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 land. Show all posts

Monday, February 10, 2025

Pending Burned Home Land Sales Palisades $999,000 by Mary Cummins Real Estate Appraiser

UPDATE: Just sold $1,185,000 53% of Zillow AVM value or about 79% of pre fire land value. Another pending sale in the Palisades at 17126 Avenida de la Herradura. Zillow said it was worth $2.2M. It was just listed at $999,000 which is less than half. If it were worth $2.2M, land is about 60-70% total value in this area or $1,500,000. This means it was listed at 66% of land value or 34% reduction of just land value. This makes sense but let's first see if it closes at $999K. Anyone selling today should expect 20% reduction in price for all cash sale. No one can get a loan in this area today. There are also costs to fully demolish and remove debris. It will take maybe 12-18 months to get utilities, do soil toxicity tests and start to get permit approvals. There are no utilities to the area at the moment. Only developers can afford to buy these properties. They need to see 20% profit after all expenses including holding costs. Whoever eventually buys the finished home may have issues getting fire insurance and a mortgage. I'll be doing statistics on pre post fire values for Palisades and maybe Altadena.

From the current MLS ad. "This piece of land, located in the highly sought-after Palisades Highlands area, offers a rare opportunity to create your dream property. While the land has been impacted by the recent Palisades fire, it presents a blank canvas for visionary buyers ready to reimagine its potential. Seller is looking for serious offers only so they can move on with their lives. With its unparalleled location and proximity to natural beauty, this property is ideal for those with the foresight to invest in and restore a prized piece of Los Angeles real estate. Don't miss the chance to bring new life to this remarkable location. Serious inquiries only, please."

Previous listing from 2005

Zillow chart. It's meaningless but fun to look at. Zestimate uses old asking list price as determinations of value. Doesn't matter if it doesn't sell at that price. It uses it as a base and adds appreciation to that value. That's where Zillow got $2.2M. It could have been worth more. The Zestimate is down now because of the new list price not because Zillow changed the value or algorithm.

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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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, May 12, 2024

What Are Old Mobile Homes Worth? Carole Baskin Just Discovered They're Not Worth Much

carole baskin, big cat rescue, bcs, tampa, florida, mobile home, land, sale, tiger, joe exotic, money, buried, lion, sanctuary

What are old mobile homes worth? Sadly not much especially if they're located in Florida near the water. Carole Baskin of Big Cat Rescue BCR found that out the hard way after selling, trying to sell the Big Cat Rescue land. This is why people generally give an old trailer home to the buyer for free. If not, no one will buy it and you may have to pay to remove it.

Carole Baskin originally listed this 1984 5 bed, 2 bath 56' x 24' 1,300 sf mobile home in fair condition for $56,000. I think the land maybe sold for $300,000. I looked at the address once but didn't save it. I believe this is the trailer where her daughter Jamie lived when she worked at Big Cat Rescue. Read the ad and make of it as you see fit. I make no guarantees as I didn't appraise this property. She's since reduced the price to $27,000.

Mobile homes don't last as long as stick built homes. They are generally not built to the same quality especially one built in 1984. Properties in Florida wear faster due to rain, sun, salt air and possible hurricanes and flooding. This one is listed at $20/sf.

Generally mobile homes last about 30-50 years. They can last longer if you maintain and upgrade them with no roofing, windows, floors as needed. This one is listed in fair condition so I assume no major upgrades. It's located near water in Florida so there will be more rust and rot. This one is 40 years old nearing the end of its economic life. Whoever buys the home will also have to pay to move it and install it at a new location. These things aren't cheap to do. Always do your research before you buy a regular stick built home or a mobile home. Hire a real estate appraiser if it includes land. If not, there are mobile home appraisers which will appraiser just the home.

Big Cat Rescue site is 12802 Easy St, Tampa, FL, Hillsborough County, 33625 or 17342 Gunn Hgwy, Odessa, FL. Map Partial legal description S 1/2 OF NW 1/4 OF SE 1/4 LESS RR R/W ON E. That is about 18 acres but someone said entire site is 67 acres. This land belonged to the nonprofit. I believe proceeds must go to another like kind nonprofit. If you search here, you can see all the other properties they own. https://gis.hcpafl.org/propertysearch/#/nav/Basic%20Search Search Carole Baskin, Big Cat Rescue to see them all.