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

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California
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Thursday, April 25, 2024

Pasadena Forms Task Force to Determine Fair Market Value of Land Purchased for 710 Freeway Extension, by Mary Cummins appraiser

710 freeway, hardship acquisition, eminent domain,mary cummins, real estate appraiser, pasadena,market value, freeway, historical valuation

Pasadena set up a task force to research whether or not landowners were paid market value for land purchased for the 710 freeway extension. Some of the land was purchased via "hardship acquisition" which differs from eminent domain. Hardship acquisition allows property owners to request that the government buy their land in advance of a planned project, often due to economic circumstances. It differs from eminent domain, in which the government forces the sale of private property for public use.

A few problems they have is they don't have sales data for the property. The deeds would still have to be recorded with the county. They would show the prices and names. Another issue they state is they don't have census records during that time because records are only available to the public 1950 and earlier. They are still available to the government if they request them. Government uses those census records all the time. A third issue is determining market value as of the date of transfer. If they hired a real estate appraiser, all three issues would be solved quickly.

I appraised the Bruce's Beach property. Here's an article I wrote about that. https://mary--cummins.blogspot.com/2021/10/bruces-beach-willa-charles-bruce-beach.html I was able to figure out fair market value from newspaper sales and offerings. Maybe the author of the article just isn't familiar with historical property valuations. It's something I and other appraisers do all the time. It's just research. 

The only complex issue I see is the effect of the proposed freeway extension on the property values at that time. Many could fear costly eminent domain proceedings and sell for less than then market value. The homes would be devalued if a buyer knew they were going to take the homes. If you didn't like the price the government offered you back then, you have to file a legal suit to contest eminent domain. Generally government settles those suits for over market value like Bruce's Beach, Chavez Ravine...because of legal costs. Today the agency will give you money to hire your own appraiser. That appraisal is submitted and the government agency works out a fair market value with the seller. 

If they wanted to be more than fair, they could figure out median home price of nearby homes that wouldn't be affected by a proposed freeway extension so 1/4 mile away. Even better they could figure out market value of the purchased homes before the extension was public then time adjust relative to other nearby homes not affected by the freeway. It's all just a math formula once you have the data. I'm not going to waste my time researching the newspaper sales or old MLS for this one. Last time I did that for Bruce's Beach my free work was used in the final analysis.

From the original article.

"Efforts play out to determine the future of a 50-acre tract once envisioned as the path of an extension of the 710 Freeway, City officials are grappling with a lack of detailed records about how the state acquired hundreds of properties decades ago, often through a process known as “hardship acquisition.”

The missing historical data presents a challenge for a city-appointed task force charged with assessing the fairness of compensation provided to property owners displaced by the aborted freeway project and developing recommendations for how to utilize the land, which has sat largely vacant since the 1970s.

“There are no records kept by the state about the properties purchased via hardship acquisition,” Elysha Palusek, a consultant with the historical resources firm ARG, told the task force at a recent meeting. “We are obtaining that information as much as possible via other means.”"

https://www.pasadenanow.com/main/pasadena-confronts-murky-history-of-710-freeway-displacements


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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