tag:blogger.com,1999:blog-34426471569736095362024-03-17T19:12:58.760-07:00Mary Cummins, Real Estate Appraiser, Real Estate Appraisal, Los Angeles, California, Mary Cummins.Mary Cummins is a real estate appraiser in Los Angeles, California with 38+ years of experience. Cummins provides real estate appraisals for banks, lenders, mortgage brokers, Appraisal Management Companies (AMCs), lawyers, Courts, factors and private parties for lending, lawsuits, probate, estate planning, divorce and all types of litigation. Cummins provides 1004, 1073, 1025 and other form reports, narrative reports and historical appraisals besides real estate research and appraisal advice.Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.comBlogger211125tag:blogger.com,1999:blog-3442647156973609536.post-7239786548009514602024-03-17T14:45:00.000-07:002024-03-17T19:12:27.124-07:00Old Inglewood Board of Realtors MLS Listing Pages, Flyers by Mary Cummins Real Estate Appraiser<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzKRrfm6YM1naSUox2ZNgEwAFn2qp73qBylB_cCoY7riksEsgFXhzPW7gyjsBTkkrJuhpcAByHylex-hv1Uahy4GqEvGvZEbJafBXiOX8Cd1JyX26gsoywoOq0Wo8UQo6fY5owAnBTDQhtA9XoYPQWxBMI2nM-ul4Z6uArpIDM_6MTZTWWPJfdDubCKA/s927/inglewood%20mls.jpg" style="margin-left: auto; margin-right: auto;"><img alt="inglewood board of realtors, nar, national board of realtors, mary cummins, real estate, real estate appraiser, real estate appraisal, mls, flyers, los angeles, california, inglewood" border="0" data-original-height="909" data-original-width="927" height="314" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzKRrfm6YM1naSUox2ZNgEwAFn2qp73qBylB_cCoY7riksEsgFXhzPW7gyjsBTkkrJuhpcAByHylex-hv1Uahy4GqEvGvZEbJafBXiOX8Cd1JyX26gsoywoOq0Wo8UQo6fY5owAnBTDQhtA9XoYPQWxBMI2nM-ul4Z6uArpIDM_6MTZTWWPJfdDubCKA/w320-h314/inglewood%20mls.jpg" title="inglewood board of realtors, nar, national board of realtors, mary cummins, real estate, real estate appraiser, real estate appraisal, mls, flyers, los angeles, california, inglewood" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="text-align: left;">inglewood board of realtors, nar, national board of realtors, mary cummins, real estate, real estate appraiser, real estate appraisal, mls, flyers, los angeles, california, inglewood</span></td></tr></tbody></table><br /><p>I was walking down the street and found these on the sidewalk. I followed the literal paper trail to a trash can full of Inglewood Board of Realtors MLS listing sheets from 1950-1990. Anyone need some historical Inglewood comps? :-D I took a huge bag full of them for historical reference. They're also from the Southwest Branch of the Los Angeles Board of Realtors. Click image to see larger.</p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-728641941420274082024-03-12T10:36:00.000-07:002024-03-13T20:20:11.074-07:00Why Did Marcia Fudge "Resign" from HUD? by Mary Cummins Real Estate Appraiser<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjY-ptiDO0O3l9sGn5TiZ52PL1u209SrB1HbhmQw1uBrtayKNkNzFo7ZFgsa_UcFCLukcblABLW-Dtt0mbrfGd_ZtWBBn2rxvidnR5XIFFhny50zwJacSQV156aYsI2brEXUzgEHcppObuEawDxsSpCr9Sr-ZK-4S7_3UOWJo_u2eM1sm9iDbrRcdqP_w/s1200/sec-fudge-announcement-2.png" style="margin-left: auto; margin-right: auto;"><img alt="real estate appraisal,real estate appraiser,resignation,marcia fudge,housing and urban development,HUD,mary cummins,fire,joe biden,quit,cabinet,president,resigned,campaign, democrat" border="0" data-original-height="475" data-original-width="1200" height="127" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjY-ptiDO0O3l9sGn5TiZ52PL1u209SrB1HbhmQw1uBrtayKNkNzFo7ZFgsa_UcFCLukcblABLW-Dtt0mbrfGd_ZtWBBn2rxvidnR5XIFFhny50zwJacSQV156aYsI2brEXUzgEHcppObuEawDxsSpCr9Sr-ZK-4S7_3UOWJo_u2eM1sm9iDbrRcdqP_w/w320-h127/sec-fudge-announcement-2.png" title="real estate appraisal,real estate appraiser,resignation,marcia fudge,housing and urban development,HUD,mary cummins,fire,joe biden,quit,cabinet,president,resigned,campaign, democrat" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">real estate appraisal,real estate appraiser,resignation,marcia fudge,housing and urban development,HUD,mary cummins,fired,joe biden,quit,cabinet,president,resigned,campaign, democrat</td></tr></tbody></table><br /><p>*This article has embedded linked research and articles which support the statements. You may not be able to see the links based on your browser settings so hover. Everything in this article is backed up with independent research based on government data.</p><p>Today March 11, 2024 <a href="https://en.wikipedia.org/wiki/Marcia_Fudge" target="_blank">Marcia Fudge</a> announced her resignation as the head of the Housing and Urban Development (HUD) Department via email. Her resignation will be effective March 22, 2024. Below is Marcia Fudge's press release about her departure as the Secretary of Housing in President Joe Biden's White House cabinet. The press release also includes a list of her alleged achievements. <a href="https://www.hud.gov/press/press_releases_media_advisories/HUD_No_24_048">https://www.hud.gov/press/press_releases_media_advisories/HUD_No_24_048</a></p><p>The New York Times posted an article about Marcia Fudge's departure. <a href="https://www.nytimes.com/2024/03/11/us/politics/marcia-fudge-hud-resigns.html">https://www.nytimes.com/2024/03/11/us/politics/marcia-fudge-hud-resigns.html</a> The article stated that President Joe Biden told his Department heads last fall that he wanted them to either leave quickly or stay on until after the election. Marcia Fudge promised she would stay then all of a sudden she "resigned" with "mixed emotions." <a href="https://www.politico.com/news/2024/03/11/marcia-fudge-hud-stepping-down-00146268" target="_blank">Just March 7, 2024 the White House stated they had a cabinet in place that will stay for the election</a> then four days later she resigned. Many question giving only 11 days notice to leave a cabinet position. One other cabinet member Eric Lander stepped down due to reports of bullying staff. Maybe that was also Fudge's issue. Fudge stated "I do believe strongly that I have done just about everything I could do at HUD for this administration as we go into this crazy silly season of an election." Maybe her ouster has to do with the Dept being audited and/or the campaign and election. In the NY Times article she stated she wants to spend more time with her 92 year old mother. If that were true, she would have left a while ago. I saw her at the State of the Union address happily shaking everyone's hands. No one knows the real reason but some have possible explanations for the quick unexpected departure.</p><p>As a real estate broker, appraiser I have been following Marcia Fudge very closely ever since she was nominated to be the head of HUD. She had no background in real estate, housing, economics...yet she was confirmed to be the head of the Housing Department. <a href="https://theintercept.com/2020/12/09/biden-hud-marcia-fudge/" target="_blank">Many believe she was appointed because of Joe Biden's diversity promises</a>. He promised to appoint black women to positions of power. I'm all for diversity. We all know Biden's predecessor's cabinet was as white as a sheet and almost all male. We desperately need more people of color and women in the upper echelons of government. They just should be qualified, honest and able to get along with people for the greater good of the nation. <a href="https://theintercept.com/2020/12/09/biden-hud-marcia-fudge/" target="_blank">As a Representative Fudge was never on a housing committee or involved in any housing organization.</a> Fudge herself even mentions the concept of tokenism by <a href="https://www.politico.com/news/2020/11/11/marcia-fudge-agriculture-biden-cabinet-436066" target="_blank">stating to Politico</a> November 2020 “We’re going to have to stop looking at only certain agencies as those that people like me fit in. You know, it’s always ‘we want to put a Black person in labor or HUD.’” </p><p>My personal issue with Marcia Fudge is the outright lies she told the American people. Fudge's lies hurt everyone in the US because millions were diverted to "fix" a problem that doesn't exist. That money should have been used to fix the real problem which is income inequality which doesn't even fall under her department. She also defamed and attacked real estate appraisers in the process. </p><p>Fudge promoted the false narrative of the "old white racist male" appraiser lowballing blacks and Latinos without any proof whatsoever. I believe it's because she is racist. She promoted the false and totally misleading paper from Andre Perry's book "Know Your Price." Fudge insisted on stating the lie as fact that live appraisers "low ball" the appraisal values of blacks and Latinos and caused them to lose $156,000,000,000 in home equity. American Enterprise Institute <a href="https://www.aei.org/wp-content/uploads/2021/08/Impact-of-Race-and-Socio-Economic-Status-on-the-Value-of-Homes-by-Neighborhood-Presentation-8.5.21-FINAL-v4.pdf?x91208" target="_blank">AEI proved that Andre Perry's paper was totally false.</a> </p><p>The real issue is income inequality among whites, blacks, Latinos. People who make more money buy more expensive homes. They also buy more expensive cars. Whites make more money than blacks, Latinos so they buy and own more expensive homes in more expensive areas. The correlation between value of white and black homes is income and not race. Appraisers have nothing to do with income inequality. We appraisers didn't even make the appraisals used in Perry's paper. Perry used totally inaccurate robot Zillow values! Appraisers generally don't even know the race of the homeowners or borrowers.</p><p>Perry's paper was based on Zillow robot Automated Valuation Methods and not appraisals made by live appraisers. Fudge didn't care and lied stating "old white male" appraisers were responsible for the differences in value. The narrative fit her racist agenda. Those statements were proven to be totally false by i<a href="https://www.aei.org/how-common-is-appraiser-racial-bias/" target="_blank">ndependent research by American Enterprise Institute. There is no racism in real estate appraisal values</a>. Fudge then used this fake paper and false facts to write the Biden ordered PAVE Task Force report. AEI has <a href="https://www.aei.org/research-products/report/comments-on-the-pave-report/" target="_blank">refuted the report in their reply to the government.</a> Fudge wasted millions in resources to write a fake report about a fake problem then stated she alone could fix it then she didn't. Nothing has changed! Fudge didn't fix anything and definitely not the real issues which don't even fall under her department. The real issue is income inequality which falls under the department of labor. Fudge just wanted the extra funding and attention to her department. The entire PAVE report was based on Fudge's lies and wasn't even needed.</p><p>Fudge also promoted her fake story about the home across the highway from her home being worth twice as much as her home "only" because a white person owned it. In fact this lie may have finally been part of her undoing. Late January 2024 Joe Biden told this crazy fake story which is based on Marcia Fudge's outright lie. "Today, a home owned by a Black family on one side of a highway, built by the same builder on the other side of the highway and a white guy living in it, the white guy's home is valued more than the Black guy's!," he said. "I know you know it. And guess what, that's how you build generational wealth."</p><p>I debunked Marcia Fudge's big lie <a href="https://mary--cummins.blogspot.com/2022/03/pave-task-force-action-plan-from-white.html" target="_blank">here in this blog</a> by valuing her home and the ones across the highway. You can't find the article via Google search because someone (Marcia?) complained and it was removed from search results. The home across the highway from Marcia Fudge's home is newer luxury quality built in a new private community built way off the highway on private streets. Fudge's home is much older, lower quality, fairer condition built on the main highway. The homes are totally different in very different locations so of course they would have different values. This shows that either Fudge doesn't understand the basics of property valuation and is incompetent to be the head of HUD or she's just a racist liar promoting her own agenda. I doubt she even knows the color of the people who own the homes across the highway from her. Race, color isn't listed on ownership deeds. The tenant isn't always the owner. On top of this Fudge is complaining about their inaccurate Zillow values. She's not talking about their actual market or appraisal values. There are no appraisals of Fudge's home and the homes across the street to compare. No appraisers were involved.</p><p>Many real estate experts, agents, appraisers have sent in many letters to HUD about Marcia Fudge's many lies. I've sent in a few. Nothing happened except Fudge repeated the lies. Maybe this story making Biden look like a total blithering idiot was the final straw. Many media sites picked up on the crazy nonsensical story. Fudge has stated this same fake story all over the media. Here <a href="https://mary--cummins.blogspot.com/2023/02/rebuttal-to-marcia-fudges-misleading.html" target="_blank">I debunk her false CNN presentation</a>. I'm pretty sure these false stories by Fudge would have been used against Biden during the campaign. Clearly Biden believed her bullshit until he repeated her fake home story and everyone called him a crazy idiot. I doubt he'll repeat that story.</p><p>Fudge also got way too cozy with lenders, AMCs during her tenure at HUD. They pitched her the idea of getting rid of appraisers/appraisals to save consumers money and time. They lied and supported her lie that appraisers are biased so they could make more money while allegedly reducing bias. They asked to use appraisal waivers, AVMs, drive-by appraisals and hybrid appraisals done by non appraisers. HUD agreed and consumers didn't save any money. Instead lenders, AMCs keep the valuation fee in house for reviewing an AVM. Not only that but waivers, AVMs, drive-by appraisals and hybrids have real built in bias by their very nature. No one really knows the true market value of all those homes. Maybe there was insufficient equity or the homes never met loan requirements. Many of these loans are sold and resold as investment vehicles. Many could go bad and they actually have. </p><p>Another issue I have with Fudge is her giving government money to her friends. Fudge gave grants to her friends at private fair housing organizations. These organizations promoted Fudge's false narrative of the racist white appraiser. They stated their research, legal actions against innocent appraisers are the "solution" to US's housing issues. Government money was wasted and lives were destroyed in the process while no racial bias was found. They supported and widely shared the fake paper by Andre Perry. Maybe she was finally caught giving contracts to close, close friends. Her cronyism at HUD was definitely off the charts. </p><p>Another issue though minor is Fudge violating the Hatch Act. In March 2021, during a White House press conference, Fudge made comments on the upcoming Senate election in her home state of Ohio suggesting that Democrats could win it. As a result, she was accused of violating the Hatch Act of 1939. After an investigation, the Office of Special Counsel determined she had violated the Hatch Act. Fudge received a warning. Not a big deal really but still.</p><p>Another point "in 2015, Fudge wrote a letter asking for leniency in the sentencing of Cleveland politician Lance Mason on felony assault and domestic violence charges. Fudge described Mason as "kind", and wrote that "Lance [...] has assured me that something like this will never happen again." Mason subsequently attacked and killed his ex-wife, in 2018, stabbing her 59 times. After the murder, Fudge released a statement saying she condemned the crimes committed by Mason."</p><p>On top of all of this Fudge is extremely abrasive and abusive. She truly enjoys attacking, degrading appraisers and others in public meetings. She has a huge race, wealth chip on her shoulder which she doesn't hide but proudly flaunts. She wanted to be the head of Agriculture Dept so that may be part of it. Almost every meeting she starts in the same way walking to the podium and stating "Good afternoon." If everyone in the room does not loudly say "Good afternoon, Madam Fudge!" she will put her finger in her ear, shake her head at the audience negatively like she didn't hear their response and say it again to force people to respond as if the audience were in the army or prison. She clearly has major personal insecurities to feel the need to treat people in this manner. One example here <a href="https://www.instagram.com/p/C4Y8FhuOiu_/">https://www.instagram.com/p/C4Y8FhuOiu_/</a> </p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.blogger.com/video.g?token=AD6v5dyFn2bO2ZUp9ncaDywrDg5nEuMT0tBkL7THkpawI7bnfJxOF7BwFDZQNtjpx_FqM9vFnsqIfv0_Oj8V9jldSQ' class='b-hbp-video b-uploaded' frameborder='0'></iframe></div><br /><p>If you search this blog, you will see the other articles I've written about her insulting, harassing, demeaning behavior in government meetings. I highly doubt she wanted to leave this position on her own as she clearly enjoys and relishes being abusive. I believe she was pushed out which is why she has "mixed emotions." Maybe the campaign audited her department and realized she was wasting funds and not accomplishing the goals of HUD. This will be used against Biden in the campaign and election by the GOP. </p><p>I personally feel Marcia Fudge was probably asked to resign because she's a liability in the upcoming election. The lie she told to Joe Biden about her home value which he repeated was the wake-up call for Biden's campaign. The lies she told in the PAVE report and government money she wasted on worthless "solutions" were probably other factors. Her cronyism and giving money to friends also hurt her. Lastly her horribly abrasive, abusive personality and media appearances harm Biden and his campaign. </p><p>Fudge's press release about her departure reads like a golden handshake. She mainly touts a few odd suspect accomplishments resume style. I think she saw the end coming because of an investigation into her actions because she released something similar in February which I thought was odd. It wasn't end of year reporting. I'll be writing another article about her housing "accomplishments" during her term but a few notes. Don't get me wrong. She was 1,000x better than Ben Carson. I just think Trump probably told him to run the Dept into the ground. Even I could have done better than Carson.</p><p>"HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all." Our housing crisis is much worse since she was head of HUD. Per <a href="https://www.huduser.gov/portal/sites/default/files/pdf/2023-AHAR-Part-1.pdf" target="_blank">HUD homelessness is way up</a> and <a href="https://ycharts.com/indicators/us_fixed_affordability_index#:~:text=US%20Fixed%20Housing%20Affordability%20Index%20is%20at%20a%20current%20level,from%20109.20%20one%20year%20ago." target="_blank">housing affordability is way down</a>. Things haven't improved. Here's just one fake accomplishment from her list "Ensuring that people who have paid their debt to society can get a fair shot at a second chance and have a home;" Fudge proposed changing a rule to allow convicted criminals convicted of fraud or perjury to do work for HUD in relation to fair housing investigations. Why would someone hire someone convicted of lying and committing fraud to do legal investigations which could possibly end up in a court of law? Their testimony could be easily tossed because they are convicted liars. Comments were due 01/11/24. I don't know if it became law. </p><p>Fudge's replacement will be Deputy Secretary Adrianne Todman. Joe Biden will not nominate a new head until after the election. They'd never be confirmed in time before the election. Todman is just like Fudge so nothing will change until they find a new head. I can only hope they find someone who is qualified who won't lie and can actually improve housing for our country. We don't have enough housing which is one cause of the homeless and affordability issues. It's also an issue for our economy especially because of recent rate hikes. We also have an income inequality issue.</p><p>@secfudge @hudgov @mary_cummins<br /></p><p><br /></p><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-39810354700757708872024-02-16T20:38:00.000-08:002024-02-16T20:38:05.159-08:00The End of Buyer's Broker's Real Estate Commissions in Multiple Listing Services? by Mary Cummins Real Estate Appraiser<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE0voRynTXRgVDKmT7s2xVG6ymyacW40ASeNAN6I6kKgEUwrcn4eWhSNPkZTJA-COYLSyK-l_FxPy3dGcAuhkHEX0J9DCuAJiBc9wPqFxVZHzytOG_mP9ctlPR2cRqSe-srwfyhKKhN0t8KYE6r34TzrxYwZLeNeoPQ6_ahir_USv5c0vlO7cSqBbOeg/s1750/be9dd5d4-3819-4185-b734-c6e7be831733_1750x1052.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1052" data-original-width="1750" height="192" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE0voRynTXRgVDKmT7s2xVG6ymyacW40ASeNAN6I6kKgEUwrcn4eWhSNPkZTJA-COYLSyK-l_FxPy3dGcAuhkHEX0J9DCuAJiBc9wPqFxVZHzytOG_mP9ctlPR2cRqSe-srwfyhKKhN0t8KYE6r34TzrxYwZLeNeoPQ6_ahir_USv5c0vlO7cSqBbOeg/s320/be9dd5d4-3819-4185-b734-c6e7be831733_1750x1052.png" width="320" /></a></div><br /><p>The 2020 Nosalek lawsuit filed in U.S. District Court in Boston alleged that MLS PIN, Keller Williams, RE/MAX, Anywhere, and HomeServices of America colluded to inflate real estate agent commissions. The suit claimed that the defendants agreed to rule changes including allowing compensation offers of $0 to buyer agents and proactively informing consumers that commissions are negotiable. </p><p>The Department of Justice is examining whether the commissions system violates antitrust law. Today the DOJ stated sellers shouldn't offer any commission to buyer's brokers in the MLS. This will allegedly bring down the price of real estate commissions.</p><p>I personally feel buyer's agents will just include a 2.5% commission in the offers. It will be paid by proceeds of sale. Buyer, seller still paying a commission fee one way or another. Homes will be listed for the same prices. Commissions have always been negotiable. Appraisers have to read sales contracts for purchase appraisals. We see the negotiations all the time. I doubt things will change much unless flat fee buyers agents start popping up like flat fee selling agents who only list the property on the MLS. </p><p>#realestatecommission #marycummins #realestateappraiser #realestatesales #realestateappraisal #realestate </p><p><a href="https://www.reuters.com/legal/government/justice-department-says-settlement-too-lax-real-estate-commission-case-2024-02-16/">https://www.reuters.com/legal/government/justice-department-says-settlement-too-lax-real-estate-commission-case-2024-02-16/</a></p><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<li><a href="http://www.animaladvocates.us/">Mary Cummins of Animal Advocates</a></li>
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-43851978693693120352024-02-03T10:47:00.000-08:002024-03-12T20:03:40.409-07:00Status of Oceanwide Plaza aka Graffiti Towers in downtown Los Angeles by Mary Cummins real estate appraiser<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigD-UUpAORIChu6qsLmr4AcUFZEJsqavzccIdTvouzRuvVV9CU4zINRQcTvLUe81VDxOGV8D65DblW9R0sQDkUORtCRCsTqu9lN2bOrkrYSJs0YS6oC9VPCgfsR0x9oj8TEkLFNSJf6bcWfwyWiXiXolqxYM2Ikimtfg6DkJsNx8sY_R2QPtVh9oeZvw/s960/oceanwide.jpg" style="margin-left: auto; margin-right: auto;"><img alt="oceanwide plaza, mary cummins, real estate appraiser, real estate, los angeles, california, flower, figueroa, oceanwide holdings, rtkl, construction, graffiti" border="0" data-original-height="720" data-original-width="960" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigD-UUpAORIChu6qsLmr4AcUFZEJsqavzccIdTvouzRuvVV9CU4zINRQcTvLUe81VDxOGV8D65DblW9R0sQDkUORtCRCsTqu9lN2bOrkrYSJs0YS6oC9VPCgfsR0x9oj8TEkLFNSJf6bcWfwyWiXiXolqxYM2Ikimtfg6DkJsNx8sY_R2QPtVh9oeZvw/w320-h240/oceanwide.jpg" title="oceanwide plaza, mary cummins, real estate appraiser, real estate, los angeles, california, flower, figueroa, oceanwide holdings, rtkl, construction, graffiti" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">oceanwide plaza, mary cummins, real estate appraiser, real estate, los angeles, california, flower, figueroa, oceanwide holdings, rtkl, construction, graffiti</td></tr></tbody></table><br /><p>UPDATE 030624 Seems City Council had to make a motion to amend the city code to allow them to secure the property. <a href="https://clkrep.lacity.org/onlinedocs/2024/24-0114-S2_CA.pdf">https://clkrep.lacity.org/onlinedocs/2024/24-0114-S2_CA.pdf</a></p><p>022824 The city wants to restore the right of way on the sidewalks around the project. Right now it has fences, scaffolding, covers... They can't remove that without first securing the site with interior fencing and such. They need to change city code to be able to do that work. <a href="https://clkrep.lacity.org/onlinedocs/2024/24-0114-s2_misc_2-28-24.pdf">https://clkrep.lacity.org/onlinedocs/2024/24-0114-s2_misc_2-28-24.pdf</a></p><p>02/16/24 Result of hearing today. Motion was amended, approved by City Council as follows. It was sent to the Mayor to approve. The changes are the removal of transferring money to cover repairs item 2. City will now confer with other departments about costs and work to be done.</p><p><a href="https://clkrep.lacity.org/onlinedocs/2024/24-0114-s1_misc_amend_kdl_blu_2-16-24.pdf">https://clkrep.lacity.org/onlinedocs/2024/24-0114-s1_misc_amend_kdl_blu_2-16-24.pdf</a></p><p>02/13/2024 There are now two separate LA City Council motions about the site. Hearing tomorrow 02/16/2024. I drove by and none of the graffiti has been cleaned. Leave it to say it will not be cleaned up by 02/17/2024 per the 01/31/2024 City Council Motion and order.</p><p>My estimates for cost to clean and secure Oceanwide Plaza were way too low. City will be transferring $1,100,000 to secure the site then $2,700,000 to remove graffiti and provide security.</p><p>From the motion,</p><p>On February 9, 2024, the Los Angeles City Council adopted a motion (Council File No. 24-0114) to instruct the relevant City Departments to take the necessary steps to prepare for abatement of the Oceanwide Plaza property in the event the owners of Oceanwide Plaza failed to heed the abatement order issued by the Department of Building and Safety on January 31, 2024. The motion directed the City Administrative Officer to identify front funding sources to pay for this work and the CAO has done so. Now, the City of Los Angeles must transfer this funding to pay for the work needed to abate the property so abatement may commence on February 17, 2024 if the Oceanwide owners indeed fail to comply by the deadline.</p><p>MOTION PLANNING & LAND USE MANAGEMENT</p><p>"I THEREFORE MOVE, subject to the approval of the Mayor, that $1,100,000 be transferred / appropriated from the Building and Safety Fund 100/08, Account No. 001010, (Salaries, General) to the Repair and Demolition Fund No. 346/08, Account No. 08108Y to fund fencing and secure the ground floors to comply with department orders at Oceanwide Plaza.</p><p>I FURTHER MOVE, subject to the approval of the Mayor, that $2,700,000 be transferred / appropriated from the Building and Safety Permit Enterprise Fund No. 48R/08, Account 08Y204 (Reserve for Future Cost) to the Repair and Demolition Fund No. 346, Account Name Oceanwide Plaza (Account No. TBD), as a loan, to fund security services, fire safety upgrades, graffiti abatement, and any other measures needed to comply with department orders at Oceanwide Plaza."</p><p><a href="https://clkrep.lacity.org/onlinedocs/2024/24-0114-S1_misc_02-13-24.pdf">https://clkrep.lacity.org/onlinedocs/2024/24-0114-S1_misc_02-13-24.pdf</a></p><p>Just FYI I've lived in Los Angeles my entire life. I've been a broker, appraiser in LA over 40 years. I appraise this exact type of project. I've been in most of them. I lived in South Park for years. </p><p>02/12/2024 Arrests made by LAPD in graffiti of Oceanwide Plaza. Originally there were two arrests then four more. They just arrested 12 more. </p><p><a href="https://lamag.com/crimeinla/lapd-arrests-dtla-high-rise-graffiti">https://lamag.com/crimeinla/lapd-arrests-dtla-high-rise-graffiti</a></p><p>DeLeon stated the graffiti was the "fault" of the developer because they didn't have the place locked up tight with security. What about the trespassers, vandals? Don't they have any culpability? What about the rest of LA that gets tagged? Should we all be forced to add huge expensive walls, gates and security teams to protect our property or else it's our fault? Ridiculous argument. While everyone should lock up their property and protect it, there's no way to fully protect against taggers.</p><p>02/09/2024 Item was adopted by City Council to force Oceanwide Plaza to clean up the mess. Vote was unanimous but Soto-Martinez was absent.</p><p>02/16/2024 I was in the area and took some pics. The trespassers, vandals, taggers also tagged the inside of the building. There is a fence company there today along with lots of police presence. Click thumbnails below to see larger.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYvpTtbE1JlWXAG8wVIOc2QCnLFsP_OerXgrudipewqHRX817h4IVFAEHC-DSdG7p8TxkQWsRri0e-eyn03Efug0BvPqfR8e2iQ4LuWgn7MUkqrdMRFgJ8z5CEy_ZDImB1jqGoJo3QkBhnLc8f1Jfs216O_LtCedTHV05F-w4EB7zYGEP6Z00qZvxFYg/s960/1.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYvpTtbE1JlWXAG8wVIOc2QCnLFsP_OerXgrudipewqHRX817h4IVFAEHC-DSdG7p8TxkQWsRri0e-eyn03Efug0BvPqfR8e2iQ4LuWgn7MUkqrdMRFgJ8z5CEy_ZDImB1jqGoJo3QkBhnLc8f1Jfs216O_LtCedTHV05F-w4EB7zYGEP6Z00qZvxFYg/s320/1.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgupokDuHJAjgto2E1vHlz1wFNSe31Je753CIzeLsOIz2BbAp6ohxAFir-kRwnD3nQEcgK4YM42tnEkEkFp0PIbs7-TN8UaEzdT0chlBhIu-oot_3Wpa_BlWnTBt9emjAiIwjergQEzD5TiZbkeRlwVl4M3SRNsheTerAjN7H2PqcNaPzUaKsHBle9PbQ/s960/2.jpg" style="margin-left: 1em; 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text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6TYk2HzqBLDwli7KrExvJLFNLOlFafL6I7n4pOljC5OIXPjwQggDGJj8XUrSStdu9AWF347BQZAM1tOjyJh_uz8yUIh2UWyKiMYLVJsHKRrTg9c5xaj57jhZc9OqQ4uTyRFqnmkgIaYO03QB0G7ICT3S0tCBvgWNPOmaGB1-537qwgB-LX7Gt2u3hWw/s960/10.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="710" data-original-width="960" height="237" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6TYk2HzqBLDwli7KrExvJLFNLOlFafL6I7n4pOljC5OIXPjwQggDGJj8XUrSStdu9AWF347BQZAM1tOjyJh_uz8yUIh2UWyKiMYLVJsHKRrTg9c5xaj57jhZc9OqQ4uTyRFqnmkgIaYO03QB0G7ICT3S0tCBvgWNPOmaGB1-537qwgB-LX7Gt2u3hWw/s320/10.jpg" width="320" /></a></div><br /><p><br /></p><p><br /></p><p>02/07/2024 More taggers have tagged the building. <a href="https://ktla.com/news/local-news/taggers-open-up-about-putting-some-color-on-dtla-skyscrapers/" target="_blank">One article stated</a> "After a similar project in December for Art Basel in Miami Beach, artists were inspired “to do an L.A. version,” the artist Merch told Hyperallergic." <a href="https://themindcircle.com/graffiti-in-art-basel/" target="_blank">The building they graffiti'd in Miami Vitas Healthcare Center was an abandoned, 19-story building which was about to be demolished</a>. It wasn't a new luxury building like Oceanwide Plaza. They didn't have permission to trespass or tag either building. It's like tagging a car at a junkyard destined for scrap metal versus a new Rolls Royce that's about to roll off the assembly line. </p><p>"The artists also placed blame on the developers, Oceanwide Holdings of China, who stopped construction on the project in 2019 when they ran out of funding and have since been accused of not paying the security guards for the site." Their rationalization is sickening and infantile. Does that mean people can break into the taggers, their mothers, grandmothers homes and destroy it because they don't have security guards? Can the taggers legally kill and rape people on the street because they don't have security guards? Blame the victim. A crime is a crime.</p><p>Taggers with graffiti gang tag signatures Merch, Akers and Hopes have commented about their vandalism. These people are all known. You can search the tags on the buildings and know the taggers. I searched the graffiti tags in my area and knew exactly who did it. They have names, photos, addresses.</p><p>Merch stated “With all due respect, s— is abandoned, doing nothing." "Let’s put some color on this b— and do what we do if they ain’t gon finish the job,” the artist Hopes said. “This building has needed love for years,” artist Aker added. “If the owners aren’t doing anything about it, the streets of LA are happy to make something out of it.” These people call their tagging "putting in work" like it's a noble job or something. It's not.