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 homes. Show all posts

Friday, December 6, 2024

Taking a Listing in Probate and Trust webinar by Paul Horn Attorney, notes by Mary Cummins Real Estate Appraiser

I attended a webinar given by California probate estate attorney Paul Horn. It was very informative and entertaining. Paul Horn Esq definitely knows wills, trusts, probate and real estate. He gave some great advice which I've actually heard from other estate attorneys.

It's important to order a date of death historical appraisal to determine market value at time of death. Paul Horn stated it's well worth the $500 cost. One person asked if they must sell the property for the appraisal value. He said "of course not." Sell it for what you believe is the highest current market value.

In order to sell a home in probate you will need three main things i.e., Order for Probate, Letters, Notice of Proposed Action. These are all legal forms which can be found at lacourt.org He posted samples but they had names so I won't repost them. A real estate agent would get these items from the attorney handling the probate, estate. The real estate agent does not fill them out. The attorney does.

This is the California Probate Process.

The best thing is to avoid probate altogether. It will save you time, money and headaches. Get a will and a trust. Put the property in the trust. Make sure not to put the name of your heirs on the deed. Put the name of the trust only. This image shows the benefits of a trust versus a will. If you only have a will, you have to go through probate.

These are the essentials of good estate planning.

A married couple should take ownership as community property to avoid extra taxes.

Here is one of Paul Horn's videos on the probate process.

https://www.youtube.com/watch?v=IZtMW7hlH-c

You should have an attorney handle your will and trust. This is not legal advice. I am not an attorney. I would recommend Paul Horn to handle trusts, wills and probate. He knows what he's talking about. I've been doing historical date of death appraisals for over 40 years. I've had to deal with estates and probates so I've dealt with many estate and planning attorneys.

@paulhornesq https://www.paulhornlawfirm.com/

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

Wednesday, September 18, 2024

California Bill CA AB3068 Adaptive reuse: streamlining: incentives. Commercial Adaptive Reuse to Residential by Mary Cummins Real Estate Appraiser

UPDATE 09/27/2024 Governor Gavin Newsom vetoed the bill. Will they try again next legislative session or just give up? We really need a streamlined adaptive reuse process to build more housing without all these extra limiting requirements. And this is exactly why we have a housing crisis. Frustrating.

"While I strongly support efforts to address California's housing crisis by promoting adaptive reuse projects, this bill raises several concerns. The proposed compliance and enforcement mechanisms for labor standards, including the issuance of stop-work orders for any violations, represent a significant expansion beyond existing law, which limits this remedy to a narrow subset of violations, such as those posing immediate threats to health and safety. Moreover, the bill lacks clear procedures for contesting violations or addressing noncompliance, creating considerable uncertainty that could lead to delays, and increased costs, potentially making projects financially unviable - ultimately undermining the bill's goal of increasing housing production."

I agree the bill as written would not have encouraged reuse because there were so many restrictions.

https://www.gov.ca.gov/wp-content/uploads/2024/09/AB-3068-Veto-Message.pdf

ORIGINAL 09/18/2024 : AB 3068 would allegedly encourage and expedite the process of converting office space to mixed-use housing projects in city centers like downtown Los Angeles, California. This bill encourages counties and cities to have a plan to streamline the process under certain specific conditions with lots of caveats. In reality it appears to add more red tape making it ineffective and pointless.

This looks like "concepts of a plan" to me. In fact there are so many restrictions and requirements that I think the bill makes it financially unfeasible so it may not help at all. I also don't see a time table or enforcement procedures so this may be worthless. It may just improve the politician's image ala "we're solving the housing crisis!"

These silly bills and all this red tape are the reason we have a housing crisis in California. Developers are hobbled by the restrictions. They'd lose millions if they built a building that complied with all the restrictions so it'll never happen. The notion of the bill starts out okay but by the time it reaches the Governor's desk you need to jump through a million impossible hoops, every planet in the universe must align and you must agree to lose millions of dollars for the next 100 years.

From KRON4 “California’s downtowns are desperate for ways to inject vitality into their streetscape,” said Haney, who serves as chair of the Select Committee on Downtown Recovery. “While the demand for living downtown is at an all-time high, many urban centers simply lack the available housing. If we are serious about jump-starting the economic engine of our cities, we need to remove the red tape that makes office to housing conversions nearly impossible.”

From the actual bill My summary: Building must be less than 50 years old, must use Union labor, must preserve street facing facades, cannot be subject to a Conditional Use Permit CUP, must have low and mid income housing...

"The Planning and Zoning Law requires each county and city to adopt a comprehensive, long-term general plan for its physical development, and the development of certain lands outside its boundaries, that includes, among other mandatory elements, a housing element. That law allows a development proponent to submit an application for a development that is subject to a specified streamlined, ministerial approval process not subject to a conditional use permit, if the development satisfies certain objective planning standards, including that the development is a multifamily housing development that contains two or more residential units.

This bill would deem an adaptive reuse project a use by right in all zones, regardless of the zoning of the site, and subject to a streamlined, ministerial review process if the project meets specified requirements. requirements, subject to specified exceptions. In this regard, an adaptive reuse project, in order to qualify for the streamlined, ministerial review process, would be required to be proposed for an existing building that is less than 50 years old or meets certain requirements regarding the preservation of historic resources, including the signing of an affidavit declaring that the project will comply with the United States Secretary of the Interior’s Standards for Rehabilitation for, among other things, the preservation of exterior facades of a building that face a street, or receive federal or state historic rehabilitation tax credits, as specified. The bill would require an adaptive reuse project to meet specified affordability criteria. In this regard, the bill would require an adaptive reuse project for rental housing to include either 8% of the unit for very low income households and 5% of the units for extremely low income households or 15% of the units for lower income households. For an adaptive reuse project for owner-occupied housing, the bill would require the development to offer either 30% of the units at an affordable housing cost to moderate-income households or 15% of the units at an affordable housing cost to lower income households. The bill would require at least one-half of the square footage of the adaptive reuse project to be dedicated to residential uses. The bill would provide, among other things relating to projects involving adaptive reuse, that parking is not required for the portion of a project consisting of a building subject to adaptive reuse that does not have existing onsite parking. The bill would authorize an adaptive reuse project subject to these provisions to include the development of new residential or mixed-use structures on undeveloped areas and parking areas located on the same parcel as the proposed repurposed building, or on the parcels adjacent to the proposed adaptive reuse project site if certain conditions are met."

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

Mary Cummins

Friday, May 5, 2023

Los Angeles MLS Releases 2023 Q1 statistics. Sales volume, median prices down. Mary Cummins Real Estate Appraiser

2023 Q1 market report median sales price and volume for single family homes, condos in Los Angeles, California. Leases, CLAW MLS, Mary Cummins, real estate appraiser, real estate appraisal, marycummins.com ,

CLAW MLS just released 2023 Q1 Market Report. Median price and sales volume of single family homes and condos is down. Lease median prices and volume is up a tick. Full report here. CLAW Combined Los Angeles Westside.

https://forms.themls.com/forms/q1-2023-claw-market-stats.pdf

Mary Cummins

Saturday, March 18, 2023

Old Victorian Homes on Carroll Avenue in Angeleno Heights, Los Angeles, California by Mary Cummins

mary cummins, real estate appraiser, los angeles, california, real estate appraisal, angeleno heights, victorian, queen anne, arts and crafts, homes, houses, national register of historic places, historical landmark, 1300 block, carroll avenue, carroll ave, 1329 carroll, 1324 carroll, 1345 carroll, 90026

Visited the old homes on Carroll Avenue in Angeleno Heights in Los Angeles, California the other day. Some old the homes were built in the 1880's. Most were built before 1920. The entire 1300 block of Carroll Avenue was listed under the National Register of Historic Places in 1976. The styles are Victorian, Queen Anne and Arts and Crafts. I took a few photos.