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

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California
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Friday, February 16, 2024

The End of Buyer's Broker's Real Estate Commissions in Multiple Listing Services? by Mary Cummins Real Estate Appraiser


The 2020 Nosalek lawsuit filed in U.S. District Court in Boston alleged that MLS PIN, Keller Williams, RE/MAX, Anywhere, and HomeServices of America colluded to inflate real estate agent commissions. The suit claimed that the defendants agreed to rule changes including allowing compensation offers of $0 to buyer agents and proactively informing consumers that commissions are negotiable. 

The Department of Justice is examining whether the commissions system violates antitrust law. Today the DOJ stated sellers shouldn't offer any commission to buyer's brokers in the MLS. This will allegedly bring down the price of real estate commissions.

I personally feel buyer's agents will just include a 2.5% commission in the offers. It will be paid by proceeds of sale. Buyer, seller still paying a commission fee one way or another. Homes will be listed for the same prices. Commissions have always been negotiable. Appraisers have to read sales contracts for purchase appraisals. We see the negotiations all the time. I doubt things will change much unless flat fee buyers agents start popping up like flat fee selling agents who only list the property on the MLS. 

#realestatecommission #marycummins #realestateappraiser #realestatesales #realestateappraisal #realestate 

https://www.reuters.com/legal/government/justice-department-says-settlement-too-lax-real-estate-commission-case-2024-02-16/


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

Saturday, February 3, 2024

Status of Oceanwide Plaza aka Graffiti Towers in downtown Los Angeles by Mary Cummins real estate appraiser

oceanwide plaza, mary cummins, real estate appraiser, real estate, los angeles, california, flower, figueroa, oceanwide holdings, rtkl, construction, graffiti
oceanwide plaza, mary cummins, real estate appraiser, real estate, los angeles, california, flower, figueroa, oceanwide holdings, rtkl, construction, graffiti

UPDATE 02/16/24 Result of hearing today. Motion was amended, approved by City Council as follows. It was sent to the Mayor to approve. The changes are the removal of transferring money to cover repairs item 2. City will now confer with other departments about costs and work to be done.

https://clkrep.lacity.org/onlinedocs/2024/24-0114-s1_misc_amend_kdl_blu_2-16-24.pdf

02/13/2024 There are now two separate LA City Council motions about the site. Hearing tomorrow 02/16/2024. I drove by and none of the graffiti has been cleaned. Leave it to say it will not be cleaned up by 02/17/2024 per the 01/31/2024 City Council Motion and order.

My estimates for cost to clean and secure Oceanwide Plaza were way too low. City will be transferring $1,100,000 to secure the site then $2,700,000 to remove graffiti and provide security.

From the motion,

On February 9, 2024, the Los Angeles City Council adopted a motion (Council File No. 24-0114) to instruct the relevant City Departments to take the necessary steps to prepare for abatement of the Oceanwide Plaza property in the event the owners of Oceanwide Plaza failed to heed the abatement order issued by the Department of Building and Safety on January 31, 2024. The motion directed the City Administrative Officer to identify front funding sources to pay for this work and the CAO has done so. Now, the City of Los Angeles must transfer this funding to pay for the work needed to abate the property so abatement may commence on February 17, 2024 if the Oceanwide owners indeed fail to comply by the deadline.

MOTION PLANNING & LAND USE MANAGEMENT

"I THEREFORE MOVE, subject to the approval of the Mayor, that $1,100,000 be transferred / appropriated from the Building and Safety Fund 100/08, Account No. 001010, (Salaries, General) to the Repair and Demolition Fund No. 346/08, Account No. 08108Y to fund fencing and secure the ground floors to comply with department orders at Oceanwide Plaza.

I FURTHER MOVE, subject to the approval of the Mayor, that $2,700,000 be transferred / appropriated from the Building and Safety Permit Enterprise Fund No. 48R/08, Account 08Y204 (Reserve for Future Cost) to the Repair and Demolition Fund No. 346, Account Name Oceanwide Plaza (Account No. TBD), as a loan, to fund security services, fire safety upgrades, graffiti abatement, and any other measures needed to comply with department orders at Oceanwide Plaza."

https://clkrep.lacity.org/onlinedocs/2024/24-0114-S1_misc_02-13-24.pdf

Just FYI I've lived in Los Angeles my entire life. I've been a broker, appraiser in LA over 40 years. I appraise this exact type of project. I've been in most of them. I lived in South Park for years. 

