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

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California
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Showing posts with label donald trump. Show all posts
Showing posts with label donald trump. Show all posts

Sunday, November 24, 2024

What will Donald Trump, Scott Turner do to HUD? Same thing Trump Did First Term, Cut the Budget and Programs, by Mary Cummins



Photo: Wikipedia, Donald Trump, Scott Turner, HUD, Mary Cummins, Real Estate Appraiser, 

Donald Trump nominated ex-football player, motivational speaker and Pastor Scott Turner to be the head of HUD. Scott was a Texas State Representative for the 33rd District for two terms. He was also on Trump's White House Opportunity and Revitalization Council during Trump's first term. In 2023 he was hired as Chief Visionary Officer (lobbyist?) at JPI a real estate company.

When Turner was on the White House Opportunity and Revitalization Council he co-produced a one year report. That report was the result of the Trump 2017 Tax Cuts and Jobs Act. It dealt mainly with plans to promote investments in Opportunity Zones. A final report released in 2020 stated they were involved in different grant programs. Trump cut the HUD budget at least 18% during his term so grant programs and funding were reduced. That appeared to be a name only PR council and report.

We can expect Trump to again cut the HUD budget. I personally feel some programs are vital and others should be cut. I'd like to suggest HUD cut the funds given to NFHA for defamatory advertisements trashing appraisers. They could also cut the funding for the improper sting operations and lawsuits regarding appraisers. They should also look into the false and frivolous appraiser complaints. Hire an independent real estate appraisal company to investigate to see if the values in question were market value or not. If they weren't, investigate. If they were, dismiss the complaint and send an all clear letter. So much money was wasted on these worthless programs that did not find appraiser bias.

Trump in his Project 2025 plan stated he'd get rid of PAVE. The PAVE Task Force is over and it didn't really change anything. The main purpose was to get black, Latino and lower income votes and to keep campaign promises about solving made up problems. Joe Biden lied and said appraisal bias was a huge problem causing wealth inequality. The real problem is income inequality causing wealth inequality. Biden said he alone could fix the fake problem if they voted for him. The fake problem didn't exist. 

We were already doing all of the suggested PAVE programs. We already had appraisal appeal aka Reconsideration of Value ROV processes. We already had mandatory bias, discrimination and fair housing education. We already had a complaint process. We were already planning a PAREA like solution to the mentorship program problems. The PAREA program is not yet successful with only a handful of graduates at huge expense. Appraisers are almost as diverse as real estate agents. The issue is high initial cost, time and inability to make a living in the current market. This goes back to income inequality. 

Most people think HUD has the power to solve the housing crisis. It does not. HUD only oversees public housing programs and government backed mortgages. They have no control or jurisdiction over the real causes of the housing crisis which is insufficient number of housing units. That problem is caused by the states, counties and cities building requirements. It's not a problem under the direct jurisdiction of the federal government.

Trump has made some suggestions for helping the housing crisis. He will most likely roll back the Inflation Reduction Act which mandated more energy efficient homes. I doubt the developers will trickle down those savings to the consumer. Trump also suggested using federal lands to build homes. Those lands aren't in areas where people want to live. The last time the government did that developers built cheap shitty homes on swamp land such as Marin City. Trump said he'll reduce interest rates but he has no control over that Department. 

It will be interesting to see what Donald Trump and Scott Turner actually do with HUD. I predict they will just reduce the budget and cut programs like Trump did last time. Turner will do a lot of positive press and release a lot of positive reports while he obeys Trump and guts the Department as much as possible. 


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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Wednesday, November 13, 2024

Donald Trump's Plan for Housing by Mary Cummins Real Estate Appraiser Los Angeles, California

donald trump, project 2025, mary cummins, housing, real estate industry, real estate appraiser, real estate appraisal, waiver, hud,
donald trump, project 2025, mary cummins, housing, real estate industry, real estate appraiser, real estate appraisal, waiver, hud, 

What is President elect Donald Trump's plan for the housing industry and specifically real estate appraisers? A look at Project 2025 the Presidential Transition Project can give us some clues. Chapter 15 Department of Housing and Urban Development written by ex HUD head Ben Carson can give us a glimpse into the new administration's mindset. The plan actually mentioned real estate appraisals. I will only touch on a few of the programs.

1. "Immediately end the Biden Administration’s Property Appraisal and Valuation Equity (PAVE) policies and reverse any Biden Administration actions that threaten to undermine the integrity of real estate appraisals. Footnote: At a minimum, these efforts duplicate what the federal government already collects and assesses; at worst, they institute arbitrary procedures in real estate appraisal practices that undermine integrity and perversely introduce arbitrary biases into what should be an unbiased system for determining financial value."

The PAVE taskforce actually didn't really accomplish anything except furthering the false narrative of the "old white racist male" real estate appraiser. We already had mandatory bias, discrimination, ethics classes which covered fair housing. We already had appraisal appeals aka Reconsideration of Value (ROV). People could always file complaints. The point of the PAVE taskforce was to keep a campaign promise to "fight" falsely alleged "appraisal bias" against POC. Biden created a nonexistent problem so he could say he fixed it so he could get POC votes. Independent research by AEI based on government data proved no such bias, discrimination exists. There really isn't anything to roll back as the task force didn't really do anything new so no big deal here. 

I do hope that it will stop the HUD grants to NFHA which pays for false and defamatory ads in media attacking real estate appraisers. That's a huge waste of money to "fight" a problem that doesn't exist. The purpose of the ads is to recruit fake clients for NFHA so they can sue appraisers for no money settlements. Sometimes they get a few pennies from the AMC and lenders which I feel is press related extortion and blackmail. I wish appraisers could collectively sue HUD, NFHA for these defamatory actions. The hate and racism towards real estate appraisers is off the charts. The false narrative has caused false complaints and fake lawsuits besides death threats and racist name calling.

2. "Repeal climate change initiatives and spending in the department’s budget request. Footnote: Revise regulatory and subregulatory guidance, where applicable within statutory authorities, that adds unnecessary delay and costs to the construction and development of new housing and has been estimated to account for about 40 percent of new housing unit costs in multifamily housing."

I assume they would roll back the Inflation Reduction Act. It's true that the act adds a few thousand dollars to new home construction and final costs to the buyer. The clean energy initiatives do save the buyers/owners money over time. It's also good for the local clean energy industry and home values besides of course the environment. Most clean energy programs use domestic labor and supplies except maybe some solar panels so it's good for part of the local economy.

Team Trump thinks this will save consumers money and bring down housing costs. It won't but it will provide more profits for developers. They will not be trickling down the savings to consumers. Prices will stay the same but homes won't be as energy efficient.

All that said we do need to roll back some building restrictions. They increase housing costs and are the main reason we don't have enough housing. Just building more housing more easily, quickly and less expensively would help the housing crisis immensely. We just need more homes of all types. Because home and land prices have skyrocketed because of lack of sufficient housing it's almost impossible to build affordable housing. This is the direct result of government mandates and restrictions even though people love to blame "greedy" developers. They think developers should not only work for free but they should lose millions on each project for the life of the building.

We could also use some help with zoning. Developers should be able to build some 2-4 units in some single family housing areas with restrictions. Some of these 2-4 units look just like SFRs. We need more than just super expensive ADUs. We could use some 5-8 units in 2-4 zones. 

There needs to be some automatic approvals of some standard construction projects. NIMBYs have stopped most new construction just by filing complaints. This can cause projects to take up to ten years before they can even break ground. The developer has to pay for the holding cost of the project while these issues are processed. They are generally resolved by developer giving complaining neighbors land, money, and infrastructure. They are also resolved by developers giving politicians land, money, infrastructure and "favors." Developers also acquiesce to building fewer units which is the opposite of what we need.

Trump's plan for tariffs will of course increase construction costs for building supplies. Homes are already too expensive. Deportation of construction workers will cause construction costs for labor to increase dramatically. I hope he doesn't go through with these promises. I hope Trump's wealthy real estate friends talk him out of it but it didn't help tariffs during his first term.

Trump has no control over the Fed rate so he can't reduce interest rates. If anything, his tariffs will increase inflation causing rates to stay the same or even go up. The tariff caused inflation could tip us into a recession. 

Isaac Peck of WorkingRE just wrote a good article about Donald Trump's plan for the housing industry. He didn't go into interest rates, tariffs or mass deportations. He did touch on appraisal waivers, Fannie Mae, Freddie Mac, CFPB, PAVE taskforce, housing...  on https://www.workingre.com/now-what-on-a-new-trump-administration

It will be interesting to see what the new administration will actually do for housing and real estate appraisers. I'm hoping some of his promises were just campaign rhetoric. Tariffs and deportations are such a bad idea for the real estate industry, economy and nation as a whole.

While I didn't think Kamala Harris' housing plan was that great at least it wouldn't have made things much worse. Trump's plans will make things much worse. Trump's plan for the economy and nation as a whole are much, much worse. I really hope Trump doesn't actually interfere with actual fair housing. This is why I voted for Kamala Harris but will have to deal with the Trump administration for the next four years.


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

Thursday, June 13, 2019

Donald Trump sells his home in Beverly Hills at 809 N Canon Dr, 90210 for $13,500,000

Donald Trump Beverly Hills home house 809 N Canon Drive, California 90210, Beverly Hills Hotel, Mary Cummins, real estate appraiser, appraisal
Donald Trump sold his home at 809 N. Canon Drive, Beverly Hills, California 90210 for $13,500,000. Seller was 809 N Canon LLC,  Trump Tower, 725 5TH AVE #  26THFL, NEW YORK NY 10022, and buyer was Hillcrest Asia Ltd. The home was built in 1927. It is 5,395 sf on a 29,295 lot. It's located on an acute corner with three major streets surrounding it. It has 5 bedrooms, 6 baths and a pool.

Donald Trump bought the property in 2007 for $7,000,000 at the peak of the market six months before the great recession began. Trump appeared to have owned it with no loan. The current owner paid all cash.

I ran some comps +/- 15% GLA, within six months of date of sale properties between Carmelita and Sunset, and Bedford and Alpine. Value $9.5-$10M tops. The location is bad because it's at the intersection of Sunset Blvd and Beverly and Canon. It's a corner lot with a tight angle. Lack of privacy, security and noise, light pollution from Sunset Blvd. You also can't build on most of the lot because of the irregular shape and setbacks.

The previous owner was Thomas C Bowles a real estate investor who died in 1985. His wife Mary Bowles survived then died in March 2006. The trust sold the home to Trump. The home had been in the family since at least the 1960's.

Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the
Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and Game and the USDA. Mary Cummins is also a licensed real estate appraiser in Los Angeles, California.


Google+ Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary Cummins-Cobb, Mary, Cummins, Cobb, wildlife, wild, animal, rescue, wildlife rehabilitation, wildlife rehabilitator, fish, game, los angeles, california, united states, squirrel, raccoon, fox, skunk, opossum, coyote, bobcat, manual, instructor, speaker, humane, nuisance, control, pest, trap, exclude, deter, green, non-profit, nonprofit, non, profit, ill, injured, orphaned, exhibit, exhibitor, usda, united states department of agriculture, hsus, humane society, peta, ndart, humane academy, humane officer, animal legal defense fund, animal cruelty, investigation, peace officer, animal, cruelty, abuse, neglect #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit

Tuesday, October 18, 2016

Donald Trump and the Ambassador Hotel in Los Angeles, California - Mary Cummins Real Estate Appraiser

Donald Trump, Donald J Trump, Ambassador Hotel, Los Angeles California Wilshire Robert Kennedy shot killed Coconut Grove Nightclub
Today the LA Times had an article about Donald Trump buying the Ambassador Hotel and trying to build the tallest building in the world on the site. The development was to include retail, commercial and residential uses.  http://www.latimes.com/politics/la-na-pol-trump-california-20161017snap-20161017-snap-story.html Instead the LA Unified School District took the property through eminent domain and built the current Robert F Kennedy school.

I was one of the appraisers involved as an expert real estate witness in the litigation between the then owners and other parties. (Due to client confidentiality I can only disclose public facts about the property. I would of course never share any client information or any confidential information.) Because my appraisal was used in the original litigation I kept getting deposed for the next ten years. Every time there would be a conference room full of at least ten lawyers.

When I first appraised the hotel in 1989 it had just been permanently shut down for only a few months. On my initial inspection there was already significant damage to the interior of the property. That damage caused rain to flood the Coconut Grove Nightclub. It also appeared to have been damaged by vandals. I'm sure the vandalism is what caused them to gate the entire property and hire guards. I was walking over soggy broken dishes, moldy carpet and lots of trash. I immediately considered the property a tear down due to the extensive damage. It didn't look that bad from the outside.

My scope of work was to figure out the highest and best use/uses, find comparables for those uses, calculate the cost to demolish, cost to dispose of hazardous waste... to arrive at the ultimate current fair market value for the land for development purposes.

The site was actually about four square blocks combined missing the two front corner lots and one lot depth of land off the western side which were old apartments. Because of the complex nature of the appraisal I had to use a few different commercial valuation theories to arrive at the ultimate value of the land. Needless to say I had to use a few assumptions.

During the course of meetings, depositions I met Donald Trump's then right hand person for the real estate development division of his company Barbara Res. I never realized she was not just a real estate attorney but also an engineer. That explains her extreme knowledge of building materials and practices. She no longer works with Trump and has since written a book about her experience "All Alone on the 68th Floor." She also recently wrote an Op-Ed about Donald Trump and women. I completely agree with her assessment of Trump.

Originally I was shocked to see a woman oversee real estate development for Donald Trump. I already knew how he treated women through social encounters. Based on Res' Op-Ed I agree that Trump took advantage of the fact that women in the 1980's 1990's in the man's world of commercial real estate, development had to be tougher and work harder, longer than men. I also agree that Donald Trump is not fit to be President.

After LAUSD took the Ambassador Hotel property and built the school I no longer was dragged back into deposition. I destroyed my files three years after the end of the final litigation. I would never have been able to share the files publicly anyway. Here's some information about the Ambassador Hotel from the Los Angeles Conservancy.

https://www.laconservancy.org/locations/ambassador-hotel-demolished

Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and Game and the USDA. Mary Cummins is also a licensed real estate appraiser in Los Angeles, California.


Google+ Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary Cummins-Cobb, Mary, Cummins, Cobb, wildlife, wild, animal, rescue, wildlife rehabilitation, wildlife rehabilitator, fish, game, los angeles, california, united states, squirrel, raccoon, fox, skunk, opossum, coyote, bobcat, manual, instructor, speaker, humane, nuisance, control, pest, trap, exclude, deter, green, non-profit, nonprofit, non, profit, ill, injured, orphaned, exhibit, exhibitor, usda, united states department of agriculture, hsus, humane society, peta, ndart, humane academy, humane officer, animal legal defense fund, animal cruelty, investigation, peace officer, animal, cruelty, abuse, neglect #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit