Rancho Santa Margarita Arroyo Oaks Foreclosure Home For Sale - A REALTOR Review In the Arroyo Oaks neighborhood, just off the corner of Santa Margarita Pkwy and Alicia Pkwy, is this recent listing of a 3 bedroom, 4 bath, bank owned home.  Before I dig in to the interior, I must say that the front yard and back yard views are a high point. Just across the street is a wide open space hill side approximately the width of two lots. In the back, enjoy the view from brick lined patio across the canyon to the Saddleback Mountains. Once inside, you notice new paint and carpet with hardwood flooring in the dining room and family room. The kitchen has stainless steel appliances with a gas stove, white tile counters and 20" ceramic floor tiles. The cabinets are painted a Navajo Red that might be t... 05/08/2012