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

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California
WEBSITE       RESUME       CONTACT       FACEBOOK        LINKEDIN       
Showing posts with label pacific palisades. Show all posts
Showing posts with label pacific palisades. Show all posts

Saturday, February 15, 2025

Homes Destroyed by Palisades Fire Listed for Sale by Mary Cummins



Some properties which were destroyed in the Palisades fire are now listed for sale. Two are now pending. They range in price from $749,000 to $2,950,000. They are selling at around 30-72% of their previous AVM home value. These are list prices. They have not sold. What matters is the final sale prices. Some of these listings may be over priced. I did not figure out the previous home or land values because I don't have the time right now. 

Based on what I've been seeing properties are being listed at about 50% of the previous land value. All of these burned properties need to have the debris and topsoil removed. The foundations will need to be dug up and removed. Toxicity tests must be done on the soil. They will need new soils and geological reports and new building plans. Then they will need to be built. With tariffs construction costs will be significantly higher than they are today. Some supplies may not be available due to shortages. There will be construction labor shortages. All of this is going to take a lot of time. They estimate 12-18 months to clear debris from the lots. This will cause an increase in holding costs by at least two years.

There will probably not be any loans available to purchase the land. Construction loans will be difficult. There may not be fire insurance available which means you must pay all cash. Lenders insist on fire insurance to protect their asset. When the homes are finally rebuilt fire insurance will again be an issue and huge expense. Some of these areas have burned repeatedly. There will be lasting stigma which will negatively affect value for at least five years and probably more. Currently the area is lacking in some supporting facilities and utilities have not been restore. Some roads in the hillside areas will take a while to clear. All of these things negatively affect property values. I predict it will be similar to after the Woolsey fire but more severe because of the larger number of homes destroyed. Five years after Woolsey only 37% of homes rebuilt.

16650 Linda Terrace $2,295,000 72% of AVM home value

Listed 2018 for $2,995,000 

RealAVM $3,200,000

7,493 sf

1309 Palisades $749,000 57% of AVM home value

2012 listed $699,000

RealAVM $1,300,000

136,769 sf

723 Radcliffe $1,695,000 67% of AVM home value

2021 $2,250,000

RealAVM $2,500,000

6,973 sf

1159 Monument $2,950,000 52% of AVM home value

2015 $2,500,000

RealAVM $5,600,000

7,730 sf

674 Palmera $1,499,000 59% of AVM home value

RealAVM $2,500,000

4,567 sf

16008 Miami Way $1,500,000 68% of AVM home value

RealAVM $2,200,000

5,745 sf

14800 Mc Kendree $2,895,000 30% of list price immediately before fire
Pending
2025 listed $9,495,000
7,692 sf
Blog article I wrote about this home and price, value. 
https://mary--cummins.blogspot.com/2025/02/fire-sale-home-destroyed-by-palisades.html

17126 Avenida de la Herradura $999,000
Pending Sold $1,185,000 02/2025
2005 sold $1,541,000
RealAVM $1,000,000 something up with that, ignore
9,932 sf
Blog article I wrote about this home
https://mary--cummins.blogspot.com/2025/02/pending-burned-home-land-sales.html






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



Posted by at No comments:
Labels: , , , , , , , , , ,

Real Estate Appraisal Fire Inspection in Pacific Palisades Fire Zone by Mary Cummins

Mary Cummins, fire inspector, fire inspections, real estate appraiser, real estate appraisal, pacific palisades, los angeles, california, pre fire value, post fire valuation, insurance


Back in Pacific Palisades burn area in Los Angeles, California. Mary Cummins. Mayor Karen Bass said the EPA finished all inspections in Pacific Palisades. That's not true. I met property owners and EPA inspectors today. They still have a lot more to do. I also noticed not all properties had EPA inspection signs. #palisadesfire #marycummins #losangeles #california #losangelesfires #pacificpalisades

None of these photos are from clients' properties.


























