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 pacific palisades. Show all posts

Friday, March 7, 2025

In Palisades fire area in Castellammare and Palisades Highlands by Mary Cummins real estate appraiser

mary cummins, post fire appraisal, pacific palisades, altadena, castellammare, palisades highlands, los angeles, california, destruction, photos, real estate appraiser

Was in the Palisades fire burn area again today in Castellammare and Palisades Highlands. The fire in the Highlands hit a lot of attached condos. Fire destroyed the homes more hit and miss, one on one block, one on another block. It didn't just plow through blocks of homes like it did in the flats. I saw one cleared lot in Castellammare today. I don't know how they will ever get big trucks up there as the roads as narrow, steep, curvy, further narrowed by debris slides and road closures. hashtag#palisadesfire hashtag#marycummins hashtag#realestateappraiser hashtag#losangeles hashtag#california hashtag#postfireappraisal

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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Mary Cummins

Mary Cummins of Cummins Real Estate Services has been in real estate since 1983, over 35 years. She is licensed by the Bureau of Real Estate Appraisers. Mary Cummins was an agent and broker licensed with the California Department of Real Estate selling residential income, commercial buildings, raw land and homes for Merrill Lynch Realty in Beverly Hills and Westside Properties in Los Angeles before concentrating on appraisals. Mary Cummins currently provides real estate appraisals, expert witness testimony, historical research, legal real estate research for mortgage brokers, banks, lawyers, factors, insurance companies, financial consultants and private individuals. Mary Cummins was born and raised in Southern California. Cummins attended Beverly Hills Good Shepherd Catholic School and Beverly Hills High School. Besides being on the Dean's list, Mary Cummins was a top ten national swimmer and competed on the men's water polo team. Mary Cummins began college at the age of 15 attending the University of Southern California on scholarship, majoring in Psychology/Sociology. http://www.animaladvocates.us http://www.facebook.com/AnimalAdvocatesUSA

Monday, February 24, 2025

Recreating Burned Destroyed Homes on Paper for Real Estate Appraisals by Mary Cummins

mary cummins, post fire appraisal, real estate appraiser, real estate appraisal, los angeles, california, eaton fire, palisades fire, altadena, pacific palisades, disaster appraisal

When doing post fire appraisal inspections the appraiser has to recreate the destroyed home on paper. I do this by measuring the remaining footings or partial walls. I then reconcile these measurements with building permits, Google satellite image map measurements and recorded plans if available. It's important to be able to tell the difference between a home footing and the base of another type of structure such as a patio. I use an iPhone and Leica Disto. The below measurements were taken by my iPhone because I can take a photo of my measurements. I can't do that with my Disto.

Here's an old article I wrote about using Google maps to measure buildings. I use a measuring device but will also use Google maps to cross reference and reconcile measurements of destroyed buildings. Remember that not all structures and roofs are the actual home. There are patios, porches, sheds, garages, carports...
https://mary--cummins.blogspot.com/2016/03/using-google-maps-to-get-rough-building.html

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.

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Mary Cummins

Sunday, February 23, 2025

Why You Need a Post Fire Real Estate Appraisal by Mary Cummins Real Estate Appraiser

Mary Cummins, post-fire appraisals, real estate appraiser, altadena, pacific palisades, eaton fire, palisades fire, los angeles, california, appraisal, pre-fire appraisal

The purpose of a post-fire real estate appraisal is to determine the exact pre and post-fire values of your property so you can make informed decisions. These values are needed for a variety of reasons. The reasons range from investment decisions, calculating an IRS casualty loss for your taxes, negotiating with your insurance adjuster, property tax appeal and evidence for a lawsuit. Below are just a few more reasons why you need a post-fire appraisal

Investment decisions to sell or rebuild
Pre listing market analysis
IRS casualty loss
Insurance settlement
Evidence for lawsuit
Property tax appeal
Short pay mortgage
Buy out family member

The process begins with a physical inspection of the property to determine fire damage, specific location in the neighborhood and the view from the site. Some properties may only have interior smoke/ash damage, exterior soot staining, damage from heat while others are totally destroyed. Some damage can be remediated while other properties must be completely rebuilt.

The next stage is the collection of all relevant data. Homes that have been completely destroyed will need forensic reconstruction to determine size, construction type and quality. This data includes pre-fire satellite map images, previous MLS listings, Building and Safety Department records, recorded building plans, old photos of structures and looking at the property footings. The appraiser also searches all public records and MLS databases for comparable land and homes which have sold or are/were active listings before and after the fires.

After all the data is collected the appraiser writes a full appraisal report with exhibits, photos, plans, permits with detailed research and analysis. The appraiser then determines the value based on the cost to replace the structure and/or remediate damages. The appraiser also determines what the property would have sold for the day before the fires and in it’s current condition after the fires.

Order your post-fire appraisal today. The cost starts at $450 for average sized home but can be more for larger more complex properties. The process takes a week from time of inspection. We already have contractor permits to enter Pacific Palisades and Altadena fire zones as we've been doing these appraisals for the last month. Mary Cummins has been doing post-fire appraisals for over 20 years and has been a licensed certified insured appraiser for over 40 years in Los Angeles County, California. The appraisal should be ordered before the debris is removed.

