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 palisades fire. Show all posts

Wednesday, February 19, 2025

Appraisal of Fire Damaged or Destroyed Properties for Insurance Purposes by Appraisal Institute by Mary Cummins

Attended the Appraisal of Fire Damaged or Destroyed Properties for Insurance Purposes webinar given by Charles Baker, SRA, AI-RRS with the Appraisal Institute. Webinar description: "The urban fires which swept through much of Los Angeles recently have resulted in significant losses of life and property. Economic loss estimates are in the range of $135 to $150 billion but could easily go higher. It is estimated that around 10,000 structures have been destroyed. In the wake of these fires there will be a huge need for timely, accurate, and professionally prepared real estate appraisals for insurance purposes. The Southern California Chapter of the Appraisal Institute will present a two-hour webinar addressing this topic. The webinar will provide participants with vital information on the appraisal process." Really good class covering important issues related to post fire appraisals. Charles included a few case studies which were really informative. #charlesbaker #appraisalinstitute #postfireappraisal #marycummins #realestateappraiser #fireappraisal #realestateappraisal #insurance #casualtyloss I included first six slides. Slide deck will be available at Appraisal Institute.

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

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.

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Mary Cummins

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."

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Mary Cummins

Saturday, February 8, 2025

Fire Risk Map for Los Angeles and California by Mary Cummins Real Estate Appraiser

Here is the wildfire risk map for Los Angeles County area. You can see the Palisades fire was in a high risk wildfire zone. Parts of Altadena, Pasadena were higher risk. You will probably need wildfire insurance in these areas. #firerisk #wildfirezone #marycummins #realestateappraiser #realestateappraisal #losangeles #california

https://experience.arcgis.com/experience/03beab8511814e79a0e4eabf0d3e7247/

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Mary Cummins

Wednesday, February 5, 2025

Photos of Homes in Palisades Fire zone by Mary Cummins Real Estate Appraiser

Was in the Palisades fire zone and took a few photos. Getty Villa museum has some burned fences, trees and bushes. There's a mudslide, landslide at Will Rogers park. Vons is now open near Sunset/PCH. PCH closed at Entrada. I obviously had a permit to enter. National Guard is still providing security for the homes. Military barracks, tents still set up near the beach. Utilities are trying to restore power on PCH. EPA is clearing hazardous debris. Flat beds removing burned cars. Most homes have been inspected for bodies and have been red, yellow or green tagged. Some streets are still not passable as burned homes fell down the hillsides onto the road.

If you live in a wildfire area, don't use vinyl fences, windows, gutters or downspouts. Make sure you have double pane tempered glass in metal windows only in your home. Make sure garage windows are glass. Do not use plastic skylights and tubes. Do not use wood fences. Use metal.

None of these photos are of clients' properties.

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Mary Cummins

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.

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Mary Cummins

Wednesday, January 15, 2025

Animal Advocates, Mary Cummins Helping Los Angeles Fire Victims

Animal Advocates and its founder Mary Cummins have been helping victims of the January 2025 Los Angeles fires. We were in the Palisades fire evacuation area relocating owned pets that had to evacuate. Some of these people had to evacuate twice because the fire moved. The below pics are from one trip January 14, 2025.

Sunset west was closed at Kenter two blocks from Vice President Kamala Harris' home. 10 fwy west was closed at Lincoln Blvd. National guard, police, fire department, Dept of Transportation, Red Cross and many more people were helping to secure the area and offer aid.

Animal rescue groups are not yet allowed into the areas that have been damaged by the fire. The fire department has to inspect each home first to assess damage, check for bodies, turn off gas, turn off electric, turn off water and assess the safety of the structure. Animal groups are also not allowed in the evacuation zones without full property and animal owner permission and police escort. The purpose is to prevent looters and arsonists. It's also not safe in case the wind picks up and the fire moves quickly. The original fire had winds at 100 mph blowing burning embers over a mile.

Mary Cummins has lived in Los Angeles her entire life. Animal Advocates has experienced many wildfires during that time. Cummins has gone through the FEMA disaster animal response training. Cummins has also worked for HSUS NDART National Disaster Animal Rescue Team. Cummins, Animal Advocates aided EARS in past fires setting up pet evacuation areas and received a Certificate of Appreciation in 2003. Cummins also cared for wildlife and domestic pets injured by many past fires from smoke inhalation, burns, loss of habitat, loss of food and water sources. Huge fires spread by Santa Ana winds happen in Los Angeles, California.

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Mary Cummins

Sunday, January 12, 2025

Rental Price Gouging During Los Angeles Fires by Mary Cummins Real Estate Appraiser

People were talking about landlords price gouging after the Los Angeles fires. I searched MLS sold rentals for Los Angeles City five days before and after the fires. Median rents went from $3,800 to $4,800. I looked at some individual listings and saw them relisted higher after the disaster. Other agents saw the same. It's illegal to charge more than 10% higher price during a disaster. This is 20%. #pricegouging #losangeles #losangelesfires #fires #marycummins hashtag#realestateappraiser

The MLS just posted this to all agents logging into the system. What is "fair market value" for rental housing per HUD for luxury mansions? These mansions rent for $25,000-$200,000 per month furnished or unfurnished.

They've since added a link to that message below.

https://info.vestaplus.net/cawildfires

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Mary Cummins

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

Wednesday, February 19, 2025

Monday, February 10, 2025

Sunday, February 9, 2025

Saturday, February 8, 2025

Wednesday, February 5, 2025

Wednesday, January 15, 2025

Sunday, January 12, 2025