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 nile niami. Show all posts

Thursday, January 30, 2020

What is The One 100,000 sf home by Nile Niami at 944 Airole Way, Bel Air, California 90077 by Mary Cummins

The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy

UPDATE 03/20/2022 Creditors are arguing that the war in Ukraine caused the sale price to be low. They want a do over. They scheduled the auction for an earlier date but no one made the opening bid. That's why they extended it. I doubt wealthy Russians weren't able to bid because of the war. If they had bid, the escrow could have ended because of the war. One person argued that the war could get worse and future bids could be lower if they allow a do over. I don't think they should allow a do over on the auction. I doubt they'd get more. The people who loaned the builder money over a certain value were not wise people. Maybe they should have read my blog article before they loaned the money. Everyone in real estate including Niami knew the $500M price was insanity. There are no comps anywhere near that price.

03/07/2022 Fashion Nova Richard Saghian is the buyer of The One. Makes sense.

https://www.latimes.com/business/story/2022-03-06/the-one-fashion-nova-richard-saghian-auction

For the hell of it. Current tax assessment is $119,024,562. $31M land $87M improvements. Current annual property taxes $1,402,931 annual taxes.

UPDATE 03/03/2022: And it just sold for $141,000,000. As I stated below I didn't think they got the minimum bid by the previous auction date. I've been following these over price properties like The One and The Vineyard for years now. The prices never made any sense. Remember The Vineyard was "valued" at ONE BILLION DOLLARS!? You could build a new home on a similar piece of land for less. Cost approach is generally higher than sales comparison approach.

This property still has issues as it has no COO. There are permit and zoning issues. We don't even know what was sold with the property. Did anyone strip out attachments, improvements? What wasn't finished? We may never know.

https://www.cnbc.com/2022/03/03/americas-biggest-new-mansion-auctions-for-141-million.html

01/22/2022 Auction pushed back to February 28, 2022. I doubt they got any real bids at $295,000,000 plus 12% $35,400,000 to the auctioneer or $330,400,000 total minimum bid. I don't believe it's worth it. Home is not finished. The last pending Certificates of Occupancy were 2014 and 2017. The last permit was February 2021. There are many issues, liens, judgments... I'm sure many things have been and will be removed from the home especially the high end items.

"The bankruptcy auction for one of the largest mansions in the United States was pushed back three weeks to allow more time to attract potential purchasers of the home, which has a $295-million asking price.

U.S. Bankruptcy Judge Deborah J. Saltzman granted an extension of the auction for the Los Angeles home known as “The One” last week after a number of would-be buyers needed more time to visit the property, according to court papers filed Friday and attorney David Golubchik of Levene, Neale, Bender, Yoo & Golubchik, who is representing the property’s developer.

The online bankruptcy auction is now scheduled for Feb. 28 to March 3, and the transaction’s closing, which is subject to court approval, is set for March 21."

01/11/2022 The property may go to auction at Concierge Auctions with no reserve and a list price at $295,000,000. The auction is scheduled for February 7-10, 2022. The home is not finished. There is no certificate of occupancy. There is a temporary power pole. Here is the listing. It's just been pushed back to February 28. High bid subject to court approval. The property is listed with two local real estate agents. The auction site does not guarantee any information they posted. Buyers must pay 12% of the sales price above and beyond the purchase price for the auction service, "Buyer shall pay to Concierge a “Buyer’s Premium” in addition to the Purchase Price for the Property. The Buyer’s Premium is not a real estate commission; it is the fee that Concierge charges to bidders for bringing the Property to auction." 1% commission paid to buyer's agent. It makes more sense for any buyer to go direct to the current listing agent.

https://www.conciergeauctions.com/auctions/944-airole-way-los-angeles-california

September 2021. Home is in receivership with more than $165,000,000 liens, debts and judgments. It will hopefully get an occupancy permit then be listed for sale. It could be sold without an occupancy permit but of course it'd be at a huge discount and someone would have to pay cash.

https://www.cnbc.com/2021/09/08/most-expensive-home-in-america-defaults-and-heads-for-sale.html

I don't know if Niles Niami really really expected to build and sell this home or if this was a real estate scam from the start like The Vineyard aka The Mountain. We'll find out when they check the books.

UPDATE: March 2021 home in default. Price reduced. A few of Niles Niami's projects have been in default, had prices reduced.

https://www.latimes.com/business/real-estate/story/2021-03-08/foreclosure-looms-for-nile-niamis-infamous-mega-mansion-the-one

ORIGINAL: The property goes by a few addresses. They are main address is 944 N Airole Way and then 937 N Stradella Road and 951 N Stradella Road. The parcel map below shows the property outlined in red. It's zoned LARE20 which is the city of Los Angeles residential estate. It's approximately 166,828 sf or 3.8 acres. It last sold 12/2012 for $28,000,000. It's had repeat lis pendens on it for mechanic liens i.e., unpaid contractors. It's had loans on the property up to $82,000,000. I think one reason the owner throws around the crazy price is to get media coverage and to get insane loans on the property. It's listed as vacant land so I don't think there is an occupancy permit. Sounds like the guy needs to sell it now. Whoever buys it will have to pay property tax in the amount of 1 1/4% of value per year. The original value is the sale price.