</p><p>Another thing to consider is the cost and waste of all that spray paint and the cans. It's bad for the environment and human health besides a total waste. The paint is still there so it's not water based eco-friendly. It's not guerrilla art which washes away and causes no permanent harm. These people are criminal vandals. I wish they'd charge some of them. These people even post videos of themselves doing these criminal acts on their Insta, TikTok and Facebook pages. They comment on newspaper articles. Throw them in jail and fine them for cleanup. When they're released make them do graffiti cleanup for a few years. They are not artists. </p><p>02/02/2024: LA City Council made a motion to force Oceanwide to clean up the project by February 17, 2024. 1101 South Flower Street / Oceanwide Plaza / Trespassing / Vandalism / Nuisance Abatement</p><p><a href="https://clkrep.lacity.org/onlinedocs/2024/24-0114_misc_02-02-24.pdf">https://clkrep.lacity.org/onlinedocs/2024/24-0114_misc_02-02-24.pdf</a></p><p>Main file <a href="https://cityclerk.lacity.org/lacityclerkconnect/index.cfm?fa=ccfi.viewrecord&cfnumber=24-0114">https://cityclerk.lacity.org/lacityclerkconnect/index.cfm?fa=ccfi.viewrecord&cfnumber=24-0114</a></p><p>MOTION</p><p>FEB 0 2 2024</p><p>For the last few years, the unfinished Oceanwide Plaza property at 1101 South Flower Street has been a blight on Downtown Los Angeles’ South Park neighborhood. Started in 2015, the project’s construction was abruptly halted in late 2019 after funding for the project was cut off. Since then Oceanwide Plaza has sat half-finished and abandoned - a black eye on an otherwise vibrant part of DTLA.</p><p>Oceanwide Plaza has experienced trespassing and vandalism over the last few years however criminal activity has increased exponentially over the last month, peaking over the last several days. Neighbors report trucks ramming into the gates and driving into the building to facilitate copper wire theft and vandalism. Dozens of videos posted to social media show people breaking into the property on Tuesday and Wednesday nights, climbing hundreds of feet up the unfinished towers, and tagging the windows on at least 30 of the building’s 53 floors with graffiti. It is abundantly clear that Oceanwide Plaza has become a hazard to surrounding residents, businesses, passersby, and to the criminals recklessly breaking into the property and it must be dealt with immediately.</p><p>I FURTHER MOVE to instruct the Department of Building and Safety (DBS), the Bureau of Street Services (BSS), and the Bureau of Engineering (BOE) to order the permittee to secure the site, remove all encroachments from the public right of way, and restore the public right of way to its original condition or const..."I FURTHER MOVE to instruct the DBS and BOE, in coordination with the City Attorney, to recover all city costs consistent with applicable law. In light of the property becoming a nuisance, the Department of Building and Safety issued an abatement notice to the owners of Oceanwide Plaza on January 31, 2024. The property owners have until February 17, 2024 to remove all graffiti and debris and securely fence the property or the City will begin its own abatement process.</p><p>I FURTHER MOVE to instruct the City Administrative Officer to identify front-funding for the securing of the site, removal of obstructions, and restoration of the public right of way should the permittee fail to comply with department orders.</p><p>I FURTHER MOVE to instruct the DBS, BSS, Department of Transportation, and General Services Department to secure the site and restore the public right of way to its prior condition should the permittee fail to act within the time allotted to them by law."</p><p>See link above because the copy/paste wasn't working that well. Motion made by Paul Krekorian and Kevin DeLeon.</p><p>Some people have said that the graffiti "artists" added "meaning, art, a message to the vacant building contributing to the city in a positive way." I don't agree at all. They trespassed, vandalized and did tens of thousands in damage to the property. They rammed trucks through the gates and broke down doors. They stole property. The developer now has to clean up all their mess by February 17, 2024 in two weeks or face a huge fine and cleanup fees. Look at what the people did. It's not graffiti art but tagging. They just wrote their graffiti gang tag initials in big letters. That's not art. Tagging isn't art. It's like a dog pissing on a tree except worse because it serves no purpose at all. It's a kid defacing a public school desk by carving their initials in it. If you think it's art, post your family's home address so people can go ram their truck through their fence and paint their initials and gross shit all over the interior and exterior of their home and all their possessions. Below are up close images in case people couldn't see what they did. It's only tagging. </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_oAq8AJn4zmUBxqDR5gCHP6LdIO4y4MT3e4YLvfOnrj6RNPQGvbMng3xMVIgFJUxKamQao_F_b7endR0cuc6X0da_CGGD9Bwm15Kr3Yjq2tOE2u47-PchAUzsYOB5TYKeSWSj2gJXmB04nbL2bavhKiOezNgY7qODRM6KBXwxvVY3xh1GpsbN10ouRQ/s1200/download%20(1).jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="675" data-original-width="1200" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_oAq8AJn4zmUBxqDR5gCHP6LdIO4y4MT3e4YLvfOnrj6RNPQGvbMng3xMVIgFJUxKamQao_F_b7endR0cuc6X0da_CGGD9Bwm15Kr3Yjq2tOE2u47-PchAUzsYOB5TYKeSWSj2gJXmB04nbL2bavhKiOezNgY7qODRM6KBXwxvVY3xh1GpsbN10ouRQ/s320/download%20(1).jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsST7p5FxXZia09cAgsQeMi7ElHe5qYMYxcv2IZZoA05Kw5kHN68LDpNgYs1ogSapG6A7632-pK3IZnXEIFdHjns0cxugXkbwKvkvSVTI-wnu60n45zHKFjFGOffzj7M_m_bwVyrTQD6DdIKFSR8GGLOYot09acEAZGFe-FEGyR43tudWf6oGD49_46A/s1200/download%20(2).jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="675" data-original-width="1200" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsST7p5FxXZia09cAgsQeMi7ElHe5qYMYxcv2IZZoA05Kw5kHN68LDpNgYs1ogSapG6A7632-pK3IZnXEIFdHjns0cxugXkbwKvkvSVTI-wnu60n45zHKFjFGOffzj7M_m_bwVyrTQD6DdIKFSR8GGLOYot09acEAZGFe-FEGyR43tudWf6oGD49_46A/s320/download%20(2).jpg" width="320" /></a></div><br /><p><br /></p><p>ORIGINAL: January 30, 2024 an organized group of graffiti taggers vandalized the now vacant construction site of <a href="https://en.wikipedia.org/wiki/Oceanwide_Plaza" target="_blank">Oceanwide Plaza</a> at 1101 Flower St in Los Angeles, California. It was a partially-completed residential and retail complex composed of three residential towers across the street from Crypto.com Arena and the Los Angeles Convention Center. The owner developer is Oceanwide Holdings. "The <a href="https://www.callisonrtkl.com/projects/oceanwide-plaza/" target="_blank">CallisonRTKL-designed complex</a> will feature a five-star Park Hyatt hotel with interiors by Studio Munge, 504 residences and a collection of retailers and restaurants." </p><p>The site was originally an auto store in 1924 which was eventually replaced with a parking lot. Construction began in 2015 for the main development. The three towers were built starting in 2018 but not finished. Construction stalled in 2019 but restarted months later. Construction stalled again in October 2020 due to financial restructuring. "The towers were an example of Chinese reductions in capital and investing in US real estate because of the country's ongoing trade dispute with the US and a Beijing crackdown on credit and capital flight." </p><p>After failing to pay its debts, the project was foreclosed on by China-Oceanside in June 2023 and listed for sale. In filings with the Hong Kong Stock Exchange, China-Oceanwide said that more than $1.2 billion was needed to finish the project and that they had already spent $1.1 billion." It would take two years to finish the project. The project was also involved in a bribery scandal involving local politicians and the LA City Building and Safety department.</p><p>Basic property information<br /><br />Address: 1101 S Flower St, Los Angeles, California 90015<br />Assessor Parcel Number APN 5138-015-045<br />Lot dimensions, irregular: 316' x 535' x 342' x 703'<br />Area: 199,803 sf<br />Owner: Oceanwide Plaza LLC<br />Legal description: TR=69414 EX OF ST LOT 1<br />Census tract: 2079.01</p><p>Current liens on real estate records only: 05/18/2023 pre forclosure by Oceanwide Plaza LLC,<br />Lots of mechanic liens. Property taxes delinquent and due.</p><p>All of the permits are at <a href="http://ladbs.org">ladbs.org</a> under 1101 S Flower.</p><p>Property taxes <a href="https://portal.assessor.lacounty.gov/parceldetail/5138015045">https://portal.assessor.lacounty.gov/parceldetail/5138015045</a></p><p>There have been lawsuits involving the project. Oceanwide hired Lendlease as a contractor to build the project. Lendlease hired Webcor as a concrete subcontractor. Neither were fully paid. There were arbitration agreements in the contracts. Webcor didn't want to honor the arbitration agreement and sued. Trial and appeals court ruled Webcor is subject to arbitration agreement with Lendlease. This stems from a mechanics lien filed 2018 and lawsuit filed 2019.</p><p><a href="https://www.courts.ca.gov/opinions/nonpub/B299310.PDF">https://www.courts.ca.gov/opinions/nonpub/B299310.PDF</a></p><p>Lendlease sued in order to have a higher claim than the visa holder investors. </p><p>More legal documents at lacourt.org You have to pay for them and I don't want to pay. </p><p>The official website is gone but here's a webarchive version.</p><p><a href="http://web.archive.org/web/20200621165019/https://oceanwideplaza.com/">http://web.archive.org/web/20200621165019/https://oceanwideplaza.com/</a></p><p>The company behind the project from the archive</p><p><a href="http://web.archive.org/web/20190305105332/https://en.chinaoceanwide.com/">http://web.archive.org/web/20190305105332/https://en.chinaoceanwide.com/</a></p><p>Video of the main areas of the project. Reminds me of Metropolis but bigger and nicer and Metropolis is huge and luxury quality.</p><p><a href="https://www.youtube.com/watch?v=omOXWBc9w1c">https://www.youtube.com/watch?v=omOXWBc9w1c</a></p><p>Contractor made a video of progress on the building</p><p><a href="https://www.youtube.com/watch?v=eGKIuAkaXV4">https://www.youtube.com/watch?v=eGKIuAkaXV4</a></p><p>RTKL site about project</p><p><a href="https://www.callisonrtkl.com/projects/oceanwide-plaza/">https://www.callisonrtkl.com/projects/oceanwide-plaza/</a></p><p>Below are some marketing photos, plot plan, parcels... I was really looking forward to this development and have written five posts/articles since 2017. Chinese developers have built some beautiful and amazing projects in downtown Los Angeles. I've appraised a few and they are very high quality luxury properties. I really hope they get this back on track. I absolutely disagree with people who think it should be torn down. That would be an incredible waste of materials and manpower. Maybe they should re imagine some of the retail area and make it creative or experience space. </p><p><br /></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj87dcZDbp_kdrqSMfnFWDbhb3fSo6gfrsNbD7zdhrPitVDkN7dso2vix_5mNuwD7uaAoCHpAOGUS89RLtKR-VIP5hjElk6NDRc-Km9KxvVwQV7kHGP9_MppWUNWZdx_vnrfn-GxfyOkSUPuwNyZqW3Xu9NBjZUs15JRtfQW_VooMAD5-p2_jNTh2Ws-Q/s645/oceanwideplaza_rendering-complex-night_(c)oceanwide__real__estate__group.jpg" style="margin-left: auto; margin-right: auto;"><img alt="oceanwide plaza, mary cummins, real estate appraiser, real estate, los angeles, california, flower, figueroa, oceanwide holdings, rtkl, construction, graffiti" border="0" data-original-height="645" data-original-width="441" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj87dcZDbp_kdrqSMfnFWDbhb3fSo6gfrsNbD7zdhrPitVDkN7dso2vix_5mNuwD7uaAoCHpAOGUS89RLtKR-VIP5hjElk6NDRc-Km9KxvVwQV7kHGP9_MppWUNWZdx_vnrfn-GxfyOkSUPuwNyZqW3Xu9NBjZUs15JRtfQW_VooMAD5-p2_jNTh2Ws-Q/w219-h320/oceanwideplaza_rendering-complex-night_(c)oceanwide__real__estate__group.jpg" title="oceanwide plaza, mary cummins, real estate appraiser, real estate, los angeles, california, flower, figueroa, oceanwide holdings, rtkl, construction, graffiti" width="219" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">oceanwide plaza, mary cummins, real estate appraiser, real estate, los angeles, california, flower, figueroa, oceanwide holdings, rtkl, construction, graffiti</td></tr></tbody></table><br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9OzTnpa6TyY1ExJdB75HqQtjnB4AgiL5-1s61qYWxP1xcobidFxJ83J-bWpcQY8YGy-lAllyh4q6omd6Ij0VmFB11K8z1_6bFnczt-k1QxZLhm8sMpYlrctTXqTm0Ob2GP4hHQ7kBG1jhDXqhrGch6MBl64h1MkeM44NhWoXxvXJGqgMo2IAU9sBCmQ/s1920/owp-3.jpg" style="margin-left: auto; margin-right: auto;"><img alt="oceanwide plaza, mary cummins, real estate appraiser, real estate, los angeles, california, flower, figueroa, oceanwide holdings, rtkl, construction, graffiti" border="0" data-original-height="860" data-original-width="1920" height="143" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9OzTnpa6TyY1ExJdB75HqQtjnB4AgiL5-1s61qYWxP1xcobidFxJ83J-bWpcQY8YGy-lAllyh4q6omd6Ij0VmFB11K8z1_6bFnczt-k1QxZLhm8sMpYlrctTXqTm0Ob2GP4hHQ7kBG1jhDXqhrGch6MBl64h1MkeM44NhWoXxvXJGqgMo2IAU9sBCmQ/w320-h143/owp-3.jpg" title="oceanwide plaza, mary cummins, real estate appraiser, real estate, los angeles, california, flower, figueroa, oceanwide holdings, rtkl, construction, graffiti" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">oceanwide plaza, mary cummins, real estate appraiser, real estate, los angeles, california, flower, figueroa, oceanwide holdings, rtkl, construction, graffiti<br /><br /></td></tr></tbody></table><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3S6XSg5BuwEtIYqX_bUc5pP15BYwJ24JtRXVRn127IxHqNogCOTGeXXB7MBpRwbdvBa2dXlMMhZWyzAhLM1KhP5GCte4ph9mW2UwpZkSMHot90LK1bbkeTYrppDG3plJblB567f0T24F7MU02xbiZSagTIlVOFGmmNk7GWiETDh-DVg4kI30DYgXMmA/s1436/1101-Flower-St-2-2.jpg" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="642" data-original-width="1436" height="143" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3S6XSg5BuwEtIYqX_bUc5pP15BYwJ24JtRXVRn127IxHqNogCOTGeXXB7MBpRwbdvBa2dXlMMhZWyzAhLM1KhP5GCte4ph9mW2UwpZkSMHot90LK1bbkeTYrppDG3plJblB567f0T24F7MU02xbiZSagTIlVOFGmmNk7GWiETDh-DVg4kI30DYgXMmA/s320/1101-Flower-St-2-2.jpg" width="320" /></a><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibneTxOHCtSFR6qINouf9UjezpUca5VlYR5ISVLen21ffvojaNnDxHxvXTvSeaXyiR1Fbtha9WwP3eW5oAKb57vRhURCh2S46BeTXxtPpG7tQkz-3ZE7L4iZkX9JfITggm8xnRewut5SHACIhOb1845WAUpYaEFc6TFFyUiP95g21rvq4BY5WtVx0d5g/s720/fig1_0.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="520" data-original-width="720" height="231" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibneTxOHCtSFR6qINouf9UjezpUca5VlYR5ISVLen21ffvojaNnDxHxvXTvSeaXyiR1Fbtha9WwP3eW5oAKb57vRhURCh2S46BeTXxtPpG7tQkz-3ZE7L4iZkX9JfITggm8xnRewut5SHACIhOb1845WAUpYaEFc6TFFyUiP95g21rvq4BY5WtVx0d5g/s320/fig1_0.png" width="320" /></a></div><br /><div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaMdO_f0exQqqjCM1_S874wRpGoodb6hVG5TAiFD4oPcgQMVDZA62pT-hjEvb9CeTLYuAF3s2zOTZgvFcjAQplTF18LxxPY-WBo_m4CqUhOltYTa9YwzbTFexbuELFZU14FX1KDxQ3E8-4aGAWeGk-JSdoNFNogUmGp6qsrhJDEHO1tHn_r_3kD_xxpA/s3400/CA037_5138-015_1.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2200" data-original-width="3400" height="207" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaMdO_f0exQqqjCM1_S874wRpGoodb6hVG5TAiFD4oPcgQMVDZA62pT-hjEvb9CeTLYuAF3s2zOTZgvFcjAQplTF18LxxPY-WBo_m4CqUhOltYTa9YwzbTFexbuELFZU14FX1KDxQ3E8-4aGAWeGk-JSdoNFNogUmGp6qsrhJDEHO1tHn_r_3kD_xxpA/s320/CA037_5138-015_1.jpg" width="320" /></a></div><div><br /></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwNLuD7Fj89v9Dub7ukAD5NT1gYytNWYpPDzgX9SvyJGjuZcpu24adraNUjEODHasgVjRu0uO9VDfyHwW1sBfDhRwJsDel1j5jvri8fvm1Nhaa48McUPf68KG44inlqLpTK7Njn-f2nCcgaWQ6IMIDPTcEatL6m3392o5GuGfifLGsw8KLJzJpMBezcg/s1008/taxes%20owed_page_001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1008" data-original-width="612" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwNLuD7Fj89v9Dub7ukAD5NT1gYytNWYpPDzgX9SvyJGjuZcpu24adraNUjEODHasgVjRu0uO9VDfyHwW1sBfDhRwJsDel1j5jvri8fvm1Nhaa48McUPf68KG44inlqLpTK7Njn-f2nCcgaWQ6IMIDPTcEatL6m3392o5GuGfifLGsw8KLJzJpMBezcg/s320/taxes%20owed_page_001.jpg" width="194" /></a></div><br /><div><br /><p>Below are ladbs.org plot plans and permit sheets for the first permit in 2015 and the last in 2019 in chronological order. Click to see bigger. Originals at ladbs.org under address 1101 S Flower St. The permits list owner, builder, engineer, architect...besides specs.</p><p>2015 permit</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrRZvEIMPn_VAZ8HRXxrK_ZDwcI9tx96K9SfIo3oRRnJtkI9dPzumGlvge4ahi3T6_zg6p_Wp4ypC_AMN1N1Ta68hUh4ma6Hm66iEcfrJAWxmSVVh2t9kxcoM-LlL9lzpxnNv-Eq_W4UGNfcqsBibeWY__-Q2B6I0J-Z7ZJw74P9tUcxFZ_5ZygGCaiA/s3296/2015%20plot%20plan_page_001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3296" data-original-width="2528" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrRZvEIMPn_VAZ8HRXxrK_ZDwcI9tx96K9SfIo3oRRnJtkI9dPzumGlvge4ahi3T6_zg6p_Wp4ypC_AMN1N1Ta68hUh4ma6Hm66iEcfrJAWxmSVVh2t9kxcoM-LlL9lzpxnNv-Eq_W4UGNfcqsBibeWY__-Q2B6I0J-Z7ZJw74P9tUcxFZ_5ZygGCaiA/s320/2015%20plot%20plan_page_001.jpg" width="245" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0cPgXyunj-iMba1nsrhLm2y9xZn9jvLJvEgTd1BwBPFVy8FclmaQUZb_bWXR0JU05WSNimRIRxZ-4ypWUWHeXjhXIlUNACZ0CDOu5oTtMdO1IxdWLI5AcHUyXqHkEtkfY6eD83q2DNg3KpHUW1zYy7bpjfcz_O7_MIbrPboyrMWHz_LONp1lQKY2v2A/s3296/2015%20plot%20plan_page_002.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3296" data-original-width="2528" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0cPgXyunj-iMba1nsrhLm2y9xZn9jvLJvEgTd1BwBPFVy8FclmaQUZb_bWXR0JU05WSNimRIRxZ-4ypWUWHeXjhXIlUNACZ0CDOu5oTtMdO1IxdWLI5AcHUyXqHkEtkfY6eD83q2DNg3KpHUW1zYy7bpjfcz_O7_MIbrPboyrMWHz_LONp1lQKY2v2A/s320/2015%20plot%20plan_page_002.jpg" width="245" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgh_PWowI3kHu73EUFS7YrQByxj3mhzwcarYl9PV0IUzaqifzFk_rrHRZhJLUpRq-A8T4GPSHzrotEPsVW_4AFAlBuundXgvt_pkIq84WgtTqwfQ4cifihaiprM8YgPzHbHaIc-cynAiPbw97YzESoAZtzK9rKTscHvVtIq2_sYmht0qrtxn8m56h7LuA/s3296/2015%20plot%20plan_page_003.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3296" data-original-width="2528" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgh_PWowI3kHu73EUFS7YrQByxj3mhzwcarYl9PV0IUzaqifzFk_rrHRZhJLUpRq-A8T4GPSHzrotEPsVW_4AFAlBuundXgvt_pkIq84WgtTqwfQ4cifihaiprM8YgPzHbHaIc-cynAiPbw97YzESoAZtzK9rKTscHvVtIq2_sYmht0qrtxn8m56h7LuA/s320/2015%20plot%20plan_page_003.jpg" width="245" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;">2019 permit</div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVB-tfvHXyJDZ8pMtyaq32w6WV0f-9LyP_4eghmsxWTGKa-F-J11VJ9NxvBEouHVPo_YpKFaz5UG-B32Mqzzz7zoPrcYRIDFMPL_1TPi_CclCxrFOKRCf4Kaf0cGfcBXqbD12-xBiR7dq4zKo78ODmfTzd3jv7cKdciCy6DA1MIQxS-wULHFdtijDuKQ/s3319/2019%20plot%20plan_page_001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3319" data-original-width="2552" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVB-tfvHXyJDZ8pMtyaq32w6WV0f-9LyP_4eghmsxWTGKa-F-J11VJ9NxvBEouHVPo_YpKFaz5UG-B32Mqzzz7zoPrcYRIDFMPL_1TPi_CclCxrFOKRCf4Kaf0cGfcBXqbD12-xBiR7dq4zKo78ODmfTzd3jv7cKdciCy6DA1MIQxS-wULHFdtijDuKQ/s320/2019%20plot%20plan_page_001.jpg" width="246" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQ4cHszGdtOHNKKGo_kZKybmAjxaL6fePv4cwL9c-fvstlyA_YnJf3syeJ2SVBFoK0Nrl4AsG4rIvP9ASuB77gxtSHgqCggPEHkE4bdFJjI77uvQ8Qep-jn8orQr82bwKrLptLP0M5ZNxG0LdCgq2DRpgtFqWEmdNmQe_WDjzU00GiGiSCOnQklNLmDA/s3326/2019%20plot%20plan_page_002.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3326" data-original-width="2549" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQ4cHszGdtOHNKKGo_kZKybmAjxaL6fePv4cwL9c-fvstlyA_YnJf3syeJ2SVBFoK0Nrl4AsG4rIvP9ASuB77gxtSHgqCggPEHkE4bdFJjI77uvQ8Qep-jn8orQr82bwKrLptLP0M5ZNxG0LdCgq2DRpgtFqWEmdNmQe_WDjzU00GiGiSCOnQklNLmDA/s320/2019%20plot%20plan_page_002.jpg" width="245" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVo1OMQL-aEtnPwtzjLzYdFOqXxahapcbL5VzUmcsLN-5AKNQKXETVTgOOc3BgNf970SQ6r9PLDtYnA6Nip25G_1AG2qD5dJQZp-6fFErxNYk7pNyBmNSKsCFbRRViBR7ePVckMiNuPo9H9erF4JpjD49Hif3fQ71fW3dgor8o1XH8_EzStGWG26i3qA/s3326/2019%20plot%20plan_page_003.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3326" data-original-width="2553" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVo1OMQL-aEtnPwtzjLzYdFOqXxahapcbL5VzUmcsLN-5AKNQKXETVTgOOc3BgNf970SQ6r9PLDtYnA6Nip25G_1AG2qD5dJQZp-6fFErxNYk7pNyBmNSKsCFbRRViBR7ePVckMiNuPo9H9erF4JpjD49Hif3fQ71fW3dgor8o1XH8_EzStGWG26i3qA/s320/2019%20plot%20plan_page_003.jpg" width="246" /></a></div><br /><p>Building and safety reports complaints. They're only recent. Amazed there are no previous ones.</p><p>1/31/2024<span style="white-space: pre;"> </span>ABANDONED OR VACANT BUILDING LEFT OPEN TO THE PUBLIC<span style="white-space: pre;"> </span>UNDER INVESTIGATION</p><p>1/31/2024<span style="white-space: pre;"> </span>ABANDONED OR VACANT BUILDING LEFT OPEN TO THE PUBLIC<span style="white-space: pre;"> </span>CLOSED</p><p>1/31/2024<span style="white-space: pre;"> </span>GRAFFITI ON THE BUILDING, FENCES OR WALLS<span style="white-space: pre;"> </span>CLOSED</p><p>1/31/2024<span style="white-space: pre;"> </span>ABANDONED OR VACANT BUILDING LEFT OPEN TO THE PUBLIC<span style="white-space: pre;"> </span>CLOSED</p><p>Other addresses associated with the project. 1133, 1155, 1130 Flower and 600 W 11th, 1130 Figueroa.</p><p>Some of the Park Hyatt penthouse units will be larger. "The condo options include everything from one- to four-bedrooms units, plus additional choices for luxury penthouses and estate-style residences that range from 5,585 to 8,775 square feet in size and come with private outdoor space. An additional 340 residences, not under the Park Hyatt brand, are planned for the remaining two towers."</p><p>"Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. Headquartered in Beijing, China, Oceanwide’s well-established and diversified businesses include operations in financial services, energy, technology information services, culture and media, and real estate assets globally, including in the United States.</p><p>Oceanwide is the controlling shareholder of the Shenzhen-listed Oceanwide Holdings Co., Ltd. and Minsheng Holdings Co. Ltd.; the Hong Kong-listed China Oceanwide Holdings Limited and China Tonghai International Financial Limited (formerly known as Quam Limited); the privately-held International Data Group, Minsheng Securities, Minsheng Trust, and Asia Pacific Property & Casualty Insurance; and it is the single largest shareholder of Australia-listed CuDECO Ltd. China Oceanwide also is a minority investor in Shanghai-listed China Minsheng Bank and Hong Kong-listed Legend Holdings. In the United States, Oceanwide has real estate investments in New York, California, and Hawaii. Businesses controlled by Oceanwide have more than 10,000 employees globally."</p><p>LA City has contracts with the project to guarantee it.</p><p><a href="http://clkrep.lacity.org/onlinedocs/2016/16-0408-S1_misc_1_10-05-2016.pdf">http://clkrep.lacity.org/onlinedocs/2016/16-0408-S1_misc_1_10-05-2016.pdf</a></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br /></div></div>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-41584686346354781362024-01-12T10:46:00.000-08:002024-01-13T19:25:24.909-08:00McKissock Learning Will No Longer Offer PAREA Due to Costs by Mary Cummins Real Estate Appraiser<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcNCHojoTW1lQKcR4o6SH1hwU-GEG6PCG0MDMgyqdzOXc-7jS5BiEOHjTXyGPJiLVWYHOiLGzHClz_bOHoChePAztL_qApOuQu3T2XjB75_4NtZhc8h0Hx-xtBpJD3Ldd7UKR_N3bZNdBOkX0nich2CKwWsVOARcEDbZQo5rL_3gxoOGjqCIST7NDHgw/s630/mckissock%20parea.jpg" style="margin-left: auto; margin-right: auto;"><img alt="mckissock learning, mckissock,appraisal institute, parea, real estate appraiser, mary cummins, real estate appraisal, training, certified, residential, license, hud, fha" border="0" data-original-height="312" data-original-width="630" height="158" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcNCHojoTW1lQKcR4o6SH1hwU-GEG6PCG0MDMgyqdzOXc-7jS5BiEOHjTXyGPJiLVWYHOiLGzHClz_bOHoChePAztL_qApOuQu3T2XjB75_4NtZhc8h0Hx-xtBpJD3Ldd7UKR_N3bZNdBOkX0nich2CKwWsVOARcEDbZQo5rL_3gxoOGjqCIST7NDHgw/w320-h158/mckissock%20parea.jpg" title="mckissock learning, mckissock,appraisal institute, parea, real estate appraiser, mary cummins, real estate appraisal, training, certified, residential, license, hud, fha" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">mckissock learning, mckissock,appraisal institute, parea, real estate appraiser, mary cummins, real estate appraisal, training, certified, residential, license, hud, fha</td></tr></tbody></table><br /><p>PAREA is the Practical Applications of Real Estate Appraisal. In order to become a licensed appraiser you currently need about a year or two and 1,000-1,500 hours of training experience as a trainee with another licensed and generally certified appraiser. You also need basic classes and other requirements. Because it was so <a href="https://mary--cummins.blogspot.com/2021/06/difficulties-becoming-real-estate.html" target="_blank">difficult to find mentors willing to train trainees for free</a> the government allowed the PAREA training alternative to hours with a live mentor. Real Estate Appraiser education provider McKissock Learning was going to be one of the government approved companies, organizations offering PAREA training. The Appraisal Institute is another organization offering the training. </p><p>Yesterday January 12, 2024 McKissock emailed people who were interested in the program that they would no longer be offering the PAREA program. See below email.</p><p>"Happy New Year to you and yours. We hope this letter finds you well. With a strong commitment to responsibility and transparency, we want to inform you about a significant decision regarding the McKissock PAREA (Practical Applications of Real Estate Appraisal) project.</p><p>After careful consideration and thorough evaluation of various factors, we have made the difficult decision to cancel the McKissock PAREA project. We understand that this news may be unexpected, and we want to provide you with a clear understanding of our reasoning and the steps we are taking moving forward.</p><p>One of the primary factors contributing to the cancellation is the substantial resource cost required to provide a product of the quality we envisioned. In our pursuit to deliver a premium solution, the associated costs exceeded initial estimates, resulting in a higher-end price to our customers. Regrettably, we recognize that this higher cost would inadvertently create a new barrier to entry into the appraisal profession – specifically, a financial obstacle."</p><p>The cost of the program was always a major issue and hurdle to entrance in the field. You couldn't even start the program without first paying for and taking $1,700 worth of McKissock classes. The Appraisal Institute stated the PAREA program would cost about $10,000 per a <a href="https://mary--cummins.blogspot.com/2023/07/parea-update-from-david-samnick.html" target="_blank">July 19, 2023 webinar</a>. All of the training would be online. There would be no in person mentorship. </p><p>From a monetary point of view the expensive cost of the training might be a total waste without real mentorship. This is not a trial an error occupation. You need someone training you in the beginning. You won't make any money if you don't know what you're doing. The only people who could end up making money from the training were possibly the training organization. They'd make money from government grants, nonprofit grants and class fees from paying students. It'd be like those worthless online degrees.</p><p>Another main problem is the real estate appraisal market today is at its absolute lowest point. There's very little lending work. The main cause is our current high interest rates. No one is selling if they have to buy another home. Why lose a 2.5% interest rate and triple your monthly mortgage at 7.5% or so. No one would want to refinance for the same reason. Sales volume is at its lowest in about 20 years per <a href="https://sacramentoappraisalblog.com/" target="_blank">Ryan Lundquist's</a> fantastic statistics. I've seen the same in Los Angeles, California.</p><p>Another even bigger issue is the use of live appraisers has been decreasing recently because of appraisal waivers, AVMs (Automated Valuation Methods) and hybrid type appraisals. Even though a live appraiser is used for part of the hybrid appraisal they aren't being paid as much as a full appraisal, i.e. $75-$165 vs $300-$500. The few full inspection appraisals done by live appraisers are very complex appraisals which only appraisers with many years experience are allowed to do. There's just not as much work today for anyone.</p><p>Previously the government said there were not enough appraisers and now there are definitely way too many. If you look at Facebook appraiser groups, everyone is hurting. Many have retired or had to get side gigs. If a fully trained and experienced appraiser of 20 years can't get work, a newbie has no chance at making enough money to survive. Even people with 20-40 years of experience are quitting due to lack of work.</p><p>You'd have to really be an idiot to shell out $1,700 for basic classes, $10,000 for PAREA, $6,000 appraisal costs first year just to make no money. Few can afford that upfront cost even if they could make the money back in a year or two. Another huge hurdle is lenders only use appraisers with three years minimum experience. No one would hire you fresh out of PAREA. </p><p>I believe that McKissock realized there probably won't be enough people willing to pay for the classes at the moment to justify their training costs. They couldn't make enough profit off the program today. Even if the government and nonprofits offered grants to pay for the training the students probably wouldn't get any work from the program. No one would be happy. There would be a lot of online complaints.</p><p>I'm actually glad McKissock is not continuing with the program at this time for the sake of the potential new appraisers. Now is not the time to start out as an appraiser because of the market conditions. I would at a minimum wait until things rebound when rates go down. Maybe by then there will be an affordable PAREA program maybe subsidized by the government for people who can't afford it. You'd still need live experience and will have to deal with all the other issues noted above but it'd be better than what we have today. </p><p>*FTR I've been taking classes with McKissock since they first started around 1990. Back in the day they only offered in person classes taught by the McKissock's out of a small classroom in Orange County, California. Today I take bundled classes with Calypso because they're cheaper. </p><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<li><a href="http://www.animaladvocates.us/">Mary Cummins of Animal Advocates</a></li>
