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.

Monday, February 24, 2025

In Altadena Eaton fire zone today by Mary Cummins Real Estate Appraiser

Altadena, Eaton fire, los angeles, california, mary cummins, post fire appraisal, fire appraisal, real estate appraisal, disaster appraisal

Was in Altadena in the Eaton fire zone today. EPA has finished phase two of toxic material cleanup. That just means they picked up some propane tanks, paint containers. 99.99% of the debris is still there. Many street lights still out. There is no National Guard or police blocking any streets. Some streets closed due to work. I saw them cleaning out the creeks. Click any photo 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

DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

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

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

*****

DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Mary Cummins

Altadena home and land statistics, values, prices, ages, sizes by Mary Cummins real estate appraiser

altadena, california, home sales, home values, mary cummins, real estate appraiser, real estate appraisal, eaton fire, fire appraisal, post fire appraisal, valuation

Here are some housing statistics for Altadena, California. This is the result of an MLS search for all homes sales for 12 months from 01/06/2024 to 01/06/2025 in Altadena up to the day before the Eaton fire started. One reason why so many homes burned is the median age of the homes. Median age was 78. Median year built was 1947. In 2010 California passed mandatory building standards for all new homes in wildfire zones. Those regulations prevented some homes from being destroyed. Many say fire resistant retrofitting should be mandatory for new and existing homes in these areas. Others say it's too cost prohibitive to force people to change their roof, siding, windows, doors, fences... Those regulations would have saved lives and probably would have saved most of the homes.

There were 291 home sales in Altadena during the search period. Prices range from $300K to $5M. Median $1,350,000. Average $1,466,000. Minimum size two beds, one bath. Maximum 7 beds, 9 baths. Average size 3 beds, 2.5 baths 1,887 sf $1.466M. Median 3 bed, 2 bath 1,645 sf $1.35M. There were only three land sales for about $750-780K.

Based on 1004MC data sales and list prices were both decreasing in the previous 12 months. End of year is always the slow seasonal time when homes sell for less. Still, median sale and list prices were decreasing before the seasonal slow period. The increasing interest rates had a big effect in this area. It could also be that more recent sales were fixers.

7-12 months, 4-6 months, 3 months to end of search time.
Median Comparable Sale Price 1,404,000 1,350,000 1,250,000
Median Comparable List Price (All) 1,300,000 1,299,000 0

Homes were selling over list price.
Median Sale Price / Median List Price % 113.26% 104.25% 104.17%

Currently burned destroyed single family homes, land are listed post fire for $350K to $750K. This is at least 40-50% below median pre-fire land value and less than half of pre-fire home value. Anyone who buys the land still has to clear and test it. New homes must be built to current code. It will take months to clear the land before any construction can begin. Obviously land values vary by size, location, view, shape... These are not cookie cutter lots. There are some pending $479K to $750K median $572K. The destroyed land value properties are listed in land and home sales so search both at once.

DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Mary Cummins

Thursday, February 20, 2025

TrueTracts: How to Stay Compliant with the New GSE Requirements by Mary Cummins real estate appraiser

mary cummins, real estate appraiser, truetracts, adjustments, charts, paul rowe, real estate appraisal, graphs, gse requirements, los angeles, california

Just attended the webinar "Learn How to Stay Compliant with the New GSE Requirements" offered through Appraisal Buzz. "Join us for an essential webinar on the GSE’s new Market Condition Adjustment requirement and how appraisers can navigate these changes with confidence. This session will break down the latest guidelines and provide a live demo of True Footage’s TrueTracts software, a powerful tool designed to help appraisers accurately determine market adjustments. Learn best practices, see the software in action, and discover how technology can streamline your appraisal process." With Paul Rowe.

TrueTracts is in beta testing and is free right now. You import MLS data and it gives you graphs and text commentary for time adjustments, 1004MC form, home price ranges and more. I signed up for the class not realizing it was a software offering. I thought they were going to go into how to better use Excel to make time adjustments. Was only an hour webinar and it was free. Software seems to offer a lot. Integration with Total, ClickForms...is $50/yr. #truetracts #appraisalsoftware #timeadjustments #marketconditionadjustment #marycummins #realestateappraiser #realestateappraisal #alamode #total

DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Mary Cummins

Wednesday, February 19, 2025

Appraisal of Fire Damaged or Destroyed Properties for Insurance Purposes by Appraisal Institute by Mary Cummins

Attended the Appraisal of Fire Damaged or Destroyed Properties for Insurance Purposes webinar given by Charles Baker, SRA, AI-RRS with the Appraisal Institute. Webinar description: "The urban fires which swept through much of Los Angeles recently have resulted in significant losses of life and property. Economic loss estimates are in the range of $135 to $150 billion but could easily go higher. It is estimated that around 10,000 structures have been destroyed. In the wake of these fires there will be a huge need for timely, accurate, and professionally prepared real estate appraisals for insurance purposes. The Southern California Chapter of the Appraisal Institute will present a two-hour webinar addressing this topic. The webinar will provide participants with vital information on the appraisal process."

Really good class covering important issues related to post fire appraisals. Charles included a few case studies which were really informative. #charlesbaker #appraisalinstitute #postfireappraisal #marycummins #realestateappraiser #fireappraisal #realestateappraisal #insurance #casualtyloss I included first six slides. Slide deck will be available at Appraisal Institute.

Fire appraisals are basically just regular appraisals with more of a concentration on cost approach if the building has been destroyed. If the home has been totally destroyed, forensic analysis is needed to "reconstruct" the building. You can use original plans, old photos, MLS listings, old satellite images, Google street view, Bing satellite maps, Building and Safety records and other sources to reconstruct the building. Then you reconcile the sales comparison, cost approaches and income approach if appropriate for the final pre-fire, post-fire, cost to replace or whatever value was requested.

DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Mary Cummins

Sunday, February 16, 2025

Get Wildfire Prepared Home Certified to Reduce Fire Insurance by Mary Cummins Real Estate Appraiser

wildfire resistant, fire proof, wildfire proof, mary cummins, real estate appraiser, real estate appraisal, fire inspection, fire appraisal, los angeles, california

Mercury Insurance offers reduced price fire insurance if your home is "wildfire prepared certified." This article shows you how to make your home fire resistant to get the designation certification. It consists of an easy to read shortish list. These are all the common sense things I've talked about over the last 20 years. They are the exact items I look for when doing insurance company wildfire inspections. They offer two levels of certification, base and plus.

If you just want to make your home fire resistant and don't need the certification, just follow the listed suggestions. If you want someone to inspect your property in Southern California and give you a specific action plan for your specific property, email, text or call me and I can do that for you. Below is an image of my contact information. Sorry it's not text but I get so much spam. $300 for a full inspection with action plan.

#FireResistant #wildfirepreparedhome #wildfirepreparedness #marycummins #realestateappraiser #fireinspection #fireappraisal #losangeles #california

https://wildfireprepared.org/wildfire-prepared-home-overview/

Here is the checklist

https://wildfireprepared.org/wp-content/uploads/WPH-How-To-Prepare-My-Home-Checklist.pdf

DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

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

DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Mary Cummins

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

Monday, February 24, 2025

Sunday, February 23, 2025

Thursday, February 20, 2025

Wednesday, February 19, 2025

Sunday, February 16, 2025

Saturday, February 15, 2025