#marycummins #realestateappraiser #realestateappraisal #prefireappraisal #postfireappraisal #eatonfire #palisadesfire #altadena #pacificpalisades #losangeles #california #fireappraisal #fireinspection #home #house #valuation #land

*****

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Mary Cummins

Saturday, February 15, 2025

Homes Destroyed by Palisades Fire Listed for Sale by Mary Cummins

Some properties which were destroyed in the Palisades fire are now listed for sale. Two are now pending. They range in price from $749,000 to $2,950,000. They are selling at around 30-72% of their previous AVM home value. These are list prices. They have not sold. What matters is the final sale prices. Some of these listings may be over priced. I did not figure out the previous home or land values because I don't have the time right now.

Based on what I've been seeing properties are being listed at about 50% of the previous land value. All of these burned properties need to have the debris and topsoil removed. The foundations will need to be dug up and removed. Toxicity tests must be done on the soil. They will need new soils and geological reports and new building plans. Then they will need to be built. With tariffs construction costs will be significantly higher than they are today. Some supplies may not be available due to shortages. There will be construction labor shortages. All of this is going to take a lot of time. They estimate 12-18 months to clear debris from the lots. This will cause an increase in holding costs by at least two years.

There will probably not be any loans available to purchase the land. Construction loans will be difficult. There may not be fire insurance available which means you must pay all cash. Lenders insist on fire insurance to protect their asset. When the homes are finally rebuilt fire insurance will again be an issue and huge expense. Some of these areas have burned repeatedly. There will be lasting stigma which will negatively affect value for at least five years and probably more. Currently the area is lacking in some supporting facilities and utilities have not been restore. Some roads in the hillside areas will take a while to clear. All of these things negatively affect property values. I predict it will be similar to after the Woolsey fire but more severe because of the larger number of homes destroyed. Five years after Woolsey only 37% of homes rebuilt.

16650 Linda Terrace $2,295,000 72% of AVM home value

Listed 2018 for $2,995,000

RealAVM $3,200,000

7,493 sf

1309 Palisades $749,000 57% of AVM home value

2012 listed $699,000

RealAVM $1,300,000

136,769 sf

723 Radcliffe $1,695,000 67% of AVM home value

2021 $2,250,000

RealAVM $2,500,000

6,973 sf

1159 Monument $2,950,000 52% of AVM home value

2015 $2,500,000

RealAVM $5,600,000

7,730 sf

674 Palmera $1,499,000 59% of AVM home value

RealAVM $2,500,000

4,567 sf

16008 Miami Way $1,500,000 68% of AVM home value

RealAVM $2,200,000

5,745 sf

14800 Mc Kendree $2,895,000 30% of list price immediately before fire
Pending
2025 listed $9,495,000
7,692 sf
Blog article I wrote about this home and price, value.
https://mary--cummins.blogspot.com/2025/02/fire-sale-home-destroyed-by-palisades.html

17126 Avenida de la Herradura $999,000
~~Pending~~ Sold $1,185,000 02/2025
2005 sold $1,541,000
RealAVM $1,000,000 something up with that, ignore
9,932 sf
Blog article I wrote about this home
https://mary--cummins.blogspot.com/2025/02/pending-burned-home-land-sales.html

Basic statistics for homes in Pacific Palisades which sold 01/06/2024 to 01/06/2025. There were 222 sales. Median year built is 1957. Median size 4 bed, 4 bath 2,902 sf. Median list price $3.9M. Median sales price $3.7M. They sold at 91-100% list price.

Beds Baths List price Sales price

Minimum 2 1.00 0 $1,395,000 $1,395,000 0

Average 4 4.25 3,489 $5,234,161 $5,066,399 34

Median 4 4.00 2,902 $3,947,500 $3,732,500 18

Maximum 8 13.00 15,100 $34,000,000 $32,300,000 323

Below is market trends from 1004MC. Sales prices were going down while list prices were going up per the stats. This most likely is larger more expensive homes being listed more recently. We just came out of the seasonal slow period where homes sell for a little less than during the spring to summer peak.

Median Comparable Sale Price 3,705,000 3,971,955 3,495,000

Median Comparable List Price (All) 3,500,000 4,599,000 4,999,000

Property Type Count: 222

Avg SF: 3,458

Avg LP/SF : $1,550.36

Avg DOM: 34

Avg Orig Price: $4,628,226

Avg Price: $5,234,161

Avg Sale Price: $5,066,399

Avg SP/SF: $1,520.30

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Mary Cummins

Real Estate Appraisal Fire Inspection in Pacific Palisades Fire Zone by Mary Cummins

Mary Cummins, fire inspector, fire inspections, real estate appraiser, real estate appraisal, pacific palisades, los angeles, california, pre fire value, post fire valuation, insurance

Back in Pacific Palisades burn area in Los Angeles, California. Mary Cummins. Mayor Karen Bass said the EPA finished all inspections in Pacific Palisades. That's not true. I met property owners and EPA inspectors today. They still have a lot more to do. I also noticed not all properties had EPA inspection signs. #palisadesfire #marycummins #losangeles #california #losangelesfires #pacificpalisades

None of these photos are from clients' properties.

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Mary Cummins

Tuesday, February 11, 2025

Palisades Fire Zone Real Estate Appraisal Inspections by Mary Cummins Real Estate Appraiser

Mary Cummins, fire real estate appraiser, fire inspection, insurance, damage, assessment, valuation, pacific palisades, los angeles, california, property tax appeal,

In the Palisades fire zone again for work. At least it wasn't raining today like last time. I met an elderly lady at World Central Kitchen. She broke down crying saying she lost everything so I gave her a hug. Such a sad situation for everyone. #worldcentralkitchen #marycummins #realestateappraiser #palisadesfire #losangeles #california

None of these photos are from clients' properties.