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-6629533226933560522024-01-09T17:11:00.000-08:002024-01-11T10:57:49.528-08:00History of Realtor Boards and Multiple Listing Services by Mary Cummins Real Estate Broker, Appraiser<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIje7wd0Ivp1XdiWDjssD_ppj39ejrkVhFeqNLFTrcR3A57JUKgkOix3kg0XYX0xuZetDWZL0dwVBK25OfBEABzxVElqGjUh_LN8C8WJ524M9Cn7bDfrK3gNBM5cPH423ABIuXk6B1jUSMX_rTCCPr6JJK7cUMw14_WYC6jdeh7wIZKH9SodAQb9zTWw/s452/la%20realty%20logo.jpg" style="margin-left: auto; margin-right: auto;"><img alt="board of realtors, mary cummins, real estate appraiser, mls, multiple listing service, beverly hills, los angeles, california, history, real estate, sales, agent, department of real estate" border="0" data-original-height="286" data-original-width="452" height="202" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIje7wd0Ivp1XdiWDjssD_ppj39ejrkVhFeqNLFTrcR3A57JUKgkOix3kg0XYX0xuZetDWZL0dwVBK25OfBEABzxVElqGjUh_LN8C8WJ524M9Cn7bDfrK3gNBM5cPH423ABIuXk6B1jUSMX_rTCCPr6JJK7cUMw14_WYC6jdeh7wIZKH9SodAQb9zTWw/w320-h202/la%20realty%20logo.jpg" title="board of realtors, mary cummins, real estate appraiser, mls, multiple listing service, beverly hills, los angeles, california, history, real estate, sales, agent, department of real estate" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">board of realtors, mary cummins, real estate appraiser, mls, multiple listing service, beverly hills, los angeles, california, history, real estate, sales, agent, department of real estate</td></tr></tbody></table><br /><p>Real Estate is one of the largest industries in the United States. It began with the first land grants and settlers of the New World starting in the late 1400's. Many countries including Spain, Portugal, Britain, France, Russia, the Netherlands, Denmark, and Sweden laid claim to the New World making and selling land grants. Over time individuals and speculators bought, sold and traded the land grants, plots and deeds. </p><p>Originally there were handwritten land grants with vague land surveys using physical landmarks. They were recorded with the cities, counties or states as they formed. These were later also recorded in newspapers. The land grants were later replaced with grant deeds and surveyed numbered land plots with assessor numbers as the nation grew and government and real estate became more formalized and regulated. </p><p>Back in the day anyone could become a real estate dealer. This led to some charlatans and con men becoming land swindlers. Everyone knows about people accidentally buying worthless swamp land in Florida or someone selling the same piece of land to multiple people. This gave the real estate industry a very bad image. A few in the industry decided to form Realty Associations in order to control who could deal in real estate and how properties were planned, built and transferred. </p><p>The purpose of the first Realty Associations specifically the "Los Angeles Realty Board" was "to bring legitimacy to their profession, encourage cooperation and fellowship among real estate men, and use their collective power to create a more dynamic business environment for their industry." The LA Realty Board was formed in 1903 in California. One of the founding members was William May Garland. By 1906 they had 217 members. </p><p>Many of the later Boards were formed based on the same structure and mission as the LA Realty Board. I was a member of the Los Angeles Board of Realtors, Beverly Hills Board of Realtors and National Association of Realtors starting in 1983. The BH Board was incorporated in 1955. They ultimately merged with the LA Board and became the <a href="https://www.bhglaar.com/" target="_blank">Greater Los Angeles Realtors (GLAR)</a> in 1998. The state <a href="https://www.car.org/" target="_blank">California Association of Realtors (CAR)</a> was formed in 1998. </p><p>Initially some of the various boards had their own MLS services. Later they joined forces and made larger MLS services such as CRMLS, CLAWMLS, THEMLS... The <a href="https://www.themls.com/" target="_blank">Combined Los Angeles/Westside (CLAW) MLS</a> is a compilation of the listings of Realtor Board Members formed in 1995. You must be a licensed real estate agent and Realtor to join as an agent or broker to list properties on that MLS. The National Association of Realtors (NAR) was originally formed as the National Association of Real Estate Exchanges in Chicago in 1908. </p><p>Back in the day the Realty Board was in charge of who could be a real estate agent. There was no State Departments of Real Estate. Official real estate sales licenses didn't start until 1917 when the <a href="https://dre.ca.gov/" target="_blank">California Department of Real Estate (DRE)</a> was first formed by the California legislature. DRE marked the formation of the first-ever Real Estate Law in the country. With this law, licensing practices and licensees were regulated in a manner which was emulated by many other states. </p><p>As the business of real estate became more organized a system was needed to facilitate those transactions. Back in the day properties were listed for sale in the local newspapers. The closed sales were also listed in the newspapers. Some newspapers had full real estate sections every day or just on Sundays. Some included black and white and later even color photos. They were essentially the first Multiple Listing Service. </p><p>The Los Angeles Times was one of those early newspapers that listed those properties starting in 1881. At that same time real estate dealers, agents and offices would have print outs of all the properties they had offered for sale. They would post them at their offices on their windows besides in newspapers and real estate magazines around the country. They assembled them in three ring binders in their offices to show to prospective buyers and sellers. They would also exchange them with other real estate dealers whom they knew. </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZtch7HpRSBfS9dwJvqI5ZkB65Z5xzE8kn8LNevyUuw008nBE25ECOe5jgNHXGrTyLAFy9B3QI1o5ll-YIWk4JvWx9aGNP9-vtLvN54tJdiGLl65z7msKpBVYwpFnlB1KB0F6IHtDRBxQuCSCtjRsPLg91psUMsud2nEmlTCYcf1F_RXekRKsOWqJDTw/s1024/old%20real%20estate%20ad.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="724" data-original-width="1024" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZtch7HpRSBfS9dwJvqI5ZkB65Z5xzE8kn8LNevyUuw008nBE25ECOe5jgNHXGrTyLAFy9B3QI1o5ll-YIWk4JvWx9aGNP9-vtLvN54tJdiGLl65z7msKpBVYwpFnlB1KB0F6IHtDRBxQuCSCtjRsPLg91psUMsud2nEmlTCYcf1F_RXekRKsOWqJDTw/s320/old%20real%20estate%20ad.jpg" width="320" /></a></div><br /><p><br /></p><p>Eventually a few large real estate offices got together and decided to print them in one local monthly magazine type book for more wide scale marketing and exposure. These were the first dedicated Multiple Listing Services type books. The NAR started offering this MLS service in the 1960's. These paper books were used up until 1994-2000. Below are a couple of pages from one of those books. When I was an agent then broker they came out every other week I think and were about an inch thick for Los Angeles.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjI8AXiLfl6aGyLM8exv0ANoBtSUR9XE9Qf4KKQeD-Of-Quo0_1AZabZHWzFXzPOxxecjY3wSHSxjlt0XSe6u2p3jqhnJMO1un5qGDFwO75Q-mEoHP_Y0kE-rOQaPH5BojgEQkNlkQNgLxFJDPZ0-zL_acI92JHv1Pnki-0fVanqr4FfD3kymJQyy1z-Q/s3910/MLS-Book-inside-detail-min.jpg" style="margin-left: 1em; margin-right: 1em;"><img alt="board of realtors, mary cummins, real estate appraiser, mls, multiple listing service, beverly hills, los angeles, california, history, real estate, sales, agent, department of real estate" border="0" data-original-height="2804" data-original-width="3910" height="229" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjI8AXiLfl6aGyLM8exv0ANoBtSUR9XE9Qf4KKQeD-Of-Quo0_1AZabZHWzFXzPOxxecjY3wSHSxjlt0XSe6u2p3jqhnJMO1un5qGDFwO75Q-mEoHP_Y0kE-rOQaPH5BojgEQkNlkQNgLxFJDPZ0-zL_acI92JHv1Pnki-0fVanqr4FfD3kymJQyy1z-Q/w320-h229/MLS-Book-inside-detail-min.jpg" title="board of realtors, mary cummins, real estate appraiser, mls, multiple listing service, beverly hills, los angeles, california, history, real estate, sales, agent, department of real estate" width="320" /></a></div><br /><p>After around 1994 the data went digital with the advent of the common use of the Internet. First it was available via dial-up in real estate offices for text only. I used phone dial-up devices around 1984 to access the private intranet data, search by distinct computer codes then printed the listings out on dot matrix printers using continuous feed paper with the little holes on the side. Everything was later available fully online to Board and MLS members including photos. Later it was partially available to the general public as well. One still had to contact the listing agent to get access to the property and get all of the information to present an offer.</p><p>Today we have full home and property listings online which include lots of color photographs, diagrams, staged photos, plot plans, architectural renderings, videos and even 3-D tours. Nowadays you can search properties all over the world in different languages. You can even buy and sell the properties fully online as long as you get signatures notarized with proof of identification. We have definitely come a long way from land grands in old English cursive writing and newspaper ads.</p><p>Below is a sample list of active listings from an MLS search. Below that is a short detail listing of one property. None of these were any of my clients' properties.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh29n5cT6X6JEsK3ykgzAPCyWYW24Zwst-Btg-DRSEGMAfh2yk1lCZBuu2JXWLhPfNQVSPEFEHo1SSLZ7TX8nHDXbf9MMAaxLZ6Z-wefb2gOr4IyGM18_Ix-QPhM2di6rK6ow-Jqh_70O0CD_OuwMI7dw32wgtKk65Fu4h6v9V3Yk1eG9H5qXYHtPkIJQ/s1047/listing.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="362" data-original-width="1047" height="111" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh29n5cT6X6JEsK3ykgzAPCyWYW24Zwst-Btg-DRSEGMAfh2yk1lCZBuu2JXWLhPfNQVSPEFEHo1SSLZ7TX8nHDXbf9MMAaxLZ6Z-wefb2gOr4IyGM18_Ix-QPhM2di6rK6ow-Jqh_70O0CD_OuwMI7dw32wgtKk65Fu4h6v9V3Yk1eG9H5qXYHtPkIJQ/s320/listing.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpMyFU5LKSLgopUCSU_VbunREYNgW5EdhB9iMEp9xf4mkuZ7-ayHihPZI2ifoqYkvo7fG3aTIrHYQk6jUO_nnlNDSi81lseZE_LVj1FWqxZNwgAUyj1HBr5yNaeqntSRfatM82DxAY-xwMYyMdxNj3rz-sxsXwbC5jPTGvulks15Hg3jhOUS_N7Zj2Jw/s842/AgentDetailShort_page_001.jpg" style="margin-left: 1em; margin-right: 1em;"><img alt="board of realtors, mary cummins, real estate appraiser, mls, multiple listing service, beverly hills, los angeles, california, history, real estate, sales, agent, department of real estate" border="0" data-original-height="842" data-original-width="595" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpMyFU5LKSLgopUCSU_VbunREYNgW5EdhB9iMEp9xf4mkuZ7-ayHihPZI2ifoqYkvo7fG3aTIrHYQk6jUO_nnlNDSi81lseZE_LVj1FWqxZNwgAUyj1HBr5yNaeqntSRfatM82DxAY-xwMYyMdxNj3rz-sxsXwbC5jPTGvulks15Hg3jhOUS_N7Zj2Jw/w226-h320/AgentDetailShort_page_001.jpg" title="board of realtors, mary cummins, real estate appraiser, mls, multiple listing service, beverly hills, los angeles, california, history, real estate, sales, agent, department of real estate" width="226" /></a></div>References:<div><br /><div>The Promise and Principles of Real Estate Development in an American Metropolis:</div><div>Los Angeles 1903 -1923 <br /><a href="https://escholarship.org/content/qt9vx3c796/qt9vx3c796_noSplash_720a4c937cb8e9843f91bf2d4d59a00f.pdf?t=njnl9t">https://escholarship.org/content/qt9vx3c796/qt9vx3c796_noSplash_720a4c937cb8e9843f91bf2d4d59a00f.pdf?t=njnl9t</a></div><div><br /></div><div><a href="http://LATimes.com">LATimes.com</a> various articles</div><div><br /></div><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p></div>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-39089582967353873082023-11-12T18:07:00.000-08:002023-11-24T10:34:12.304-08:00Caltrans Rents Area Under 10, 5, 60, 405 Freeways in Los Angeles, California by Mary Cummins Real Estate Appraiser<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><img alt="fire, 10 freeway, los angeles, california, downtown, real estate appraisal,real estate appraiser, mary cummins ,real estate,appraisal,fire,california,appraiser,los angeles,caltrans, freeway Photo: Caltrans" border="0" data-original-height="645" data-original-width="2032" height="102" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhk-WTvu1f1FyHVNRVc_SgO-4TOX7pr_afGocyxi8bjIOWKvoobXQsP7lrky5eLCukemL-lDZQfs747vmwFDHHMpyMznewmn3WiJOD87dhnkwlG36s6jnenj_ewu16j7rRjrMeNy2umjJVhOHzCMo7E4ZrSxoZq6Je6DFIrMXdYrQk6KZIL1s7VehsiYw/w320-h102/Interstate%2010%20header%20Image2.png" style="margin-left: auto; margin-right: auto;" title="fire, 10 freeway, los angeles, california, downtown, real estate appraisal,real estate appraiser, mary cummins ,real estate,appraisal,fire,california,appraiser,los angeles,caltrans, freeway Photo: Caltrans" width="320" /></td></tr><tr><td class="tr-caption" style="text-align: center;"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td class="tr-caption" style="text-align: center;">fire, 10 freeway, los angeles, california, downtown, </td></tr></tbody></table><span style="text-align: left;">real estate appraisal,real estate appraiser, mary cummins ,real estate,appraisal,fire,california,appraiser,los angeles,caltrans, freeway Photo: Caltrans</span></td></tr></tbody></table><div style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhk-WTvu1f1FyHVNRVc_SgO-4TOX7pr_afGocyxi8bjIOWKvoobXQsP7lrky5eLCukemL-lDZQfs747vmwFDHHMpyMznewmn3WiJOD87dhnkwlG36s6jnenj_ewu16j7rRjrMeNy2umjJVhOHzCMo7E4ZrSxoZq6Je6DFIrMXdYrQk6KZIL1s7VehsiYw/s2032/Interstate%2010%20header%20Image2.png"><span style="color: black;"></span></a></div><p>UPDATE 11/22/2023 As expected the freeway is not repaired. It's only braced. It will take months to repair the freeway. "Though the shored-up freeway is safe for drivers again, repairs for the damaged overpass will take months, officials said. None of the damaged columns that hold up the overpass east of Alameda Street have been repaired yet, according to Caltrans spokesperson Michael Comeaux.</p><p>“Columns damaged by the fire will need to be repaired. The repair strategy may vary between individual columns depending on the extent of damage. The repairs will include the removal of any damaged concrete, patching of the damage, and wrapping the columns with steel casings,” Comeaux said in an email."</p><p>"The fire has drawn scrutiny to the state’s open-air lease program. On Wednesday, Caltrans announced inspectors assessed 601 leased sites across the state and of 38 sites that pose a potential risk, only a few present a specific fire or safety risk."</p><p>An engineer with Caltrans who was not authorized to speak publicly said 45 columns show clear evidence of spalling, the technical term for the cracking and disintegration of concrete when it is exposed to extremely high temperatures. The heat evaporates water molecules inside the concrete, which makes the material weak and brittle.</p><p>Construction crews will have to remove the damaged concrete from each column. In many cases, the engineer said, that damage extends to the reinforcing metal known as rebar that is embedded inside the concrete and spirals around vertical lengths extending from the foundation to the freeway overhead.</p><p>Engineers have identified eight columns where the heat of the fire reached far deeper into the concrete. For those columns, crews will have to remove not only the compromised concrete but also the spiral of rebar, the engineer said.</p><p>Once the damaged concrete and steel have been removed, the columns will be rebuilt, most likely with steel jackets similar to those used in seismic retrofits of bridge columns (an earthquake review in the 1990s did not lead to jackets being placed around the columns at this location). Grout or concrete will then be injected between the jacket and column."</p><p><a href="https://www.latimes.com/california/story/2023-11-22/downtown-los-angeles-10-freeway-fire-repairs">https://www.latimes.com/california/story/2023-11-22/downtown-los-angeles-10-freeway-fire-repairs</a></p><p>11/18/2023 Authorities release photo of person of interest in the alleged arson fire of the 10 freeway. Mayor Karen Bass said it was definitely not a homeless person. This looks like a homeless person to me. I'm in that immediate area all the time. I see the people down there. I was there last week and saw a homeless guy light a wood pallet on fire for no reason. They don't just do it to keep warm but because they can. People dump shit and trash on the street. Homeless light it on fire especially at night. Someone dumps an old tv that doesn't work. They will beat and crush it then light it on fire as a fun activity like a school bonfire. Once I found a dead dog that'd been put in a shopping cart, lit of fire then pushed down the street into a fence. I'm pretty sure the dog was dead before they lit it on fire or at least I hope so.There are young'ish men down there with mental illness and lots of anger. They will destroy and burn something just as an outlet, to rage against "the man" or just for fun. All those wood pallets, stacks of boxes, trash were begging to be burned. If you go down there, you will see fire marks on all the overpasses. </p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4H3KSGnEfnqKJBwJ5eBJPFJxu-YmMf7sdFBasNs9u1kY6JPGvuwAtfBh9B_gxcDtbcdFeDktTdMe7SiKID5mIRdaS9SAM4N1cbyXcCYrgA0-sjqXL6eLySdy89XUbA3hIrQPfZaWeoU3gedQMWVXp9LQahu0Tz-y0y-GBojbvpuuMU8mrCoLqUllkPQ/s500/12575600248887455065.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="261" data-original-width="500" height="167" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4H3KSGnEfnqKJBwJ5eBJPFJxu-YmMf7sdFBasNs9u1kY6JPGvuwAtfBh9B_gxcDtbcdFeDktTdMe7SiKID5mIRdaS9SAM4N1cbyXcCYrgA0-sjqXL6eLySdy89XUbA3hIrQPfZaWeoU3gedQMWVXp9LQahu0Tz-y0y-GBojbvpuuMU8mrCoLqUllkPQ/s320/12575600248887455065.jpg" width="320" /></a></div><br /><p><a href="https://ktla.com/10-freeway-fire/10-freeway-arson-suspect-description-released/">https://ktla.com/10-freeway-fire/10-freeway-arson-suspect-description-released/</a></p><p>11/16/2023 Governor Gavin Newsom said the freeway will be open by next Tuesday November 21, 2023! The supports weren't as badly damaged as first thought. </p><p>Per various articles "state officials filed a lawsuit against Apex saying the company owes $78,000 (or $600,000) in unpaid rent." "Apex Development Inc. has leased the land under I-10 since 2008. One condition of Apex’s contract stipulated it not allow flammable or hazardous materials to be stored there."</p><p>“Apex rented and improved the rundown yard and made substantial capital investments during the period that it had possession of the yard,” D’Attaray said. “Caltrans inspected the premises periodically, at least once a year, and CalTrans was fully aware of the sublessees and their operations. Even the State of California’s Fire Marshall inspected the premises.”</p><p>He said Apex had also repeatedly called the fire department to report fires started by homeless encampments, including along the fence line and at other yards."</p><p><a href="https://apnews.com/article/freeway-fire-los-angeles-interstate-10-newsom-3ab9682a866c4e60b80b2d5d185847ac">https://apnews.com/article/freeway-fire-los-angeles-interstate-10-newsom-3ab9682a866c4e60b80b2d5d185847ac</a> </p><p>11/15/2023 Caltrans knew of an incident where portion of Interstate 85 in Atlanta collapsed after combustible material stored under the interstate caught fire. That incident closed the interstate for six weeks. They wrote a policy directive based on that incident which prohibited storage of flammable materials under bridges and required access for inspections. Engineers stated Caltrans knew about the problem but can't get under the bridges to inspect because of all the junk. In all honesty there is not much in a tightly packed warehouse that isn't combustible. These areas aren't even enclosed so you can't block off a fire like you can in a building. There should at least be smoke, fire, CO detectors, fire sprinklers and fire fighting equipment easily accessible and functioning.</p><p><a href="https://www.latimes.com/california/story/2023-11-14/l-a-facing-more-traffic-gridlock-amid-signs-of-hope-over-10-freeway-closure">https://www.latimes.com/california/story/2023-11-14/l-a-facing-more-traffic-gridlock-amid-signs-of-hope-over-10-freeway-closure</a></p><p>11/14/2023 Governor Newsome said the freeway will open in 3-5 weeks. "Inspectors determined the section of the freeway affected would not need to be demolished and replaced, allowing workers to focus instead on repairing the existing structure, Newsom told reporters. That means reopening the freeways will take a matter of weeks, he said, rather than the months long endeavor some were initially bracing for." He later said maybe only 4/5 lanes will be open initially.</p><p><a href="https://www.cnn.com/2023/11/13/us/i-10-freeway-la-fire-closure-tuesday/index.html">https://www.cnn.com/2023/11/13/us/i-10-freeway-la-fire-closure-tuesday/index.html</a></p><p>11/13/2023 Fire Department is now saying arson may be the cause. They also stated flammable hand sanitizer from Covid was being stored at the location. </p><p>There is no real address, legal description, Assessor's Parcel Number APN I can find to use to see if there are complaints in Building and Safety ladbs.org . Generally people file complaints based on real address, APN or legal description there which are investigated. Maybe people can't file or view complaints on Caltrans property because it's under a state and not a city, county jurisdiction? Caltrans just said there is no property tax so there would be no APN. That would be a big problem because all building and safety, fire investigations are complaint driven by site location. There are no annual property inspections. Clearly we can't trust the California Department of Transportation to do the complaints and investigations. They should have used emergency powers to clear or safeguard the site. Sadly the entire area down there is very similar. There are many, many shoddy storage facilities under the freeway with homeless camps.</p><p>Caltrans own press release of the fire states the address is 1700 E 14th St which is blocks away. The site is in District 7. <a href="https://dot.ca.gov/fix-10">https://dot.ca.gov/fix-10</a></p><p>Recent article noted one property was leased by Calabasas based Apex Development Inc which was subleasing storage without permission from state and federal authorities. The company stopped paying rent and was out of compliance with the lease.</p><p>I see 85 lawsuits involving Apex Development in lacourt.org Below is the eviction lawsuit which is recent by state of California. It includes the companies on the site that burned. The ONLY cause for eviction on the form is non payment of rent. It's not for violations of terms of the lease. Obviously not paying rent is a violation of terms of lease. It's not for allowing the site to be a danger to people and property. Caltrans should have filed emergency eviction for unsafe premises.</p><p><strike>I'll post docs in a sec. </strike>I see a previous lawsuit 20STCV42245 filed by Apex against Caltrans. It was dismissed. I see another suit against Caltrans 23STCV15418 for breach of contract that's recent for interference with contract and unjust enrichment 06/2023. Apex appears to be litigious. I don't know if they have cause for the suits. I was hoping to find a lease agreement but none were filed or maybe they were filed under seal. I don't know if Apex is claiming Covid hardship for rent payments. </p><p>Case Number: 23STCV22798</p><p>THE PEOPLE OF THE STATE OF CALIFORINA, ACTING BY AND THROUGH THE DEPARTMENT OF TRANSPORTATION VS APEX DEVELOPMENT, INC., A CALIFORNIA CORPORATION, ET AL.</p><p>Filing Courthouse: Stanley Mosk Courthouse<br />Filing Date: 09/20/2023<br />Case Type: Unlawful Detainer/Commercial (not drugs or wrongful eviction) (General Jurisdiction)<br />Status: Pending</p><p>Next hearing. 02/15/2024 at 08:30 AM in Department 37 at 111 North Hill Street, Los Angeles, CA 90012 Case Management Conference </p><p>Many parties didn't reply and defaults were filed.</p><p>APEX DEVELOPMENT INC. - Defendant</p><p>CHOI DANIEL - Attorney for Plaintiff</p><p>D'ATTARAY MAINAK - Attorney for Defendant</p><p>EAGLE WOOD SERVICE - Defendant</p><p>ECO-RAIN TANK OF AMERICA - Defendant</p><p>GLUCK STEVEN M - Attorney for Defendant</p><p>KATZ JEFFREY E. - Attorney for Defendant</p><p>LARA ALFREDO MENDOZA - Defendant</p><p>MAX RECYCLING - Defendant</p><p>MCA TRUCKING - Defendant</p><p>NOWAID ANTHONY - Defendant</p><p>PACIFIC EXPRESS PALLETS - Defendant</p><p>SERAFIN DISTRIBUTION - Defendant <a href="http://serafindistribution.com/home">serafindistribution.com/home</a> 1361 Lawrence <br /><a href="http://serafinsdistribution.com/contact-us">http://serafinsdistribution.com/contact-us</a></p><p>THE PEOPLE OF THE STATE OF CALIFORNIA - Plaintiff</p><p>TORRES TAURINO M. - Defendant claims to live at 1361 Lawrence</p><p>Below are jpgs of main current eviction lawsuit.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrG9xQxxqfDiiYRsRh6hNOd_1TfIL-gksTRTZLLMboMIvjfn0u6CvmosxYozHIkBFeJyO3hN4g_7D9Xb8vGGueHDho2-J9alg1HmspOMFxy9ffRXtdYnFNIztUgFgKpO86LhiTLSd92AxUom-Fqy5ToHELpmtetbAsU_BlZlLZRGKWLwk6SHRllwjrMA/s792/lawsuit_page_001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="792" data-original-width="612" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrG9xQxxqfDiiYRsRh6hNOd_1TfIL-gksTRTZLLMboMIvjfn0u6CvmosxYozHIkBFeJyO3hN4g_7D9Xb8vGGueHDho2-J9alg1HmspOMFxy9ffRXtdYnFNIztUgFgKpO86LhiTLSd92AxUom-Fqy5ToHELpmtetbAsU_BlZlLZRGKWLwk6SHRllwjrMA/s320/lawsuit_page_001.jpg" width="247" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZ-2_WhG2bujIwX2hGaWj98eSHK1X5V-ROfUqHhGamzYGvaMH1tXSKblQ94UhlHEh6e_JOa3Vba80YQcpYIOzJcs4jXOMy6uZsuK6TuaHglFnWOKPqQnEtyetOUs2XhFV-sPXxJfesDfOZ0m2yP9UEs1ersrdcVBRd4mOHADVTbk0K6RyZXy66EmqfcA/s792/lawsuit_page_002.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="792" data-original-width="612" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZ-2_WhG2bujIwX2hGaWj98eSHK1X5V-ROfUqHhGamzYGvaMH1tXSKblQ94UhlHEh6e_JOa3Vba80YQcpYIOzJcs4jXOMy6uZsuK6TuaHglFnWOKPqQnEtyetOUs2XhFV-sPXxJfesDfOZ0m2yP9UEs1ersrdcVBRd4mOHADVTbk0K6RyZXy66EmqfcA/s320/lawsuit_page_002.jpg" width="247" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjsQr2xeFwiVOwMjJSmfmdV2N5liYB8etjmh39qWg0MogeUyUuODvbCfVO0bNYAOI7B4C4euk-dsrZskXA8kcxNG8Bwl-Rb1ibyv3bI9BwGBqOMIUn-HGg9eqiWsC44FqfyM7UWu_QnDMfD3nDPeYU_kFmaVArosxKG5BhOtjPB60YZoSaugO3ilHm8gA/s792/lawsuit_page_003.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="792" data-original-width="612" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjsQr2xeFwiVOwMjJSmfmdV2N5liYB8etjmh39qWg0MogeUyUuODvbCfVO0bNYAOI7B4C4euk-dsrZskXA8kcxNG8Bwl-Rb1ibyv3bI9BwGBqOMIUn-HGg9eqiWsC44FqfyM7UWu_QnDMfD3nDPeYU_kFmaVArosxKG5BhOtjPB60YZoSaugO3ilHm8gA/s320/lawsuit_page_003.jpg" width="247" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2UGeRjJX_SIe-svWcNj3gAgBvVGQhFwE6kGwIVgInT3uqYE0yXi4cwiUKp_SPF8fKeG5Fx2fokcStdfsiow7pVQcKs01-bq4hDULi3mM6zSp1UCWgSDMpffuV8FO4ujfsmk7roDCqDjNu1Kjrw64oW4u_rCfAHxI36ShvXs0X4mFotQwbOwox-Kw-6A/s792/lawsuit_page_004.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="792" data-original-width="612" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2UGeRjJX_SIe-svWcNj3gAgBvVGQhFwE6kGwIVgInT3uqYE0yXi4cwiUKp_SPF8fKeG5Fx2fokcStdfsiow7pVQcKs01-bq4hDULi3mM6zSp1UCWgSDMpffuV8FO4ujfsmk7roDCqDjNu1Kjrw64oW4u_rCfAHxI36ShvXs0X4mFotQwbOwox-Kw-6A/s320/lawsuit_page_004.jpg" width="247" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj81iHUKXtENcqJ-XzAU26ifBz6wHQfMU_19suQvLD8fqcoW42F6smY-_5RTuNd8lZLL-hT7N5C4q3h4fiyjkOt61pe-LBCYBSvlCV3BnPWmimA3cjjTKEQ3Ch-WaWrTuTH1OTucBolO66tf9nk7gpNk4BG4AXOwBKtV8pppYMi5PX40JTjqHcrbd2b2w/s792/lawsuit_page_005.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="792" data-original-width="612" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj81iHUKXtENcqJ-XzAU26ifBz6wHQfMU_19suQvLD8fqcoW42F6smY-_5RTuNd8lZLL-hT7N5C4q3h4fiyjkOt61pe-LBCYBSvlCV3BnPWmimA3cjjTKEQ3Ch-WaWrTuTH1OTucBolO66tf9nk7gpNk4BG4AXOwBKtV8pppYMi5PX40JTjqHcrbd2b2w/s320/lawsuit_page_005.jpg" width="247" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBiToh7uW0F1BH95K1kwXTKT3BmjwLYd8RwOT-1BwvB_e0jNae-MnnCjMOaj9hX4zVq6WoEK_HqEK58BKlh16y6CbddRLoMyemg0g9nO2ke17vf-xfdpqDkAxLJPyY9oqWG0lOdnbnaLV_aEJygAY-PXn1HBrdyTl66alLE0Ce9nE_xjamkgJsB1BfRw/s792/lawsuit_page_006.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="792" data-original-width="612" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBiToh7uW0F1BH95K1kwXTKT3BmjwLYd8RwOT-1BwvB_e0jNae-MnnCjMOaj9hX4zVq6WoEK_HqEK58BKlh16y6CbddRLoMyemg0g9nO2ke17vf-xfdpqDkAxLJPyY9oqWG0lOdnbnaLV_aEJygAY-PXn1HBrdyTl66alLE0Ce9nE_xjamkgJsB1BfRw/s320/lawsuit_page_006.jpg" width="247" /></a></div><br /><p><br /></p><p>Another article stated 100 columns of the freeway were damaged. Nine or ten were damaged severely. They don't know if they will have to tear down the overpass or just retrofit it. I believe some of these were previously retrofitted after the 1994 earthquake. The original freeway was built 1933-1957 or so.</p><p>ORIGINAL: November 10/11, 2023 (just after midnight) there was a <a href="https://www.latimes.com/california/story/2023-11-12/10-freeway-closed-fire" target="_blank">huge pallet fire under the Santa Monica 10 freeway </a>at Alameda and 14th Street which shut down the freeway and interchange. Many have asked why there were wood pallets under the freeway. People don't seem to realize that the California Department of Transporation <a href="https://dot.ca.gov/" target="_blank">Caltrans</a> leases the area under the freeways in Los Angeles for warehouse purposes. <a href="https://en.wikipedia.org/wiki/Interstate_10_in_California" target="_blank">10 Freeway on Wikipedia</a></p><p>Based on current law, "Authorizes Caltrans to lease to public agencies or private entities the use of areas above or below state highways. Generally, leases to private entities have to be made on the basis of competitive bids and at fair market value." They can also lease them for less than fair market value if it's for the public good such as a park, homeless shelter...</p><p>Currently most of the area under the 10 in this area is warehouse property that caters to fashion industry. If you drive by you will see auto storage, shipping storage, large machinery storage, wood pallets, trash... I would assume all tenants must have adequate fire protection, insurance and abide by Building and Safety and Fire Department regulations. Any major fire under this old 10 freeway could cause a lot of damage besides disrupting traffic to the area. The 1994 earthquake caused a section between LaCienega and Venice to collapse because the supports were made pre 1971 before they were earthquake proof. Other areas needed repairs and retrofitting. The original section was built around 1955 or 1957. I'm not positive. We're still talking about a 70 year old overpass. When I was there day after fire a block away I saw what appeared to be retrofitting and reinforcement of another overpass few blocks away. </p><p>We shall see if Caltrans changes their lease agreement terms after this fire. They should be able to take emergency action against any lessee, sub-lessee who violates the law due to the potential hazards to humans, property and the transportation system.</p><p>If you look at these storage sites under the freeway, not all are enclosed with walls. Perhaps the ones not enclosed with solid walls are not considered structures legally so they don't have to abide by Building and Safety regulations? Many just enclose the properties with chain link fencing with barbed wire on top. Perhaps there are not regulations for such enclosures? Clearly there should be. At the very least they need smoke, fire detectors that would not be set off with smoke, exhaust from autos. </p><p>The address of the burned properties appear to be subleases located at 4205 E 14th St, Los Angeles, CA 90021 near Lawrence St and 14th St. Also 1349, 1361 Lawrence. Legal tract is 23269. Close APN is 5167-017-004. Thomas Guide map TG634G7. 5166-004-****. Tract H. N. ELLIOTT'S NINTH STREET TRACT. It's council district 14 Kevin DeLeon. Zone is PF-1XL. Sign says "we buy pallets" and "Serafin's Distribution." They tried to get a permit to build a building for a scrap yard in 2014 and were denied. Previous building permit was 1925. Maybe it was built in the 30'sand renamed in the 50's. Below is Google satellite image of site, parcel maps and street view. For these two sites to burn makes me think it was a fire accidentally started by homeless people. It's been getting colder at night in the 50's. Google street images shows lots of homeless, cars, car tires stacked, wood pallets.All these things are highly flammable and difficult to extinguish especially under the enclosed freeway.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikx5FVa7CSoEstx3qN450M-Mi0O41i3Bg8i-V-GG_vqSi31WroWu_CKac4LnJgaVYSSdEOqyV1xWo4FyaP2ikE4l24PzDG0oqTELwQPPWoVNXSiZRPOzfj9Kpg2HHxADy4RbllLQtspydOgX7Y1agpvA2wnKLRbeGdAr-fs-q2_ExD-7jcoJJMXaXmuA/s605/fire.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="401" data-original-width="605" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikx5FVa7CSoEstx3qN450M-Mi0O41i3Bg8i-V-GG_vqSi31WroWu_CKac4LnJgaVYSSdEOqyV1xWo4FyaP2ikE4l24PzDG0oqTELwQPPWoVNXSiZRPOzfj9Kpg2HHxADy4RbllLQtspydOgX7Y1agpvA2wnKLRbeGdAr-fs-q2_ExD-7jcoJJMXaXmuA/s320/fire.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEij4_czHvGdk5Jdq3SZQ_jGs_vPcAgu4KVL14uuVPF3U5XaX_ndsZoXPh03yCohBP642tjwEyZRO9pr-4Y2wX5tyllVaTe7C1lfl_FBF-Iph6oV-QP3qRzCAL21Vand0_AmCMo4odSPGkKNxih75e38XZ-c1b17ZVQkgCBw7xgIWTRlSQ0oMn2VZh6G9w/s3424/fire%20plat%20map.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2208" data-original-width="3424" height="206" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEij4_czHvGdk5Jdq3SZQ_jGs_vPcAgu4KVL14uuVPF3U5XaX_ndsZoXPh03yCohBP642tjwEyZRO9pr-4Y2wX5tyllVaTe7C1lfl_FBF-Iph6oV-QP3qRzCAL21Vand0_AmCMo4odSPGkKNxih75e38XZ-c1b17ZVQkgCBw7xgIWTRlSQ0oMn2VZh6G9w/s320/fire%20plat%20map.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjy06emR8HPgAF5D3lyDdEYnnGcE4f7Q_1PeGYN8gbqARcv78Qlt-H4JrwQCrtqv0vQJNZQRvfbIwxU4ilI6HqlKLMGSUmtrar5GZ7D7PqnAit9KbOo3esU5Fc9WXgGaNkDhKZO2TUyTuVviIjLb6lbXwICU0lTGYlq1qCdamiejxaJ8c4H2_TNQg6TZQ/s1210/IndexMap_page_001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="783" data-original-width="1210" height="207" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjy06emR8HPgAF5D3lyDdEYnnGcE4f7Q_1PeGYN8gbqARcv78Qlt-H4JrwQCrtqv0vQJNZQRvfbIwxU4ilI6HqlKLMGSUmtrar5GZ7D7PqnAit9KbOo3esU5Fc9WXgGaNkDhKZO2TUyTuVviIjLb6lbXwICU0lTGYlq1qCdamiejxaJ8c4H2_TNQg6TZQ/s320/IndexMap_page_001.jpg" width="320" /></a></div><div class="separator" style="clear: both; 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text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkqgmfBq-kpJfBjJcVo370Rd9VeNqZJmm7ThlwKYNkQyp2QobXFeJEzZpKlocdYcmbOvtRuz4y3iyA87Uv3MDlGMAAmUlk2oi0c4GRYpvXE-RduTTEpJvVN4gpW8JdOEewQ5Qnb4D3HgUcDssS_DkH_csyhg11iyiegFT4FbLI-40JBZ3tQ_A6bZ8ZYQ/s790/fire%206.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="494" data-original-width="790" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkqgmfBq-kpJfBjJcVo370Rd9VeNqZJmm7ThlwKYNkQyp2QobXFeJEzZpKlocdYcmbOvtRuz4y3iyA87Uv3MDlGMAAmUlk2oi0c4GRYpvXE-RduTTEpJvVN4gpW8JdOEewQ5Qnb4D3HgUcDssS_DkH_csyhg11iyiegFT4FbLI-40JBZ3tQ_A6bZ8ZYQ/s320/fire%206.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwlH2stROzTlQUyU5nFFNoLlDqSEylcs1qI53fe3T4371QOXsvP_o17d8UnKinWzUuoismKkjXFXYhaUdwxYNP8-PNpTc5Y8XzCnmJaWcJACx3_j5s-DThOWCcTTBiji4fNT1nxwOa5iwJcbFT44BObFn1ooZFqcFKgY4D1-G1vlYVr41KiaFv7DUfRQ/s757/view%20under%20fwy.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="476" data-original-width="757" height="201" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwlH2stROzTlQUyU5nFFNoLlDqSEylcs1qI53fe3T4371QOXsvP_o17d8UnKinWzUuoismKkjXFXYhaUdwxYNP8-PNpTc5Y8XzCnmJaWcJACx3_j5s-DThOWCcTTBiji4fNT1nxwOa5iwJcbFT44BObFn1ooZFqcFKgY4D1-G1vlYVr41KiaFv7DUfRQ/s320/view%20under%20fwy.png" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKfvyOJ2x_kFxG3H1uaY6n3vzhgZ9KrBHa-l5WRZp8RBys4DKQvDD6za0nsvOZfzgi857hAOOn3n1-TXxF21BE1a97ySP1SgdMWWns5zyFwcWLVqkks-O7634fmeBT_tuDpSwXW_LReXeUzj7ci86cGENZr1R6Qj8MOSfd7QVWbx_z6aQ_YdnlcFocAQ/s851/under.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="561" data-original-width="851" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKfvyOJ2x_kFxG3H1uaY6n3vzhgZ9KrBHa-l5WRZp8RBys4DKQvDD6za0nsvOZfzgi857hAOOn3n1-TXxF21BE1a97ySP1SgdMWWns5zyFwcWLVqkks-O7634fmeBT_tuDpSwXW_LReXeUzj7ci86cGENZr1R6Qj8MOSfd7QVWbx_z6aQ_YdnlcFocAQ/s320/under.jpg" width="320" /></a></div><br /><p>Here is the Google map of the burned site. Look at street and satellite view for the area. Lots of places full of pallets, trash, cars and homeless people. Years ago when I went to a motorcycle show that was in an industrial site they made me remove all gas from my motorcycle and tape the gas cap shut or else they wouldn't let my motorcycle in the show. It was because of Fire Department and insurance purposes. I'm sure all those cars had gas and oil in them besides batteries, tires which burn for long periods of time.</p><p><iframe allowfullscreen="" height="450" loading="lazy" referrerpolicy="no-referrer-when-downgrade" src="https://www.google.com/maps/embed?pb=!1m18!1m12!1m3!1d3306.729671466848!2d-118.23732359999998!3d34.025149299999995!2m3!1f0!2f0!3f0!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x80c2c89c5b2d0b27%3A0x89559d107d90c423!2s4205%20E%2014th%20St%2C%20Los%20Angeles%2C%20CA%2090021!5e0!3m2!1sen!2sus!4v1699905982299!5m2!1sen!2sus" style="border: 0;" width="600"></iframe></p><p>Because Caltrans is government they pay no property taxes so there is no assessor's parcel map I can yet find for the site. This is all I see. If you hover over it, it says "no information available." I'm trying to get an address to see if there were complaints about fire dangers or other Building and Safety violations. If there is no address, you can't really file a complaint. There must be something. I'll post when I find it.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgszncAWkFjy4dsvlmDkhQHsfFGG4vwL426ZBimky1NJQdG1lDJXR02wYreiUKfToccrpn9-AmrSJmn4d05D4S8tM8E4JsT95O_NAk5zQZftYmDdEqumqqNszMP8ARNWK-aeQsbXCxg-cwR-OuENj8ucGW4lmgSIaN2eWG2ubDqfpz8y4XzYBiSlim3SA/s627/tax%20assessor%20fire.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="428" data-original-width="627" height="218" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgszncAWkFjy4dsvlmDkhQHsfFGG4vwL426ZBimky1NJQdG1lDJXR02wYreiUKfToccrpn9-AmrSJmn4d05D4S8tM8E4JsT95O_NAk5zQZftYmDdEqumqqNszMP8ARNWK-aeQsbXCxg-cwR-OuENj8ucGW4lmgSIaN2eWG2ubDqfpz8y4XzYBiSlim3SA/s320/tax%20assessor%20fire.jpg" width="320" /></a></div><br /><p>Here are photos from Serafindistribution.com which shows interior. Their site states they have boxes, paper products, labels, janitorial supplies...</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzRAt26QYBtHzwqB2Ugrr13c8rtUPUAb3ttkixmnOLEGhIL1xK0Uce_h4o2c9iTlEazfvLXRgdqxzC5l8tNII1gFiGLDl-EByZMaE754l9z1AyyhCNWtFUjuWPjQatySI02oMMGM3TUTLrIipYOEbLKjTQ35BpCZRQX6iS70Ap-BVOu4rmhOu6tUycLQ/s640/dsc01409.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="480" data-original-width="640" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzRAt26QYBtHzwqB2Ugrr13c8rtUPUAb3ttkixmnOLEGhIL1xK0Uce_h4o2c9iTlEazfvLXRgdqxzC5l8tNII1gFiGLDl-EByZMaE754l9z1AyyhCNWtFUjuWPjQatySI02oMMGM3TUTLrIipYOEbLKjTQ35BpCZRQX6iS70Ap-BVOu4rmhOu6tUycLQ/s320/dsc01409.jpg" width="320" /></a></div><br /><p><br /></p><p>Here is one such current advertisement for warehouse rental under the 10 freeway blocks from the fire, see photo below. This property is for sale with a ten year renewable land lease from Caltrans. </p><p>"Naomi Freeway Distribution1600-1650 S Naomi Ave 39,372 SF Industrial Building Los Angeles, CA$3,890,000 ($99/SF) Warehouses California Los Angeles 1600-1650 S Naomi Ave, Los Angeles, CA 90021 Owner User - Investor Opportunity Located Minutes From Downtown, Arts District & Vernon Divisible into 4 Units, Power 1,200 Amp 240 V Service - Ground Level Doors Cal Trans Ground Lease Expires: 5/11/2031 - 10 Yr Option Concrete Block Construction. Owner Use - Investment Property - 5 Warehouse/Distribution Units - Land is Leased From Cal-trans - Newer Concrete Block Construction - Retail - Wholesale Possible - Garment - Cannabis Uses. 20,000 SF Can Be Occupied at Closing. Heart of Downtown Los Angeles Industrial Area Santa Monica Freeway (10) At Central Avenue Exit" <a href="https://www.loopnet.com/Listing/1600-1650-S-Naomi-Ave-Los-Angeles-CA/3612898/">https://www.loopnet.com/Listing/1600-1650-S-Naomi-Ave-Los-Angeles-CA/3612898/</a> POSS INT LOCATED AT 1650 NAOMI AV LOS ANGELES OWNED BY STATE DEPT OF TRANSP 5130 013 000</p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUtKtiZPYBcUWQlmyPyyn3MABoJmaaWN0CG4FCMhBoBJYys8YZ6cauJ-CU6YkABjpPrKglBvL-5IAOg4xgXlCz0_eRDH0SmmIFEWAmjthRMvgkfxv2hKEUDxGpz-j_EqGTzoZqHlv4GodbLyjC-vLUdr0GclJ8KC2QfXNVAGsQbjjto78sElHDod6e6w/s883/1600-1650-S-Naomi-Ave-Los-Angeles-CA-Building-Photo-3-Large.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="588" data-original-width="883" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUtKtiZPYBcUWQlmyPyyn3MABoJmaaWN0CG4FCMhBoBJYys8YZ6cauJ-CU6YkABjpPrKglBvL-5IAOg4xgXlCz0_eRDH0SmmIFEWAmjthRMvgkfxv2hKEUDxGpz-j_EqGTzoZqHlv4GodbLyjC-vLUdr0GclJ8KC2QfXNVAGsQbjjto78sElHDod6e6w/s320/1600-1650-S-Naomi-Ave-Los-Angeles-CA-Building-Photo-3-Large.jpg" width="320" /></a></div><p> #caltrans #california #transportation #fire #marycummins #realestateappraiser #realestateappraisal #losangeles #freeway #landlease #fire</p><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br />Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-66099620536048947812023-08-25T10:46:00.003-07:002023-08-25T10:46:25.417-07:00Important Alleged Discrimination Case Against Wells Fargo, Comment by Mary Cummins<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhk6fC0pFByvtHE9Kz_DIg8_CcsZpAAMriDGH4bxr_YSch_vUpGSStvGIMOpyPM-7DpI7nf00Q7mhO33eXqCRZEFA5ngNLshsaF9J4QWq5VNnCP3sIWgKEq0hv8xEGIkVOTRnLsigup4U1M6dN7BQwVxoSsBH3vwC_sRA-Tsdnzf39lFcmuyJvww3v4Sw/s773/Screenshot-2023-08-24-at-6.34.44-PM-768x773.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img alt="wells fargo, racial discrimination, lawsuit, cv 00990, mortgage discrimination, mary cummins, real estate appraiser, real estate appraisal, credit, black, latino, white,complaint" border="0" data-original-height="773" data-original-width="768" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhk6fC0pFByvtHE9Kz_DIg8_CcsZpAAMriDGH4bxr_YSch_vUpGSStvGIMOpyPM-7DpI7nf00Q7mhO33eXqCRZEFA5ngNLshsaF9J4QWq5VNnCP3sIWgKEq0hv8xEGIkVOTRnLsigup4U1M6dN7BQwVxoSsBH3vwC_sRA-Tsdnzf39lFcmuyJvww3v4Sw/w318-h320/Screenshot-2023-08-24-at-6.34.44-PM-768x773.png" title="wells fargo, racial discrimination, lawsuit, cv 00990, mortgage discrimination, mary cummins, real estate appraiser, real estate appraisal, credit, black, latino, white,complaint" width="318" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">wells fargo, racial discrimination, lawsuit, cv 00990, mortgage discrimination, mary cummins, real estate appraiser, real estate appraisal, credit, black, latino, white,complaint</td></tr></tbody></table><br /><p><a href="https://www.valuationlegal.com/about-us/" target="_blank">Peter Christensen</a> just wrote an article about this very important legal case. Wells Fargo is being sued for racial discrimination for rejecting mortgages of some black, Latino applicants. The lawsuit is based on appraisals and credit. They cite Andre Perry's false and misleading paper as evidence. This looks like a shakedown lawsuit to get WF to cough up a few bucks "without admitting guilt." This is what the false narrative of the alleged racist appraiser and real estate industry has given us. The government promoting the false narrative for their political agenda has caused this frivolous lawsuit. We all know based on AEI's research that blacks, Latinos are more likely to be rejected for loans based on socioeconomic factors and appraisal value. Blacks, Latinos have less income, less wealth, lower credit scores which is why they buy less expensive homes in less expensive areas. </p><p>"In March 2022, Bloomberg News published an article entitled “Wells Fargo Rejected Half Its Black Applicants in Mortgage Refinancing Boom” (registration required). Bloomberg’s researchers had combed through the data for 8 million conventional loan refinance applications in 2020 reported by lenders under the Home Mortgage Disclosure Act. The researchers saw stark differences in Wells Fargo’s approval rates for White, Black and Hispanic refinance applicants. They found that Wells Fargo approved 72% of applications from White applicants but only 47% from Black applicants. In contrast, Rocket Mortgage approved 86% of White applicants and 79% of Black applicants. For Hispanic borrowers, Wells Fargo’s approval rate was 53% versus a 79% industry average for Hispanics. Some might jump to an explanation here like “Black and Hispanic borrowers may not have the same average financial means as Whites.” Bloomberg’s research, however, showed that Wells Fargo’s approval rate was lower for Blacks in high income brackets than for Whites in low brackets.</p><p>After publication of the article, a half-dozen class actions were filed swiftly against Wells Fargo by Black and Hispanic borrowers who had been denied loans. The Federal District Court in Northern California consolidated these cases earlier this year under the new title In re Wells Fargo Mortgage Discrimination Litigation, U.S. District Court, N.D. Cal., Case No. 3:22-cv-00990.</p><p>The primary legal claims in the consolidated case are brought under the federal Fair Housing Act and Equal Credit Opportunity Act. And, the alleged damages could be substantial – borrowers denied loan refinances in 2020-2021 may have lost out on saving tens of thousands of dollars on their mortgages by being unable to lock in historically low interest rates. The operative complaint in the case principally alleges a story about disparate treatment and impact in Wells Fargo’s mortgage determinations, including the bank’s use of flawed “centralized, universal, race-infected lending algorithms” or “digital redlining.” But part of the plaintiffs’ theory is also based on alleged bias in the appraisals relied on by the bank.</p><p>Here’s a key allegation pertaining to appraisals:</p><p>Wells Fargo knowingly incorporates, without adjustment, appraisals that have been shaped by years of race-based valuation standards or appraisals affected by race-based criteria. Homes in majority Black neighborhoods are worth an average of 23% less than homes in neighborhoods with “very few or no Black residents” and of similar home quality. (Citing Dr. Andre Perry’s research at Brookings “The Devaluation of Assets in Black Neighborhoods.”).</p><p>As a result, the plaintiffs allege that “Wells Fargo’s discrimination . . . has forced those who received below-market appraisals from Wells Fargo to abandon the process with Wells Fargo and turn elsewhere.”</p><p>"Plaintiffs Aaron Braxton, Paul Martin, Gia Gray, Bryan Brown, Elretha Perkins, Christopher Williams, Ifeoma Ebo and Terah Kuykendall-Montoya, individually and as representatives of a nationwide class of similarly situated applicants for original purchase mortgage, refinance and other home mortgage loans (collectively, “Plaintiffs” or the “Class”), </p><p>Go to the below link for the rest of this important article and lawsuit.</p><p><a href="https://www.valuationlegal.com/2023/08/the-most-significant-appraisal-discrimination-case-doesnt-name-an-appraiser-as-a-defendant/">https://www.valuationlegal.com/2023/08/the-most-significant-appraisal-discrimination-case-doesnt-name-an-appraiser-as-a-defendant/</a></p><p>Copy of lawsuit from same site.</p><p><a href="https://www.valuationlegal.com/wp-content/uploads/2023/08/In-re-Wells-Fargo-Discrimination-Amended-and-Consolidated-Complaint-Fair-Housing-ECOA-3-24-23.pdf">https://www.valuationlegal.com/wp-content/uploads/2023/08/In-re-Wells-Fargo-Discrimination-Amended-and-Consolidated-Complaint-Fair-Housing-ECOA-3-24-23.pdf</a></p><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<li><a href="http://marycummins.mary.cc/">Mary Cummins biography resume short</a></li>
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-45415218420939745042023-08-23T17:31:00.006-07:002023-08-23T17:41:10.904-07:00Appraisal Institute Presentation on Historical Homes at Wrigley Mansion, Pasadena, California by Mary Cummins<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfmuTtlEV5IJftBeqB3y9pn44_x4Z6ToqQZQXmRkGo4CDbu5vt81zcGaTZYyXCxTuXrJay38_E7RsG7ofXiBjjWLz74jT-r_XcKSOedWUbryiYq5diPtN84BBAxDhW0708HJCEg3sgye40aTDVCzhqiJpxaL_7aw_n6UHNZJjIXPXKCCPzhlSMvb_WrA/s960/1.jpg" style="margin-left: auto; margin-right: auto;"><img alt="wrigley mansion, pasadena, california, 391 orange grove, rose parade, tournament of roses, mary cummins, real estate appraiser, real estate appraisal, historical homes, historic, properties" border="0" data-original-height="720" data-original-width="960" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfmuTtlEV5IJftBeqB3y9pn44_x4Z6ToqQZQXmRkGo4CDbu5vt81zcGaTZYyXCxTuXrJay38_E7RsG7ofXiBjjWLz74jT-r_XcKSOedWUbryiYq5diPtN84BBAxDhW0708HJCEg3sgye40aTDVCzhqiJpxaL_7aw_n6UHNZJjIXPXKCCPzhlSMvb_WrA/w320-h240/1.jpg" title="wrigley mansion, pasadena, california, 391 orange grove, rose parade, tournament of roses, mary cummins, real estate appraiser, real estate appraisal, historical homes, historic, properties" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">wrigley mansion, pasadena, california, 391 orange grove, rose parade, tournament of roses, mary cummins, real estate appraiser, real estate appraisal, historical homes, historic, properties</td></tr></tbody></table><br /><p>Southern California Chapter of the Appraisal Institute gave a presentation by Charles Baker on Historical Homes. It took place at Wrigley Mansion in Pasadena, California. This is the Tournament of Roses Headquarters at 391 S Orange Grove, Pasadena, CA. Beautiful home and gardens. While I don't agree with everything AI does they do offer great classes and education. Linda Whittlesey President of the SoCal Chapter organized the event and did a fantastic job. </p><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPzN6vmXxipB1FIqrDNzv2H5gDCUo0OmCPTFgztmqzxiHIfYOqTKnMbfMT6PADHcTd88k76cbuR34RROO5ZVunTDRJKSQ7lq1CjZbvTBqXXs4v9sC-MIysXn3iGc1hZeJ-1XQKpSFY1SsCVe-8iV9c1DqhKsECw0eSTT8ERBk3bZw6GqpQyNGPSaZgdw/s960/3.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPzN6vmXxipB1FIqrDNzv2H5gDCUo0OmCPTFgztmqzxiHIfYOqTKnMbfMT6PADHcTd88k76cbuR34RROO5ZVunTDRJKSQ7lq1CjZbvTBqXXs4v9sC-MIysXn3iGc1hZeJ-1XQKpSFY1SsCVe-8iV9c1DqhKsECw0eSTT8ERBk3bZw6GqpQyNGPSaZgdw/s320/3.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFiPKMEBXhfCs0okeb2sx_jNBvD80U5sQrUQefYth5gcRri4SELwjXUL9vQSMuZnFWBH6SgLjNEyXu_KBtbBn8ExbpIGX3l_QRM5Zi5-pfeDguoljzGwmK0d-wOof7yJYLPVR2ZXZlzdFQn2xElDUGWIHj7P2BImhJGUSP2KC21DGgvp6RJIqyQYoH8A/s960/9.jpg" style="margin-left: 1em; 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margin-right: 1em;"><img border="0" data-original-height="670" data-original-width="960" height="223" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjFNZtzUW_jSBkMXTrXH9T8IyeRCiIq6rDYuaSxaHwznnL9KJJIJKMWjKVMQEFxn19BKfmSIO16Kpim44RLRtJsknplqFevr50u_ON-c9Ach5QnhIxsipkYxA14Ud57FG3sXu5TRC0JVBADvt6--qtyZIr8nI_Uti-uLLsBbwsUgj5yRR7fvPDeA-3IQ/s320/16.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIi32F7EQthzJPL650nW5okWmoGC3Ur4gNAH9Zc-uYxqXgYAn6Wky1Lyc7ioDAY58YKT8VZkYtv2ViSglVXBBN-RwZWLgd_fvArH9mHgaL4y2Q12JUPnwLzImDqf5UQbbSXC9POHh4rRB81Gb6mv99NIdOFq2qso_KHi3cc75-82AcySJ-PlnArQ4BHw/s960/18.jpg" style="margin-left: 1em; margin-right: 1em;"><img alt="Mary Cummins Los Angeles" border="0" data-original-height="720" data-original-width="960" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIi32F7EQthzJPL650nW5okWmoGC3Ur4gNAH9Zc-uYxqXgYAn6Wky1Lyc7ioDAY58YKT8VZkYtv2ViSglVXBBN-RwZWLgd_fvArH9mHgaL4y2Q12JUPnwLzImDqf5UQbbSXC9POHh4rRB81Gb6mv99NIdOFq2qso_KHi3cc75-82AcySJ-PlnArQ4BHw/w320-h240/18.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrOCfJXSEuTtvs_R7_qzsLCufE6I2A47SZkU8BDcEKVBh3puKIpGb8da9xyg5GjsUktxxgF7M7Yftn83Nxl8JbrA95GLGyvl314y2_IDaP8xQNgs7WrJ17ODr_7onY5NpFZu-IlRCM-qW1y48kUDHKWTWE1BL_f5Cwc97b8NK51DEjeIPNhkB6DyNpEQ/s960/370178089_10160804456626212_36026750743586040_n.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="763" data-original-width="960" height="254" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrOCfJXSEuTtvs_R7_qzsLCufE6I2A47SZkU8BDcEKVBh3puKIpGb8da9xyg5GjsUktxxgF7M7Yftn83Nxl8JbrA95GLGyvl314y2_IDaP8xQNgs7WrJ17ODr_7onY5NpFZu-IlRCM-qW1y48kUDHKWTWE1BL_f5Cwc97b8NK51DEjeIPNhkB6DyNpEQ/s320/370178089_10160804456626212_36026750743586040_n.jpg" width="320" /></a></div><br /><p><br /></p><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<li><a href="http://www.animaladvocates.us/">Mary Cummins of Animal Advocates</a></li>
<li><a href="http://marycummins.mary.cc/">Mary Cummins biography resume short</a></li>
<li><a href="http://www.marycummins.com/">Mary Cummins Real Estate Services</a></li>
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-67702886897733224772023-08-11T16:49:00.009-07:002023-08-19T14:15:10.705-07:00AEI Report Shows Andre Perry's Paper is Fraudulent. Same Difference in Home Values in White Areas. <p>This is from an email from Jeremy Bagott, MAI. <a href="https://www.aei.org/wp-content/uploads/2021/08/Impact-of-Race-and-Socio-Economic-Status-on-the-Value-of-Homes-by-Neighborhood-Presentation-8.5.21-FINAL-v4.pdf?x91208" target="_blank">AEI used Andre's Perry own dataset and methodology to study race and home values. </a> February 2023 the report was updated. Andre Perry previously stated the main difference in home values between white and black is race alone. Perry blamed that on home valuations. AEI's research has proven the main difference is caused almost entirely by socioeconomic factors and not race. I've been yelling this from the mountain tops since Perry's paper first came out but AEI has nailed it down with facts and independent research. People who make more money have more money and buy more expensive homes in more expensive areas, period. </p><p>Maybe lower income white people should be yelling about home value differences compared to higher income white and black people. Maybe they should be demanding money, free homes, cheap loans, debt relief like Andre Perry and his following have been doing. "Rich white people have stolen $46,000 from every poorer white person's home value in the US!" Maybe all poor people need their own type of reparations for being trapped by low wages and poverty for generations. It won't solve the problem because the income gap is the main cause for everyone but the story will probably sell online media ads. We need to reduce the income/wealth gap among everyone. AEI stated this in their summary but the government will not listen to facts for some reason on this issue.</p><p><a href="https://mailchi.mp/0b513ed845f9/report-finding-of-bias-in-home-valuations-fails-by-own-measure-8037698">https://mailchi.mp/0b513ed845f9/report-finding-of-bias-in-home-valuations-fails-by-own-measure-8037698</a></p><p>"REPORT: FINDING OF BIAS IN HOME VALUATIONS FAILS BY OWN MEASURE</p><p>VENTURA, Calif. (August 11, 2023) – In an updated refutation of the findings of Brookings Institution researcher Andre Perry, Edward Pinto and Tobias Peter of the AEI Housing Center demonstrated just how broken the Brookings research was.</p><p>Perry’s 2018 research, titled “The Devaluation of Assets in Black Neighborhoods,” pinned the nation’s racial wealth gap on 80,000 state-licensed real property appraisers.</p><p>Unfortunately, these now-discredited findings have been levered by housing-industry lobbyists, partisan policymakers, agitators and grievance groups to malign the nation’s 80,000 real property appraisers and hollow out America’s mortgage underwriting safeguards.</p><p>A dataset provided to Pinto and Peter earlier in the year by Perry allowed the AEI Housing Center to fully refute the latter’s conclusions.</p><p>While their original refutation was still largely correct, Pinto and Peter have now updated their key findings and takeaways using the new dataset. To the surprise of no one, their redacted study found that what Perry et al. had characterized as race-based differences in home valuations were almost entirely due to socio-economic status, not racial bias by real estate appraisers.</p><p>Using the dataset and Perry’s own methodology, Pinto and Peter created a simple case study of so-called “entirely white” tracts (tracts demographers rate as 97.5% white or greater). In those tracts, racial animus, by definition, is ruled out as a factor. The duo then compared high and low socio-economic status in these so-called all-white neighborhoods and found differences as large as – or even larger than – the ones Perry et al. incorrectly attributed to racial bias.</p><p>But much damage has been done by Perry’s now-discredited findings. Perry’s 2018 report took the nation’s real property appraisers from the table and onto the menu. The flawed findings have most recently served as a pretext to justify the current administration’s whole-of-government effort to insert race into every corner of the mortgage underwriting process, including collateral valuation.</p><p>Pinto and Peter determined:</p><p>• That while lower socio-economic status may leave blacks at a large income (and wealth) disadvantage relative to most whites, this is not due to any statistically relevant bias in home appraisals</p><p>• The primary remedy would be policies that work to address the income and wealth gap, not those that scapegoat appraisers.</p><p>• The focus should be on increasing financial security, creating generational wealth, and shrinking the socio-economic gap through sustainable home ownership. This is largely a buying power issue, not a valuation one. To do otherwise risks repeating the mistakes of the past."</p><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-181429297279343302023-08-11T11:11:00.013-07:002023-09-02T20:23:22.946-07:00Real Cause of racial home value gap is the Income Gap by Mary Cummins Real Estate Appraiser<p>The ACLU wrote about the racial wealth gap. They noted the income gap, homeownership rate gap and mortgage gap. They didn't once blame any of this on real estate appraisers. Imagine that. #black #white #IncomeGap #wealthgap #homeownershiprate #race #money </p><p><a href="https://www.aclu.org/news/racial-justice/visualizing-the-racial-wealth-gap">https://www.aclu.org/news/racial-justice/visualizing-the-racial-wealth-gap</a></p><p>I just read an article on the income gap. It said there is almost no white, black income gap for poor and lower income individuals. There is a smaller income gap for the middle class. “What this shows is that 97 percent of the overall racial wealth gap is driven by households above the median of each racial group.” This would mean most of the income, wealth gap is coming from the top earners. It's a class gap. I would bet that most of the income, wealth gap is coming from the super rich who are mainly white. "The richest 10 percent of white households who own 75 percent of all white wealth. Indeed, over two-thirds of racial gap reflects the differences in assets held by the top ten percent of households in each group. Class, not race is the major driver of wealth inequality." <a href="https://www.aei.org/op-eds/the-racial-wealth-gap-myths-and-realities/">https://www.aei.org/op-eds/the-racial-wealth-gap-myths-and-realities/</a> Most of the wealth gap is caused by difference in the top ten percent in each group! It's probably mainly caused by some very rich white people. </p><p>"White average wealth ($929,800), which is more influenced by very rich families and does not characterize the typical experience, is 6.7 times greater than Black average wealth ($138,100)." This means that most white people should be complaining about the income, wealth gap between low to mid income and upper class. That's where the biggest gap exists. 80% of the gap is coming from the top 10%. Instead of wasting time on the wealth gap between white, black we need to look at the wealth gap between everyone under the median compared to the top 10%. I bet most wealth in the country is concentrated in the top 1-3%. And I was correct, "Federal Reserve data indicates that as of Q4 2021, the top 1% of households in the United States held 32.3% of the country's wealth, while the bottom 50% held 2.6%."</p><p>I will try to see if I can figure out what the income, wealth gap would be if we omitted the super rich with net worths over $5,000000. Multi-millionaires and billionaires could be skewing the data. They are. "Federal Reserve data indicates that as of Q4 2021, the top 1% of households in the United States held 32.3% of the country's wealth, while the bottom 50% held 2.6%." <a href="https://www.pewresearch.org/social-trends/2020/01/09/trends-in-income-and-wealth-inequality">https://www.pewresearch.org/social-trends/2020/01/09/trends-in-income-and-wealth-inequality</a>/</p><p>The income gap is directly related to the homeownership rate. The current homeownership rate for Black and Hispanic homeowners now stand 29 and 23 percentage points lower than the 73% white homeownership rate. This again is all related to socioeconomic factors i.e. income.</p><p>There would probably still be a gap because of other socioeconomic factors such as married/single but it would probably be less.We really need to figure out the real problem so we can find a real solution. Blaming the income, wealth gap on appraisers, racism is just wasting time and money that could be better help working on issues that could change things.</p><p>I wrote about the the real cause of the home value gap earlier which is the income gap. I need to update it based on AEI's updated research and new article on income/wealth gap. Their recent research shows that whites and blacks who make more money have more money and buy more expensive homes in more expensive areas. There is almost no racial income, wealth gap under median income, wealth. Most of it comes from the top 1%. The wealth gap is mainly from stocks, investments of the top 1% who are mainly white. It's not from home values. All whites, blacks, Latinos...should be complaining about having less income, wealth and owning less valuable homes. It feels like people are trying to pit blacks against whites by spreading this false narrative supported by totally fraudulent paper by Andre Perry. Are super wealthy white people using Andre Perry to stoke the flames of a race war so people won't realize the real issue is the wealth gap between the top 1% and everyone else? </p><p><a href="https://appraisersblogs.com/the-real-cause-of-the-home-value-gap-is-the-income-gap">https://appraisersblogs.com/the-real-cause-of-the-home-value-gap-is-the-income-gap</a></p><p>It's so frustrating to see HUD get bamboozled by lenders and politicians into thinking the cause is appraisers and appraisals. No one else seems to think so including other government departments. The lenders have just been using the false narrative of the alleged racist appraiser to be able to use AVMs Automated Valuation Methods. AVMs make lenders more money. They can also get the value they want so they can close the deal. AVMs are bad for buyers, government, economy, stock market and investors.</p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com1tag:blogger.com,1999:blog-3442647156973609536.post-72933362107459521232023-08-03T12:05:00.004-07:002023-11-03T10:39:14.359-07:00AEI Response to PAVE Task Force AVM. Appraisers Are Not Racists and Don't Lowball Blacks, Latinos, comments by Mary Cummins<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0lGVEKEsZYpgJoAsNZf4iX1htVcHy2_1ma4Ca8J-dJft-a58rhGJOLkphZm2YUmVlOIb5SVn61zBB3UMnvizS6SqiBFYH88zI_qfudSZgFt5Rs37vi74Mk8laVWRXZyR4cvyi-kgH5QwW7yQ_E9fJe3tGSksZOyF_Q6g5zt8wf6bRIyYJYHgQNUtOIQ/s527/aei%20reply%20pave.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="443" data-original-width="527" height="269" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0lGVEKEsZYpgJoAsNZf4iX1htVcHy2_1ma4Ca8J-dJft-a58rhGJOLkphZm2YUmVlOIb5SVn61zBB3UMnvizS6SqiBFYH88zI_qfudSZgFt5Rs37vi74Mk8laVWRXZyR4cvyi-kgH5QwW7yQ_E9fJe3tGSksZOyF_Q6g5zt8wf6bRIyYJYHgQNUtOIQ/s320/aei%20reply%20pave.jpg" width="320" /></a></div><p>UPDATE 11/03/2023AEI proves once again that HUD, US Government lied about appraisers allegedly low-balling people of color. This is exactly what appraisers have been saying all along. "We find that seemingly large differences in the share of under-valuations–appraisals where the appraised value is below the contract price– received by people of color are almost entirely or entirely due to differences in geographies where people, regardless of race or ethnicity, reside. When comparing appraisals for people of color to those for non-Hispanic white people within the same census tract, we find that there are no or minimal differences.</p><p>This analysis suggests that commonalities in people’s experiences in buying a home (e.g. first-time home buyer status) or local market conditions (e.g. the presence of a market frenzy or seller concessions) are far more important than differences in people’s race or ethnicity when it comes to determining who receives an under-valuation and who does not. This suggests that studies by FHFA, Brookings, or Freddie Mac with their singular focus on appraiser racial bias have misdiagnosed the issue." #AEI #americanenterpriseinstitute #marycummins #realestateappraiser #realestateappraisal #HUD <a href="https://www.aei.org/research-products/report/confirming-alternative-explanations-for-appraisal-under-valuations-new-evidence-from-appraisal-level-data/">https://www.aei.org/research-products/report/confirming-alternative-explanations-for-appraisal-under-valuations-new-evidence-from-appraisal-level-data/</a></p><p>ORIGINAL: American Enterprise Institute (AEI) made some important independently researched statements in their comment letter about the PAVE Task Force, AVMs and real estate appraisers. It shows with verified facts the flaws in the research cited by PAVE. The research cited by PAVE was poorly done by the Urban Institute, Andre Perry then twisted to meet the agenda of UI, Perry. I have no issues with promoting the interests of black people. I'm Latino and promote the interests of Latinos, Blacks, Asians, women, lower income, homeless... I do have a problem with people falsifying research to promote an agenda with racist lies which hurt innocent people. Below are a few important issues raised in AEI's comment letter to the PAVE Task Force.</p><p>1. AEI stated First Time Buyers (FTBs) tend to overpay for properties. There are also more seller concessions. This would explain appraisals being at market value which is lower than contract price. I see this all the time because I appraise in these areas. It's not the result of biased, racist appraisers.</p><p>Urban Institute, HUD, PAVE stated that "racist old white male" appraisers were intentionally low balling blacks and Latinos. Their "proof" was a difference in contract price and appraisal values in census tract areas with more Blacks, Latinos. I'd commented at the time it was probably because there is a correlation between race and income. Whites make more money than blacks, Latinos. People who make more money have more money and buy more expensive homes in more expensive areas. Areas which are predominantly black, Latino are lower income areas with many first time buyers. </p><p>"The presence of first-time homebuyers (FTBs) or the use of seller concessions could affect the sale price relative to the AVM. Our analysis in “Exploring Alternative Explanations for Appraisal UnderValuation” shows a significantly higher share of FTBs in tracts with lower levels of non-Hispanic White residents. This is significant because the literature shows that FTBs tend to overbid for a home by approximately $3,000, or about 1% of the contract price for the average home compared to repeat buyers and that they use a higher share of seller concessions, which can amount to 2.01-3% of the property price."</p><p>2. The letter noted that homes in lower priced areas that are more likely to be predominantly black, Latino are generally in lower rated condition which would be C4, C5 rating as opposed to C3 and above. I see this every day in my inspections of these areas. Again, it has to do with money. The more money you have, the more you will spend to properly maintain and upgrade your home.</p><p>"Even though the paper controls for home quality as measured by an exterior condition rating, we found in other work that exterior condition ratings can be quite different from interior condition ones. We also found that home interior quality can be a significant factor in the difference between an AVM and a home’s sale price and that for a small number of properties with extreme conditions that difference was significant."</p><p>3. The letter also again stated that AEI <a href="https://www.aei.org/research-products/report/exploring-alternative-explanations-for-appraisal-under-valuation/" target="_blank">found no effect of race on appraisal value</a>. </p><p>"We have pointed out serious flaws in numerous studies that purport to show widespread appraiser bias or systemic devaluations of neighborhoods." <a href="https://www.aei.org/research-products/report/exploring-alternative-explanations-for-appraisal-under-valuation/">https://www.aei.org/research-products/report/exploring-alternative-explanations-for-appraisal-under-valuation/</a></p><p>They suggest "To better measure and document appraiser racial bias, we once again propose reviewing every appraiser for racial bias and deliberate inaccuracies based on a comprehensive review of their past refinance appraisals. To that end, we have demonstrated a working methodology in “A Blueprint for Mass Screening Appraisers for Racial Bias and Inaccuracy Based on an Atlanta, GA Study” that could be implemented today by either FHFA, Fannie Mae, or Freddie Mac.Ultimately, the goal of public policy should be to identify biased and inaccurate appraisers and to prosecute the former and to educate and retrain the latter."</p><p>I fully support this. Please, fairly audit everyone's appraisals. I'd be the first to take racist appraisers out behind the woodshed. Take away their license, charge them with actual crimes and send them to prison. Stop blaming every appraiser for racism and bias. What really irks me is that these people are claiming racism and bias when they are doing exactly that to real estate appraisers. If you're against racism, bias, you should be against ALL racism or bias against everyone or else you're a hypocrite.</p><p><a href="https://www.aei.org/research-products/report/a-response-to-the-recommendations-of-the-pave-working-group/">https://www.aei.org/research-products/report/a-response-to-the-recommendations-of-the-pave-working-group/</a></p><p><a href="https://www.aei.org/wp-content/uploads/2023/08/A-Response-to-the-Recommendations-of-the-PAVE-Working-Group-FINAL-1.pdf?x91208">https://www.aei.org/wp-content/uploads/2023/08/A-Response-to-the-Recommendations-of-the-PAVE-Working-Group-FINAL-1.pdf?x91208</a></p><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<li><a href="http://www.animaladvocates.us/">Mary Cummins of Animal Advocates</a></li>
