Mary 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.

Showing posts with label los angeles. Show all posts

Tuesday, September 30, 2025

Plaza Mexico Mall in Lynwood Used to be Montgomery Ward Shopping Center by Mary Cummins Real Estate Appraiser

Plaza Mexico is the largest Mexican themed mall in the US located at 3100 E Imperial Highway in Lynwood, Los Angeles, California 90262. It was originally built in 1972 as a Montgomery Ward shopping center. In March 1986 Montgomery Ward closed because they were losing money. The city of Lynwood offered them financing to stay but they still closed. Montgomery Ward allegedly gave the property to the city of Lynwood. The city of Lynwood also owned the large vacant property next door which they wanted to redevelop into a shopping center.

The property became a clearance center store. Later part of Montgomery Ward was demolished. By 1990 it reopened by the City of Lynwood as the Lynwood Marketplace. It was then 100 shops in two stories with allegedly 800,000 sf per an LA Times article.

Starting around 2001 or so Min and Donald Chae Korean immigrants began to turn it into the Plaza Mexico that we know today. The project reopened in 2002 after a $55,000,000 renovation. Per a 2005 LA Times article Lynwood Plaza Mexico replicated a traditional Mexican downtown. The plaza resembles Monte Albam, the ancient Indian ruins in Oaxaca. The shops have bold colors of typical provincial towns. There is a shrine to the Virgin of Guadalupe. The Plaza clock tower replicates the facade of the government palace in Guadalajara. Stones and lamps were imported from Mexico. Tiles on the plaza contain occasional figures from loteria. The Governor of the state of Nayarit donated a statue in honor of Mexican mothers. Plaza México has replicas of the Angel of Independence of México City and the kiosk of the Zócalo of San Miguel de Allende, Guanajuato.

Chae stated he tried to make it into a Mexican "China Town." He hired Luis Felipe Nieto an archeologist and restoration expert from San Miguel Allender, Guanajuato, to advise him on Mexican designs and colors. Nieto passed away in 2024. Jon Jerde was the architect. Jerde was an architect for theme malls including Universal City Walk, Bellagio and the Wynn hotel. He passed away in 2015.

"Plaza Mexico is an iteration of a Jerde-influenced commercial center. This heavily Mexico-inspired outdoor shopping center, reaches for one of Jerde's most central placemaking ideals; to create authentic social engagement within a constructed, highly curated environment. Plaza Mexico's developer, M & D Regional Center LLC, two Korean brothers named Min and Donald Chae, attempted to build a culturally relevant, themed shopping center that would attract visitors and shoppers."

2021 Donald Chae's Plaza Mexico mall filed for bankruptcy right before a foreclosure sale. Property was sold in bankruptcy in 2022 for $164,000,000 to the Sterling Organization who owns it today.

Must sees at the mall.

The main entrance 33.92907608122274, -118.21479515463186
Fountain of Independence 33.929250716415645, -118.21448617989691
Carousel 33.92842989880324, -118.2135573785178
Aztec calendar stone next to carousel 33.92861835984562, -118.21352842649486
Pancho Villa statue and a few other statues in the outdoor corridors
Chapel de la Virgin de Guadalupe
Olmec head replica next to Ferris Wheel and Planet Fitness

Eat at one of the restaurants. Don't eat at the food court unless you just want cheap fast lower quality food in a very loud gaming environment. Be sure to explore the outdoor mall area with the carousel, fountains and Aztec stone. Don't just visit the large indoor mall building.

Today Plaza Mexico hosts many Mexican and Latino events including El Grito de la Independencia, El dia 12 de Deciembre, Mexican Independence day, Dia de Muertos, Cinco de Mayo and more. Mexican politicians and the Consul General of Mexico in Los Angeles have frequent events at the mall.

Physical description: APN 6171-001-054 Legal description MODJESKA PARK VAC STS, BLK 15, 18 AND POR OF BLK 16. Three buildings. Two were built 1972 and the third was built 2002. 475,209 sf lot. 248,925 sf improvements. It's currently owned by Svap III Plaza Mexico LLC out of Florida. Property last sold in 2022 for $164,000,000.

Wednesday, September 24, 2025

Why Home Appraisal Bias Claims are Falling Apart by AEI, Mary Cummins Real Estate Appraiser

Great article by Tobias Peter of AEI yesterday "Why Home-Appraiser Bias Claims are Falling Apart." It proves that the alleged racial bias by real estate appraisers is false. The false narrative was promoted by the media, Biden Administration and other people with an agenda. Research has proven there is no racial bias in real estate appraisal reports.

