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 sale. 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, 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

95 W Calaveras St Destroyed in Eaton Fire in Altadena in Escrow for $449,000 by Mary Cummins Real Estate Appraiser

95 W Calaveras St was a two/three bed, two bath 1,636 sf home built 1939 that was destroyed in the Eaton fire. The owner doesn't want to rebuild so they listed it for sale January 29, 2025 for $449,000. It's pending as of February 5, 2025. It allegedly sold $100,000 over list all cash. We should wait to see the closing price. It was purchased August 2023 for $965,000. There is a $570,000 first trust deed. This may take a while to close with the mortgage cram down, fire claims and inability to demolish or clear the site. They still must do toxicity soil tests before they can break ground. It will take a while to get gas, water and electric back to the sites as the poles, meters have burned. Whoever buys it will have to pay holding costs while they wait until they can get permits approved and start building. That could take 18 months.

Notice the AVMs think the home still exists and is now worth $1,193,900 or about $1-$1.3M. This is why AVMs aren't accurate. It'll be interesting what the AVMs think the values are after a few of these homes sell at land value. Now IFFFFF it were worth $1.2M, land in this area runs about 60-70% of value depending or $720,000 to $840,000. That means the land is now selling at about 40-50% pre fire land value. This makes sense because I bet new owner has to pay all cash because they can't get a loan. They may not be able to get a construction or final loan for the home when it's built because they may not be able to find fire insurance. That is why the property is selling at a discount. These are very rough guesstimates for the sake of the article.

The people in the Palisades have a more difficult situation. They are in a coastal zone and have to deal with the Coastal Commission. You have to get permits for trucks just to deliver construction material. Every individual permit must be approved which takes a lot of time. Many speculative projects go bankrupt because projects take so long for approvals that holding costs eat up any possible profits. A lot of the Palisades is hillside property which makes things even more difficult.

Oddly enough neighbor's home at 103 W Calaveras appears to be intact from satellite view. That home had stucco siding which is more fire resistant. 95 W Calaveras had wood siding. Below is photo of 95 W Calaveras before the fire.

Previous MLS listing.

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Mary Cummins

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.

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Mary Cummins

Saturday, May 28, 2016

Jennifer Lopez buying Sela Ward Bel Air home at 1492 Stone Canyon Rd, Los Angeles, CA 90077

Jennifer Lopez, Jlo, home, house, bel air, 1492 Stone Canyon, Los Angeles, California 90077, $39 million, sela ward, escrow, sold, sell, buy, bought, mansion, singer, musician, Mary Cummins real estate appraiser Beverly Hills

Jennifer Lopez is supposedly in escrow to buy Sela Ward's renovated mansion at 1492 Stone Canyon Rd, Los Angeles, California. The property is currently listed at $39,995,000. It has seven bedrooms, 13 bathrooms in 13,932 sf

From the broker. Yes, he wrote the description in all caps :-(

"SPRAWLING BEL-AIR ESTATE ON 8 AWE-INSPIRING ACRES. ORIGINAL DESIGN BY ICONIC ARCHITECT SAMUEL MARX & CONVERTED INTO FRENCH COUNTRY REFUGE. MAIN LEVEL - LIVING RM W/VAULTED CEILINGS, STEEL WINDOWS/DOORS, DINING RM, LRG KITCHEN W/STONE WALL DETAILS, SITTING AREA & BREAKFAST NOOK. LRG FAMILY RM, GAME RM W/BAR OPENS TO TERRACE W/3-SIDED INFINITY EDGE POOL. DOWNSTAIRS-PUB & 30 SEAT SCR RM PERFECT FOR MOVIE NIGHTS. UPSTAIRS-3 OFFICES, MASSAGE & GUEST RM, LIBRARY ABOVE LIVING RM LEADS TO MSTR STE W/PATIO ACCESS, FP, AND H/H'S DRESSING RMS. OUTSIDE-GROUNDS STRETCH THROUGH ART STUDIO/GUESTHOUSE, 100 SEAT AMPHITHEATRE, PAGODA W/FIRE PIT, ORGANIC VEG GARDEN, VINEYARD, ENTERTAINING PAVILION (W/ FULL KITCHEN, BBQ, FIRE PIT), SWIMMING POND W/SANDY BEACH & OUTDOOR SHOWER. PROPERTY WATERED WITH OWN WELL. 3 CITY VIEWBUILDABLE PADS ON SUMMIT, MAID'S RM W/SEPARATE ENTRANCE. THIS ISN'T SIMPLY A HOME - IT'S A LIFESTYLE."

The broker is Rayni Williams, Branden Williams of Hilton and Hyland and Jade Mills of Coldwell Banker.

Tax square footage is listed at 5,436 sf which makes you wonder what is permitted as living space and what is not. The site is 102,452 sf or 2.3 acres.It was built in 1940 but was renovated around 2007. It last sold in 2003 for $3.8M. It sold previously for $4.1M in 2002. There is a $6M loan on it as of 2015. It's been on the market 257 days which is typical for a home like this.

There are four complaints about construction without permits.

1/15/2003 CONSTRUCTION IN PROGRESS WITHOUT PERMITS OR INSPECTIONS CLOSED
10/30/2003 OPEN EXCAVATIONS ACCESSIBLE TO THE PUBLIC CLOSED
11/18/2008 TRASH OR DEBRIS ON PRIVATE PROPERTY CLOSED
3/10/2012 CONSTRUCTION IN PROGRESS WITHOUT PERMITS OR INSPECTIONS CLOSED

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

Google+ Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary Cummins-Cobb, Mary, Cummins, Cobb, wildlife, wild, animal, rescue, wildlife rehabilitation, wildlife rehabilitator, fish, game, los angeles, california, united states, squirrel, raccoon, fox, skunk, opossum, coyote, bobcat, manual, instructor, speaker, humane, nuisance, control, pest, trap, exclude, deter, green, non-profit, nonprofit, non, profit, ill, injured, orphaned, exhibit, exhibitor, usda, united states department of agriculture, hsus, humane society, peta, ndart, humane academy, humane officer, animal legal defense fund, animal cruelty, investigation, peace officer, animal, cruelty, abuse, neglect #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit

Mary Cummins

Wednesday, March 2, 2016

Mayor Eric Garcetti, Amy Wakeland house for sale 2120 Avon Ave, Los Angeles, California 90026 Echo Park

Eric Garcetti and his wife Amy Wakeland's house on 2120 Avon Ave, Los Angeles California 90026 is currently listed for sale at $1,650,000. Eric Garcetti and his wife Amy Wakeland rented the home for $4,750/month (MLS report is not verified) when they moved into the Mayor's Getty House Mansion few years ago.

Per the MLS "The Garcetti/Wakeland residence. C. 1953. Daniel L. Dworsky, AIA. Recently featured in the Wall Street Journal and on the cover of Dwell. Sited on almost half an acre of land, this 3 bedroom/2 Bathroom Echo Park Hills Post and Beam home was renovated and expanded by Architect Elissa Scarfano to emphasize its modernist characteristics while making it more comfortable for current living utilizing sustainable materials and greater energy efficiency."

The home was featured in "Dwell" magazine in 2009. When I bought/won lunch with Eric December 2005 he told me he just built a "green" environmentally friendly home. He also said he adopted two cats from the shelter. He obviously just renovated and expanded the home and was just trying to easily explain it to me. He did adopt two cats and also fostered many wonderful human children. He was extremely polite, professional, funny, witty and kind at the meeting.

I bid on his eBay auction for lunch because I wanted to learn what is the best way to get pro animal, wildlife, environmental motions passed in the city of LA. He told me the city council members control the city as of course they do. Mayor only has veto power in certain situations. He told me to contact all the council members, build a relationship, contact their animal, environmental people in their staff. He told me to provide them with honest information, help them with animal, environmental issues which of course I did. Our group probably spayed neutered over 100 animals directly referred from the council members not to mention free humane nuisance wildlife control.

He told me if I want a pro animal motion passed, I should fully research it, do pros and cons, write it... I must show why the motion is good for the city, and of course animals. I must show it won't cost the city anything, will improve their image, improve public safety, reduce liability and help animals. I did this with every motion then contacted council members to get them to propose, second...the motions, vote for... The rest is history! Win win win motions for animals, the city and council members! I have since shared this knowledge with others. Since 2005 there have been many pro-animal, enviro motions passed in Los Angeles!

Below photos are from when they were leasing it. This is their photos. It matches the photos from the Dwell magazine. If you were to buy it today, Amy's garden was not maintained and is gone.


			Eric Garcetti, Mayor Eric Garcetti, home, house, Amy Wakeland, Amy Elaine Wakeland, 2120 Avon Ave, Los Angeles, California CA 90026, Echo Park, for sale, sold, green, eco-friendly, architect, Daniel Dworsky, Elissa Scrafano, Gil Garcetti, Jewish, Mexican, Democrat, City Council, President, US Navy, Columbia University, Oxford


			Eric Garcetti, Mayor Eric Garcetti, home, house, Amy Wakeland, Amy Elaine Wakeland, 2120 Avon Ave, Los Angeles, California CA 90026, Echo Park, for sale, sold, green, eco-friendly, architect, Daniel Dworsky, Elissa Scrafano, Gil Garcetti, Jewish, Mexican, Democrat, City Council, President, US Navy, Columbia University, Oxford


			Eric Garcetti, Mayor Eric Garcetti, home, house, Amy Wakeland, Amy Elaine Wakeland, 2120 Avon Ave, Los Angeles, California CA 90026, Echo Park, for sale, sold, green, eco-friendly, architect, Daniel Dworsky, Elissa Scrafano, Gil Garcetti, Jewish, Mexican, Democrat, City Council, President, US Navy, Columbia University, Oxford


			Eric Garcetti, Mayor Eric Garcetti, home, house, Amy Wakeland, Amy Elaine Wakeland, 2120 Avon Ave, Los Angeles, California CA 90026, Echo Park, for sale, sold, green, eco-friendly, architect, Daniel Dworsky, Elissa Scrafano, Gil Garcetti, Jewish, Mexican, Democrat, City Council, President, US Navy, Columbia University, Oxford

Information from Los Angeles Building and Safety about improvements, permits and reports.

Eric Garcetti, Mayor Eric Garcetti, home, house, Amy Wakeland, Amy Elaine Wakeland, 2120 Avon Ave, Los Angeles, California CA 90026, Echo Park, for sale, sold, green, eco-friendly, architect, Daniel Dworsky, Elissa Scrafano, Gil Garcetti, Jewish, Mexican, Democrat, City Council, President, US Navy, Columbia University, Oxford

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, Mary K. Cummins, Mary Katherine Cummins, Mary Cummins-Cobb, Mary, Cummins, Cobb, real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, single family, condo, pud, hud, fannie mae, freddie mac, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 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,

Mary Cummins

Friday, May 10, 2013

Real estate agents, add an appraisal clause to your contract - by Mary Cummins real estate appraiser

Attention real estate agents. Please, add an appraisal clause to your offers, contracts. Here's a sample, "If the appraised value is $10,000 less than the contract price, buyer will make up the difference in cash. If the appraised value is more than $10,000 less than the contract price, buyer has option to make up the difference in cash or cancel contract for full return of deposit." You can also state that if the appraised value is less than contract price, you can just walk with your deposit. I'm talking about the appraisal value for homes selling for cash with appraisal clauses or homes selling with loans that need appraisals.

AMCs and banks are giving us strict orders on comparables we can use and adjustments we can make. For an average home we must use comps +/- 15% difference in gross living area, within one mile radius, sold within the last 12 months and currently listed. I don't want to see anyone lose their deposit. Properties in my area are selling over list with multiple offers because there are so few good properties currently listed. Getting them to appraise is difficult. There are fewer listings which mean fewer sales which can be used as comparables. In general most of the inventory needs work. It's difficult to appraiser a home in great condition if all other sales were distressed sales that need complete renovations. We can make the adjustments but still need to bracket the sales price which can be tough.

Search the internet for other appraisal clauses. I am not an attorney. Talk to an attorney about any sales contract or offers.

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 Animal Advocates is a wildlife rehabilitator licensed by the

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

Mary Cummins

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

Monday, February 10, 2025

Sunday, February 9, 2025

Sunday, May 12, 2024

Saturday, May 28, 2016

Wednesday, March 2, 2016

Friday, May 10, 2013