02/12/2024 Arrests made by LAPD in graffiti of Oceanwide Plaza. Originally there were two arrests then four more. They just arrested 12 more. 

https://lamag.com/crimeinla/lapd-arrests-dtla-high-rise-graffiti

DeLeon stated the graffiti was the "fault" of the developer because they didn't have the place locked up tight with security. What about the trespassers, vandals? Don't they have any culpability? What about the rest of LA that gets tagged? Should we all be forced to add huge expensive walls, gates and security teams to protect our property or else it's our fault? Ridiculous argument. While everyone should lock up their property and protect it, there's no way to fully protect against taggers.

02/09/2024 Item was adopted by City Council to force Oceanwide Plaza to clean up the mess. Vote was unanimous but Soto-Martinez was absent.

02/16/2024 I was in the area and took some pics. The trespassers, vandals, taggers also tagged the inside of the building. There is a fence company there today along with lots of police presence. Click thumbnails below to see larger.













02/07/2024 More taggers have tagged the building. One article stated "After a similar project in December for Art Basel in Miami Beach, artists were inspired “to do an L.A. version,” the artist Merch told Hyperallergic." The building they graffiti'd in Miami Vitas Healthcare Center was an abandoned, 19-story building which was about to be demolished. It wasn't a new luxury building like Oceanwide Plaza. They didn't have permission to trespass or tag either building. It's like tagging a car at a junkyard destined for scrap metal versus a new Rolls Royce that's about to roll off the assembly line. 

"The artists also placed blame on the developers, Oceanwide Holdings of China, who stopped construction on the project in 2019 when they ran out of funding and have since been accused of not paying the security guards for the site." Their rationalization is sickening and infantile. Does that mean people can break into the taggers, their mothers, grandmothers homes and destroy it because they don't have security guards? Can the taggers legally kill and rape people on the street because they don't have security guards? Blame the victim. A crime is a crime.

Taggers with graffiti gang tag signatures Merch, Akers and Hopes have commented about their vandalism. These people are all known. You can search the tags on the buildings and know the taggers. I searched the graffiti tags in my area and knew exactly who did it. They have names, photos, addresses.

Merch stated “With all due respect, s— is abandoned, doing nothing." "Let’s put some color on this b— and do what we do if they ain’t gon finish the job,” the artist Hopes said. “This building has needed love for years,” artist Aker added. “If the owners aren’t doing anything about it, the streets of LA are happy to make something out of it.” These people call their tagging "putting in work" like it's a noble job or something. It's not.

Another thing to consider is the cost and waste of all that spray paint and the cans. It's bad for the environment and human health besides a total waste. The paint is still there so it's not water based eco-friendly. It's not guerrilla art which washes away and causes no permanent harm. These people are criminal vandals. I wish they'd charge some of them. These people even post videos of themselves doing these criminal acts on their Insta, TikTok and Facebook pages. They comment on newspaper articles. Throw them in jail and fine them for cleanup. When they're released make them do graffiti cleanup for a few years. They are not artists. 

02/02/2024: LA City Council made a motion to force Oceanwide to clean up the project by February 17, 2024. 1101 South Flower Street / Oceanwide Plaza / Trespassing / Vandalism / Nuisance Abatement

https://clkrep.lacity.org/onlinedocs/2024/24-0114_misc_02-02-24.pdf

Main file https://cityclerk.lacity.org/lacityclerkconnect/index.cfm?fa=ccfi.viewrecord&cfnumber=24-0114

MOTION

FEB 0 2 2024

For the last few years, the unfinished Oceanwide Plaza property at 1101 South Flower Street has been a blight on Downtown Los Angeles’ South Park neighborhood. Started in 2015, the project’s construction was abruptly halted in late 2019 after funding for the project was cut off. Since then Oceanwide Plaza has sat half-finished and abandoned - a black eye on an otherwise vibrant part of DTLA.

Oceanwide Plaza has experienced trespassing and vandalism over the last few years however criminal activity has increased exponentially over the last month, peaking over the last several days. Neighbors report trucks ramming into the gates and driving into the building to facilitate copper wire theft and vandalism. Dozens of videos posted to social media show people breaking into the property on Tuesday and Wednesday nights, climbing hundreds of feet up the unfinished towers, and tagging the windows on at least 30 of the building’s 53 floors with graffiti. It is abundantly clear that Oceanwide Plaza has become a hazard to surrounding residents, businesses, passersby, and to the criminals recklessly breaking into the property and it must be dealt with immediately.

