if you live there it should cause you to jump into action. About half of those people are going to do the midnight move and leave the rest of the neighbors hanging.
At the high school level, don’t look at API scores alone. SAT scores and the percent of students taking the SAT’s can show big differences between high schools with comparable API scores. This can help explain why San Marcos does not have a better school reputation compared to some of the nearby higher scoring SAT (and higher SAT participation rates) school districts.
I love SEH – have been here since 2001 and plan to stay here long term. The fact that the bubble hit us hard is a result of the timing our neighborhood was developed and not because it’s a bad place with bad schools. For those of us who live here and enjoy the cool ocean breezes, numerous nature trails, beautiful sunset views, etc, you would be hard pressed to find a resident that complains of anything other than a long commute downtown. This is a nice community that will eventually stabilize and prove profitable for long term owners.
I have noticed that Jim has something against this neighborhood in past posts as well. I’m not sure why. Maybe you should spend more time here, Jim. It’s really nice.
Thanks!