"In 2022, numerous mainstream media outlets seized on the experience of married Johns Hopkins professors Nathan Connolly and Shani Mott as clear evidence of systemic racism in the home-appraisal industry. The episode gained national traction after the New York Times published a story in August headlined: “Home Appraised With a Black Owner: $472,000. With a White Owner: $750,000.” ABC and NPR soon amplified the narrative that racial bias in appraisals is real and widespread, locking black Americans out of building home equity and long-term wealth.

What began with great media fanfare, however, ended in silence. When a lawsuit—for which I served as an expert witness for the defense—finally reached judgment last month, a federal court dismissed the discrimination claims. The same outlets that had trumpeted the allegations early on or framed the plaintiffs’ 2024 settlement with the lender as implicit validation of their claims, never returned to cover the case’s conclusion. Their silence leaves the public with a distorted impression of widespread appraiser bias."

So glad Tobias Peter was an expert witness for the defense. These false bias claims have destroyed lives, careers and the appraisal industry reputation.

https://www.city-journal.org/article/home-appraisal-racial-bias-claims

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Mary Cummins

Eastern Columbia Building in Downtown Los Angeles by Mary Cummins Real Estate Appraiser

The Eastern Columbia Building, also known as the Eastern Columbia Lofts, is a thirteen-story Art Deco building designed by Claud Beelman located at 849 S. Broadway in the Broadway Theater District of Downtown Los Angeles. It was built in 1930. In 1957 the business closed and the building became office space for the clothing industry. In 2006 it became 147 live/work lofts.

Units go for $800,000 for one bedrooms to $3,000,000 for larger upper floor units on two floors. I went to the grand opening of the lofts in 2006. There is a rooftop pool and sundeck with a view of the clock. The clock was restored in 2005. Such a beautiful building. I just happened to be walking by this morning and couldn't help but take a few photos of this stunning architecture. Those are blue tiles on the exterior.

From the Los Angeles Conservancy
https://www.laconservancy.org/learn/historic-places/eastern-columbia-lofts/

More photos.

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Mary Cummins

Thursday, September 18, 2025

Appraisal Institute Meeting Visible Value, Invisible Risk in Industrial & Multifamily by Mary Cummins

Appraisal Institute Northwestern Branch Meeting - Visible Value, Invisible Risk on Industrial & Multifamily. September 18, 2025 at Tamayo's restaurant

Notes from the meeting: Juan Huizar sells income properties in Long Beach, California. Rates are up, loans are due and banks want cash to cover equity positions because asset values are down. Many owners are selling their property instead of refinancing because values are down. Today five plus units must cash flow to get a loan. Banks will still allow four or less to not cash flow. There's been about a 19% loss in value over the last five years in five plus units. Many of those properties were heavily improved and rents increased yet values are still down. Landlords can no longer evict tenants for major repairs. Rent control is limiting income. Some buildings with soft first stories will need seismic work. Many are taking the opportunity to turn those parking spots into ADUs. Tariffs on Chinese imports are causing US companies to use warehouses in Mexico to hold the Chinese imports then ship them to the US from Mexico. Tariffs are hurting manufacturing businesses and related property values.

Speakers: Juan Huizar, Gary Martinez

DESCRIPTION: This presentation explores how capital markets are rethinking the value of industrial properties, not just based on leases and rent rolls, but on hidden risks tied to tenant business models, tariffs, insurance costs, political pressure, and supply chain volatility. Through real-world examples and case studies, Gary Martinez, CCIM, SIOR, shares how today’s market is pricing the unseen, and why understanding these invisible risks is critical to understanding true value in 2025. A surprising 17% of all active multifamily properties are now selling for less than they did five years ago—even though many have undergone renovations, rents have increased, and overall asset performance has improved. In this data-driven presentation, we will unpack what’s driving this market correction and why it's creating a rare window of opportunity for investors and appraisers alike.

Juan Huizar, CCIM

BIO: From the rugged terrain of La Victorina in Zacatecas, Mexico, to the thriving business landscape of Long Beach, California, Juan Huizar's journey epitomizes the resilience and determination that define the American Dream. Raised amidst the challenges of a remote village without modern amenities, Huizar's family embarked on a courageous quest for better opportunities in the United States. Enduring the perils of desert crossings, they settled in the fertile Central Valley, where all 10 members toiled in the fields, picking garlic to make ends meet.