I FURTHER MOVE to instruct the Department of Building and Safety (DBS), the Bureau of Street Services (BSS), and the Bureau of Engineering (BOE) to order the permittee to secure the site, remove all encroachments from the public right of way, and restore the public right of way to its original condition or const..."I FURTHER MOVE to instruct the DBS and BOE, in coordination with the City Attorney, to recover all city costs consistent with applicable law. In light of the property becoming a nuisance, the Department of Building and Safety issued an abatement notice to the owners of Oceanwide Plaza on January 31, 2024. The property owners have until February 17, 2024 to remove all graffiti and debris and securely fence the property or the City will begin its own abatement process.

I FURTHER MOVE to instruct the City Administrative Officer to identify front-funding for the securing of the site, removal of obstructions, and restoration of the public right of way should the permittee fail to comply with department orders.

I FURTHER MOVE to instruct the DBS, BSS, Department of Transportation, and General Services Department to secure the site and restore the public right of way to its prior condition should the permittee fail to act within the time allotted to them by law."

See link above because the copy/paste wasn't working that well. Motion made by Paul Krekorian and Kevin DeLeon.

Some people have said that the graffiti "artists" added "meaning, art, a message to the vacant building contributing to the city in a positive way." I don't agree at all. They trespassed, vandalized and did tens of thousands in damage to the property. They rammed trucks through the gates and broke down doors. They stole property. The developer now has to clean up all their mess by February 17, 2024 in two weeks or face a huge fine and cleanup fees. Look at what the people did. It's not graffiti art but tagging. They just wrote their graffiti gang tag initials in big letters. That's not art. Tagging isn't art. It's like a dog pissing on a tree except worse because it serves no purpose at all. It's a kid defacing a public school desk by carving their initials in it. If you think it's art, post your family's home address so people can go ram their truck through their fence and paint their initials and gross shit all over the interior and exterior of their home and all their possessions. Below are up close images in case people couldn't see what they did. It's only tagging. 




ORIGINAL: January 30, 2024 an organized group of graffiti taggers vandalized the now vacant construction site of Oceanwide Plaza at 1101 Flower St in Los Angeles, California. It was a partially-completed residential and retail complex composed of three residential towers across the street from Crypto.com Arena and the Los Angeles Convention Center. The owner developer is Oceanwide Holdings. "The CallisonRTKL-designed complex will feature a five-star Park Hyatt hotel with interiors by Studio Munge, 504 residences and a collection of retailers and restaurants." 

The site was originally an auto store in 1924 which was eventually replaced with a parking lot. Construction began in 2015 for the main development. The three towers were built starting in 2018 but not finished. Construction stalled in 2019 but restarted months later. Construction stalled again in October 2020 due to financial restructuring. "The towers were an example of Chinese reductions in capital and investing in US real estate because of the country's ongoing trade dispute with the US and a Beijing crackdown on credit and capital flight." 

After failing to pay its debts, the project was foreclosed on by China-Oceanside in June 2023 and listed for sale. In filings with the Hong Kong Stock Exchange, China-Oceanwide said that more than $1.2 billion was needed to finish the project and that they had already spent $1.1 billion." It would take two years to finish the project. The project was also involved in a bribery scandal involving local politicians and the LA City Building and Safety department.

Basic property information

Address: 1101 S Flower St, Los Angeles, California 90015
Assessor Parcel Number APN 5138-015-045
Lot dimensions, irregular: 316' x 535' x 342' x 703'
Area: 199,803 sf
Owner: Oceanwide Plaza LLC
Legal description: TR=69414 EX OF ST LOT 1
Census tract: 2079.01

Current liens on real estate records only: 05/18/2023 pre forclosure by Oceanwide Plaza LLC,
Lots of mechanic liens. Property taxes delinquent and due.

All of the permits are at ladbs.org under 1101 S Flower.

Property taxes https://portal.assessor.lacounty.gov/parceldetail/5138015045

There have been lawsuits involving the project. Oceanwide hired Lendlease as a contractor to build the project. Lendlease hired Webcor as a concrete subcontractor. Neither were fully paid. There were arbitration agreements in the contracts. Webcor didn't want to honor the arbitration agreement and sued. Trial and appeals court ruled Webcor is subject to arbitration agreement with Lendlease. This stems from a mechanics lien filed 2018 and lawsuit filed 2019.

https://www.courts.ca.gov/opinions/nonpub/B299310.PDF

Lendlease sued in order to have a higher claim than the visa holder investors. 

More legal documents at lacourt.org You have to pay for them and I don't want to pay. 

