Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California
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Showing posts with label beverly hills. Show all posts
Showing posts with label beverly hills. Show all posts

Tuesday, January 9, 2024

History of Realtor Boards and Multiple Listing Services by Mary Cummins Real Estate Broker, Appraiser

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
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

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. 

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. 

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. 

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. 

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 Greater Los Angeles Realtors (GLAR) in 1998. The state California Association of Realtors (CAR) was formed in 1998. 

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 Combined Los Angeles/Westside (CLAW) MLS 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. 

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 California Department of Real Estate (DRE) 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. 

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. 

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. 



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.

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

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.

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.

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.


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
References:

The Promise and Principles of Real Estate Development in an American Metropolis:

LATimes.com various articles


Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


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

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Wednesday, May 31, 2023

Jennifer Lopez JLo and Ben Affleck just bought Wallingford Estate at 2571Wallingford Dr Beverly Hills, California by Mary Cummins


Jennifer Lopez JLo and Ben Affleck buy Wallingford Estate in Beverly Hills for $60,850,000. The home is located at 2571 Wallingford Dr, Beverly Hills, California 90210. This is the City of Los Angeles aka Beverly Hills Post Office. It's not Beverly Hills. 

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,

"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."

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. 

More recent photos from the MLS. 

















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.

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.





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.

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.




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.







Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


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.html

Thursday, January 30, 2020

What is The One 100,000 sf home by Nile Niami at 944 Airole Way, Bel Air, California 90077 by Mary Cummins

The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy

UPDATE 03/20/2022 Creditors are arguing that the war in Ukraine caused the sale price to be low. They want a do over. They scheduled the auction for an earlier date but no one made the opening bid. That's why they extended it. I doubt wealthy Russians weren't able to bid because of the war. If they had bid, the escrow could have ended because of the war. One person argued that the war could get worse and future bids could be lower if they allow a do over. I don't think they should allow a do over on the auction. I doubt they'd get more. The people who loaned the builder money over a certain value were not wise people. Maybe they should have read my blog article before they loaned the money. Everyone in real estate including Niami knew the $500M price was insanity. There are no comps anywhere near that price. 

03/07/2022 Fashion Nova Richard Saghian is the buyer of The One. Makes sense. 


For the hell of it. Current tax assessment is $119,024,562. $31M land $87M improvements. Current annual property taxes $1,402,931 annual taxes. 

UPDATE 03/03/2022: And it just sold for $141,000,000. As I stated below I didn't think they got the minimum bid by the previous auction date. I've been following these over price properties like The One and The Vineyard for years now. The prices never made any sense. Remember The Vineyard was "valued" at ONE BILLION DOLLARS!? You could build a new home on a similar piece of land for less. Cost approach is generally higher than sales comparison approach. 

This property still has issues as it has no COO. There are permit and zoning issues. We don't even know what was sold with the property. Did anyone strip out attachments, improvements? What wasn't finished? We may never know. 


01/22/2022 Auction pushed back to February 28, 2022. I doubt they got any real bids at $295,000,000 plus 12% $35,400,000 to the auctioneer or $330,400,000 total minimum bid. I don't believe it's worth it. Home is not finished. The last pending Certificates of Occupancy were 2014 and 2017. The last permit was February 2021. There are many issues, liens, judgments... I'm sure many things have been and will be removed from the home especially the high end items. 

"The bankruptcy auction for one of the largest mansions in the United States was pushed back three weeks to allow more time to attract potential purchasers of the home, which has a $295-million asking price.

U.S. Bankruptcy Judge Deborah J. Saltzman granted an extension of the auction for the Los Angeles home known as “The One” last week after a number of would-be buyers needed more time to visit the property, according to court papers filed Friday and attorney David Golubchik of Levene, Neale, Bender, Yoo & Golubchik, who is representing the property’s developer.

The online bankruptcy auction is now scheduled for Feb. 28 to March 3, and the transaction’s closing, which is subject to court approval, is set for March 21."