Today, Juan Huizar, a Certified Commercial Investment Member (CCIM), stands as a testament to the power of ambition and hard work. With an ingenious video strategy, Juan has elevated himself from relative obscurity to a nationally recognized figure in the real estate industry. His YouTube channel serves as a beacon of knowledge, attracting a remarkable 48% of his leads and drawing attention from esteemed platforms such as CNN, JP Morgan, and Western Real Estate. The CCIM designation underscores Juan’s mastery in financial analysis, market insights, negotiation tactics, and investment strategies.

As the founder and principal of Sage Real Estate, a premier commercial brokerage headquartered in Long Beach, Juan Huizar is at the forefront of innovation and excellence. His firm boasts the highest ratings in the city and ranks among the top 1.5% of boutique brokerages nationwide. Over the past eight years, Juan has personally brokered transactions totaling over $300 million, a testament to his unwavering commitment to client success and satisfaction.

Gary Martinez, SIOR, CCIM

BIO: Gary Martinez is a hardworking commercial real estate broker with 24 years of experience. He has successfully completed over 2,500 transactions, representing investors ranging from Fortune 100 companies to family-owned operations. His expertise includes investment analysis, maximizing cash flow, enhancing commercial property values, and identifying the right opportunities at the right time. While his primary focus is in Southern California, he has completed transactions nationwide.

Gary holds two of the most prestigious designations in commercial real estate—CCIM and SIOR. He is actively involved in the industry, serving as the current President of the SIOR Inland Empire & Orange County Chapter and a multi-time past President of SoCal CCIM. Additionally, he is a CCIM 102 Instructor, teaching Real Estate Market Analysis, and a board member for Cal State Fullerton’s Real Estate Association.

Beyond commercial real estate, Gary is deeply committed to community service. As the Chairman of the Board for The Whole Child, he played a key role in developing and launching The Whole Child’s Interim Housing Program in Santa Fe Springs. This transformative program provides a structured pathway for families to transition from homelessness to homeownership, reinforcing his dedication to creating lasting, positive change in the community.

A few slides.

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Mary Cummins

Tuesday, September 9, 2025

Bureau of Real Estate Appraisers BREA Townhall Meeting September 9, 2025 by Mary Cummins Real Estate Appraiser

I attended the California Bureau of Real Estate Appraisers Town Hall September 9, 2025 online. The main agenda items were as follows: (full agenda below)

*Enhancing Access to Licensure

*California as a Mandatory vs. Non-Mandatory State

*Enforcement Statutes/Regulatory Opportunities

*Enhancing Communication with Stakeholders and Public

First commenters were appraisers. Some were ranting about the profession, economy, costs and difficulty of being an appraiser. Others were looking for supervisors and business opportunities. Some non appraisers commented about personal experiences with appraisers. Some were really far off topic. One guy was just ragging on one appraiser he used years ago. The "beauty" of townhalls.

There were some good commenters, namely appraisers Charles Baker and Jeff Hogan. BREA Chief Angela Jemmott headed the meeting. Shelly of Consumer Affairs was the host. Tinna Morlatt the Deputy Bureau Chief of Enforcement was also there. The panel did not respond to any questions or comments so the meeting was really pointless. It appears it was just to make the public and appraisers feel heard?

There were almost 300 people in the online meeting. It ran from 9:00 am to 11:33 am. #marycummins #realestateappraiser #realestateappraisal #angelajemmott #tinnamorlatt #BREA #bureauofrealestateappraisers

Appraiser extraordinaire Charles Baker

Chief of BREA Angela Jemmott

You can make comments in the survey

Agenda

https://www.brea.ca.gov/pdf/brea_townhall_agenda_9_9_2025.pdf

Full agenda

AGENDA

1. Welcome, Introduction, and Overview of the Purpose

2. Meeting Participation Instructions and Guidelines

3. Enhancing Access to Licensure
a) Strengthening Supervisory pathway
b) Exploring Alternative Pathways
c) Supporting Career Growth

4. California as a Mandatory vs. Non-Mandatory State (disclosure of appraisal fees)
a) Assessing Impacts on the Industry (pros and cons)
b) Sharing Experiences from Both Models c) Prioritizing Valuation Functions for Transitioning to Mandatory