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

Posted by at No comments:
Labels: , , , , , , , , , ,

Tuesday, February 11, 2025

Palisades Fire Zone Real Estate Appraisal Inspections by Mary Cummins Real Estate Appraiser

Mary Cummins, fire real estate appraiser, fire inspection, insurance, damage, assessment, valuation, pacific palisades, los angeles, california, property tax appeal, 

In the Palisades fire zone again for work. At least it wasn't raining today like last time. I met an elderly lady at World Central Kitchen. She broke down crying saying she lost everything so I gave her a hug. Such a sad situation for everyone. #worldcentralkitchen #marycummins #realestateappraiser #palisadesfire #losangeles #california

None of these photos are from clients' properties.
























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

Posted by at No comments:
Labels: , , , , , , , , , ,

Sunday, February 9, 2025

Fire Sale: Home Destroyed by Palisades Fire Now 70% Of, by Mary Cummins Real Estate Appraiser


The Pacific Palisades fire in Los Angeles, California has definitely affected property values. 14800 Mc Kendree was listed for $9,495,000 until the fire hit. After the fire February 7, 2025 and the home was destroyed it was relisted as raw land for $2,895,000. That's an almost 70% discount. Normally land value is 60-70% of total value in this area. Real AVM says it's worth $9.4M because it was listed for that. That means land was maybe worth $6.5M. It's now for sale for less than 50% of alleged land value. He owes $4.5M on the home. Property taxes are $90,000/year. I don't blame the guy for selling. I would too. 

Part of the discount is because the debris must still be demolished and removed. One has to do toxicity tests on the soil before rebuilding. There are no utilities with no date for when utilities will return. Even the foundation may be destroyed from heat and need to be dug up. The permit process will take a long time as will the building process. The sale and construction will probably have to be all cash. Generally an all cash deal is about a 20% discount. If only a developer can buy the property, that's another 20% discount because they must have profit after all costs including holding costs. This sale prices makes sense.

Whoever owned the home still has to pay the mortgage. If they wanted to rebuild, they'd also have to pay for a construction loan which I doubt they'd get. They'd most likely have to pay all cash for construction. Only developers can afford to take on these huge expenses and holding costs. Even after the home is built fire insurance will be a big expensive issue. The area and home will still have stigma from the fires. I predict it will be a while before the home prices in the area return to pre fire values.

Before fire listing until January 25, 2025. "Welcome to the peaceful luxury that is 14800 Mc Kendree Avenue, ideally located above the coveted alphabet streets and a short walk to the Palisades village teeming with high-end shopping, dining and movie theater. This property is the perfect retreat you've been waiting for, a traditional showpiece that boasts 7400 square feet with 6 bedrooms and 7 baths. Step inside the front door, and pause to take in the dramatic sweeping views of the pacific coastline and Catalina Island. The home is as much an escape from the city for family and friends as it is an entertainers paradise. "


After fire listing February 7, 2025. "BE PART OF THE REBUILD. This highly desirable 7692 square foot street-to-street lot sits above the Palisades Village with sweeping ocean views. This is an opportunity to rebuild the beautiful 7400 square foot home that sat here plus an additional 10% square footage for a current buildable maximum of 8140 square feet. The lot comes with the original plans for the house, which would govern the rebuild, along with limitless potential for the visionary buyer.This is a rare chance to invest in the beloved Palisades, which will again become one of the most close-knit and sought after communities in all of Los Angeles. EPA Phase I is complete for this lot as of 2/5/25.Serious offers only."




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

Posted by at No comments:
Labels: , , , , , , , , , , ,

Wednesday, February 5, 2025

Visited 750 Illif Home in Palisades, Mary Cummins Real Estate Appraiser


I was in the burn area for an appraisal and dropped by 750 Iliff, Pacific Palisades, CA. Architect: Gregory Greg Chasen. Metal roof, no eaves, no attic, no vents, passive home, cement cladding, treated wood, cement walls, cement pavers and limited landscaping with gravel. It was raining that day. Barely a mark on the home. Below are a few more pics so you can see the front landscaping. It looks like part of the meter melted so they are being replaced.






Satellite image now shows the burn area.




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

Posted by at No comments:
Labels: , , , , , , , , ,
Subscribe to: Posts (Atom)