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 rent control. Show all posts

Friday, August 29, 2025

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

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

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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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

Wednesday, April 17, 2024

Rent Control Causes Rent Increases, Loss of Housing and Costs Cities Billions by Mary Cummins

rent control, rent increase,homeless, mary cummins,real estate appraiser,real estate appraisal, los angeles, california,eviction, decontrol, affordability

Rent control causes rent increases, loss of housing and neighborhood degradation. It also causes the public and cities to lose billions of dollars every year for the sake of a select few who would normally have just moved to a less expensive area. I'm writing an in depth article about the problems with rent control but in the mean time here's a very good article on the subject. Rent control harms the people it's supposed to help. It also hurts everyone else.

"Rent control appears to help affordability in the short run for current tenants, but in the long-run decreases affordability, fuels gentrification, and creates negative externalities on the surrounding neighborhood. These results highlight that forcing landlords to provide insurance to tenants against rent increases can ultimately be counterproductive. If society desires to provide social insurance against rent increases, it may be less distortionary to offer this subsidy in the form of a government subsidy or tax credit. This would remove landlords’ incentives to decrease the housing supply and could provide households with the insurance they desire."

https://www.brookings.edu/articles/what-does-economic-evidence-tell-us-about-the-effects-of-rent-control

#housing #rentcontrol #marycummins #realestateappraiser #affordablehousing #rent