The official website is gone but here's a webarchive version.

http://web.archive.org/web/20200621165019/https://oceanwideplaza.com/

The company behind the project from the archive

http://web.archive.org/web/20190305105332/https://en.chinaoceanwide.com/

Video of the main areas of the project. Reminds me of Metropolis but bigger and nicer and Metropolis is huge and luxury quality.

https://www.youtube.com/watch?v=omOXWBc9w1c

Contractor made a video of progress on the building

https://www.youtube.com/watch?v=eGKIuAkaXV4

RTKL site about project

https://www.callisonrtkl.com/projects/oceanwide-plaza/

Below are some marketing photos, plot plan, parcels... I was really looking forward to this development and have written five posts/articles since 2017. Chinese developers have built some beautiful and amazing projects in downtown Los Angeles. I've appraised a few and they are very high quality luxury properties. I really hope they get this back on track. I absolutely disagree with people who think it should be torn down. That would be an incredible waste of materials and manpower. Maybe they should re imagine some of the retail area and make it creative or experience space. 


oceanwide plaza, mary cummins, real estate appraiser, real estate, los angeles, california, flower, figueroa, oceanwide holdings, rtkl, construction, graffiti
oceanwide plaza, mary cummins, real estate appraiser, real estate, los angeles, california, flower, figueroa, oceanwide holdings, rtkl, construction, graffiti

oceanwide plaza, mary cummins, real estate appraiser, real estate, los angeles, california, flower, figueroa, oceanwide holdings, rtkl, construction, graffiti
oceanwide plaza, mary cummins, real estate appraiser, real estate, los angeles, california, flower, figueroa, oceanwide holdings, rtkl, construction, graffiti










Below are ladbs.org plot plans and permit sheets for the first permit in 2015 and the last in 2019 in chronological order. Click to see bigger. Originals at ladbs.org under address 1101 S Flower St. The permits list owner, builder, engineer, architect...besides specs.

2015 permit




2019 permit




Building and safety reports complaints. They're only recent. Amazed there are no previous ones.

1/31/2024 ABANDONED OR VACANT BUILDING LEFT OPEN TO THE PUBLIC UNDER INVESTIGATION

1/31/2024 ABANDONED OR VACANT BUILDING LEFT OPEN TO THE PUBLIC CLOSED

1/31/2024 GRAFFITI ON THE BUILDING, FENCES OR WALLS CLOSED

1/31/2024 ABANDONED OR VACANT BUILDING LEFT OPEN TO THE PUBLIC CLOSED

Other addresses associated with the project. 1133, 1155, 1130 Flower and 600 W 11th, 1130 Figueroa.

Some of the Park Hyatt penthouse units will be larger. "The condo options include everything from one- to four-bedrooms units, plus additional choices for luxury penthouses and estate-style residences that range from 5,585 to 8,775 square feet in size and come with private outdoor space. An additional 340 residences, not under the Park Hyatt brand, are planned for the remaining two towers."

"Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. Headquartered in Beijing, China, Oceanwide’s well-established and diversified businesses include operations in financial services, energy, technology information services, culture and media, and real estate assets globally, including in the United States.

Oceanwide is the controlling shareholder of the Shenzhen-listed Oceanwide Holdings Co., Ltd. and Minsheng Holdings Co. Ltd.; the Hong Kong-listed China Oceanwide Holdings Limited and China Tonghai International Financial Limited (formerly known as Quam Limited); the privately-held International Data Group, Minsheng Securities, Minsheng Trust, and Asia Pacific Property & Casualty Insurance; and it is the single largest shareholder of Australia-listed CuDECO Ltd. China Oceanwide also is a minority investor in Shanghai-listed China Minsheng Bank and Hong Kong-listed Legend Holdings. In the United States, Oceanwide has real estate investments in New York, California, and Hawaii. Businesses controlled by Oceanwide have more than 10,000 employees globally."

LA City has contracts with the project to guarantee it.

http://clkrep.lacity.org/onlinedocs/2016/16-0408-S1_misc_1_10-05-2016.pdf

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





Friday, January 12, 2024

McKissock Learning Will No Longer Offer PAREA Due to Costs by Mary Cummins Real Estate Appraiser

mckissock learning, mckissock,appraisal institute, parea, real estate appraiser, mary cummins, real estate appraisal, training, certified, residential, license, hud, fha
mckissock learning, mckissock,appraisal institute, parea, real estate appraiser, mary cummins, real estate appraisal, training, certified, residential, license, hud, fha

PAREA is the Practical Applications of Real Estate Appraisal. In order to become a licensed appraiser you currently need about a year or two and 1,000-1,500 hours of training experience as a trainee with another licensed and generally certified appraiser. You also need basic classes and other requirements. Because it was so difficult to find mentors willing to train trainees for free the government allowed the PAREA training alternative to hours with a live mentor. Real Estate Appraiser education provider McKissock Learning was going to be one of the government approved companies, organizations offering PAREA training. The Appraisal Institute is another organization offering the training. 