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</ul>
<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-44589669583014116002023-08-02T12:40:00.004-07:002023-08-02T22:23:17.343-07:00Appraisers Can't Use Demographic Census Tract Data Yet Government Uses it to Attack Appraisers by David Towne<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCqziUGdZU3RCu61eA-8uLjYyorCQf2tPhu3Zjdn4ArzTts1ESL9WlVMYw8LEbhvj0jxzZFHp25KJJZiaHmer6FbW-4uMFeq5vWUd-R5S3uUPaRS2H2kHSjcLfznrg7P-wrWSpV2NpcEg6nWRhDCXyiLyBX_nJrCTr2xiBPMu-6AHaNCWZHAS9uDe7Hg/s497/beverly%20hills%20census%20tracts.jpg" style="margin-left: auto; margin-right: auto;"><img alt="real estate appraisal,neighborhoods,david towne,real estate appraiser,mary cummins,real estate,appraisal,census tract,california,appraiser,los angeles," border="0" data-original-height="468" data-original-width="497" height="301" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCqziUGdZU3RCu61eA-8uLjYyorCQf2tPhu3Zjdn4ArzTts1ESL9WlVMYw8LEbhvj0jxzZFHp25KJJZiaHmer6FbW-4uMFeq5vWUd-R5S3uUPaRS2H2kHSjcLfznrg7P-wrWSpV2NpcEg6nWRhDCXyiLyBX_nJrCTr2xiBPMu-6AHaNCWZHAS9uDe7Hg/w320-h301/beverly%20hills%20census%20tracts.jpg" title="real estate appraisal,neighborhoods,david towne,real estate appraiser,mary cummins,real estate,appraisal,census tract,california,appraiser,los angeles," width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">real estate appraisal,neighborhoods,david towne,real estate appraiser,mary cummins,real estate,appraisal,census tract,california,appraiser,los angeles,</td></tr></tbody></table><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><p>Another great article by real estate appraisal expert Dave Towne cited below. He states what many have noted since the government started mentioning census tracts and appraisal values. Appraisers can't and don't use <a href="https://en.wikipedia.org/wiki/Census_tract" target="_blank">census tract</a> report data in selecting comparables or valuing properties. We are not allowed to consider personal demographics. We can only consider properties in a market area similar to the subject property. Neighborhoods, market areas do not correlate with census tracts! Census tracts were made by the government to gather personal demographics of the inhabitants in specific tiny areas to compare changes over time. They are a more recent artificial constructs of government which have nothing to do with determining appraisal values.</p><p>The first census tracts in the US were made in 1906 in New York. In 1934 they were standardized and expanded to a few major cities. "The goal of the criteria has remained unchanged; that is, to assure comparability and data reliability through the standardization of the population thresholds for census tracts, as well as requiring that their boundaries follow specific types of geographic features that do not change frequently. The Census Bureau began publishing census tract data as part of its standard tabulations beginning with the 1940 Census." </p><p>For all we know the original tracts may have included some type of "redlining" based on race, nation of origin, primary language spoken, income levels... The "redlining" may have just been a correlation of less wealthy people living near the railroad tracks, polluted industrial areas and wealthier people living near the city center or a beautiful lake. Income, wealth correlate with race but race is not the cause.</p><p>The 1934 tracts have not changed but neighborhood boundaries, home values and real estate have definitely changed. Sometimes even the physical boundaries have changed with new freeways, aqueducts, dams, large government projects, dedicated parks, removal of train tracks... These areas also change as different areas go through the <a href="https://mary--cummins.blogspot.com/2017/04/real-estate-cycles-mary-cummins-real.html" target="_blank">real estate cycles</a> of growth, stabilization, decline and revitalization. Home values go up and down. Different people move in and out.</p><p>Appraisers use market areas sometimes called neighborhoods to selected comparables to value a subject property. WE DO NOT USE CENSUS TRACTS! The census tract number is auto-filled by a software program in the report. That's the only mention and use of census tracts. The government is the one who requested that data for their own loan use which is why it's in the form. Now they are misusing it to mischaracterize appraisers as alleged "racists" who "lowball" blacks and Latinos. Independent research by <a href="https://www.aei.org/research-products/report/how-common-is-appraiser-racial-bias-an-update/" target="_blank">AEI has proven that race is not a factor in appraisal values</a>. Whites make more money than Latinos and Blacks. If you make more money, you have more money and wealth. If you have more money, you will buy a more expensive home in a more expensive area. The main value of real estate is LOCATION, LOCATION, LOCATION. </p><p>When we search for comparables for a subject property some use a half mile radius from subject. Some go one mile. In rural areas they go a few miles. For a high density condo area you might just use 1/4 mile radius. Some appraisers use known neighborhood boundaries which could be two streets, railroad crossing, major boulevard, freeway or the ocean. It depends upon the subject property. If I were appraising a home in the N 600 block in the flats of Beverly Hills, I would search N 500-700 then probably go two blocks east and west of the subject for starters. If I needed to go wider, I'd only go east or west and not north or south. North is much more expensive because they are larger estates. South is much smaller tract homes on much smaller lots. I don't look at or search census tracts. I'd have to figure out how to do that if my MLS could even do that. In fact this census tract of Beverly Hills is the first one I've ever looked at in my life just now. There are ten census tract maps in the map below.</p><p>Below is the census map which includes Beverly Hills, zoning map of Beverly Hills and zip code map. They're all different. I'm using this because I grew up here and know all the different market areas very well. Some of the areas in the census maps are commercial only and worth trillions of dollars. People don't live in those areas. They are stores, offices, medical centers in the golden triangle. Some of the areas in the census map are Beverly Hills and some are the city of Los Angeles. Beverly Hills property is easily worth twice Los Angeles property even if it's just across the street for many reasons yet they're in the same census tract. </p><p>There's a thick line running down the middle of two census tracts. That's Sunset Blvd. Properties north of Sunset are worth 2-3x as much as properties south of Sunset. I could go on and on. The purpose is to show you that census tracts have nothing to do with real estate appraisal values. Three homes in the same tract could easily be worth $300,000 (small studio condo in Los Angeles), $2,000,000 small tract house south of the long gone rail road tracts on Santa Monica Blvd or $50,000,000 home above Sunset. Census tracts don't correlate with value. They should only be used to talk about people. </p><p>I think the problem with census tracts and home values first started with fraud Andre Perry. He used Zillow Zestimate home values in different census tracts and compared them with the predominant race of people in the census tract area. His goal, agenda was to show that black owned homes are worth less than white owned home due to "old white racist male" appraisers intentionally low balling black people. No appraiser appraised any homes in his paper. He used only inaccurate Zillow values. He also just used the majority percentage of blacks in each area. He then cherry picked and twisted the results to fit his agenda. The results of his fraudulent study showed that whites make and have more money than blacks, latinos. Whites can afford to buy more expensive homes in more expensive areas. We've known about the income and wealth gap for years. It's caused by income and socioeconomic factors but not race or real estate appraisers. <a href="https://www.aei.org/research-products/report/a-response-to-the-recommendations-of-the-pave-working-group/" target="_blank">AEI research which disproves Andre Perry's fraudulent paper.</a></p><p><br /></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIvGdexqti6mk_tcvt81rCTgnx62YR6aDGm9UgRqxWz5gLlJh6z4yZG5NivxKxkmOrxGKUgF1eOQDvNpZ9UCZz-NqP4NI6XxCAfLVVmDtWM8G_TUM2jhGb4BefEs0CULzDrfQ8YyLHmQ9PqDVaOMxnjxoLxeHkXzb4oQbUQWa5PmP4iT3DXiPET82kLg/s497/beverly%20hills%20census%20tracts.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="468" data-original-width="497" height="301" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIvGdexqti6mk_tcvt81rCTgnx62YR6aDGm9UgRqxWz5gLlJh6z4yZG5NivxKxkmOrxGKUgF1eOQDvNpZ9UCZz-NqP4NI6XxCAfLVVmDtWM8G_TUM2jhGb4BefEs0CULzDrfQ8YyLHmQ9PqDVaOMxnjxoLxeHkXzb4oQbUQWa5PmP4iT3DXiPET82kLg/s320/beverly%20hills%20census%20tracts.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Census map of Beverly Hills. Ten maps which include Century City, Sherman Oaks and Los Angeles cities.</td></tr></tbody></table><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgk8jp64M1axfAmXXOe_WAzU3m2N46YljgVRTXTsmlUZmRaOOm1eej_bRSORnF1qTz42wCp6PsF_a04QDZqAufmhwB87exV8JnT5Zx3wRY2quMXQ4JGlqWOORyq3z0MtQ2JkU4VGqdp-UEn2OScK-PRA7uO-47WfEhMKkTdlOROeir5O6ooKKdXn-ZiYA/s1539/beverly%20hills%20zoning%20map.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1539" data-original-width="1024" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgk8jp64M1axfAmXXOe_WAzU3m2N46YljgVRTXTsmlUZmRaOOm1eej_bRSORnF1qTz42wCp6PsF_a04QDZqAufmhwB87exV8JnT5Zx3wRY2quMXQ4JGlqWOORyq3z0MtQ2JkU4VGqdp-UEn2OScK-PRA7uO-47WfEhMKkTdlOROeir5O6ooKKdXn-ZiYA/s320/beverly%20hills%20zoning%20map.jpg" width="213" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGupPgRZqlbqV6N6Q5AT6lKGluzRUUsM-Qs2ngEwV66ahyGA3tqWg4lhfFHxSZyDUm2B3x4RZbn-UkCT2MG8CE3lz0slgBRWUrJyMufyNYKbfT6MIzfsEGrxPtqOt485SiejRHn9g6FYe2fmwbqA9lI09EGBSpb1XaUu4X0-hu_Sk84fVLRNwCO3DCvQ/s470/bhmap.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="369" data-original-width="470" height="251" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGupPgRZqlbqV6N6Q5AT6lKGluzRUUsM-Qs2ngEwV66ahyGA3tqWg4lhfFHxSZyDUm2B3x4RZbn-UkCT2MG8CE3lz0slgBRWUrJyMufyNYKbfT6MIzfsEGrxPtqOt485SiejRHn9g6FYe2fmwbqA9lI09EGBSpb1XaUu4X0-hu_Sk84fVLRNwCO3DCvQ/s320/bhmap.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Map of the city of Beverly Hills broken up by zip codes just so you can see the outline of the city.</td></tr></tbody></table><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><p><br /></p><p>Below is Dave Towne's article. I asked his permission to share it. I'd link to it but he posts it in an appraisal group which is not public.</p><p>"Not to gloat, but I seem to be the only appraiser in the US who has observed and reported how people-oriented DEMOGRAPHIC CENSUS TRACT DATA reported by FHFA, the GSE’s and other entities is being used to tar and feather appraisers. I have written about this topic at least 2x in the past.</p><p>The latest is this 8/01/23 INSIGHTS newsletter, in the link, from FHFA ...... the ‘conservator’ of Fannie Mae and Freddie Mac:</p><p>Blog | Federal Housing Finance Agency New Measures in the UAD Aggregate Statistics: Opportunities to Explore Data on Comparable Properties and Structural, Lot, and Neighborhood Characteristics (fhfa.gov)</p><p>Here’s what’s in that (screen shots of the document):</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-j-ERLX_Iij_9XMBi6kvJwEPOcPi4z5mraZdRHrVbXjeQLcwmMYKPEI_Jb0rKEK8I8b6DBE8FJVBUPMJs08_fRDVoYtjEwPDw21K7ktnzirEolNTUn00U1kkiSl3HNf8m5396HfF2mGyb5dygdyoqbLMTCiFspgA27aQs1fvEokT9SsWcmh-WO-FLDg/s813/unnamed%20(1).png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="81" data-original-width="813" height="32" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-j-ERLX_Iij_9XMBi6kvJwEPOcPi4z5mraZdRHrVbXjeQLcwmMYKPEI_Jb0rKEK8I8b6DBE8FJVBUPMJs08_fRDVoYtjEwPDw21K7ktnzirEolNTUn00U1kkiSl3HNf8m5396HfF2mGyb5dygdyoqbLMTCiFspgA27aQs1fvEokT9SsWcmh-WO-FLDg/s320/unnamed%20(1).png" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkmhXcTsbx6EWITDr7Wd8zox_hXBUNeUOeeScKSL6tmTb4V1RLfk5CekhGsBA9yotuUm7eGVvBLqSqrB3ZKj3T4dvV4YumfCwfKyD5vD2tMzFGgNRq03OaHBbmMp-OwQE3YRkYlMFHesEfGdric5GJEjzBWR4_Nj1a2ZAhFgyvIU_V1fN74klqvI5ITg/s814/unnamed.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="124" data-original-width="814" height="49" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkmhXcTsbx6EWITDr7Wd8zox_hXBUNeUOeeScKSL6tmTb4V1RLfk5CekhGsBA9yotuUm7eGVvBLqSqrB3ZKj3T4dvV4YumfCwfKyD5vD2tMzFGgNRq03OaHBbmMp-OwQE3YRkYlMFHesEfGdric5GJEjzBWR4_Nj1a2ZAhFgyvIU_V1fN74klqvI5ITg/s320/unnamed.png" width="320" /></a></div><br /><p><br /></p><p>Appraisers don’t appraise properties with CENSUS TRACTS as a paramount data point. Most of us don’t even know where the tract boundaries are.</p><p>The Census Tract Number on the appraisal form is only there so that the LENDER and their regulators can track loans made in Tracts.</p><p>Because the ‘researchers’ cannot get into the minds of appraisers to determine how comps are selected, all the ‘researchers’ can do is fall back on this DEMOGRAPHIC metric. That’s unfair to appraisers. “We” appraisers are not allowed to use or consider people-oriented DEMOGRAPHICS in reports.</p><p>But what’s conveniently overlooked in this metric is the econometric status and other factors that play into where people choose to live and how baseline property valuations are done, starting with the local jurisdiction Assessor. Those baseline factors started decades ago, long before most appraisers got into the business.</p><p>Buyers also don’t use Census Tracts as a determining factor on where to buy their home, unless magically the Tract corresponds with other geographic or personal factors the buyer considers important. Builders/developers in most cases don’t purposely put up new housing based on Census Tract demographic info.</p><p>What’s been happening since 2018 or before is the likes of Andre Perry and Elizabeth Corver-Glenn, Ph.D, etc., have incorrectly used Census Tract people-oriented DEMOGRAPHIC info to inform Congress and others that “We” appraisers are valuing properties all wrong and it must be stopped.</p><p>Because of this, Census Tracts are becoming the de facto element “We” must acknowledge and that other people think is proper.</p><p>In short, using only this people-oriented DEMOGRAPHIC based data item to judge appraisers is just plain wrong.</p><p>Dave Towne, MNAA, AVAA, AGA " </p><p>About David Towne<br /></p><p>Certified Residential RE Appraiser at Towne Appraisals</p><p>AGA, MNAA, Accredited Green Appraiser - Licensed in WA State since 2003</p><p><a href="https://www.linkedin.com/in/dave-towne-4a65226/">https://www.linkedin.com/in/dave-towne-4a65226/</a><br /><a href="https://www.towneappraisals.com/">https://www.towneappraisals.com/</a></p><p><a href="http://www.e-appraisersdirectory.com/Washington_Appraisers:Towne_Appraisals-48-2989-0-0-1864.html">http://www.e-appraisersdirectory.com/Washington_Appraisers:Towne_Appraisals-48-2989-0-0-1864.html</a></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-13130118645277235722023-07-30T13:00:00.006-07:002023-07-31T20:09:11.379-07:00Nazario Incorrectly Blames Their Home Affordability Issues in Los Angeles on Government by Mary Cummins<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinYo-zIOBDMiYTSAY2Zv64E28ay31OhfK3upAOobimzzL2b7O7ctbxBKpEBtMWn843S_sBigDLqcjfeoLba8zdtFsfCm694BoN1CmoMkdQrv3egdr5gAjq9CI7-396WCmjgS1it6ANGOFzEKHS1Cv1Ia4vFOq_LQWaxOpR56HooZSKmBx1N_M9AlHrVg/s633/family%20four%2026%20years.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="499" data-original-width="633" height="252" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinYo-zIOBDMiYTSAY2Zv64E28ay31OhfK3upAOobimzzL2b7O7ctbxBKpEBtMWn843S_sBigDLqcjfeoLba8zdtFsfCm694BoN1CmoMkdQrv3egdr5gAjq9CI7-396WCmjgS1it6ANGOFzEKHS1Cv1Ia4vFOq_LQWaxOpR56HooZSKmBx1N_M9AlHrVg/s320/family%20four%2026%20years.jpg" width="320" /></a></div><br /><p>This family of four tries to blame the government for their inability, unwillingness to cheaply rent or buy a home in central Los Angeles on their low wages with little savings. There are a few issues here the biggest being their relatively low wages. The article states the two daughters graduated from college. Jennifer Nazario got a Masters in economics and Paula Zanario got one in public policy. Their Opinion op-ed piece shows they may not have been paying attention in class.</p><p>People making minimum wage can't afford to rent a one bedroom in LA same in SF and NY let alone buy a home. Median rent for one bedroom here is $2,100. You need two people with minimum wage jobs to afford that and they're still rent burdened. They should increase their wages before considering buying. They've now bought at the peak of the market with high interest rates and a super low down payment. Hope they didn't get an adjustable and never have an emergency or job loss.</p><p>One issue I've found with people living in rent control units is they never strive to increase their income because they don't need to. I can only imagine how low the rent is for that studio after having been there for 25 years. It's wayyyyyyy below market rent. They've been taking advantage of their landlord who has subsidized their rent for 25 years. Their landlord is probably also an immigrant Latino. </p><p>Legally they were not allowed to have four people in there. They could have been evicted easily but the landlord was nice to them and allowed them to stay. It's two people max allowed for a studio though sometimes they'll allow a very young underage child.</p><p>As I read the article the two kids weren't old enough to work until about 2022. They said they both went to college then grad school. They chose not to get full time jobs. Then they said they, I assume the two daughters, make over $136,650 a year combined. They did at least state they were happy they had low rent so they could save a lot of money for years. That's nice. It also means they are admitting they could have afforded a bigger better place if they wanted to. They are complaining about a situation they created for themselves.</p><p>The writers state they applied for the BofA program but didn't qualify because they made too much money. They also applied for the California Dream for All program which ran out of funds. Then they whined about the pay back part of one program if they accrue equity and sell. That's how the program works and is funded! We're really just taking their word for it. There could be more involved like credit scores, time at their jobs, other debt like car payments, credit card debt, bad debt, student loans...</p><p>They ended up buying a home outside of expensive downtown Los Angeles with 3% down. This was after they basically complained about rising rents, home prices and gentrification. They moved somewhere else and contributed to gentrification in that area. "Gentrification" has nothing to do with race but finances. Finances correlate with race in the US. Whites make more than Latinos and Blacks. It's actually just the revitalization cycle of real estate. People get pushed out of more expensive areas into less expensive areas. That's what happened with this family. They originally found a cheap place to live because it was in the recession phase before the recovery phase. They just did the same with their new place. They committed "gentrification."</p><p>Jennifer and Paula Nazario suggest government programs should provide free or cheap down payments for homes for poor people with low income jobs, bad credit, lots of debt and no savings. They clearly were not paying attention in class especially Jennifer with her Economics degree. If anyone can basically buy a home for free even though they can't easily make the mortgage, taxes, insurance, upkeep expenses, they will default and lose the home. That's why conventional loans don't allow you to borrow the down payment money. If you aren't making enough income to afford the down payment, you can't weather any emergency and won't be able to pay back the loan. Someone with no money in the deal won't care as much about losing the property. No bank would loan on a property without an equity cushion for fees, costs if they get stuck with it in foreclosure. There is a ton of years long research on this. </p><p>Someone should have dissuaded the Nazarios from writing this clueless op-ed piece. It makes them look really stupid. I wasn't going to say anything until I saw that Jennifer has a degree in Economics. I'm truly embarrassed for them because I'm Latino. Thankfully I have common sense and don't expect the government to pay for everything for me. You have to do some things for yourself in this world.</p><p>From the article: "<a href="https://www.linkedin.com/in/jennifernazario/" target="_blank">Jennifer Nazario</a> is a systems administrator at a network of college-preparatory schools and a first-generation college graduate with a master’s degree in economics. <a href="https://latino.ucla.edu/person/paula-nazario/" target="_blank">Paula Nazario</a> is an assistant director at UCLA and the first person in her family to go to college. She has a master’s degree in public policy."</p><p><a href="https://www.yahoo.com/news/family-four-shared-cramped-studio-100112963.html">https://www.yahoo.com/news/family-four-shared-cramped-studio-100112963.html</a></p><div><br /></div><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-57306661240469865982023-07-22T13:10:00.004-07:002023-07-22T13:32:41.490-07:00Barbie's Malibu Beach House 33505 Pacific Coast Highway PCH Hwy by Mary Cummins Real Estate Appraiser<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfevQVGEimdzADsor_aSVT8RD3aZBAFwLlFfK9ZdZaRex_sOe2v7CTsMQcsVrod0A3et4Ns73pLQVdvbdORIOoMuZvBgZ9H8Oti94D0YsIv-R_wTYgQLrFLaVn1VafuEzYIXL2eyWGmtH1DgN3VFz5tT-pZ5RAljlLX5LfvVEQCNss-kTwP59skIdedg/s741/barbie%20houze.jpg" style="margin-left: auto; margin-right: auto;"><img alt="barbie house, barbie malibu beach house, mary cummins, real estate appraiser, los angeles, california, barbie, malibu, 33505 pacific coast, 33505 pch, highway, hwy, real estate" border="0" data-original-height="465" data-original-width="741" height="201" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfevQVGEimdzADsor_aSVT8RD3aZBAFwLlFfK9ZdZaRex_sOe2v7CTsMQcsVrod0A3et4Ns73pLQVdvbdORIOoMuZvBgZ9H8Oti94D0YsIv-R_wTYgQLrFLaVn1VafuEzYIXL2eyWGmtH1DgN3VFz5tT-pZ5RAljlLX5LfvVEQCNss-kTwP59skIdedg/w320-h201/barbie%20houze.jpg" title="barbie house, barbie malibu beach house, mary cummins, real estate appraiser, los angeles, california, barbie, malibu, 33505 pacific coast, 33505 pch, highway, hwy, real estate" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">barbie house, barbie malibu beach house, mary cummins, real estate appraiser, los angeles, california, barbie, malibu, 33505 pacific coast, 33505 pch, highway, hwy, real estate</td></tr></tbody></table><br /><p><br /></p><p>The Barbie Malibu Beach house is located at 33405 Pacific Coast Highway PCH Hwy. The GPS is 34.04435703038078, -118.90477660010154 . Here is the <a href="https://www.google.com/maps/place/33505+Pacific+Coast+Hwy,+Malibu,+CA+90265/@34.0441183,-118.904652,320a,35y,6.59h/data=!3m1!1e3!4m6!3m5!1s0x80e83d0aca059bbf:0xe0c2383dc7af35f8!8m2!3d34.0443313!4d-118.9047779!16s%2Fg%2F11c1dlznll?entry=ttu" target="_blank">Google map</a>. The Assessor's Parcel Number APN is 4473-003-003. </p><p>Barbie's Malibu Dream House is owned by 62 year old real <a href="https://www.dirt.com/gallery/more-dirt/real-estate-listings/barbie-dreamhouse-malibu-california-1203647761/" target="_blank">estate agent Kirby Max Kotler</a>. </p><p>Legal description is LAND OF MATTHEW KELLER IN THE RANCHO TOPANGA MALIBU SEQUIT LOT ON N LINE OF PACIFIC COAST HWY COM N 9 14'30" E 50 FT AND N 80 45'30" W 600 FT FROM ENGR STA 229 PLUS 62.82 IN C/L OF SD HWY PER 30" E PART OF LOT 19 . Below is the parcel map. Look at the pink arrow.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPGdyHdn5Zn9FZuIHIaOhVrxmQFhqcka9fnJ2OJBWcQ_LYSNe8ZU1Npwl_3s_W-UzXzCK898emg7Ipg985ZfL6S60fE7MlfV7-zzhdI_DiFYnc-imlNrbzubA45fZX4Tuh5GpOA-hT6Ru-tKX3CZbxVWx6tkaQ4aJVeVmFfb6QtTB-M-2zaiDfPLZyMw/s3520/barbie%20house.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2360" data-original-width="3520" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPGdyHdn5Zn9FZuIHIaOhVrxmQFhqcka9fnJ2OJBWcQ_LYSNe8ZU1Npwl_3s_W-UzXzCK898emg7Ipg985ZfL6S60fE7MlfV7-zzhdI_DiFYnc-imlNrbzubA45fZX4Tuh5GpOA-hT6Ru-tKX3CZbxVWx6tkaQ4aJVeVmFfb6QtTB-M-2zaiDfPLZyMw/s320/barbie%20house.jpg" width="320" /></a></div><br /><p>It was last listed for lease for $12,000/month in 2011. Description is "Newly built, private and gated, custom architectural home situated on over 2.5 acres of land. This beautiful home, surrounded by lush and tropical landscaping, has 3 bedrooms + office/guest bedroom and 3.5 bathrooms and maids quarters. Gourmet chef's kitchen with stainless steel Viking appliances and stunning living room with fireplace. This Malibu Estate boasts magnificent 180 degree ocean and whitewater views of the beautiful Pacific Ocean from Santa Monica to the Channel Islands." Below is the last MLS for the property.</p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjsMTfp7Hp80SoYoIAMycOtrHziuaqvSBzdaTEFZqYqxybdR5GbXabptju19wf3qvOOs_xBLvfwCf99kDJHD6u6I_DDVCS1Yl1thWX9Q0SGnX9U9UyraOMzA5hosGT_x28KgkZ2OfLT_2wkReuq5gOZAE4JDA8pPyXQYrlQ6z7jsMPRAiOqn9hrjJ5dJA/s842/33505%20pch%20lease_page_001.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="842" data-original-width="595" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjsMTfp7Hp80SoYoIAMycOtrHziuaqvSBzdaTEFZqYqxybdR5GbXabptju19wf3qvOOs_xBLvfwCf99kDJHD6u6I_DDVCS1Yl1thWX9Q0SGnX9U9UyraOMzA5hosGT_x28KgkZ2OfLT_2wkReuq5gOZAE4JDA8pPyXQYrlQ6z7jsMPRAiOqn9hrjJ5dJA/s320/33505%20pch%20lease_page_001.jpg" width="226" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">barbie house,33505 pch,barbie malibu beach house,real estate appraiser,real estate,hwy,malibu dream house,barbie,malibu,33505 pacific coast,mary cummins,california,los angeles,highway,</td></tr></tbody></table><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4o9hC_xx40x2qHJLlbUF4Wg1Z_suu5jm-0hMUWIITPJdOhQ6vq5XEmuQRQhKecf1gNWum9vmtbuc3DPknxUTdZ4EXanHEL5s__pwVvCxVKrMZfHkDMAXNcfu7jGb98UOQ7WPe-a1_Mk1-FddUQkBYsdlA31yNSYRQGCr4l2n45QT0krKaAgi75MrVug/s842/33505%20pch%20lease_page_002.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="842" data-original-width="595" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4o9hC_xx40x2qHJLlbUF4Wg1Z_suu5jm-0hMUWIITPJdOhQ6vq5XEmuQRQhKecf1gNWum9vmtbuc3DPknxUTdZ4EXanHEL5s__pwVvCxVKrMZfHkDMAXNcfu7jGb98UOQ7WPe-a1_Mk1-FddUQkBYsdlA31yNSYRQGCr4l2n45QT0krKaAgi75MrVug/s320/33505%20pch%20lease_page_002.jpg" width="226" /></a></div>It's currently listed on Airbnb. <a href="https://www.airbnb.com/rooms/857387972692815761?source_impression_id=p3_1690054420_cHHNZOsAAcCHU8Wl&modal=PHOTO_TOUR_SCROLLABLE">https://www.airbnb.com/rooms/857387972692815761?source_impression_id=p3_1690054420_cHHNZOsAAcCHU8Wl&modal=PHOTO_TOUR_SCROLLABLE</a><div><br /></div><div>It was built in 2007 and is legally 3375 sf. The jurisdiction is City of Malibu, Los Angeles County, California.</div><div><br /></div><div>Google image views before the pink paint job.</div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVBK6aleSybJwrob-cPs_uypgS5m20sD8yTRcBd3V9FO2gnxEH8LRzRjygPa8IvPcmCMRJzg49H8m8thFu0cYdrc0V-dnsWr0UCuORGzU8vHM8dqx2Rdi2LsUwptZMCjlR5mezvmK7mN02rsArxUcYZKattUm9jvrb5P6aq9h1iXbNezKVFgrJdZopaA/s517/bbie%20map.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="517" data-original-width="497" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVBK6aleSybJwrob-cPs_uypgS5m20sD8yTRcBd3V9FO2gnxEH8LRzRjygPa8IvPcmCMRJzg49H8m8thFu0cYdrc0V-dnsWr0UCuORGzU8vHM8dqx2Rdi2LsUwptZMCjlR5mezvmK7mN02rsArxUcYZKattUm9jvrb5P6aq9h1iXbNezKVFgrJdZopaA/s320/bbie%20map.jpg" width="308" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">barbie house,33505 pch,barbie malibu beach house,real estate appraiser,real estate,hwy,malibu dream house,barbie,malibu,33505 pacific coast,mary cummins,california,los angeles,highway,</td></tr></tbody></table><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHPUIsRlG8tfrzu2O7827ND86JvM0qt_GR-O1lyMH11fZ6b_N8fPg932STPHBvRNqlbxhYNd2BFhuFZY2xmpDy0BPuQQ34nGxdYUBTHDpy8FfmN_mZWiWhaBen8T2NMJjajHsnC11LD1UvCiHH_3Vfk486xFKJ4ekT902Ds9krZTJ-VmFRA87vpCj8ZA/s557/bbmap%20close.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="513" data-original-width="557" height="295" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHPUIsRlG8tfrzu2O7827ND86JvM0qt_GR-O1lyMH11fZ6b_N8fPg932STPHBvRNqlbxhYNd2BFhuFZY2xmpDy0BPuQQ34nGxdYUBTHDpy8FfmN_mZWiWhaBen8T2NMJjajHsnC11LD1UvCiHH_3Vfk486xFKJ4ekT902Ds9krZTJ-VmFRA87vpCj8ZA/s320/bbmap%20close.jpg" width="320" /></a></div><br /><div><br /></div><div><br /></div><div>Part of the property was burned in the Woolsey fire and the owner was forced to sue the insurance company. Below is a request to rebuild a nonconforming structure. It includes a letter at the end about the issues. They have until November 2023 to submit plans for permits to rebuilt. I assume they did that.<br /><br /></div><div><a href="https://www.malibucity.org/AgendaCenter/ViewFile/Item/5375?fileID=27065">https://www.malibucity.org/AgendaCenter/ViewFile/Item/5375?fileID=27065</a><br /><p>More information from AirBnb</p><p>"Welcome to my Kendom! While Barbie is away, she has handed over the keys to her Malibu DreamHouse this summer and my room could be yours for the night. I’ve added a few touches to bring some much-needed Kenergy to the newly renovated and iconic Malibu DreamHouse. Placed perfectly above the beach with panoramic views, this life-size toy pink mansion is a dream come true!</p><p>Booking opens at 10 a.m. PT on Monday, July 17 for two, one-night stays for up to two guests on July 21 and July 22, 2023.</p><p>The space</p><p>Situated along the stunning, photogenic coastline, the Malibu DreamHouse is a sunny surfer’s sanctuary surrounded by beach, beach and more beach – just the way I like it.</p><p>I’ve decked out the place with a little more…well, me! I’m more than just beach! My cowboy stuff is great. And horses! Guitars, games and more. And of course, rollerblades, because I literally go nowhere without them. Now, guests can live it up Ken-style for a neon night in Barbie Land – six-pack not included.</p><p>- During your stay, you will have the opportunity to live in technicolor by:</p><p>- Taking a spin through my awesome wardrobe to find your best beach fit. Look out Barbie, I’ve got quite the closet too!