01/11/2022 The property may go to auction at Concierge Auctions with no reserve and a list price at $295,000,000. The auction is scheduled for February 7-10, 2022. The home is not finished. There is no certificate of occupancy. There is a temporary power pole. Here is the listing. It's just been pushed back to February 28. High bid subject to court approval. The property is listed with two local real estate agents. The auction site does not guarantee any information they posted. Buyers must pay 12% of the sales price above and beyond the purchase price for the auction service, "Buyer shall pay to Concierge a “Buyer’s Premium” in addition to the Purchase Price for the Property. The Buyer’s Premium is not a real estate commission; it is the fee that Concierge charges to bidders for bringing the Property to auction." 1% commission paid to buyer's agent. It makes more sense for any buyer to go direct to the current listing agent. 


September 2021. Home is in receivership with more than $165,000,000 liens, debts and judgments. It will hopefully get an occupancy permit then be listed for sale. It could be sold without an occupancy permit but of course it'd be at a huge discount and someone would have to pay cash. 


I don't know if Niles Niami really really expected to build and sell this home or if this was a real estate scam from the start like The Vineyard aka The Mountain. We'll find out when they check the books. 

UPDATE: March 2021 home  in default. Price reduced. A few of Niles Niami's projects have been in default, had prices reduced. 


ORIGINAL: The property goes by a few addresses. They are main address is 944 N Airole Way and then 937 N Stradella Road and 951 N Stradella Road. The parcel map below shows the property outlined in red. It's zoned LARE20 which is the city of Los Angeles residential estate. It's approximately 166,828 sf or 3.8 acres. It last sold 12/2012 for $28,000,000. It's had repeat lis pendens on it for mechanic liens i.e., unpaid contractors. It's had loans on the property up to $82,000,000. I think one reason the owner throws around the crazy price is to get media coverage and to get insane loans on the property. It's listed as vacant land so I don't think there is an occupancy permit. Sounds like the guy needs to sell it now. Whoever buys it will have to pay property tax in the amount of 1 1/4% of value per year. The original value is the sale price. 

The owner is Nile Niami born February 1968 in Los Angeles County, California, Crestlloyd LLC 8981 W Sunset Blvd #303, West Hollywood, CA 90069. I see a Nameer N Niami born 25 Feb 1968 with mother's maiden name Larkin. He also goes by Nile and Neil. His father is Hazim Mohammed Niami born 1932 in Baghdad, Iraq, a civil engineer who designed the Cinerama Dome. His parents divorced when he was six.

The APN of the property is 4369-026-021/020. I see soils and geological permits denied in 2017 and 2018. One was finalized very recently for grading.

I just found permits You have to search by legal description tract 22727 lots 1, 2, 3 and use APNs 4369-026-014/017/002. I think he's trying to obfuscate the property identification so people can't tell it's not as large as he's said it is and it has no occupancy permit. This is very common with these mega-mansions. It makes it difficult to evaluate unless you're an appraiser.

2014 they demolished existing home. 2014 permit to build new one story accessory building. 2017 permit to build new guard house. 2017 permit to build basement for servants. I see five almost dormitory like bedrooms, see below. Generally developers add a basement to be allowed to build more. They generally turn basement into another living level by digging out the sides so it's open. This is how sneaky developers can build more than legally allowed or approved. They can't include the basement area as a living area.

I see they will build two stories over a basement with five car garage. It says 333' x 333' floor area 44,440 sf, total floor area 73,934 sf. Still not 100,000 sf. Residential floor area is 44,440 sf. Again, not 100,000 sf. See below for how they measure the building. It's misleading.

They have to install on site fire hydrant. It looks like they can build max residential living 48,291 sf.

Below is the basic permit so people can read it for themselves.

https://drive.google.com/file/d/1BtiJ8xcmEXd2oQixNNEE51qoJKvVGm5e/view?usp=sharing

There is a $82,500,000 construction loan with Hankey Capital LLC, a $30,188,235 other loan with Yogi Securities Holdings. With no occupancy permit this will be difficult to sell at the moment. He will have to sell it for a bit less than $500,000,000. 

The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy

If you want to find docs in Los Angeles building and safety you need to search the APN. I see permits only for proposed site stabilization in response to an order to comply due to over steep lot. They have to install soil nails, anchors to hold in place netting for soils and engineering. Nile Niami signed this in 2014 saying he's an owner, builder. There are two permit application numbers 19020-10000-01428 and 19030-10000-03130. I see a 2018 permit for a new entry gate. See below for documents submitted by the owner. These are public documents. I did not hack their plans. I don't see any building permits for a home. I used all three addresses and the APN. Maybe there's a reason why we only see computer graphic drawings of this home. Per building and safety it doesn't yet exist. I think he just built the retaining walls and put in some landscaping. He can say it has 1,000,000 sf because it doesn't matter as I see no home permits.

Here are a few more ID numbers, names.  Parcel ID # PIN # is 144B149 302, APN 4369-026-021, county map red # MB 623-81/83, legal is tr 22727 lot 2. There is a permit for a retaining wall. That's all I see.

Below are the people working on the project:
David R Salter License C69911
Joshua Rafael Feffer License EG2138
Steven Jeffrey Cox License C48940

If you look at the pics the developer provides to media and others, they are mainly computer generated images. They aren't photos. That's because the property is far from ready to be shown. It's not even finished. Below are some recent satellite image pics from Google Pro Earth. Click to see larger. The slope of the land is over steep over 2:1 ratio so they had to reinforce the site. The reason for the slope is so they could build as much as possible.

The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy


The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy


The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy


The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy


The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy


The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy


The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy


The site is in an earthquake induced landslide zone, hillside ordinance, hillside grading. Thomas Guide map TG592A6 for you old folks.

The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy


The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy


The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy

Below is the plan for the basement.

The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy

 Below is the plan for the main house. Seems there was a home, pool and tennis court on the property originally. He didn't tear it all down.


The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy



A map to the home is below. Address is approximately 944 Airole Way, Los Angeles, California 90077. The owner is Nile Niami. You can click "directions" below to get directions.



Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and GameMary Cummins is also a licensed real estate appraiser in Los Angeles, California.


Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


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

Monday, August 5, 2019

Real estate neighborhoods of Beverly Hills, California by Mary Cummins Real Estate Appraiser


Beverly Hills is an incorporated city in Los Angeles County, California covering about six square miles. It's surrounded by the cities of Los Angeles and West Hollywood. It had a population of 34,109 at the 2010 census and an estimated population of 33,792 in 2019. 

Originally the area belong to the Tongva Indians. The Spanish claimed the land from the Indians starting around 1500. The Mexican Revolution made the land part of Mexico in 1821. The area which is now Beverly Hills used to be Mexican Ranchos and farm land which is why so many streets such as Rodeo, Canon, Carmelita, Elevado, Lomitas and El Camino have Spanish names. The land was sold to American investors around 1850 when California became a state. Beverly Hills was incorporated as a city in 1914 and developers began to sell lots.

Beverly Hills is home to many celebrities, luxury hotels, and the Rodeo Drive shopping district. Beverly Hills is also home to some of  the most expensive real estate in the United States. There are a few sub neighborhoods that make up the city of Beverly Hills. They are broken down by some obvious physical boundaries such as major streets and the old train tracks. Each of these sub neighborhoods has different characteristics such as lot size, home size and of course home values. 

I grew up in Beverly Hills and have been a broker, appraiser working in Beverly Hills since 1983. Below I share the different areas starting at the northern and most expensive area of Beverly Hills going south to the least expensive areas of Beverly Hills proper.

Trousdale Estates

"Just northeast of the Greystone Mansion sits Trousdale Estates, an enclave known for its high concentration of Modern and Mid Century Modern luxury homes. The natural setting (plenty of trees and lush landscaping) creates a relaxed vibe. When residents aren’t admiring the vegetation and architecture, they can gaze across the L.A. Basin; the neighborhood is positioned for gorgeous city views. Trousdale Estates sits within the City of Beverly Hills."