5. Enforcement Statutes/Regulatory Opportunities
a) Enhancing Regulation of Appraisal Management Company (AMCs)
b) Aligning Regulations with Statutory and USPAP Requirements
c) Exploring Enforcement-related Education

6. Enhancing Communication with Stakeholders and Public
a) Improving Existing Communication Tools
b) Exploring Additional Communication Media

7. Comments on Items Not on the Agenda

8. Closing Remarks

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Mary Cummins

Friday, August 29, 2025

Landlord turns Apartment Parking into ADUs in Los Angeles by Mary Cummins Real Estate Appraiser

UPDATE: The tenants are now complaining to the media that their landlord is just "greedy." Tenants have been there ten years with rent control rents. That means while market rent has risen 40% their rent has risen maybe 9% max depending. Assembly bill 1211 states owner doesn't have to provide replace parking when converting parking to ADUs. They do get a $200/month credit for lost parking. Tenants are now refusing to move their cars for construction which was supposed to start weeks ago. This may be grounds for eviction. Then the landlord can get market rent for the units.

Rent control has consequences and it's always negative for tenants and housing. The landlord is turning the parking into ADUs because he has to do seismic on the parking spots. If he's going to spend a million doing the seismic for the parking spots he should turn them into ADUs. He can't increase rent on the parking. Those parking spots will now cost as much as the living area of the building. As it is rent control rents are 30% below market rents. He's probably not breaking even. The landlord isn't "greedy." They're trying to break even. If the government wants to subsidize rent for the public, the government should pay the tenants full market rent to the landlords.

https://www.latimes.com/california/story/2025-09-09/a-koreatown-parking-protest-tenants-say-landlord-is-taking-away-parking-spaces-to-make-way-for-adus

ORIGINAL: Landlord turns apartment parking into ADUs. Landlord will give tenants $200/month credit for loss of parking. 501 S Kingsley Dr, Los Angeles, California. I see 13 under building tuck-in carports. Street parking is difficult in that area. Units are mainly studios so maybe they hope many don't have cars? Permit and plans below state they will turn the 13 carports, laundry room into five ADUs. They offer studios in the building for $1500/month. 13 x $200 is $2600 when they can bring in $7500 more rent. Units will be 18' x 20' or 360 sf with windows only on one side which face the street. Makes sense. I'm amazed city is allowing them to take the tenants parking. Maybe it wasn't part of their leases? Maybe parking isn't part of rent control? Makes sense to rent apartments with parking separately today because of rent control. Landlords' costs and expenses have gone sky high while rent control causes them to lose over 30% of market rent. I've represented small landlords who've had to sell because of rent control. They couldn't break even on buildings with no mortgages. Rent control is the main cause of the current housing crisis. NIMBYs are the second main cause then extreme building requirements and red tape. Almost forgot higher interest rates. #realestateappraiser #losangeles #ADU Link to article first comment.

https://www.nbclosangeles.com/news/local/some-apartment-landlords-in-koreatown-are-replacing-parking-with-adus/3771482/

Permit and plans for the conversion of parking to ADUs.

Ad for the building:

22-unit apartment building located in the heart of Koreatown. Built in 1956, the property consists of (19) studio/one-bathroom units and (3) one-bedroom/one-bathroom units. Rent control rent is 31% below market rent. The 11,274 sf building sits on a 11,210 sf lot that is LAR4 zoned.

https://www.redfin.com/CA/Los-Angeles/501-S-Kingsley-Dr-90020/home/7090075

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Mary Cummins

Wednesday, July 23, 2025

Tour of Intuit Dome with Appraisal Institute Southern California by Mary Cummins Real Estate Appraiser

I took a tour of the Intuit Dome the home of the Los Angeles Clippers basketball today with the Appraisal Institute Southern California chapter. It's a very well designed sports arena, headquarters and training facility. The Intuit Dome opened in August 2024 at a cost of $2 billion. It holds 18,300 people. Architect was AECOM, Engineer was Walter P Moore and contractor was AECOM Hunt Turner NBA JV. The Clippers are owned by Steve Ballmer who built and owns the arena. Ballmer had to buy the Forum in order to buy the land to build the Intuit Dome. Well worth it and a great investment. With Ernesto "Ernie" Lopez, Jason Borras, Monica Alvarez and Ryan Hargrove.

I thought ASA had a tour at the same time. Turns out someone from ASA forwarded the tour info to me from AI.