</p><p>- Channeling your inner cowboy and learning a line dance or two on my outdoor disco dance floor or performing a sunset serenade on my guitar</p><p>- Challenging your fellow guests to a “beach off” with plenty of sunbathing and chillaxing by the infinity pool</p><p>- Taking home a piece of my Kendom with your very own set of yellow-and-pink Impala skates and surfboard</p><p>Other things to note</p><p>Once you arrive and check-in, our concierge will ensure a comfortable stay for you and your guest — including showing you around and setting out and arranging meals.</p><p>These one-night stays are not a contest. Guests are responsible for their own travel to and from Malibu. This home is privately owned and operated.</p><p>In celebration of BARBIE hitting theaters on July 21, and to honor girls’ empowerment, Airbnb will make a one-time donation to Save the Children. Save the Children provides learning resources and support to children, families, and communities in 100+ countries to build girls’ confidence and help them excel in school – ensuring everyone has equal opportunity to achieve success."</p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p></div>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-39368271558521876592023-07-20T10:53:00.001-07:002023-07-20T10:53:10.608-07:00PAREA Update from David Samnick - Practical Applications of Real Estate Appraisal , comment by Mary Cummins<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZFYt5mflFSKQ5AUSA-fdqgCBAk4iDPNm7M9vzYF8hPr9BIOVrokR1JDUwt38Gpm8CHDrsA8dNG7Bff2kBq6bFXhSy8tDuk2qttarzKQTSq3g8svfdeAQ7zNihkqC7eHcVW4dw7m0vPZD3pnjZjq9yUGsWuzzWYUX6GJ9Sd4ETqnKy-d0XCvz6IDBdNw/s800/1689854712153.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="600" data-original-width="800" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZFYt5mflFSKQ5AUSA-fdqgCBAk4iDPNm7M9vzYF8hPr9BIOVrokR1JDUwt38Gpm8CHDrsA8dNG7Bff2kBq6bFXhSy8tDuk2qttarzKQTSq3g8svfdeAQ7zNihkqC7eHcVW4dw7m0vPZD3pnjZjq9yUGsWuzzWYUX6GJ9Sd4ETqnKy-d0XCvz6IDBdNw/s320/1689854712153.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">parea, practical applications of real estate appraisal, mary cummins, real estate appraiser, real estate appraisal, los angeles, california, hud, ai, appraisal institute, mckissock, aqb, Appraiser Qualifications Board, mentor, trainee, license, certified residential, </td></tr></tbody></table><br /><p>I haven't been following PAREA as closely as I should have but thankfully appraiser David Samnick has been following it. He attended an Appraisal Institute meeting yesterday about the program. It's disheartening to say the least. The purpose of PAREA was to make it easier, cheaper and faster for new appraisers to get the training and hours of real life experience they need to get their license. A main purpose was to help diversify appraisers by making it cheaper and getting rid of the mandatory mentor/trainee. Lower income people can't work as a trainee for free for two years. I wrote a few articles about this huge obstacle to getting a license. Here's one from June 2021. <a href="https://mary--cummins.blogspot.com/2021/06/difficulties-becoming-real-estate.html">https://mary--cummins.blogspot.com/2021/06/difficulties-becoming-real-estate.html</a></p><p>This post below by David Samnick makes it clear that AI and others such as McKissock have used the issue of diversity just to line their pockets with money. The Appraisal Institute, McKissock make money selling education hours to appraisers. AI got a grant from the government to work on PAREA. May 18, 2023, the AQB approved the first PAREA program, belonging to the Appraisal Institute (AI). I wish I were wealthy and retired so I could train people for free. I'd only train POC if that were legal and not discriminatory.</p><p>"Practical Applications of Real Estate Appraisal (PAREA) is a program that aims to revolutionize the real estate industry by increasing the number of appraisers. However, after listening to the Appraisal Institute speaker at yesterdays board meeting it quickly became evident that this initiative is a complete failure.</p><p>A) You cannot start PAREA until you have received all your real estate appraisal education. 94 hours = $1,700 per McKissock</p><p>B) Appraisal Institute speaker said that most AMC's/banks won't accept licensed appraisers work so he suggests going the CR route. Cost to become a CR appraiser through PAREA - $10,000</p><p>C) PAREA is a complete online course. Zero mentorship in the real world. No physical measuring. No driving. No real time experience. No true mentorship.</p><p>D) No discussion with the PAREA student about the pay to play. Multiple MLS services, E&O insurance, business expenses, accounting, appraisal software, computers, reliable transportation, and other miscellaneous expenses. Total costs can exceed $6,000 per year.</p><p>E) The Appraisal Institute said that this would increase diversity into the appraisal field yet could not tell us the breakdown of how many applicants were minorities.</p><p>F) PAREA graduates will be scooped up by AMCS to sign off on Hybrid reports performed by third party data collectors.</p><p>G) PAREA graduates have no geographic competence.</p><p>H) Total cost for PAREA at the end of the day = $17,700 and potentially more.</p><p> </p><p>The Average Joes argued several points in the board meeting.</p><p>A) A graduate of the PAREA course would be paid and treated like a trainee as they have no real-world experience.</p><p>B) We could have more appraisers back into the industry if banks/amcs would allow appraisers to use their trainees.</p><p>C) Reinstate Licensed appraisers to be able to mentor new trainees. This would introduce the next generation of appraisers into the business.</p><p>D) Petition FHA to reinstate any licensed appraiser who took the FHA course and had to pass the test.</p><p>E) More appraisers would hire trainees if the AMC model wasn't taking so much money out of the pockets of working appraisers. Work is slow. Most have the mentality that my bills come before your bills.</p><p> </p><p>In closing PAREA launched in 2019. And the program has not been successful in diversifying the appraisal profession. In fact, a study by the Appraiser Qualifications Board found that the PAREA program has had a negative impact on diversity in the appraisal profession.</p><p>The study found that the PAREA program is disproportionately used by white appraisers. In fact, white appraisers are more than twice as likely to use the PAREA program than minority appraisers. The study also found that the PAREA program is not as effective in providing a more accessible pathway to licensure as the traditional apprenticeship model."</p><p><a href="https://www.linkedin.com/feed/update/urn:li:activity:7087764386198556672/">https://www.linkedin.com/feed/update/urn:li:activity:7087764386198556672/</a></p><p>Below was stated May 2023 by AI. “Market research has shown that value proposition—what PAREA is worth to someone in the marketplace—is around $5,000,” DiBiaso said. “Our pricing strategy may be different than that and include scholarships and discounts and payment plans. We have a commitment to The Appraisal Foundation that we will give preference of our scholarships to minorities, veterans, and people who indicate a willingness to serve in rural areas. The scholarships will come from a number of different sources including AI.” </p><p>McKissock stated their program will be ready June 2023. “We are investing heavily in the technology tools that appraisers use,” Nancy Gerome said, McKissock’s appraisal general manager. “Our hope is to have them consistently trained. You’ll get all different types of properties and scenarios because we’re leaning into the technology and experience. We’re trying to be thorough, that’s why we’re taking our time. We want to get it right.” </p><p>McKissock staff is preparing their launch to accommodate thousands of trainees, over a staggered period. They estimate the average time a person will take to complete the program is six months. The cost for participating is not yet determined. Staff did confirm there will be a “buy now, pay later” option, as well as scholarships. </p><p>“We are building a scholarship program because we know one of the goals of PAREA is to bring diversity into the profession, and we want to make it as affordable as we can,” Gerome said. Those interested in participating in a PAREA program of either McKissock or AI need to have already completed their Qualifying Education. "</p><p>Clearly when the government said there was a probably with diversity among real estate appraisers and the government would give money to help diversify appraisers all these companies heard was MONEY. They will just be training more appraisers for more money and the appraisers will probably all still be mainly older white men. </p><p>Appraisal Institute talks about grants and scholarships for POC and women all the time. I tried to apply and they said I have to pay to join their organization before they'd even talk about it. What if I had no qualifications or were denied? I'd be out the membership fee which is not cheap. It normally costs $15,000 to become an AI MAI appraiser even though I have 40 years of experience and have taken every publicly available real estate appraisal class in existence over the last 40 years. This is clearly a racket when you consider the government gave them money for the program. Gate keeping with a membership fee to the Appraisal Institute before you can access government funding.</p><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<li><a href="http://www.animaladvocates.us/">Mary Cummins of Animal Advocates</a></li>
<li><a href="http://marycummins.mary.cc/">Mary Cummins biography resume short</a></li>
<li><a href="http://www.marycummins.com/">Mary Cummins Real Estate Services</a></li>
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-55423512882607279062023-07-19T16:02:00.003-07:002023-07-19T19:51:16.802-07:00Fed Michael Barr: AI could 'perpetuate or even amplify' racial bias in mortgages, by Mary Cummins<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSFcQhFPo3R19_5EOGzcdwb25dHm_-YO3G92ynmIGnTH9Fz9Qv9xXKdUE43EG5rssOSkZJt2Ya7_uBmcZ6xEq0N0QCwmRZJI-I7Ix11ZTkoKmJwbhh3PWdAvbKTYkzmMzcrYEKtsyOuXfKCDYTdXicwhiWZPZm6FT1vw6VwGIuf0CXQNcAHOc1By166g/s631/ai%20bank.jpg" style="margin-left: auto; margin-right: auto;"><img alt="Michael Barr of the Federal Reserve stated artificial intelligence AI could perpetuate or even amplify racial bias in mortgages, mary cummins, real estate appraiser, real estate appraisal, los angeles, california, michael barr, racial bias,federal reserve, fed, loan origination, race, black, white, bias" border="0" data-original-height="505" data-original-width="631" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSFcQhFPo3R19_5EOGzcdwb25dHm_-YO3G92ynmIGnTH9Fz9Qv9xXKdUE43EG5rssOSkZJt2Ya7_uBmcZ6xEq0N0QCwmRZJI-I7Ix11ZTkoKmJwbhh3PWdAvbKTYkzmMzcrYEKtsyOuXfKCDYTdXicwhiWZPZm6FT1vw6VwGIuf0CXQNcAHOc1By166g/w320-h256/ai%20bank.jpg" title="Michael Barr of the Federal Reserve stated artificial intelligence AI could perpetuate or even amplify racial bias in mortgages, mary cummins, real estate appraiser, real estate appraisal, los angeles, california, michael barr, racial bias,federal reserve, fed, loan origination, race, black, white, bias" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Michael Barr of the Federal Reserve stated artificial intelligence AI could perpetuate or even amplify racial bias in mortgages, mary cummins, real estate appraiser, real estate appraisal, los angeles, california, michael barr, racial bias,federal reserve, fed, loan origination, race, black, white, bias</td></tr></tbody></table><br /><p>Artificial Intelligence (AI) is now being accused of racial bias. They're basically stating math, statistics, numbers themselves are racially biased. Again, the correlation between race and home value is caused by the income gap. If you have less money, you buy a less expensive home. Same with credit scores. The less money you have, the lower your credit score. POC make less money than whites. I'm just glad they're not still falsely accusing appraisers of AI's bias like they did previously with Andre Perry's fraudulent paper. No appraiser was involved in his data only robot Automated Valuation Methods (AVMs) which were basically accurate.</p><p><a href="https://www.americanbanker.com/news/feds-barr-ai-could-perpetuate-or-even-amplify-bias-in-mortgages">https://www.americanbanker.com/news/feds-barr-ai-could-perpetuate-or-even-amplify-bias-in-mortgages</a></p><p>"Fed's Barr: AI could 'perpetuate or even amplify' bias in mortgages</p><p>By Kyle Campbell</p><p>Michael Barr, vice chair for supervision at the Federal Reserve, said in a speech Tuesday that artificial intelligence in mortgage underwriting could exacerbate racial bias if left unchecked.Bloomberg News</p><p>The Federal Reserve's top regulator is wary of the use of artificial intelligence in mortgage underwriting. </p><p>Speaking at the National Fair Housing Alliance's national conference Tuesday morning, Fed Vice Chair for Supervision Michael Barr said advancements in mortgage origination technology could lead to discriminatory lending practices."</p><p>Just did some Googling on racial bias in loan origination. 98-99% of the difference in loan origination between blacks, whites explained by credit scores and leverage. Did they consider LTV on the home or all debts? There's more to credit than credit score and LTV ratios. They include savings, how long at current job, debts, monthly financial responsibilities, single vs married, children... AEI research considered those factors.</p><p>"How much does racial bias affect mortgage lending? We assess racial discrimination in mortgage approvals using new data on mortgage applications. Minority applicants tend to have significantly lower credit scores, higher leverage, and are less likely than white applicants to receive algorithmic approval from race-blind government automated underwriting systems (AUS). Observable applicant- risk factors explain most of the racial disparities in lender denials. Further, we exploit the AUS data to show there are risk factors we do not directly observe, and our analysis indicates that these factors explain at least some of the residual 1-2 percentage point denial gaps. Overall, we find that differential treatment has played a limited role in generating denial disparities in recent years."</p><p><a href="https://www.federalreserve.gov/econres/feds/how-much-does-racial-bias-affect-mortgage-lending.htm">https://www.federalreserve.gov/econres/feds/how-much-does-racial-bias-affect-mortgage-lending.htm</a></p><p>I'm thinking this is just showboating for political reasons. The banks, credit unions don't want to give up credit scores. They correlate highly with ability to repay loans. <br /><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<li><a href="http://www.linkedin.com/in/marycummins">Mary Cummins LinkedIn</a></li>
<li><a href="http://www.meetup.com/members/12762281/">Mary Cummins Meet up</a></li>
<li><a href="https://www.facebook.com/CumminsRealEstateServices">Cummins Real Estate on Facebook</a></li>
<li><a href="http://marycumminsrealestateservices.blogspot.com/">Mary Cummins Real Estate blog</a></li>
<li><a href="https://goo.gl/maps/ktRGRx7XoGHeDnRe9">Cummins Real Estate on Google maps</a></li>
<li><a href="http://www.animaladvocates.us/">Mary Cummins of Animal Advocates</a></li>
<li><a href="http://marycummins.mary.cc/">Mary Cummins biography resume short</a></li>
<li><a href="http://www.marycummins.com/">Mary Cummins Real Estate Services</a></li>
<li><a href="http://www.facebook.com/pages/Animal-Advocates/91846190291?ref=ts">Animal Advocates fan page at Facebook.com</a></li>
<li><a href="http://www.mary.cc">Mary Cummins</a></li>
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<li><a href="http://www.classmates.com/directory/public/memberprofile/list.htm?regId=369313251">Mary Cummins of Animal Advocates on Classmates</a></li>
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-13059094325439618532023-06-29T15:54:00.006-07:002023-06-29T22:11:14.206-07:00Real Estate Appraisers Mentioned in False Light in California Reparations Report by Mary Cummins<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghgxEIFoueZayK9PSZeqhDFfhmCS11KwYQoQV-JXzz6zHJyOZSShSanE5zwNu-kWa3VLuzxl2sZckiBqO_UBJyPG-RgmsUrSEf81lt9BUlwZWjnb9c4XT3l_dG17GgFBTqNAKAviWZrjumxy2d3RFuXInbZG6WJXQWglslRJMDL5R6PpPGr7U0wtyaGw/s570/Untitled.jpg" style="margin-left: auto; margin-right: auto;"><img alt="mary cummins, california reparations task force, california reparations report,real estate appraiser, real estate appraisal, california, los angeles, black, latino, reparations, slavery" border="0" data-original-height="246" data-original-width="570" height="138" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghgxEIFoueZayK9PSZeqhDFfhmCS11KwYQoQV-JXzz6zHJyOZSShSanE5zwNu-kWa3VLuzxl2sZckiBqO_UBJyPG-RgmsUrSEf81lt9BUlwZWjnb9c4XT3l_dG17GgFBTqNAKAviWZrjumxy2d3RFuXInbZG6WJXQWglslRJMDL5R6PpPGr7U0wtyaGw/w320-h138/Untitled.jpg" title="mary cummins, california reparations task force, california reparations report,real estate appraiser, real estate appraisal, california, los angeles, black, latino, reparations, slavery" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">mary cummins, california reparations task force, california reparations report,real estate appraiser, real estate appraisal, california, los angeles, black, latino, reparations, slavery</td></tr></tbody></table><br /><p><br /></p><p>The final California Reparations Report came out today. I just started reading it but thought I'd search for the words "appraiser" and "appraisal." Sure enough they're in there because Paul Austin and Tenisha Tate-Austin told their false story about alleged racial discrimination to the Task Force. </p><p>"Consider Paul Austin and Tenisha Tate-Austin, who bought a home in Marin City in 2016. Three years later, a white appraiser valued their home for $500,000 less than it was worth, calling it a “distinct, marketable area.”27 “I took that as code word as: it’s a Black area,” said Paul Austin, who testifed before the Task Force that he felt physically sick when he read the appraisal report."</p><p>The statement above is totally false. I sent in a correction. It was not valued for $500,000 less than what it was worth. The appraisals were never made public. I wrote an in depth fully research article about the Austin v Miller case here. <a href="https://mary--cummins.blogspot.com/2021/02/alleged-discrimination-home-appraisal.html">https://mary--cummins.blogspot.com/2021/02/alleged-discrimination-home-appraisal.html</a> </p><p>They were not discriminated against or low balled by the first appraiser. Marin City is a distinct area just like Pacoima, Beverly Hills, La Habra are distinct areas. The second appraiser came in way too high. My article above goes into the values in great depth. The second appraiser is the one who should be investigated by the California Attorney General, Bureau of Real Estate Appraisers, lose their license and be charged with bank fraud. The harm this case caused to the first appraiser is beyond comprehension.</p><p>I haven't gotten far in the report but did notice a few important things. The report mentions the racial and other bias against Mexicans, Native Americans, Asians, Jews, Catholics, immigrants, women, poor... All of these other groups were also affected by racial, color, gender and other biases. The report isn't about slavery per se as California was never a slave state. The report is about racial harm against black people living in California before 1900. Mexicans, Native Americans, Asians, Italians were lynched. Native Americans, Mexicans lost their lands and property. Mexicans, Native Americans, Immigrants were used as near slave labor. Women, men, the poor were raped by slave owners, employers, government sanctioned church... Mexicans, Native Americans, Asians weren't allowed to attend public school with whites. All this happened in California. Every state, nation, people has done truly horrible things to others throughout all of human history. </p><p>The Governor and others already said there will be no monetary reparations. California has a budget deficit. The report was done to educate the nation and for positive PR for California and it's politicians. The state would also have to consider the harm caused to everyone else before they ever cut a check. It would be discrimination to give money to only one group based on race. There was already a <a href="https://www.dailymail.co.uk/news/article-9111925/Oregon-sued-discrimination-allocating-62million-Covid-relief-black-business-owners.html" target="_blank">case here in Oregon over Covid funds</a>. (The Oregon CARES Act Discrimination Lawsuit is Great Northern Resources Inc., et al. v. Katy Coba, et al., Case No. 3:20-cv-01866-IM (L), in the U.S. District Court for the District of Oregon, Portland Division.) They wanted to give some Covid funds to blacks only because they were more affected than whites but the state was sued due for discrimination. Latinos who were equally negatively impacted by Covid sued for discrimination so the funds had to be given to everyone who applied. Any reparations would be the same.</p><p>If we were to do a California Reparations Report for all races, colors, religions, genders... everyone in California would end up owing everyone else money. It'd cancel itself out. You'd also have to offset benefits of living in the state minus harm caused by past actions in the state by the state. I'm Mexican, Indigenous, African and Euro. Half of my ancestral family was harmed by the other half. The reports would just cost the state a lot of money and I'd probably get half a cent. I'll pass on that waste of funds. I personally am just very happy to live here in California. I'm lucky I was born in this state and in this country. </p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
<ul>
<li><a href="http://www.linkedin.com/in/marycummins">Mary Cummins LinkedIn</a></li>
<li><a href="http://www.meetup.com/members/12762281/">Mary Cummins Meet up</a></li>
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<li><a href="http://marycumminsrealestateservices.blogspot.com/">Mary Cummins Real Estate blog</a></li>
<li><a href="https://goo.gl/maps/ktRGRx7XoGHeDnRe9">Cummins Real Estate on Google maps</a></li>
<li><a href="http://www.animaladvocates.us/">Mary Cummins of Animal Advocates</a></li>
<li><a href="http://marycummins.mary.cc/">Mary Cummins biography resume short</a></li>
<li><a href="http://www.marycummins.com/">Mary Cummins Real Estate Services</a></li>
<li><a href="http://www.facebook.com/pages/Animal-Advocates/91846190291?ref=ts">Animal Advocates fan page at Facebook.com</a></li>
<li><a href="http://www.mary.cc">Mary Cummins</a></li>
<li><a href="http://www.flickr.com/people/marycummins/">Mary Cummins Animal Advocates on Flickr photos</a></li>
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<li><a href="http://www.classmates.com/directory/public/memberprofile/list.htm?regId=369313251">Mary Cummins of Animal Advocates on Classmates</a></li>
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-22588225940978357792023-06-25T15:31:00.006-07:002023-06-25T19:21:05.249-07:00Quality Control Standards for Automated Valuation Models, AVMs, Comment by Mary Cummins<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhj31iiMEqMiZ4EGuIguWTIQf0ffkggOON0ofOeZVV6iiY-qDJtiDLYGvtN5yoIKMbB4tGRxhoK6-aThVOAnMb0heRTqTYwudKhZhynWTw6a0VZsT4nVbXbuvzsks1-d0L-_4eQeg8_tmICPga8FqvZsKsT1WAIJLmRdkj43F_Szm4l0BOVYPzZELNaZg/s725/comment%20letter.jpg" style="margin-left: auto; margin-right: auto;"><img alt="RIN-2590-AA62, fannie mae, freddie mac,mary cummins,real estate appraiser, appraisal,avm, automated valuation method, dodd frank act,1125,los angeles,california" border="0" data-original-height="366" data-original-width="725" height="162" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhj31iiMEqMiZ4EGuIguWTIQf0ffkggOON0ofOeZVV6iiY-qDJtiDLYGvtN5yoIKMbB4tGRxhoK6-aThVOAnMb0heRTqTYwudKhZhynWTw6a0VZsT4nVbXbuvzsks1-d0L-_4eQeg8_tmICPga8FqvZsKsT1WAIJLmRdkj43F_Szm4l0BOVYPzZELNaZg/w320-h162/comment%20letter.jpg" title="RIN-2590-AA62, fannie mae, freddie mac,mary cummins,real estate appraiser, appraisal,avm, automated valuation method, dodd frank act,1125,los angeles,california" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">RIN-2590-AA62, fannie mae, freddie mac,mary cummins,real estate appraiser, appraisal,avm, automated valuation method, dodd frank act,1125,los angeles,california</td></tr></tbody></table><br /><p><br /></p><p>Type:Notice of Proposed Rulemaking</p><p>Number:RIN-2590-AA62</p><p>Group:Fannie Mae; Freddie Mac</p><p>Comment: <a href="https://www.fhfa.gov/SupervisionRegulation/Rules/Pages/Quality-Control-Standards-for-Automated-Valuation-Models.aspx" target="_blank">Quality Control Standards for Automated Valuation Models</a></p><p>Comment: Quality Control Standards for Automated Valuation Models RIN-2590-AA62</p><p>This is a comment letter about the proposed change in the Dodd Frank Act section 1125. </p><p>I'm a certified and licensed real estate appraiser with over 40 years of experience. Automated Valuation Models (AVMs) should NOT be used by mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a consumer’s principal residence or any real property. The main reasons are because they are not reliable indicators of market value, the data can be manipulated and there are conflicts of interest.</p><p>AVMs are not accurate because the AVM never sees the actual property and doesn't know all its attributes. The actual size, effective age, condition, amenities, view, lot type, specific location in a neighborhood ... are not known or considered. These factors can affect the value by up to 100%. There is no quality control that can account for vital missing data which can only be known by a live licensed appraiser. AVMs are GIGO, i.e., Garbage In Garbage Out. In this case there just isn't enough data going into the valuation to make it accurate.</p><p>Dodd-Frank Act added section 1125 to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA); that section requires that AVMs meet quality control standards designed to: (1) ensure a high level of confidence in the estimates produced by automated valuation models; (2) protect against the manipulation of data; (3) seek to avoid conflicts of interest; (4) require random sample testing and reviews; and (5) account for any other such factor that the agencies determine to be appropriate. This letter is a comment on the change in section 1125.</p><p>AVMs don't ensure a high level of confidence in the home value estimates produced. They don't protect against the manipulation of data. There is a conflict of interest. AVMs currently can only consider address, tax size, tax bed/bath count, original tax age, pool/no pool and site size at most. Sometimes not all of this information is available. AVMs don't know if the property still exists or was burned down and demolished last year. AVMs don't know if it's in original 100 year condition with deferred maintenance or if the property was fully renovated, upgraded and expanded. AVMs don't know if the property is next to a water tower, power line, dump site or major freeway.</p><p>AVMs are even less accurate if the property is older, over/under improved, fair C5 or very good C1 condition, has a view or no view, is in an area with few recent sales or varies from the average home. Even the AVMs owners such as CoreLogic, Zillow,... state the AVMs are flawed and no substitute for a real estate appraisal by a licensed appraiser. Below is the disclaimer of Zillow.</p><p>"The Zestimate® home valuation model is Zillow’s estimate of a home’s market value. A Zestimate incorporates public, MLS and user-submitted data into Zillow’s proprietary formula, also taking into account home facts, location and market trends. It is not an appraisal and can’t be used in place of an appraisal."</p><p>As a real estate appraiser with over 40 years of experience I look at the different AVM values after I have finished an appraisal just for comparison. I can definitely state that AVMs are not a reliable indicator of value. I've seen AVMs state $2,000,000 value when the home just sold for $35,000,000 and appraised at $34,500,000. I've also seen AVMs state $1,500,000 value when the home just appraised at $500,000. The only time I've seen AVMs be close to accurate is when they are for average newer tract homes in average condition near median neighborhood values in an area with a sufficient number of recent sales. Even then they don't match actual market value.</p><p>Here is but one example. There are two identical homes on the same block in a development built in 1950. One is in original condition with deferred maintenance and no view. The other has been fully renovated, upgraded with an addition and has an ocean view. The difference in value would easily be 50% using an experienced appraiser. For a good measurement system, the accuracy error should be within 5%. AVMs are not accurate. There is no confidence in their valuations.</p><p>The data used in the AVMs can be easily manipulated. Zillow and other AVMs allow the homeowner, anyone, disgruntled ex tenant to edit the data for a property. If you edit the size, condition or other characteristics of the home, you can drastically change the value. The data can also be manipulated by Multiple Listing Service (MLS) data. Some AVMs consider MLS size, bed/bath count, view... As a real estate appraiser and past broker I can definitely state that MLS data is not accurate. Agents want to sell homes so they make them appear larger and newer. They Photoshop out power lines, water towers, freeways from the photos. They digitally stage them with pools, new lawns, new kitchens...which don't exist. </p><p>The AVM doesn't see the home or view so it values them the same if they are the same size in the same area. The person who owns the home in original condition will be happy because it will appraise over market value. The person who owns the upgraded home with the ocean view will not be happy because now they have to apply for a different loan with a full appraisal in order to get a higher loan or lower rate. I've been in this exact situation many times. The owner ends up paying two "appraisal" fees even though the first was just an AVM. They also waste time.</p><p>The ability to manipulate the data creates huge conflicts of interest. Sellers, agents want to sell home for the highest price. AMCs, Lenders want the highest value so they can easily make the loan to make money. Zillow is both an AVM and seller, agent. CoreLogic sells AVM data to Lenders and others. They want to make the deal to make money. The independent real estate appraiser only cares about actual market value. They don't make money on the transaction besides a small appraisal fee which is paid if they hit the value desired by the borrower or not.</p><p>Have we learned nothing from the Zillow fiasco? "The evidence is there for anyone wishing to look. In a disastrous bet made by Zillow – one in which the company staked its future on investing in residential real estate based on its own algorithms – the company lost $32 billion in market capitalization from February to November 2021. What did Zillow learn about its “Zestimates” when its own money was at stake?" (<a href="https://appraisersblogs.com/dazzled-by-wizardry-federal-mortgage-regulators-ignore-zillow-debacle">https://appraisersblogs.com/dazzled-by-wizardry-federal-mortgage-regulators-ignore-zillow-debacle</a> )</p><p>I've studied AVMs in depth as have others. There is a lot of research already done on the inaccuracy of AVMs. Here's an article I wrote about AVMs which cites some of that research. <a href="https://mary--cummins.blogspot.com/2022/03/what-is-avm-automated-valuation-method.html">https://mary--cummins.blogspot.com/2022/03/what-is-avm-automated-valuation-method.html</a> </p><p>The Dodd Frank Act is the result of the 2008 Great Recession and Financial Crisis. The purpose was to protect consumers, banking and our economy so that would never happen again. The public will lose trust in the real estate industry, mortgage market and mortgage backed investments. This will negatively affect the real estate industry, banking industry, stock market and our economy. Please, do not use AVMs to value property which will be collateralized by loans. </p><p>Sincerely,</p><p>Mary Cummins<br />California Certified Real Estate Appraiser</p><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<li><a href="http://www.animaladvocates.us/">Mary Cummins of Animal Advocates</a></li>
<li><a href="http://marycummins.mary.cc/">Mary Cummins biography resume short</a></li>
<li><a href="http://www.marycummins.com/">Mary Cummins Real Estate Services</a></li>