Yesterday January 12, 2024 McKissock emailed people who were interested in the program that they would no longer be offering the PAREA program. See below email.

"Happy New Year to you and yours. We hope this letter finds you well. With a strong commitment to responsibility and transparency, we want to inform you about a significant decision regarding the McKissock PAREA (Practical Applications of Real Estate Appraisal) project.

After careful consideration and thorough evaluation of various factors, we have made the difficult decision to cancel the McKissock PAREA project. We understand that this news may be unexpected, and we want to provide you with a clear understanding of our reasoning and the steps we are taking moving forward.

One of the primary factors contributing to the cancellation is the substantial resource cost required to provide a product of the quality we envisioned. In our pursuit to deliver a premium solution, the associated costs exceeded initial estimates, resulting in a higher-end price to our customers. Regrettably, we recognize that this higher cost would inadvertently create a new barrier to entry into the appraisal profession – specifically, a financial obstacle."

The cost of the program was always a major issue and hurdle to entrance in the field. You couldn't even start the program without first paying for and taking $1,700 worth of McKissock classes. The Appraisal Institute stated the PAREA program would cost about $10,000 per a July 19, 2023 webinar. All of the training would be online. There would be no in person mentorship. 

From a monetary point of view the expensive cost of the training might be a total waste without real mentorship. This is not a trial an error occupation. You need someone training you in the beginning. You won't make any money if you don't know what you're doing. The only people who could end up making money from the training were possibly the training organization. They'd make money from government grants, nonprofit grants and class fees from paying students. It'd be like those worthless online degrees.

Another main problem is the real estate appraisal market today is at its absolute lowest point. There's very little lending work. The main cause is our current high interest rates. No one is selling if they have to buy another home. Why lose a 2.5% interest rate and triple your monthly mortgage at 7.5% or so. No one would want to refinance for the same reason. Sales volume is at its lowest in about 20 years per Ryan Lundquist's fantastic statistics. I've seen the same in Los Angeles, California.

Another even bigger issue is the use of live appraisers has been decreasing recently because of appraisal waivers, AVMs (Automated Valuation Methods) and hybrid type appraisals. Even though a live appraiser is used for part of the hybrid appraisal they aren't being paid as much as a full appraisal, i.e. $75-$165 vs $300-$500. The few full inspection appraisals done by live appraisers are very complex appraisals which only appraisers with many years experience are allowed to do. There's just not as much work today for anyone.

Previously the government said there were not enough appraisers and now there are definitely way too many. If you look at Facebook appraiser groups, everyone is hurting. Many have retired or had to get side gigs. If a fully trained and experienced appraiser of 20 years can't get work, a newbie has no chance at making enough money to survive. Even people with 20-40 years of experience are quitting due to lack of work.

You'd have to really be an idiot to shell out $1,700 for basic classes, $10,000 for PAREA, $6,000 appraisal costs first year just to make no money. Few can afford that upfront cost even if they could make the money back in a year or two. Another huge hurdle is lenders only use appraisers with three years minimum experience. No one would hire you fresh out of PAREA. 

I believe that McKissock realized there probably won't be enough people willing to pay for the classes at the moment to justify their training costs. They couldn't make enough profit off the program today. Even if the government and nonprofits offered grants to pay for the training the students probably wouldn't get any work from the program. No one would be happy. There would be a lot of online complaints.

I'm actually glad McKissock is not continuing with the program at this time for the sake of the potential new appraisers. Now is not the time to start out as an appraiser because of the market conditions. I would at a minimum wait until things rebound when rates go down. Maybe by then there will be an affordable PAREA program maybe subsidized by the government for people who can't afford it. You'd still need live experience and will have to deal with all the other issues noted above but it'd be better than what we have today. 

*FTR I've been taking classes with McKissock since they first started around 1990. Back in the day they only offered in person classes taught by the McKissock's out of a small classroom in Orange County, California. Today I take bundled classes with Calypso because they're cheaper. 


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

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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