Beverly Hills Post Office

"North of the Beverly Hills Gateway and west of Trousdale Estates, you’ll find several residential neighborhood, enclaves, and gated communities nestled in the Santa Monica Mountains. The remaining subdivisions are part of what is called the “Beverly Hills Post Office” area; it refers to home with 90210 addresses but are part of the City of Los Angeles, not Beverly Hills." For this reason this area is less expensive than legal Beverly Hills.

"The Beverly Glen and Benedict Canyon neighborhoods stretch north and south following the ravines and tines of the hills between Trousdale Estates and Bel Air. People thinking of moving to Beverly Hills that require extra security and privacy will want to check out the gated communities of Beverly Park, Mulholland Estates, and The Summit."

Beverly Hills Gateway

The Gateway is a gateway from the flats of Beverly Hills into the Santa Monica mountains via Benedict and Coldwater Canyons. This area is mainly larger custom residential homes except for the iconic Beverly Hills Hotel (A.K.A. the Pink Palace). The hotel sits just off Sunset across from Will Rogers Memorial Park. Another famous landmark is the Greystone Mansion. The mansion is a Tudor Revival estate and notable filming location (Batman & Robin, The Big Lebowski, The Dirty Dozen to name a few). Homes in Beverly Hills Gateway are among the most expensive in Los Angeles County.

Beverly Hills Flats

The Flats section of town sits between the southern and northern boundaries of Santa Monica and Sunset Boulevards and between the eastern and western boundaries of Doheny Dr and Whittier. Topographically, the neighborhood is fairly level and the large lot sizes are conducive to building estates and luxury homes, which explains why so many Beverly Hills mansions can be found along its tree-lined streets. This area is part of the "Tree streets." The streets aren't just named after different trees but generally each street is lined with that species of trees. The names starting east of Rodeo are Alpine, Elm, Maple and Palm. West of Rodeo the streets are named after east coast cities Camden, Bedford and Roxbury. Other streets are named after the original Ranchos such as Rodeo, Canon or developers, owners such as Doheny, Beverly and Pico. Architecturally, homes in Beverly Hills Flats range from stately French Chateaus and Georgian Estates to Spanish Revival and Modern abodes.

South of the Tracks

Golden Triangle (Downtown Beverly Hills)

The Golden Triangle is the commercial core and shopping district of Beverly Hills. Rodeo Dr is its most famous and expensive shopping street. If you look at the map it is indeed a triangle bounded by Santa Monica Blvd to the north, Wilshire to the South and Crescent to the east. The "tracks" are the old railroad tracks should used to be on little and big Santa Monica Blvds. 

The Smaller Flats South

This area is south of the old railroad tracks which is Santa Monica Blvd and west of Doheny Dr. It consists of apartments and condominiums. There are some office buildings and other business properties in this area.

South of this area is an area of smaller less expensive homes north of Wilshire Blvd. This was the first area to be mansionized ala McMansions because the properties were less expensive. People bought the cheaper properties and built huge two story mansions that covered the entire buildable part of the lot. This was the reason for the first mansion regulations in Beverly Hills. Beverly Hills was laid out and zoned to have larger mansions on larger lots north of this area in the Flats proper. The Mansionization changed the look of this area and not necessarily for the better. The original McMansions were square two story buildings with ornate columns and embellishment on the fronts. 

The Cheap Seats

Everything south of Wilshire is considered "the cheap seats." Here you will find smaller homes on smaller lots along with duplexes, four plexes and apartment buildings. If you really must live in Beverly Hills just to say you do but can't afford much you can rent a small apartment in this area. Many people have done this so their children could go to the Beverly Hills Unified School District which is a superior school. I went to El Rodeo and Beverly Hills High School which was a great experience.

Beverly Hills is a city made up of quite a few different neighborhoods. Each neighborhood has its own school besides different home characteristics and price ranges. Below is a map of Beverly Hills zoning so you can more specifically see the different areas. Click to see larger. 



Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


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

Thursday, June 13, 2019

Donald Trump sells his home in Beverly Hills at 809 N Canon Dr, 90210 for $13,500,000

Donald Trump Beverly Hills home house 809 N Canon Drive, California 90210, Beverly Hills Hotel, Mary Cummins, real estate appraiser, appraisal
Donald Trump sold his home at 809 N. Canon Drive, Beverly Hills, California 90210 for $13,500,000. Seller was 809 N Canon LLC,  Trump Tower, 725 5TH AVE #  26THFL, NEW YORK NY 10022, and buyer was Hillcrest Asia Ltd. The home was built in 1927. It is 5,395 sf on a 29,295 lot. It's located on an acute corner with three major streets surrounding it. It has 5 bedrooms, 6 baths and a pool.

Donald Trump bought the property in 2007 for $7,000,000 at the peak of the market six months before the great recession began. Trump appeared to have owned it with no loan. The current owner paid all cash.

I ran some comps +/- 15% GLA, within six months of date of sale properties between Carmelita and Sunset, and Bedford and Alpine. Value $9.5-$10M tops. The location is bad because it's at the intersection of Sunset Blvd and Beverly and Canon. It's a corner lot with a tight angle. Lack of privacy, security and noise, light pollution from Sunset Blvd. You also can't build on most of the lot because of the irregular shape and setbacks.

The previous owner was Thomas C Bowles a real estate investor who died in 1985. His wife Mary Bowles survived then died in March 2006. The trust sold the home to Trump. The home had been in the family since at least the 1960's.

Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the
Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and Game and the USDA. Mary Cummins is also a licensed real estate appraiser in Los Angeles, California.


Google+ Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary Cummins-Cobb, Mary, Cummins, Cobb, wildlife, wild, animal, rescue, wildlife rehabilitation, wildlife rehabilitator, fish, game, los angeles, california, united states, squirrel, raccoon, fox, skunk, opossum, coyote, bobcat, manual, instructor, speaker, humane, nuisance, control, pest, trap, exclude, deter, green, non-profit, nonprofit, non, profit, ill, injured, orphaned, exhibit, exhibitor, usda, united states department of agriculture, hsus, humane society, peta, ndart, humane academy, humane officer, animal legal defense fund, animal cruelty, investigation, peace officer, animal, cruelty, abuse, neglect #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit

Sunday, March 6, 2016

Ronald Reagan, Nancy Reagan's home at 668 St Cloud, Bel Air, Los Angeles, California - Mary Cummins real estate appraiser

Ronald Reagan, Nancy Reagan, home, house, bel air, holmby hills, los angeles, california, 668 st cloud, 668 saint cloud, 90077, dead, died, death
UPDATE: Seems they released news that she died before they removed her body from the home. I would have thought they would have removed her before they unleashed the media and fans. That was another cause for the huge traffic over here. It was gridlock. I couldn't leave the house all day because of this. From TMZ. This area is legally Los Angeles so LAPD is in charge. The officers gave her one final salute as she left her home. There are two hearses. The second is in case the first breaks down. They also will probably use it as a decoy so the mortuary doesn't get mobbed. She'll be buried with her husband at the Reagan library.

There is no street parking in this area. Don't drive over here. There's now a huge traffic jam with tour buses and Reagan fans. The streets in this area are very narrow. You can only see the front gate or side fences from the street. You can't see anything else. It's not worth the trip. Just look at the photos here instead. To my neighbors, don't even think of leaving the house today. It's total traffic at Beverly Glen, Sunset and Bel Air Rd. People are using Beverly Glen entrance instead of Bel Air Rd.