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-63737106625529734812023-06-11T20:41:00.019-07:002023-06-25T19:34:56.254-07:00Reparations and Return of Lost Land by Mary Cummins real estate appraiser and genealogist<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimrFLbDhkAdsknEdWgDMq2nJ3-D3NAFo8EH270VlaI1zL7Dxmh8zLx_SSKGIvuUZWmjFEChorD3AWilUYfVqUYdbGZVZ-RIkSBvYdeNznaPrsZ67XW8vTh2i6vz7w_szOf8lTFHlZNASTMb5c0ME-4K0JuHjyAFyhuBKBf3CH9ModmUZIwQBdczsg/s800/usgs%20map.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="514" data-original-width="800" height="206" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimrFLbDhkAdsknEdWgDMq2nJ3-D3NAFo8EH270VlaI1zL7Dxmh8zLx_SSKGIvuUZWmjFEChorD3AWilUYfVqUYdbGZVZ-RIkSBvYdeNznaPrsZ67XW8vTh2i6vz7w_szOf8lTFHlZNASTMb5c0ME-4K0JuHjyAFyhuBKBf3CH9ModmUZIwQBdczsg/s320/usgs%20map.jpg" width="320" /></a></div><br /><p>When Janice Hahn first made the motion to return Bruce's Beach to one of the original owners for $20,000,000 I knew it would start a real estate gold rush for "lost land" and it has. Blacks, Latinos, Indigenous, whites and everyone else will all be asking for payment for lands once maybe owned by their ancestors. </p><p>While the return of Bruce's Beach was big news it did not set a legal precedent because it was a gift. There was no recent lawsuit. The county of Los Angeles did not have to give the land back to the Bruces. The <a href="https://mary--cummins.blogspot.com/2021/10/bruces-beach-willa-charles-bruce-beach.html" target="_blank">Bruces ultimately agreed to sell the property for much, much more than market value back in the day</a> after an eminent domain lawsuit which they lost. It wasn't "stolen" from them. Had they invested that money back into real estate they would have much more than $20,000,000 today but they didn't. They sold the real estate and spent the money. They recently said they will sell the property again. In essence the family sold the property twice both times for more than market value. Some are upset they aren't keeping it in the family to build generational wealth for black families. It's their property to do with as they please. The real cause of the wealth gap among whites, blacks, Latinos is the income gap.</p><p>Because of the Bruces' big payday many people are thinking about asking for compensation for land once owned by their ancestors or maybe they just rented it or lived there. Sometimes that land was sold fair and square. Other times it was taken through legal eminent domain, failure to pay taxes, legal abandonment, questionable transactions, outright theft or war. </p><p>While genealogical documents, old newspapers, old real estate deeds can show some ownership interests and transactions, that might not tell the whole story. How will we figure out who actually owned the rights to the property and whether or not they actually sold or transferred it fairly and legally? How will we figure out which descendants should be compensated, for how much and in what order? </p><p>In 1923 20-150 black people were murdered in the <a href="https://en.wikipedia.org/wiki/Rosewood_massacre" target="_blank">Rosewood Massacre.</a> It was sanctioned by the local government. The people who survived fled in fear abandoning their real and personal property. By the 1990's some considered a lawsuit but evidence and statute of limitations issues ended those plans. Years later a politician filed a bill to compensate the children of some victims for the losses. The few that were left got about $150,000 each. I watched the film in 1997 and did most of the genealogical research for the <a href="https://www.findagrave.com/cemetery/2529288/memorial-search?page=1#sr-118341938" target="_blank">Rosewood Cemetery</a>. I personally feel they deserved much more compensation but, Florida.</p><p>In the 1950's <a href="https://en.wikipedia.org/wiki/Battle_of_Chavez_Ravine" target="_blank">Chavez Ravine properties were taken, bought by eminent domain</a>. The owners were compensated for the land. Some sold outright. Some filed lawsuits. Dodgers Stadium ultimately ended up being built on the land. During the eminent domain proceedings there were holdouts who sued. They lost the lawsuits but did get over market value for the land at the time. The descendants of some are now talking about suing to get Bruces Beach type of money. Some didn't even own the land but were just renters or lived there with others for free. Some renters were given relocation fees. In fact most living in Chavez Ravine at the time were renters. Do their children who never lived there have a right to new compensation? The stories of eminent domain actions for Los Angeles freeways, government buildings, schools are all very similar. Poor people living in poor areas were displaced for government projects. The government chose the sites based on logistics, economic feasibility and property values. Race was not a consideration. Many times the people displaced were whites.</p><p>There are already sufficient laws to protect real estate rights in our country. Anyone can file a lawsuit to try to reclaim land they feel rightly belongs to them. They just need to provide proper documentation. There's currently a system for clearing heir property with clouded title. Some of these cases go back a few generations over 100 years. But what about people who owned the land before the US existed? In my state of California the land was previously owned by Mexicans, Spaniards and Indigenous people in that reverse order. Who has the legal right to the land and compensation? </p><p>In a <a href="https://www.yahoo.com/news/front-reparations-seeking-return-lost-122957524.html" target="_blank">recent article on this issue</a> "A New Front in Reparations: Seeking the Return of Lost Family Land" Thomas W. Mitchell, a law professor and director of the Initiative on Land, Housing & Property Rights at Boston College Law School, stated “We are talking about the loss of heritage and history and culture.” “You are talking about a fundamental hit in terms of economic mobility and generational wealth.” But whose heritage, history, culture and wealth are we talking about? Should claims by Native Americans take precedence based on chronological order? They definitely lost their "heritage, history, culture and generational wealth" besides their lives. Did they legally sell or give their land to US states and nations? No, it was stolen, taken by the Spaniards, French, Russians, US states, USA and private individuals through brute force. Is brute force, war a legal means of seizing property?</p><p>What about the Spaniards. Did they legally give all Spain owned land grants to Mexico after the Mexican revolution? Did the state of California legally acquire land from Mexico after the war? At least the California, Mexican, Spanish land grant documentation still exists but there were no grants from Native Americans. Generally possession over a period of time shows rights to the land. Perhaps because the Indians didn't have a paper deed written in English filed at the local county assessor's office showing they owned the land they never really owned it. If a tree falls in the forest and no one hears it...?</p><p>Bruce's Beach was originally owned by the Tongva Indians. There was no sign that said "Free land. Take whatever you want, kill us and send the rest of us on a death march to a small desolate area of the country." Should the Bruce family give the $20,000,000 to the Tongva Indians just like LA County gave it to them? Maybe the Tongva tribe should sue the Bruces? The Tongva weren't even allowed an eminent domain hearing. They were killed and forced off the land. Is that considered a legal real estate transaction? It's a legitimate question.</p><p>Another recent <a href="https://www.nytimes.com/2023/05/16/us/san-francisco-reparations.html" target="_blank">article talked about reparations and real estate in California</a>. California was never a slave state yet a state commission was convened to study black slave reparations for residents. The commission considered papers and research on blacks, wealth, income and property. No reparations will be paid for many reasons. First and foremost the state doesn't have the funds. Second and more importantly one would need to consider reparations for all before you start handing out state money otherwise it's discrimination. There was already a black only Covid subsidy case which set legal precedent and reversed the subsidy. There are a lot of poor Latinos, Native Americans, Asians and even whites who are affected by some of the same negative influences in the Reparations Report. You don't have to be descended from slaves owned in another state to be poor in California. It was actually a good thing for those slaves and their descendants that their owners came to free state California because they were freed. They would have continued to be slaves in other states for much longer.</p><p>Latinos, Chinese, Japanese, everyone except the rich were taken advantage of for labor, real property, personal property through government actions all throughout California's history. Some Chinese were murdered in government sanctioned massacres and their property stolen. Others US citizens were expatriated to Mexico during the depression losing their land, jobs, income and all possessions. The Japanese were sent to internment camps but some have been compensated for some lost property. And don't forget about the Native Americans. Some were given rations and land but it was never equal to the land value of the US. Who gets reparations, land, how much and in what order? </p><p>In the article "Can Reparations Bring Black Residents back to San Francisco" linked above a woman talks about the old family home in Fillmore sold through eminent domain from her black grandfather. Her grandfather was paid market value for the property. Had he reinvested in real estate his family would have more money than the current value of their old home today. But they didn't. She still wants reparations for the value of the property. She also feels she personally should get the home back. What about the people who owned it before her? What about the Native Americans who owned the entire area and the Americas?</p><p>Descendants of black slaves weren't the only people living in blighted areas sold under eminent domain in California. Latinos, Asians, Italians, Irish, immigrants, Jews... poor people of every race and color including whites lived in those areas. Do they also get reparations? I realize it was the <a href="https://en.wikipedia.org/wiki/California_Reparations_Task_Force" target="_blank">California Reparations Task Force</a> which was formed to mainly look at reparations for the descendants of black slaves owned in other states and free black people who were in California by the 19th century. The purpose was to calculate racist and other harm done to black people. Still, the task force considered the economic effect of things which affected more than just descendants of black people. Other people experienced racism, colorism, sexism, genderism, religious persecution, people taking advantage of the poor... Will we revisit and re-litigate every act of eminent domain? Every land transfer? Every instance of a laborer being paid less than what they feel they were worth or due? Every murder and assault? Every slight ever made to another in California? Everyone would end up owing everyone else money and California would go broke. </p><p>Another woman in the article wants the tossed about figure of $5,000,000 per black Californian reparations so she can move back to expensive San Francisco. She states it's her home because she lived there when it was a less expensive blighted place. What about all the other poor people who also lived there and had to move? Blacks weren't the only people living there. What about the Indians who used to own it? It was their home for over 10,000 years. <a href="https://www.nps.gov/goga/learn/historyculture/first-peoples.htm" target="_blank">Currently they're trying to reclaim some of their land</a>. They tried to reclaim Alcatraz but failed. They <a href="https://www.sfchronicle.com/eastbay/article/indigenous-land-reparations-17426036.php" target="_blank">were given back some land in the form of reparations in the East Bay</a>. <a href="https://abc7news.com/our-america-reclaiming-turtle-island-national-geographic-native-sovereignty/12409363/" target="_blank">Now they want to reclaim "Turtle Island" which is their name for all of North America</a>. </p><p>So far we have no set answers but a Pandora's box full of question. We do at least have centuries of established real estate laws. Most of our real estate laws came from the British and are older their our own country. You sometimes see them cited in Supreme Court rulings. People have always been able to sue for these causes. We'll soon see if the courts will be flooded with lawsuits to unwind eminent domain actions and other real estate transactions. Title companies may be busy. </p><p>As I'm both a licensed real estate appraiser and genealogist perhaps this may be my new calling. I was able to figure out market value for Bruce's Beach property in 1920. I could appraise even older claims if I could find enough documentation. This may be the beginning of an interesting new era in genealogical real estate studies. Or we could just give Turtle Island back to Native Americans, go back to our ancestral countries and be done with it. </p><p>References:</p><p>AB 3121 Reparations Task Force Report <a href="https://oag.ca.gov/ab3121/reports">https://oag.ca.gov/ab3121/reports</a></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
<ul>
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-50878729827035090452023-06-02T12:56:00.007-07:002023-06-03T19:36:19.048-07:00Joe Biden, Kamala Harris Lie About Appraisal Bias to Get Votes by Mary Cummins Real Estate Appraiser<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYWjM9mU_DatvZkBvEBamnLtONLCKD4Sbr4pB-2omPtKRvz3UjrC9YBeFBGbnJ-_wc_0TyYNx654RCRY12qQWBTPC3pv_hfIBX1I-_-3gS_V5sQ2dnOg6MlbMq7i-G2GKcQkzM4ak3anpgCY-yoTrhPawbSb94uWqq8kKhNDOgCgtEkzspql6hwM4/s749/kamala%20harris%20lies.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="506" data-original-width="749" height="216" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYWjM9mU_DatvZkBvEBamnLtONLCKD4Sbr4pB-2omPtKRvz3UjrC9YBeFBGbnJ-_wc_0TyYNx654RCRY12qQWBTPC3pv_hfIBX1I-_-3gS_V5sQ2dnOg6MlbMq7i-G2GKcQkzM4ak3anpgCY-yoTrhPawbSb94uWqq8kKhNDOgCgtEkzspql6hwM4/s320/kamala%20harris%20lies.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">mary cummins, real estate appraiser, real estate appraisal, los angeles, california,joe biden, kamala harris, pave task force, real estate, appraiser,appraisal,income gap</td></tr></tbody></table><br /><p>The Biden Administration continues to promote the false narrative of the racist and biased appraiser to the American public. Yesterday the White House released an alleged "fact sheet" titled "<a href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/06/01/fact-sheet-biden-harris-administration-takes-sweeping-action-to-address-racial-bias-in-home-valuations/" target="_blank">Biden-Harris Administration Takes Sweeping Action to Address Racial Bias in Home Valuations</a>." This "fact sheet" basically states that Joe Biden has solved the wealth gap among whites, blacks and Latinos by "cracking down" on real estate appraisers. That is a total lie. The wealth gap is caused by the income gap and not appraisers. The wealth gap is wider today than when Biden Harris took office. </p><p>Research by American Enterprise Institute <span face=""Trebuchet MS", Trebuchet, Verdana, sans-serif" style="background-color: white; color: #666666; font-size: 13.2px;">( AEI Housing Center Response to Perry and Rothwell, 2021, </span><a href="https://www.aei.org/research-products/report/aei-housing-center-response-to-perry-and-rothwell-2021" style="background-color: white; color: #2288bb; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px; text-decoration-line: none;">https://www.aei.org/research-products/report/aei-housing-center-response-to-perry-and-rothwell-2021</a><span face=""Trebuchet MS", Trebuchet, Verdana, sans-serif" style="background-color: white; color: #666666; font-size: 13.2px;">/ </span><span face=""Trebuchet MS", Trebuchet, Verdana, sans-serif" style="background-color: white; color: #666666; font-size: 13.2px;">How Common is Appraiser Racial Bias </span><a href="https://www.aei.org/how-common-is-appraiser-racial-bias" style="background-color: white; color: #2288bb; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px; text-decoration-line: none;">https://www.aei.org/how-common-is-appraiser-racial-bias</a><span face=""Trebuchet MS", Trebuchet, Verdana, sans-serif" style="background-color: white; color: #666666; font-size: 13.2px;">/ )</span> has shown using the government's own data that there is no racism in real estate appraisals. AEI has proven beyond a shadow of a doubt that the papers cited (Andre Perry) by Harris are fraudulent research with a false conclusion. </p><p>The real issue is income inequality and not appraisals. Whites make more money than blacks, Latinos. Because whites make more money they have more money (wealth gap) and buy more expensive homes in more expensive areas than blacks, Latinos. Home value is based on location. Appraisers are not appraising them differently! The data cited in the papers uses robot appraisals and not real live appraisers. This is all politics to garner votes from blacks and Latinos. FTR I'm a female Latino.</p><p>The "fact sheet" states the PAVE Task Force was announced on the centennial of the Tulsa Race Massacre. This news is released on the first day of National Homeownership Month after Biden/Harris announced their run for re-election. Clearly political staging and timing for maximum effect to reach target voters. </p><p>Biden stated the Task Force has been successful. In reality nothing has changed. Biden created a non-existent problem then stated he alone could fix it if elected. He was elected and now he claims to have fixed it in order to get more votes. Now he claims he's doing even more to fix the non-existent problem with new programs. Below are these "new" programs which are basically the same programs the PAVE Task Force, government announced months, years ago. He might as well add that he just ended slavery and just allowed women to vote.</p><p>1. Preventing algorithmic bias in home valuation. </p><p>The Administration has stated that physical living breathing appraisers are biased. They based this false conclusion by looking at valuations, not appraisals, made by robots who have never seen the homeowners or homes. The robots don't know the race, color, gender...of the homeowners. They also don't know the home's condition, true size, true bed/bath count, amenities, specific location in a neighborhood (on a busy road, next door to the dump) or if it even still exists.</p><p>Now the Administration states they will find a way to prevent these robots from being biased. The robots are not biased! They're robots. Homes are appraised by appraisers and robots using a math formula. They compare the subject property to be appraised to other very similar homes in the same exact area which have sold recently. That's it! No race is involved ever.</p><p>Some today feel that an older home in fair condition owned by a person of color in say South Los Angeles should be comprable in value to a new home in excellent condition in Beverly Hills owned by a white person. They feel that would be more "equitable." They have specifically stated they want to increase the value of lower valued homes owned by blacks by using home sales from different areas farther away in "white areas" which are worth more. This would make every appraisal as worthless as any loan based on that appraisal. The real estate industry, investment industry, stock market and our economy would crash if this were done. Even the Appraisal Institute which generally cozies up to the government said this makes no sense (<a href="https://mary--cummins.blogspot.com/2023/02/mary-cummins-comment-to-asc-bias.html">https://mary--cummins.blogspot.com/2023/02/mary-cummins-comment-to-asc-bias.html</a> ).</p><p>The best way to make sure AVMs aren't biased is to not use them for appraisals, loans or specific research. While they aren't biased against people they are biased against market value. The issue is GIGO i.e. garbage in, garbage out. In this case it's not enough data goes into the formula. They don't know or consider condition, view, upgrades, amenities, actual size.... This makes homes in inferior areas in poor condition worth more than market value. Homes with excellent views, upgrades, amenities...end up worth less than market value. All the AVMs today state they are never to be used as an appraisal. Then don't use them for an appraisal. Oddly enough the government is trying to make their own AVM but it's not accurate either.</p><p>2. Empowering consumers to take action against appraisal bias.</p><p>The PAVE Task Force announced months ago that they developed an appeal process for appraisals. This is false. Reconsideration of Value (ROV) has always existed. If you don't like the value of an appraisal, ask for an ROV. Give the appraiser three sold comparables of very similar homes in the same exact area which have sold recently and they will consider them. Based on my experience the borrower incorrectly thinks their home is worth more because one down the street or farther away sold for more. When they send me the comps they are either twice the size, in a totally different far away neighborhood or they never sold. A lot of this misinformation is caused by AVMs such as Zillow's Zestimate which is extremely inaccurate. Again, AVMs don't see the homes. We all know that Zillow is inaccurate.</p><p>Zillow over values homes in lower value areas. The problem is lower value areas have fewer sales. Zillow keeps going wider in their search to find recent home sales. They end up using higher value sales in superior areas farther away which have more sales. This is the cause of most ROV requests. This is also part of the cause of the many media articles about real estate appraiser bias. The borrower says "Well, Zillow said my home is worth x. You said it's worth less so you're clearly a racist who should be cancelled, sued and attacked!"</p><p>3. Increasing transparency and leveraging federal data to inform policy and improve enforcement against appraisal bias. </p><p>The PAVE Task Force released data on appraisals for government backed loans. The government has always done this and legally must do this. Now they state they're releasing more data. Most importantly this data has been used to show that appraisers are not racist, biased in their appraisals, see linked research above.</p><p>4. Breaking down barriers to entry into the appraisal profession. </p><p>Biden Administration likes to say there are too many white appraisers and he's solved that. Others like Cy Richardson with the National Urban League have actually said "appraisers are pale, male and stale" which is actually racism, sexism and ageism wrapped up in a pithy phrase. There is almost a similar amount of white appraisers as there are real estate agents yet no one complains about the agents. Biden states it's because it's too difficult to become an appraiser for blacks, Latinos. It's just as difficult for all appraisers who have also been complaining about the difficult appraiser trainee program for many years even before Biden was the President. Appraisers were working on a <a href="https://www.appraisalfoundation.org/TAF/TAF/PAREA.aspx" target="_blank">PAREA</a> type program long before it was announced by the government. </p><p>If you want to be a new appraiser you must be a trainee under a licensed appraiser for many hours. While I agree that the experience is great it's difficult to find an appraiser to be your mentor. Appraisers have nothing to gain and everything to lose by doing this. <a href="https://mary--cummins.blogspot.com/2021/06/difficulties-becoming-real-estate.html" target="_blank">I've written an article about this.</a> PAREA allows new appraisers to use other experience to become appraisers. While I support PAREA this is old news previously released by various appraisal agencies. </p><p>Kamala Harris is the go to person on this issue because she's biracial and courted the black vote when she ran for President. Remember when she said she'd give $60,000,000,000 60 billion to Historically Black Colleges HBCs if elected? She was elected VP and could do that but she didn't. She's definitely not a real estate expert. After the fact sheet was released Kamala Harris released her version of the <a href="https://www.usatoday.com/story/money/personalfinance/real-estate/2023/06/01/biden-administration-fighting-racism-in-home-appraisals/70279447007/" target="_blank">news to the media</a>. “Home appraisals are meant to be fair and objective estimates of the market value of a property. However, far too often, they are not,” Vice President Kamala Harris said Thursday on a press call. “Black homeowners are more likely to have their homes undervalued than other homeowners. And homeowners in majority Black and majority Latino neighborhoods are almost twice as likely to be undervalued.”</p><p>What Kamala Harris stated is false per research using the government's own data. One anecdotal article by Fannie Mae stated there were more appraisals under contract value in lower income areas that have more blacks and Latinos. The correlation is not race. It's lower income borrowers buying lower valued homes. Fannie Mae even stated their calculations were not research and there was no conclusion as to cause. </p><p>USA Today went on and included more absolute lies in their article. They even cited <a href="https://mary--cummins.blogspot.com/2023/02/mary-cummins-comment-to-asc-bias.html" target="_blank">Junia Howell</a> whose research is as flawed as Andre Perry. Again, homes in predominantly white areas are worth more than predominantly black, Latino areas because whites make more money, have more money and buy more expensive homes in more expensive areas. Based on Joe Biden's, Kamala Harris' logic, a new Rolls Royce with zero miles should sell for the same as a 1980 Ford Escort with 500,000 miles. They both have four wheels. To value them differently is clearly racism and bias. The government should sue Kelly Blue Book and the car industry for valuing them differently. (sarcasm)</p><p>While I support an honest and fair appraisal industry I don't support the false narrative of the racist white male appraiser. It's a lie. While racism, racists exist it has not affected appraisal values. I also don't support the promotion of the false narrative for votes or any other agenda. I'm a Democrat and will vote for Joe Biden, Kamala Harris again. They do more good than bad but I'm absolutely against their actions on this made up issue. It's very harmful to appraisers and the industry. Appraisers are getting cancelled, death threats, harassed over the Administration using appraisers as scapegoats for the income gap. It's the income gap, stupid! Fix the income gap and leave appraisers out of it. They won't fix the income gap because it's too expensive. Maybe the politicians don't want to even fix it.</p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-78619213972241734332023-06-01T11:50:00.000-07:002024-02-09T20:57:04.159-08:00Marina City Club has no Budget for Needed Repairs by Mary Cummins Real Estate Appraiser<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPK6tg87zgBJZ71D5N_SnUlpkbsTNkm8MScCzzLuIukHXVtoKKYreV0VNxqo3y2y8eNPx9YCanYgP99nLawefakXNz5qgMfBpa_LOBIHTnLsI6hSVI2siDtG30a1ZyzNb1CW5e2VdCPz0EHNA3U-V8vOjoXQqovktxZ99Co6HOnVJ6SwGRXDQJIvcoIg/s4032/IMG_9197.JPG" style="margin-left: auto; margin-right: auto;"><img alt="Marina City Club, deferred maintenance, no reserve funds, Marina del Rey, Los Angeles, California, Mary Cummins, real estate appraiser, real estate appraisal, loan, mortgage, can't get a home loan, this is my photo of the project." border="0" data-original-height="3024" data-original-width="4032" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPK6tg87zgBJZ71D5N_SnUlpkbsTNkm8MScCzzLuIukHXVtoKKYreV0VNxqo3y2y8eNPx9YCanYgP99nLawefakXNz5qgMfBpa_LOBIHTnLsI6hSVI2siDtG30a1ZyzNb1CW5e2VdCPz0EHNA3U-V8vOjoXQqovktxZ99Co6HOnVJ6SwGRXDQJIvcoIg/w320-h240/IMG_9197.JPG" title="Marina City Club, deferred maintenance, no reserve funds, Marina del Rey, Los Angeles, California, Mary Cummins, real estate appraiser, real estate appraisal, loan, mortgage, can't get a home loan, this is my photo of the project." width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Marina City Club, deferred maintenance, no reserve funds, Marina del Rey, Los Angeles, California, Mary Cummins, real estate appraiser, real estate appraisal, loan, mortgage, can't get a home loan, this is my photo of the project. </td></tr></tbody></table><br /><p>Ever since the <a href="https://en.wikipedia.org/wiki/Surfside_condominium_collapse" target="_blank">Surfside condo collapse</a> in Miami, Florida everyone is worried about the condition of older condos. Condos near the ocean deteriorate faster than condos away from the ocean because of the salt air, low lying areas, soil and possible water intrusion. One condo project which is mentioned frequently in regard to this issue in Los Angeles, California is the Marina City Club in Marina del Rey, California.</p><p>The Marina City Club Towers were first built around 1976 to 1978. They are composed of three main towers and a few other surrounding units which front the boat docks. There are about 600 units. They were converted to condos in 1986 because of rent control and other factors. These were good quality units with tennis courts, a gym, hair salon, restaurant, pools, rec rooms... They're located on Los Angeles County owned leased land fronting the boat docks. The land is filled land. </p><p>The project is now about 50 years old. All condominium home owners associations HOAs must maintain proper reserve funds to repair and replace the components of the building over time. For example, if a water boiler lasts 30 years, the HOA must save 1/30th the cost of a new water boiler every year from HOA fees so they have enough money to replace it at the end of 30 years. The same goes with all major components of the building. </p><p>After the Surfrider condo collapse the owners and tenants of the Marina City Club condos became worried that their building could collapse and they could die. They started talking about the deferred maintenance they've noticed in the project. This caused people to revisit many recent articles about the project's lack of reserve funds for needed repairs. Los Angeles County became involved because they own the land on which the project was built. Part of the land lease states the project must be maintained properly and in a safe manner. Condo owners pay a HOA fee and a land lease fee for each unit. The fees are about $1,000/month for HOA fees and $700/month for the land lease. There's an extra fee to use the other club facilities which can run $700/month. This is all before you pay the mortgage.</p><p>In order to buy a home you generally put 20% down and finance the rest through the bank. A bank will only finance a property with a 30 year mortgage if they think it will last another 30 years. A bank will only finance a condo if there are no major repairs needed and there are sufficient reserve funds, i.e. 70%+ to pay for all repairs projected. If a project only has about 8% or they need $50,000,000 to fund their reserves, this is where you have a problem with the project. This is especially so when remaining life on the major components is zero years. It's now deferred maintenance. Any sane bank after reviewing facts about the project would reject it. You'd have to pay cash for the property. Property value could go lower based on the needed repairs and reserve issues.</p><p>I am not sharing any private information about the property which I obtained through any appraisals I've ever done in the project. All of this is public knowledge or came from friends who live in the building. If you are thinking of buying a condo here, PLEASE, get a copy of the HOA budget which lists needed repairs and reserve amounts. They must give it to you. Read the "Reserve Study Executive Summary" made by the HOA Essex Marina City Club LP. </p><p>Currently the condo owners can't and won't agree to a large special assessment. Most of these condo owners are older 75+. They're now on fixed incomes. They probably thought they wouldn't be around by the time the building needed the repairs. That time is unfortunately now. </p><p>*Just for clarification I'm not saying I think the building will collapse. I am saying that it appears based on public documents to have deferred maintenance with insufficient reserve funds to make the repairs.</p><p>I've been a real estate appraiser since 1983 which is 40 years now. I've appraised the Marina City Club Towers many times since it was built 1970-1978 and later converted to condos. I've visited my friends there many times even when it was first apartments before they converted to condos. I've been in the building a few times within the last year. My friends who own units in the building gave me a copy of a more recent budget. Below are a few public articles and documents.</p><p><a href="https://therealdeal.com/la/2022/02/24/marina-city-club-condo-towers-deemed-safe-for-now-due-for-big-repairs/">https://therealdeal.com/la/2022/02/24/marina-city-club-condo-towers-deemed-safe-for-now-due-for-big-repairs/</a></p><p>"Los Angeles County ordered the structural engineering study last summer after residents voiced concern about public safety at the 10-acre complex of 600 condominiums in three, 16-story towers and a three-story, 101-unit apartment building.</p><p>The Marina City Club includes swimming pools, tennis courts, boat slips, restaurants, a fitness center and offices on land owned by the county. Deferred maintenance at the aging complex was estimated last year to require between $80 million and $140 million in repairs.</p><p>The new engineering study found cracks in walls and cement, signs of water intrusion in parking garages, “spalling” and crumbling concrete, as well as water-damaged rooftop decks.</p><p>Cement fastenings to handrails along walkways and on private balconies also were deteriorated, creating a safety hazard, the report said.</p><p>But the report by Saiful Bouquet Structural Engineers of Pasadena found no danger of imminent collapse.</p><p>“No significant structural damage was observed,” the 14-page engineering report concluded. “It is our opinion that the majority of damages observed were a result of normal wear and tear of the structure and/or moisture/water intrusion in the building envelope.”</p><p>It recommended Marina City Club operator Essex Property Trust, a publicly traded apartment firm, make the needed repairs to the three 16-story condo towers, parking structures and apartments."</p><p><a href="https://darik.news/florida/marina-del-rey-condo-towers-are-structurally-strong-but-in-need-of-repair-says-engineering-study-press-enterprise/524046.html">https://darik.news/florida/marina-del-rey-condo-towers-are-structurally-strong-but-in-need-of-repair-says-engineering-study-press-enterprise/524046.html</a></p><p><a href="https://www.ocregister.com/2021/07/09/decay-and-disrepair-mar-life-at-aging-marina-del-rey-condo-towers/">https://www.ocregister.com/2021/07/09/decay-and-disrepair-mar-life-at-aging-marina-del-rey-condo-towers/</a></p><p><a href="https://www.latimes.com/california/story/2021-07-01/after-florida-building-collapse-l-a-county-inspects-marina-del-rey-condo-tow">https://www.latimes.com/california/story/2021-07-01/after-florida-building-collapse-l-a-county-inspects-marina-del-rey-condo-tow</a></p><p><u>Public References but not complete list</u></p><p>Marina City Club - Tennis, spa, sauna, gym, restaurant, hair salon</p><p><a href="https://www.marinacityclub.net">https://www.marinacityclub.net</a>/</p><p>Marina City Club condo docs- Ground lease, Bylaws, CC&Rs, Condo sublease,</p><p><a href="http://www.marinacityclub.com/httpdocs/DLLinks.htm">http://www.marinacityclub.com/httpdocs/DLLinks.htm</a></p><p>Full legal description, APNs, plat maps, building plans, unit layouts. Subject has no specific APN.</p><p><a href="http://www.marinacityclub.com/Documents/CondoPlan1987.pdf">http://www.marinacityclub.com/Documents/CondoPlan1987.pdf</a></p><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<p>Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin </p> <p>DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html</p>Mary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-33225532081058085142023-05-31T16:55:00.022-07:002023-05-31T21:04:43.850-07:00Jennifer Lopez JLo and Ben Affleck just bought Wallingford Estate at 2571Wallingford Dr Beverly Hills, California by Mary Cummins<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8TqISrwingszRO0GNJeMpZqW3oQ7Wl0lIQKM4OmP-dic4PscoF8hJ8_yysqQYHqS71zGUBbmigg6S3Xjdxif7Hg-b0bo6e0xSwbkspfGxTfoVBUA4VeNLOhFkUItUB--5yY4pezr-T0-rwdzoUf18i3qFCa7LeLtsq_fQWFTJa7YifFegGWiR4fY/s1280/23-233919_b2748f91-1848-4d89-b288-5623810d6a5d.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="661" data-original-width="1280" height="165" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8TqISrwingszRO0GNJeMpZqW3oQ7Wl0lIQKM4OmP-dic4PscoF8hJ8_yysqQYHqS71zGUBbmigg6S3Xjdxif7Hg-b0bo6e0xSwbkspfGxTfoVBUA4VeNLOhFkUItUB--5yY4pezr-T0-rwdzoUf18i3qFCa7LeLtsq_fQWFTJa7YifFegGWiR4fY/s320/23-233919_b2748f91-1848-4d89-b288-5623810d6a5d.jpg" width="320" /></a></div><br /><p><a href="https://en.wikipedia.org/wiki/Jennifer_Lopez" target="_blank">Jennifer Lopez JLo</a> and <a href="https://en.wikipedia.org/wiki/Ben_Affleck" target="_blank">Ben Affleck</a> buy Wallingford Estate in Beverly Hills for $60,850,000. The home is located at <a href="https://www.google.com/maps/place/2571+Wallingford+Dr,+Beverly+Hills,+CA+90210/@34.1186995,-118.4340497,504m/data=!3m1!1e3!4m6!3m5!1s0x80c2bda15ef82009:0xcb7b9a302c48b4af!8m2!3d34.1186995!4d-118.4340497!16s%2Fg%2F11c11__dq2?entry=ttu" target="_blank">2571 Wallingford Dr, Beverly Hills, California 90210</a>. This is the City of Los Angeles aka Beverly Hills Post Office. It's not Beverly Hills. </p><p>It was originally listed in 2018 at $135,000,000 then $85,000,000 then .... then $74,995,000. It was also listed for rent for $300,000 and $350,000 per month. The home is approximately 30,000 sf on a 226,513 sf lot per MLS. It could only be 22,163 sf per tax with 8 beds, 12 baths. The actual address is 2543 Hutton Dr. and 2543 1/2 Hutton Dr. Per one of the more recent listings,</p><p>"One of the most private and secured estates in Beverly Hills 90210 with stunning mountain views. The newly rebuilt & expanded Wallingford estate is spread over a 5-acre exclusive promontory. A one-of-a-kind indoor sports complex w/ basketball, pickleball, gym, boxing ring, sports lounge & bar all celebrate an active lifestyle & the love of sports. Located just 8 minutes from the BH Hotel & 20 minutes from Van Nuys private airport, both entrances can only be accessed through private/gated streets. Exquisitely designed & built w/ impeccable taste, the sophisticated & stylish estate infuses today's technology w/ magnificently refined rooms. Totaling approx. 46K SF under roof & approx. 38K SF under A/C & boosting 12 bedrooms & 24 bath, approx. 5K SF guest penthouse, caretaker house, 2-bdrm guardhouse, 10 car garage & parking for 80. The biggest zero edge pool in BH perfectly frames the extensive grounds & views. Additional property on private street also available separately."</p><p>It's only called the "Wallingford Estate" because it's on Wallingford Dr. The owner builder of the current home was Jeoung Lee. I do see a Jacob Wizman as the owner when it was being built. The architect was Richard Schwartz. It was built by Dover Hills Construction. Engineer was Leon Iancu. </p><p>More recent photos from the MLS. </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5CmuBWGIp_mHqdIGw-fB1keJTPdHj0hTlJrMW8vFaNUr-uzBLYeKcRich272egSesLZzK8aZkPhW7nUdeVPKs3zcqzD9s8lpMYnWAs3zh-KlgXCeUf_um3x33be5APLcQHcufejY2zpWNZdtLEzG1tN21GLlsva-Uurl3e7ozmixnJRzq5ghgeFA/s640/21-714546_03e9e4c0-36d7-4371-b27f-7582f686f838.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="427" data-original-width="640" height="214" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5CmuBWGIp_mHqdIGw-fB1keJTPdHj0hTlJrMW8vFaNUr-uzBLYeKcRich272egSesLZzK8aZkPhW7nUdeVPKs3zcqzD9s8lpMYnWAs3zh-KlgXCeUf_um3x33be5APLcQHcufejY2zpWNZdtLEzG1tN21GLlsva-Uurl3e7ozmixnJRzq5ghgeFA/s320/21-714546_03e9e4c0-36d7-4371-b27f-7582f686f838.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZWcm9fx_2UUm1yUFB2Cte_Vrbs6rSV64wOzSNjmqYxL6pCcEkxyUk7BWk4RwRrzPoLCuwXOtDelOdJZwCwtXwmbo5xvGm9JNb-VsldN5iggi4XmlVf3k73dWG3lhOmqHk4mfcaVA3z3C6UsDODpHWmT02ji7KLTXbs8YEzNSlOlS4L1n3f3-qD88/s640/21-714546_47bed1ac-f071-4b95-9d33-d89b2c46f1bd.jpg" style="margin-left: 1em; 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margin-right: 1em;"><img border="0" data-original-height="427" data-original-width="640" height="214" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh29HXSYa53e0aQkGZVVDGgIWxcgTRQDQJzUj0d5aPx8RM3A1APvmd0D7rv5DSnkIJ7IKWqjlO664rRwo54xzWGkP-uZpPFdlwpae5mgJCXToES46v5TZEn7U0o3-VZmqo-A76V_OBMeWnfynMOzRCe1Kig7Aip5mmK0fBJHZc3hHNSgvSvFbdc5Gc/s320/21-714546_45a07547-3df6-4a90-a812-f50b536e423e.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAhagb306pBOH-eeNZ3DP-0vhgCwHkU4dlX7YrEpkcsH2K2ZUCPxOXTGKEpdCiQnv0pZQboPjcmy1KYG8_N9BgLMIzwtVoJ38fFyhf440qV9ANArQkcWJrR-CSR0gI8I3RUgQl35AB20-ZFT3-zYFQEIujpYZSEqjBGsxYHfiaMeU9IdJbDds-Vhw/s640/21-714546_57968a07-c577-4e3c-8617-32e04e94f724.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="429" data-original-width="640" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAhagb306pBOH-eeNZ3DP-0vhgCwHkU4dlX7YrEpkcsH2K2ZUCPxOXTGKEpdCiQnv0pZQboPjcmy1KYG8_N9BgLMIzwtVoJ38fFyhf440qV9ANArQkcWJrR-CSR0gI8I3RUgQl35AB20-ZFT3-zYFQEIujpYZSEqjBGsxYHfiaMeU9IdJbDds-Vhw/s320/21-714546_57968a07-c577-4e3c-8617-32e04e94f724.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxfeOqVzjf-riGmNTaRg8yJqI_1pUHT_ILjfp1C7Iul24DrLxF3CTP8Sdb_UUcLkWHYSHz06Y99k5QaQcIJbEWEy7R8laKiY9Jj1MI3XSdYIw4LixOpxyC3wJe9XoYsyqix3qh53oztRR2ul6eoZK2tqQYUU7z_hH3aCL0O2QnGSQCH7wIzXrad4M/s640/21-714546_ff9dcdb6-2139-43c1-83df-c1e066053430.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="427" data-original-width="640" height="214" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxfeOqVzjf-riGmNTaRg8yJqI_1pUHT_ILjfp1C7Iul24DrLxF3CTP8Sdb_UUcLkWHYSHz06Y99k5QaQcIJbEWEy7R8laKiY9Jj1MI3XSdYIw4LixOpxyC3wJe9XoYsyqix3qh53oztRR2ul6eoZK2tqQYUU7z_hH3aCL0O2QnGSQCH7wIzXrad4M/s320/21-714546_ff9dcdb6-2139-43c1-83df-c1e066053430.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><p>It was originally built in 1997-2000 and listed for sale in 2016 for $29,000,000 as 8 bed, 15 baths, 22,000 sf. The RealAVM value is $2-4 million :-D There was another home built there in the 70's which replaced one built 1947 by A.C. Pillsbury. That was a caretaker's house and a barn. The newer home was in French Provincial style and was built for Ilhie and Jeoung Lee, Paul D. Jeoung . The home was 124' x 106' with an unfinished basement and subterranean garage. I think they illegally added basement size to home size. They call it a basement because it's cheaper, easier to get permits but it's not legally gross living area. There is an ADU which is the caretaker unit which was once a storage barn. Just found a permit where they converted the basement to an ADU or at least tried to.</p><p>2019 permit for FULLY SPRINKLERED TWO STORY ACCESSORY LIVING QUARTERS W/ ATTACHED GARAGE. IRREG SHAPED BUILDING 132'-4" X 113'-3". I believe it was built previously and just permitted at this time.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdQTxY699Fjx1-m58KLAATXjmylghHM5glYt2z7cdpuJwKRuAvYWlI6fI3tuPOJe7FkVbzgGQwKPsutg0ZragTqSSrArsJEzTsciGSioLd6uD13V1JSpuKv6ry2p5kBR6r5IutI6XSGDE550DekcU0K0-oaT7FfVjwGazu3KS5tlD2BxTGOX-ZzK0/s640/2016.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="480" data-original-width="640" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdQTxY699Fjx1-m58KLAATXjmylghHM5glYt2z7cdpuJwKRuAvYWlI6fI3tuPOJe7FkVbzgGQwKPsutg0ZragTqSSrArsJEzTsciGSioLd6uD13V1JSpuKv6ry2p5kBR6r5IutI6XSGDE550DekcU0K0-oaT7FfVjwGazu3KS5tlD2BxTGOX-ZzK0/s320/2016.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjq213GuQYEhkKEJRFRBFFGnTnZGV0DJlEt2JiAXVwvjAo8fAt3mxal1pDG3rVYv0jVI0QW61xXlFGipnmV9bGSmtp1OIyTuY49-V89geI-56oPg7jFfqRRfps_0X5NdIH6_9mii0qporDXLedESE-mxnaqgnQvM0E04M_cYCfSvugWB-TQmojzLIo/s3424/plat.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2208" data-original-width="3424" height="206" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjq213GuQYEhkKEJRFRBFFGnTnZGV0DJlEt2JiAXVwvjAo8fAt3mxal1pDG3rVYv0jVI0QW61xXlFGipnmV9bGSmtp1OIyTuY49-V89geI-56oPg7jFfqRRfps_0X5NdIH6_9mii0qporDXLedESE-mxnaqgnQvM0E04M_cYCfSvugWB-TQmojzLIo/s320/plat.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2p5hTQGz9immvHhnKtNLQmHGWSct_GaIkGPGVJpJLfL7NCNGAND16_l3UhE6pGZerDj0jGJHcot3nB0lj_bmO0oW8jDFCDEtusg044d0RpF3cdq9fxk7XbNzlv3vgGH92AhD0w0cklJkGgXiro5a7BEhu8m1UvDdVIlF1umKSrlQNfFl8eHfUbsQ/s411/site.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="337" data-original-width="411" height="262" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2p5hTQGz9immvHhnKtNLQmHGWSct_GaIkGPGVJpJLfL7NCNGAND16_l3UhE6pGZerDj0jGJHcot3nB0lj_bmO0oW8jDFCDEtusg044d0RpF3cdq9fxk7XbNzlv3vgGH92AhD0w0cklJkGgXiro5a7BEhu8m1UvDdVIlF1umKSrlQNfFl8eHfUbsQ/s320/site.jpg" width="320" /></a></div><br /><p><br /></p><p>It's in a homeowners association and is accessed off the end of a cul-de-sac. GPS 34.11887000139121, -118.43406722770074 APN 4382-009-005 . Tract is PM 1768 Parcel B.</p><p>Below are the basic plans for the home. They added foundation pilings years after the home was built. May have been an issue because property is in an earthquake fault with shale and clay. It's near the Hollywood fault line in a landslide and liquefaction zone. That's probably why it wasn't really built until more recently when finances and engineering made sense. Click to see larger.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6moNJwMdnNCQi09b9XtZ1YR0JjMH7uAOc8Ul4UvZhBr9vw3cUGRX7-wARQpCt7AFneOKpRT6AF5hkGry7XgME8BMXj7uB2dpn8LHaVPbRMeOz_B3LHStGXzIMfb7-j24VF-W8SQYyJIazY51Y4cGn4tVtNc5Z1p-OVJTqMSeDOVZM35l-JtVASlw/s3314/plans_page_001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3314" data-original-width="2562" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6moNJwMdnNCQi09b9XtZ1YR0JjMH7uAOc8Ul4UvZhBr9vw3cUGRX7-wARQpCt7AFneOKpRT6AF5hkGry7XgME8BMXj7uB2dpn8LHaVPbRMeOz_B3LHStGXzIMfb7-j24VF-W8SQYyJIazY51Y4cGn4tVtNc5Z1p-OVJTqMSeDOVZM35l-JtVASlw/s320/plans_page_001.jpg" width="247" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-vivMw53_yKkr_6QejcSuYwm3myJgky18eXkQjixu5lj8TLAiQFOr7HaQnG0APzdFVp7xpTY_I7fzq-Yj3LqCY0DX7ogPNUSraF39qfpqaWYlw8_6obemFkR5PDbmR183d0fcyUm1gXNusLjsMb315buLxyBkHeuNdJOqCevZT8s1dwHnHXzfrBk/s3312/plans_page_002.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3312" data-original-width="2555" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-vivMw53_yKkr_6QejcSuYwm3myJgky18eXkQjixu5lj8TLAiQFOr7HaQnG0APzdFVp7xpTY_I7fzq-Yj3LqCY0DX7ogPNUSraF39qfpqaWYlw8_6obemFkR5PDbmR183d0fcyUm1gXNusLjsMb315buLxyBkHeuNdJOqCevZT8s1dwHnHXzfrBk/s320/plans_page_002.jpg" width="247" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhniLdwitEJErRq9SragSLYk_Qfi7wTaPe_xDsdBDwceeLdUPpIIGBJA6a0M1t1JkxzH5g7L4Oq0VemtIGfSFcOSCNdGv-Vp-qxC99luktdubL7vR4w-dYYagCTCLaU3IwywzqqS5Hl3xyZjXRA-wabILOqa0RHcXqqGEc_VktNZI3BRXTl1YU61uM/s3315/plans_page_003.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3315" data-original-width="2555" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhniLdwitEJErRq9SragSLYk_Qfi7wTaPe_xDsdBDwceeLdUPpIIGBJA6a0M1t1JkxzH5g7L4Oq0VemtIGfSFcOSCNdGv-Vp-qxC99luktdubL7vR4w-dYYagCTCLaU3IwywzqqS5Hl3xyZjXRA-wabILOqa0RHcXqqGEc_VktNZI3BRXTl1YU61uM/s320/plans_page_003.jpg" width="247" /></a></div><br /><p>This is the previous listing when it was French Provincial. The house looks the same size. I don't see a certificate of occupancy for any new size added to the home. I think it's still a 20,000 or so sf home with a caretaker residence, pool house and basement. That size is never added to the legal main dwelling size. I think the home may have just been remodeled. I'm still looking at permits most of which are under the Hutton address.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQN7y4_rlGCgjq1tBlFqQ2kaAlWdRXDvjRkffebnpRke-HOc6fU4JgFOx3LQgWT1PAZlfMcizkPOM8iZt7GNbhA94S_AAl9v565VZ98-Y67jBK8QJloLlKBmOV4pSzgDOseqYZsNWcrlekhM8v32X3PwLLIFy3Nk_PYt89PjGK5Ai6cy6eQGEuI7w/s842/AgentDetailShort%20(1)_page_002.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="842" data-original-width="595" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQN7y4_rlGCgjq1tBlFqQ2kaAlWdRXDvjRkffebnpRke-HOc6fU4JgFOx3LQgWT1PAZlfMcizkPOM8iZt7GNbhA94S_AAl9v565VZ98-Y67jBK8QJloLlKBmOV4pSzgDOseqYZsNWcrlekhM8v32X3PwLLIFy3Nk_PYt89PjGK5Ai6cy6eQGEuI7w/s320/AgentDetailShort%20(1)_page_002.jpg" width="226" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR0bGe3azr8TQucNPYPQyGGobTsBOig_CkbtUug5rA-OegzsKrjwTf33-ILxZel0YcncW8IskxCtmgMFxYDw5go5SdSrc13OkAz6OHwsbc9kXXhnSaRltbDf-YFewryTojCeli9Eo4-Lz_ZQkeMvWm_C56JcL3ZUmVdxL_QZrg-N4RnCRfehWtdGw/s842/AgentDetailShort%20(1)_page_003.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="842" data-original-width="595" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR0bGe3azr8TQucNPYPQyGGobTsBOig_CkbtUug5rA-OegzsKrjwTf33-ILxZel0YcncW8IskxCtmgMFxYDw5go5SdSrc13OkAz6OHwsbc9kXXhnSaRltbDf-YFewryTojCeli9Eo4-Lz_ZQkeMvWm_C56JcL3ZUmVdxL_QZrg-N4RnCRfehWtdGw/s320/AgentDetailShort%20(1)_page_003.jpg" width="226" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj10dIa9Z-MLBCBEjHkk3kTQY7aCm7sQqwMJGqvlBbuNgWW4JrWQ5zp9RavEpGV5fXf4WoPAqpOVU_QTeaX6rrobHBEc9nYSme433QeFaq-Z6tTpi0yS8YEcR56fxP54YtCfU-fgwOw28gZYrf-Z3Sygrs3Mw_Ep5VH6rznvhk8Mz9ha6Nm2sFCs6E/s842/AgentDetailShort%20(1)_page_001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="842" data-original-width="595" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj10dIa9Z-MLBCBEjHkk3kTQY7aCm7sQqwMJGqvlBbuNgWW4JrWQ5zp9RavEpGV5fXf4WoPAqpOVU_QTeaX6rrobHBEc9nYSme433QeFaq-Z6tTpi0yS8YEcR56fxP54YtCfU-fgwOw28gZYrf-Z3Sygrs3Mw_Ep5VH6rznvhk8Mz9ha6Nm2sFCs6E/s320/AgentDetailShort%20(1)_page_001.jpg" width="226" /></a></div><br /><p><br /></p><p><br /></p><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin. DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.htmlMary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-65058765552297008422023-05-19T19:18:00.011-07:002023-05-19T21:59:46.681-07:00Beyonce, Jay-Z new home at 27712 Pacific Coast Hwy, Malibu, California by Mary Cummins real estate appraiser<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjR05pERQFUGMvdvZnZ9UP51uveeaacQDQ7bzfApd-9z_5PuKumqUZ1nphL9lLq7lRlhu_-T1RuXMca0dW-RtAFUA0ZfrwaBZSJ6nk-hk2dlDWUnC2UDG2duq7YIfGc_AYWdTqx4MHh9nvFfyO9U2JQVL4T6XxA3oat6-5HGjwU3BEzOoyFOkwGRzw/s859/home%205.jpg" style="margin-left: auto; margin-right: auto;"><img alt="beyonce, Jayz, jay-z, mary cummins, real estate appraiser, real estate appraisal, malibu, los angeles, caliornia, 27712 pacific coast, pch, 27712, pacific coast highway, million, tadao ando, kurt rappaport" border="0" data-original-height="499" data-original-width="859" height="186" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjR05pERQFUGMvdvZnZ9UP51uveeaacQDQ7bzfApd-9z_5PuKumqUZ1nphL9lLq7lRlhu_-T1RuXMca0dW-RtAFUA0ZfrwaBZSJ6nk-hk2dlDWUnC2UDG2duq7YIfGc_AYWdTqx4MHh9nvFfyO9U2JQVL4T6XxA3oat6-5HGjwU3BEzOoyFOkwGRzw/w320-h186/home%205.jpg" title="beyonce, Jayz, jay-z, mary cummins, real estate appraiser, real estate appraisal, malibu, los angeles, caliornia, 27712 pacific coast, pch, 27712, pacific coast highway, million, tadao ando, kurt rappaport" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">beyonce, Jayz, jay-z, mary cummins, real estate appraiser, real estate appraisal, malibu, los angeles, caliornia, 27712 pacific coast, pch, 27712, pacific coast highway, million, tadao ando, kurt rappaport</td></tr></tbody></table><br /><p><br /></p><p><a href="https://en.wikipedia.org/wiki/Beyonc%C3%A9" target="_blank">Beyonce</a> and <a href="https://en.wikipedia.org/wiki/Jay-Z" target="_blank">Jay-Z</a>'s new home is at <a href="https://www.google.com/maps/place/27712+E+Pacific+Coast+Hwy,+Malibu,+CA+90265/@34.021794,-118.7770689,91a,35y,355.52h,75.92t/data=!3m1!1e3!4m6!3m5!1s0x80e818d0125e4dc1:0x28ddb46cb73d3a45!8m2!3d34.0245206!4d-118.7771425!16s%2Fg%2F11ff5pffkh" target="_blank">27712 Pacific Coast Highway, Malibu, California</a> on Billionaire's Row. The musical couple purchased the property for over $200,000,000. It was listed at $295,000,000. The property has nearly six acres. The seller was <a href="https://en.wikipedia.org/wiki/William_J._Bell" target="_blank">William "Bill" Bell Jr.</a>, an art collector and son of the creators of soap operas “Bold and Beautiful” and “The Young and the Restless.” <a href="https://en.wikipedia.org/wiki/Kurt_Rappaport" target="_blank">Kurt Rappaport</a> of <a href="https://weahomes.com/agents/" target="_blank">Westside Estate Agency</a> represented the buyers and the seller. Bell commissioned prominent Japanese architect <a href="https://en.wikipedia.org/wiki/Tadao_Ando" target="_blank">Tadao Ando</a> to build the concrete, 40,000-square-foot mansion that overlooks the Pacific. Full address includes 27716 PCH.</p><p>The home was built in 2014 and does not appear to have a Certificate of Occupancy. Legal description is TR=12935 LOT 7 BLK 2. Assessor's parcel number is 4460-031-017. It last sold for $14,000,000 in 2003 when it was a 7,700 sf 8 bed home. February 2022 it had a $90,000,000 loan against it. It's 257,888 sf.</p><p>The pervious concrete was done by Architectural Pervious Concrete.</p><p><a href="https://www.pacificpervious.com/news/2017/11/16/architectural-pervious-concrete-for-a-malibu-residence">https://www.pacificpervious.com/news/2017/11/16/architectural-pervious-concrete-for-a-malibu-residence</a></p><p>Morley Construction built the home with Peter McCoy Construction. </p><p><a href="https://www.morleyconcrete.com/project-experience/bell-house">https://www.morleyconcrete.com/project-experience/bell-house</a>/</p><p>Ando's Bell House</p><p><a href="https://usmodernist.org/ando.htm">https://usmodernist.org/ando.htm</a></p><p>Under construction</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5yVMkCjj6kkw0V1Tl3G2MHMWdm2lgEmmBJzb0IvEB56nzdXcNVTCOLhFEjXx052qlvLy0CRSjD1aV_gwOt7_y4KwFBCjlaSdq2PHB3HyvMZRaGxES9KdCsYzw4k_0m0yH2LCsZQpkZp05_cVhhg-U2ADQ2zo9pwpb2SdAMxn-bk_bz2T6jEDEEnI/s300/lee-phillip-bells-house-1.jpg" imageanchor="1" style="margin-left: 1em; 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margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcSAMXLGzCi9OQFOat2eWF9jSJPpF3NhpHFXWZJnmhE2oupTqqPfLsMIHqYWeb9j_gYQfHz5Vos0VGr7aidtMHe3iDdWFgv52vHpBWZ2yR0M-RSvqV8bG_ADlggmeQvmcvUxaT-YVKdqNYlg6oD1d-hKrL5J-D11-Vctcz8yEl-06pXam_3nbGoAc/s1153/1.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="485" data-original-width="1153" height="135" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcSAMXLGzCi9OQFOat2eWF9jSJPpF3NhpHFXWZJnmhE2oupTqqPfLsMIHqYWeb9j_gYQfHz5Vos0VGr7aidtMHe3iDdWFgv52vHpBWZ2yR0M-RSvqV8bG_ADlggmeQvmcvUxaT-YVKdqNYlg6oD1d-hKrL5J-D11-Vctcz8yEl-06pXam_3nbGoAc/s320/1.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">beyonce, Jayz, jay-z, mary cummins, real estate appraiser, real estate appraisal, malibu, los angeles, caliornia, 27712 pacific coast, pch, 27712, pacific coast highway, million, tadao ando, kurt rappaport</td></tr></tbody></table><br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLtrvjywWvZxQJsqv2PB67zkgyQ6htE65aJL___u18fikE8P7wF6gM3PIDYLmokN91ajhI1A1b9Nq-LjqcCxL2TCk0RZnlIV_ahIAqXa0mNU8gYgVeNKBLYhMTRKFx_0UrdT553k5QIae4dHUred176CPdfKH4wFEK1ENbslTr6mKDmN12FbySZHg/s1085/2.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="539" data-original-width="1085" height="159" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLtrvjywWvZxQJsqv2PB67zkgyQ6htE65aJL___u18fikE8P7wF6gM3PIDYLmokN91ajhI1A1b9Nq-LjqcCxL2TCk0RZnlIV_ahIAqXa0mNU8gYgVeNKBLYhMTRKFx_0UrdT553k5QIae4dHUred176CPdfKH4wFEK1ENbslTr6mKDmN12FbySZHg/s320/2.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">beyonce, Jayz, jay-z, mary cummins, real estate appraiser, real estate appraisal, malibu, los angeles, caliornia, 27712 pacific coast, pch, 27712, pacific coast highway, million, tadao ando, kurt rappaport</td></tr></tbody></table><br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpGjJyxwI3GFn7fnsIt2Ia2pEDIm6BWCjQXec4b7W6iFF1RS89tdi5jyd_GGCAmn1j7CS7KDfyO-9vTfvs8ydZ7Kb4L1-yriG_0W2HBX5mpxtvRTkJnbLe35-3kXqXV2_onNGdR0xgEX9KtnUWBSSZ1vuhuMXeDQyothX0dV__t2xTvUf8vA7Gg_k/s881/5.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="461" data-original-width="881" height="167" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpGjJyxwI3GFn7fnsIt2Ia2pEDIm6BWCjQXec4b7W6iFF1RS89tdi5jyd_GGCAmn1j7CS7KDfyO-9vTfvs8ydZ7Kb4L1-yriG_0W2HBX5mpxtvRTkJnbLe35-3kXqXV2_onNGdR0xgEX9KtnUWBSSZ1vuhuMXeDQyothX0dV__t2xTvUf8vA7Gg_k/s320/5.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">beyonce, Jayz, jay-z, mary cummins, real estate appraiser, real estate appraisal, malibu, los angeles, caliornia, 27712 pacific coast, pch, 27712, pacific coast highway, million, tadao ando, kurt rappaport</td></tr></tbody></table><br /><div class="separator" style="clear: both; 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margin-right: 1em;"><img border="0" data-original-height="2208" data-original-width="3436" height="206" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWB1iGEHeRyUTFazJx-3vIlSg_Vl01Kvoptivri108OfYsmDKVNTxvIs8YZrxjcrI7paFQh5EHHwk-X52tb95sQxdBx26cb6jkexsIaw-1RZZfA7OIJNSXslQpQwe74KmxNPa-grJ0Xw0v9ojg6aBL7HfthTDUxJz0q3WnlPP8UtdXg0sAGBlqozc/s320/mlibu.jpg" width="320" /></a></div><br /><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiVc49y1SfwmSuyVl3gQgUNBObLzsEZdl0tHT-HsfOUwh1kRsjZeVOrXancEd5yE3EJqi1wRRo-qybsMkf4nvHwpXfdJmJQiFXDlE2TpdgmSY1k5QHpDaerVuVcCium6mO2jdVMQ8oZXBgnPCZonU8pBp8GP-S40_eekTmTxUL0DafQ7zZQKO5_RQ/s785/beyonce%20house.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="611" data-original-width="785" height="249" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiVc49y1SfwmSuyVl3gQgUNBObLzsEZdl0tHT-HsfOUwh1kRsjZeVOrXancEd5yE3EJqi1wRRo-qybsMkf4nvHwpXfdJmJQiFXDlE2TpdgmSY1k5QHpDaerVuVcCium6mO2jdVMQ8oZXBgnPCZonU8pBp8GP-S40_eekTmTxUL0DafQ7zZQKO5_RQ/s320/beyonce%20house.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioehXHudnjIzbmmIf645f62fasRFbcKm9AIpPBt8GKXE64a2Yvk12_BGkmiwEoxs5AAOtKs5BtCZW8wKzud_nNf5S1bylAhzrSkDVZZ2kta_sIzBHGrNFJFwBZSDZMTZL-vyvUzLANAW235lXWxDQD2Ou04G8U5hr_RHIGaSPrJCI2qnI8CUUhM5s/s787/home%203.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="419" data-original-width="787" height="170" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioehXHudnjIzbmmIf645f62fasRFbcKm9AIpPBt8GKXE64a2Yvk12_BGkmiwEoxs5AAOtKs5BtCZW8wKzud_nNf5S1bylAhzrSkDVZZ2kta_sIzBHGrNFJFwBZSDZMTZL-vyvUzLANAW235lXWxDQD2Ou04G8U5hr_RHIGaSPrJCI2qnI8CUUhM5s/s320/home%203.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvEo_AciRvWV1gkLjga3mlUygEWRbSmh-5n7v_CEHf3nQBXabp0tUSPWfaXI2jiHlxeWwC628J75K36tUm214abmYO76O6SSVFmoE7WrnzWMDKYNOuF7FvrJOkYcZlP-1jxlcFVmlfeOX1XuiE-eHM2puA9JTzuqZTeW6CWQ7Q8SJmsG6Nj55XAU8/s869/home.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="571" data-original-width="869" height="210" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvEo_AciRvWV1gkLjga3mlUygEWRbSmh-5n7v_CEHf3nQBXabp0tUSPWfaXI2jiHlxeWwC628J75K36tUm214abmYO76O6SSVFmoE7WrnzWMDKYNOuF7FvrJOkYcZlP-1jxlcFVmlfeOX1XuiE-eHM2puA9JTzuqZTeW6CWQ7Q8SJmsG6Nj55XAU8/s320/home.jpg" width="320" /></a></div><br /><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
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<li><a href="http://www.linkedin.com/in/marycummins">Mary Cummins LinkedIn</a></li>
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<li><a href="https://goo.gl/maps/ktRGRx7XoGHeDnRe9">Cummins Real Estate on Google maps</a></li>
<li><a href="http://www.animaladvocates.us/">Mary Cummins of Animal Advocates</a></li>
<li><a href="http://marycummins.mary.cc/">Mary Cummins biography resume short</a></li>
<li><a href="http://www.marycummins.com/">Mary Cummins Real Estate Services</a></li>
<li><a href="http://www.facebook.com/pages/Animal-Advocates/91846190291?ref=ts">Animal Advocates fan page at Facebook.com</a></li>
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Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.htmlMary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0tag:blogger.com,1999:blog-3442647156973609536.post-25349785633095948472023-05-19T12:40:00.004-07:002023-06-16T16:03:50.572-07:00List of banned AMC appraisal words by Mary Cummins real estate appraiser<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgReAVWBk-RaWdyBSj7ItsqiX_ZaxjnHLHEg_wzeeApe2WTDwIsDUE7wCHtNzTL7UnuBqsRQQ4ROCYPNKS9ej_myspTcufM29Y4_2-dnUa6CGVYx0V-gcNDpPI0ggwjLOlJG9wbFmeSI0kF_n92X_Y_3NHWTx18RJtmYsYSuW4MhsYRnF08JOmBl24/s801/BANNED%20WORDS.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="737" data-original-width="801" height="294" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgReAVWBk-RaWdyBSj7ItsqiX_ZaxjnHLHEg_wzeeApe2WTDwIsDUE7wCHtNzTL7UnuBqsRQQ4ROCYPNKS9ej_myspTcufM29Y4_2-dnUa6CGVYx0V-gcNDpPI0ggwjLOlJG9wbFmeSI0kF_n92X_Y_3NHWTx18RJtmYsYSuW4MhsYRnF08JOmBl24/s320/BANNED%20WORDS.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">banned real estate words, banned, real estate appraisal, mary cummins, real estate appraiser, los angeles, california, hud, fannie mae, uspap, freddie mac</td></tr></tbody></table><br /><p>Another appraiser posted this list of words appraisers can't use in their reports from an AMC. Most of these are obvious and I don't know anyone who would dare use the words. Others are complex as they have multiple meanings some being innocent and factual such as the following:</p><p>Age: This word is pre-printed on the form for age of home. I use age as years.</p><p>Black: We use this for color of floor, cabinets... Color number #000000? No other colors in the list.</p><p>Chinese: Chinese roof tiles also called "wa" in Chinese. We use for style but no more. Asian also not allowed.</p><p>Colored: Rose colored window pane, exterior. Pink?</p><p>Disabled: Disabled ramp, parking, rails. Physically challenged? Wheelchair bound?</p><p>Gentrification: The government uses the term. The correct term is the revitalization cycle of real estate.</p><p>Graffiti: We have to note if there is graffiti on a building. Maybe we can use spray paint or tagging? It must be removed before funding generally. They'll see it in the photos.</p><p>Handicap: See "disabled." Handicap parking, rails, ramps. Sometimes this is mandatory for certain types of buildings.</p><p>Hoarder: We see this all the time. I use cluttered. They'll see it in the photos.</p><p>Homeless: Tough when the property has a homeless encampment against the wall but one can use camping. Appraiser must state external factors. Photos will show it.</p><p>Homogenous: Can be used for types of homes but no more. I use similar.</p><p>Illegal: It's pre-printed on the form for use. I use not zoned, not permitted.</p><p>Japanese: Can be used for style of home or garden. No more. Maybe just "style?" </p><p>Low income: There are some condos, apartments which are legally low income and can only be rented or sold to low income people. Lower income? Income range under $50,000?</p><p>Mature: I used to use it for trees but no more. </p><p>Old: It was part of the form relative to age of homes in area. Now I use range of age in years.</p><p>Projects: Difficult when it's pre-printed on the condo form. I use complex.</p><p>Public Housing: Difficult when you are appraising public housing. Government sponsored works?</p><p>Spanish: It's an accepted style of home. Just type "style?"</p><p>Students: Sometimes it's student housing. Maybe people in school?</p><p>White: Color of paint, cabinets, carpeting, flooring. Color number #FFFFFF?</p><p>Just noticed "master" is missing as in master bedroom. I use main, en suite, bed 1...</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvsXuUBZqFNwmaJqUyKxH0o69C3pbMtqGtZNE5ou7TTEjxAldtToKrvrnl416Cly6UVPo798zXgR5KxLt27q9Jukr47bSy-l-C9KI9wwUtGY97XNCkAJh5jV5f7K6WPh1W-QuRD79fEVpOeVTCW1k26K5OlL7trDJxrIJ_M8CM55e81MUGlqWMt_M/s915/amc%20barred%20words.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="915" data-original-width="811" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvsXuUBZqFNwmaJqUyKxH0o69C3pbMtqGtZNE5ou7TTEjxAldtToKrvrnl416Cly6UVPo798zXgR5KxLt27q9Jukr47bSy-l-C9KI9wwUtGY97XNCkAJh5jV5f7K6WPh1W-QuRD79fEVpOeVTCW1k26K5OlL7trDJxrIJ_M8CM55e81MUGlqWMt_M/s320/amc%20barred%20words.jpg" width="284" /></a></div><br /><p><br /></p><p>Mary Cummins of Cummins Real Estate is a <a href="http://www.marycummins.com/">certified residential licensed appraiser</a> in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.</p><br />
<ul>
<li><a href="http://www.linkedin.com/in/marycummins">Mary Cummins LinkedIn</a></li>
<li><a href="http://www.meetup.com/members/12762281/">Mary Cummins Meet up</a></li>
<li><a href="https://www.facebook.com/CumminsRealEstateServices">Cummins Real Estate on Facebook</a></li>
<li><a href="http://marycumminsrealestateservices.blogspot.com/">Mary Cummins Real Estate blog</a></li>
<li><a href="https://goo.gl/maps/ktRGRx7XoGHeDnRe9">Cummins Real Estate on Google maps</a></li>
<li><a href="http://www.animaladvocates.us/">Mary Cummins of Animal Advocates</a></li>
<li><a href="http://marycummins.mary.cc/">Mary Cummins biography resume short</a></li>
<li><a href="http://www.marycummins.com/">Mary Cummins Real Estate Services</a></li>
<li><a href="http://www.facebook.com/pages/Animal-Advocates/91846190291?ref=ts">Animal Advocates fan page at Facebook.com</a></li>
<li><a href="http://www.mary.cc">Mary Cummins</a></li>
<li><a href="http://www.flickr.com/people/marycummins/">Mary Cummins Animal Advocates on Flickr photos</a></li>
<li><a href="http://www.twitter.com/marycummins1">Mary Cummins Animal Advocates on Twitter.com</a></li>
<li><a href="http://www.myspace.com/mmmaryinla">Mary Cummins on MySpace.com</a></li>
<li><a href="http://www.youtube.com/marycummins">Mary Cummins on YouTube.com videos</a></li>
<li><a href="http://www.classmates.com/directory/public/memberprofile/list.htm?regId=369313251">Mary Cummins of Animal Advocates on Classmates</a></li>
<li><a href="http://vk.com/marycummins">Mary Cummins on VK</a></li>
</ul>
Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.htmlMary Cumminshttp://www.blogger.com/profile/14646451750521528095noreply@blogger.com0