The owner is Nile Niami born February 1968 in Los Angeles County, California, Crestlloyd LLC 8981 W Sunset Blvd #303, West Hollywood, CA 90069. I see a Nameer N Niami born 25 Feb 1968 with mother's maiden name Larkin. He also goes by Nile and Neil. His father is Hazim Mohammed Niami born 1932 in Baghdad, Iraq, a civil engineer who designed the Cinerama Dome. His parents divorced when he was six.

The APN of the property is 4369-026-021/020. I see soils and geological permits denied in 2017 and 2018. One was finalized very recently for grading.

I just found permits You have to search by legal description tract 22727 lots 1, 2, 3 and use APNs 4369-026-014/017/002. I think he's trying to obfuscate the property identification so people can't tell it's not as large as he's said it is and it has no occupancy permit. This is very common with these mega-mansions. It makes it difficult to evaluate unless you're an appraiser.

2014 they demolished existing home. 2014 permit to build new one story accessory building. 2017 permit to build new guard house. 2017 permit to build basement for servants. I see five almost dormitory like bedrooms, see below. Generally developers add a basement to be allowed to build more. They generally turn basement into another living level by digging out the sides so it's open. This is how sneaky developers can build more than legally allowed or approved. They can't include the basement area as a living area.

I see they will build two stories over a basement with five car garage. It says 333' x 333' floor area 44,440 sf, total floor area 73,934 sf. Still not 100,000 sf. Residential floor area is 44,440 sf. Again, not 100,000 sf. See below for how they measure the building. It's misleading.

They have to install on site fire hydrant. It looks like they can build max residential living 48,291 sf.

Below is the basic permit so people can read it for themselves.

https://drive.google.com/file/d/1BtiJ8xcmEXd2oQixNNEE51qoJKvVGm5e/view?usp=sharing

There is a $82,500,000 construction loan with Hankey Capital LLC, a $30,188,235 other loan with Yogi Securities Holdings. With no occupancy permit this will be difficult to sell at the moment. He will have to sell it for a bit less than $500,000,000.

The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy

If you want to find docs in Los Angeles building and safety you need to search the APN. I see permits only for proposed site stabilization in response to an order to comply due to over steep lot. They have to install soil nails, anchors to hold in place netting for soils and engineering. Nile Niami signed this in 2014 saying he's an owner, builder. There are two permit application numbers 19020-10000-01428 and 19030-10000-03130. I see a 2018 permit for a new entry gate. See below for documents submitted by the owner. These are public documents. I did not hack their plans. I don't see any building permits for a home. I used all three addresses and the APN. Maybe there's a reason why we only see computer graphic drawings of this home. Per building and safety it doesn't yet exist. I think he just built the retaining walls and put in some landscaping. He can say it has 1,000,000 sf because it doesn't matter as I see no home permits.

Here are a few more ID numbers, names. Parcel ID # PIN # is 144B149 302, APN 4369-026-021, county map red # MB 623-81/83, legal is tr 22727 lot 2. There is a permit for a retaining wall. That's all I see.

Below are the people working on the project:
David R Salter License C69911
Joshua Rafael Feffer License EG2138
Steven Jeffrey Cox License C48940

If you look at the pics the developer provides to media and others, they are mainly computer generated images. They aren't photos. That's because the property is far from ready to be shown. It's not even finished. Below are some recent satellite image pics from Google Pro Earth. Click to see larger. The slope of the land is over steep over 2:1 ratio so they had to reinforce the site. The reason for the slope is so they could build as much as possible.

The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy

The site is in an earthquake induced landslide zone, hillside ordinance, hillside grading. Thomas Guide map TG592A6 for you old folks.

The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy

Below is the plan for the basement.

The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy

Below is the plan for the main house. Seems there was a home, pool and tennis court on the property originally. He didn't tear it all down.

The One, Nile Niami 944 Airole Way Los Angeles CA 90077 bel air, holmby hills, mary cummins, real estate, real estate appraiser, california, mega mansion, $500,000,000 price, crazy

A map to the home is below. Address is approximately 944 Airole Way, Los Angeles, California 90077. The owner is Nile Niami. You can click "directions" below to get directions.

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

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

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

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

Thursday, January 30, 2020

What is The One 100,000 sf home by Nile Niami at 944 Airole Way, Bel Air, California 90077 by Mary Cummins