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Home My WebLink AboutMP 139; Rancho Carrillo Master Plan; Master Plan (MP) (36)WRITE IT—DON'T SAY *T INTER-DEPARTMENT MEKT^ANDUM TO city Manager DATE A. M. P. M. Public Works Administrator 4/13 Planning Director ustpal 79 RE: Carrillo Ranch Very interesting. I wonder if Daon's purchase means they plan to develop it in conjunction with their big project in Vista/County (for which the County is allowing a satellite treatment plant) using their sewer plant to serve both? Attachment REPLY ON THIS SHEET FROM City Attorney STANDARD INTER DEPT. MEMO FORM J 1 -24 —PD C/Ty ESTABLISHED 1886 - VOL. 93 - NO. 269 THURSDAY, APRIL 12,1979 an Kevisionj WASHINGTON (DJ) - The Federal Home Loan Mortgage Corp. made public yesterday a proposed revision of its "underwriting guidelines," that could affect the way home mortgages are made across the country. The corporation is in a year-long review of the guidelines, by which its regional staffs consider home mortgages offered to the corporation for purchase. The draft will be cir- culated within the mortgage finance industry and to other public groups, for comment by May 11. The mortgage corporation ex- plained that, under the traditional industry rule-of-thumb, would-be liomebuyers must show that their mortgage payments, insurance and taxes will equal not more than 25% of their monthly incomes. The draft emphasizes this ratio to.be a rule-of thumb only, better stated as a 25 to 28% range and properly applied "only as a general guideline." The guidelines also propose that the mortgage corporation will not consider the "remaining economic life" of a property unless it is five years or less. Industry practice is to make mortgage loans of up to 30 years, but to place more stringent loan terms on homes with shorter estimated remaining economic life. In addition, the proposed guidelines discuss mortgage lending industry underwriting and appraisal practices generally, in an effort to eliminate in mortgage corporation procedures any ways that Real Estate Brieis •eve. a A 373-acre piece of the former Carrillo Ranch in San Diego's North County has been sold, the second such large parcel to be sold in the past eight months. Carrillo Raneho Partnership, a general partnership with Alvin D. Ziskin, Byron F. White, and Irl H. Robinson, sold 373 acres to Daon Corp., Newport Beach, a U.S. sub- sidiary of the same-named Canadian development company. The transfer tax value was $5,368,000 plus the proportionate share of two December 1968 notes of $1,404,210 each with current out- standing balances of $1,074,121 and $1,209,871, covering the entire ranch. Carrillo Rancho Partnership took ' back an all-inclusive trust deed for $6,534,600. Until it began selling off the old ranch, founded by the late cowboy movie star Leo Carrillo, the part- nership held title to nearly 726 acres. The ranch is located on both sides of Palomar Airport Road, on the south side of Carlsbad Raceway. Most of the ranch lies on the south side of the road, running down to the northeast corner of Rancho La Costa. The ranch house and immediate property, totaling about 10.3 acres, is a park owned by the City of Carlsbad. Last August, two Orange County developers, The Woodward Com- panies Inc. and The Meisler Company Inc., acquired either 123 acres (ac- cording to a Woodward spokesperson) or 200 acros (according to Ziskin, who handled llio transaction) for a tax value of $1.470,000 plus the then- outstanding balances of $1,074,121 lot at the southwest end of Vista de Ic Patria has been sold for a tax value o.' $250,000 by Vista de la Val'u Development Company, a genera partnership. The buyer was Robert Lawrenc> Cushman III, 7350 Player Dr., Sail Diego. La Jolla Federal S&L took $240,000 trust deed. Some of the partners of Vista de Valle Development are Russell Elderf Sande, David P. Ferguson as trusteel Elden Martin Sande, Douglas Hi Austin and Donald C. Hansen. Th| partnership acquired the lot and a| adjacent one fronting on Vista dc'| Occano from Ferguson, as trustee, ii| May 1978. Ferguson had acquired thl. two lots in December 1977 for a t:t'| value of $130,000. The two lots wer| subject to a May 1978 construction;! trust deed for $320,000 in favor cfl California First Bank. (Assessor'^ parcel 302-170-29). p* * * | A technical error was made rj? yesterday's story on housing projectfl in the Scripps Miramar Ranch are;'.| Site 1 in the story under the irr''2 actually referred to parcel No. 2 the map, and, naturally, Site 2 in story referred to land parcel No. 1. HOME BUYERS • Frederic W. Ashman and '. S. Wolfor have purchased the home a'.'i 6255 Ilurd Ct.. Sail Diego 92122 fronQ TFL Co. Documentary transfer taN-J value $172,000. ." ' iff •Bernice B. Winston, trustee h;i | purchased the condominium at .Tr"-3 San Antonio Ave.. No. 6. San Dii-j;' 5 92016 from Leo H. and Margaret L! Barbour. Tax value SiC-O.OOi) . ., . v-