The last time I saw Ronald Reagan was years ago on the driving range at the Los Angeles Country Club. He had Alzheimer's but he could still walk around and hit the ball. Obviously he had security with him so he didn't get lost. He could still recognize Nancy at that time. Eventually he couldn't. Nancy then wrote one of the saddest articles in the local Beverly Hills paper about what it's like when her husband didn't recognize her or his children anymore. Alzheimer's is a horrifying disease. When the person loses memory and brain function they get confused and frightened.
_______________

Ronald Reagan and his wife Nancy Reagan bought their home at 668 St Cloud (Saint Cloud) in Bel Air, California in 1989 for $3,000,000 after Reagan left office. Ronald Reagan lived there until his death in June 2004 from Alzheimer. Nancy Reagan lived there until her death this morning March 6, 2016.

The remodeled Reagan house is 7,192 sf with three bedrooms, six baths, plus a guest bedroom with a bath behind the living room. It was built in 1954 on 1.29 acres. There are also servants' quarters above the garage, and a swimming pool.

"The Reagans' immediate neighbor on one side is Jerrold Perrenchio, a movie producer, who bought the large Kirkeby Estate, once the setting for the ''Beverly Hillbillies'' television show, for $13.5 million in 1986."

Previously the Reagans were renting the home for $15,000/month from their friends who bought it in 1986. Their previous home in the Palisdes was given to them from General Electric. Nancy Reagan gave an interview to Vanity Fair after her husband Ronald passed away.

Ronald Reagan, Nancy Reagan, home, house, bel air, holmby hills, los angeles, california, 668 st cloud, 668 saint cloud, 90077, dead, died, death

Ronald Reagan, Nancy Reagan, home, house, bel air, holmby hills, los angeles, california, 668 st cloud, 668 saint cloud, 90077, dead, died, death


Ronald Reagan, Nancy Reagan, home, house, bel air, holmby hills, los angeles, california, 668 st cloud, 668 saint cloud, 90077, dead, died, death

Ronald Reagan, Nancy Reagan, home, house, bel air, holmby hills, los angeles, california, 668 st cloud, 668 saint cloud, 90077, dead, died, death

Ronald Reagan, Nancy Reagan, home, house, bel air, holmby hills, los angeles, california, 668 st cloud, 668 saint cloud, 90077, dead, died, death
Ronald Reagan, Nancy Reagan, home, house, bel air, holmby hills, los angeles, california, 668 st cloud, 668 saint cloud, 90077, dead, died, death


Below is a photo of their previous home in the Palisades. Here is a list of all of their homes. 

Ronald Reagan, Nancy Reagan, home, house, bel air, holmby hills, los angeles, california, 668 st cloud, 668 saint cloud, 90077, dead, died, death
CONSPIRACY THEORY: Some say the original address was 666 St Cloud. It was not. That address never existed. Because President Reagan lived there the Department of Building and safety removed the original home permits. That permit only gave dimensions but it was still removed for security reasons.

There are a few recent permits in 2013 for plumbing, electrical. The only other permits which show are for a 4' x 4' guard house which is next to the front gate. They also converted the garage into a home for security officers. They changed the zoning to R3 to allow for multiple residences. Below are the permits.

Ronald Reagan, Nancy Reagan, home, house, bel air, holmby hills, los angeles, california, 668 st cloud, 668 saint cloud, 90077, dead, died, death

Ronald Reagan, Nancy Reagan, home, house, bel air, holmby hills, los angeles, california, 668 st cloud, 668 saint cloud, 90077, dead, died, death


Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the
Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and Game and the USDA. Mary Cummins is also a licensed real estate appraiser in Los Angeles, California.


Google+ Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary Cummins-Cobb, Mary, Cummins, Cobb, wildlife, wild, animal, rescue, wildlife rehabilitation, wildlife rehabilitator, fish, game, los angeles, california, united states, squirrel, raccoon, fox, skunk, opossum, coyote, bobcat, manual, instructor, speaker, humane, nuisance, control, pest, trap, exclude, deter, green, non-profit, nonprofit, non, profit, ill, injured, orphaned, exhibit, exhibitor, usda, united states department of agriculture, hsus, humane society, peta, ndart, humane academy, humane officer, animal legal defense fund, animal cruelty, investigation, peace officer, animal, cruelty, abuse, neglect #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit