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

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California
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Thursday, October 7, 2021

Free Real Estate Appraisal Forms, URAR 1004, 1025, 1073, 1004MC, 1007, 216, Fannie Mae, Freddie Mac by Mary Cummins real estate appraiser

FREE real estate appraisal forms, 1004, 1072, 1025, 1004D, CDAIR, 1004MC, 216, 1007, Uniform Residential Appraisal Report URAR, Mary Cummins, real estate appraiser, Los Angeles, California, Uniform Appraisal Data Set Definitions, Exterior Only Residential Appraisal Report, Individual Condominium Unit Appraisal Report, Market Conditions Addendum to the Appraisal Report , Appraisal Update Completion Report, Freddie Mac, Fannie Mae, UAD, Small Residential Income Property Appraisal Report , One Unit Residential Appraisal Field Review Report, Operating Income Statement, Single Family Comparable Rent Schedule 


Free real estate appraisal forms. These forms are blank in pdf and jpg format. I'm posting them so people can see the basic real estate appraisal forms used today. These are the most common real estate appraisal forms used in the United States. They are in alphabetical order. I'll be posting samples of each form filled out and completed next. I will also be posting a three part series about how to do a residential appraisal from pulling comparables to the inspection and the completion of the report. We don't just take photos and pull a value out of our hat. There is a lot of work that people don't see. 

If you are an appraiser and want to buy the software with these forms to fill out, check out Alamode, ClickformsACIweb, Homeputer to name but a few.  If you're thinking of forging an appraisal with these forms, good luck. These are just standard pdf copies that have a tiny watermark not visible in regular view. These are also not full appraisal reports with subject photos, comparable photos, plat map, sketch with measurements, subject detail page, subject map, comparable location map, copy of appraisal license, copy of appraiser's E&O Insurance... 

Appraisal Update and or Completion Report Fannie Mae form 1004D Freddie Mac 442 March 2005 Mary Cummins real estate appraiser.PDF     

Mary Cummins, real estate appraiser, Los Angeles, California, Appraisal Update and or Completion Report, form
Mary Cummins, real estate appraiser, Los Angeles, California, Appraisal Update and or Completion Report, 1004D form


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Appraisal%20Update%20and%20or%20Completion%20Report%20Fannie%20Mae%20form%201004D%20Freddie%20Mac%20442%20March%202005%20Mary%20Cummins%20real%20estate%20appraiser.PDF

Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraisal.PDF

Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California
Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California

Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California
Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California

Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California
Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California

  

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Catastrophic%20Disaster%20Area%20Inspection%20Report%20CDAIR%20form%20Mary%20Cummins%20Real%20Estate%20Appraisal.PDF

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser.PDF       

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Exterior%20Only%20Residential%20Appraisal%20Report%20Fannie%20Mae%20Freddie%20Mac%20form%202055%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser.PDF     

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

 

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Individual%20Condominium%20Unit%20Appraisal%20Report%20Fannie%20Mae%20form%201073%20Freddie%20Mac%20form%20465%20March%202005%20UAD%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Market Conditions Addendum to the Appraisal Report Fannie Mae form 1004MC Freddie Mac form 71 March 2009 Mary Cummins Real Estate Appraiser.PDF  

Market Conditions Addendum to the Appraisal Report Fannie Mae form 1004MC Freddie Mac form 71 March 2009 Mary Cummins Real Estate Appraiser

      

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Market%20Conditions%20Addendum%20to%20the%20Appraisal%20Report%20Fannie%20Mae%20form%201004MC%20Freddie%20Mac%20form%2071%20March%202009%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser.PDF    

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/One%20Unit%20Residential%20Appraisal%20Field%20Review%20Report%20Fannie%20Mae%202000%20Freddie%20Mac%201032%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Operating Income Statement Fannie Mae form 216 Freddie Mac form 998 August 1988 Mary Cummins Real Estate Appraiser.PDF      

Operating Income Statement Fannie Mae form 216 Freddie Mac form 998 August 1988 Mary Cummins Real Estate Appraiser

Operating Income Statement Fannie Mae form 216 Freddie Mac form 998 August 1988 Mary Cummins Real Estate Appraiser


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Operating%20Income%20Statement%20Fannie%20Mae%20form%20216%20Freddie%20Mac%20form%20998%20August%201988%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Single Family Comparable Rent Schedule Fannie Mae form 1007 Freddie Mac form 1000 August 1988 Mary Cummins Real Estate Appraiser.PDF

Single Family Comparable Rent Schedule Fannie Mae form 1007 Freddie Mac form 1000 August 1988 Mary Cummins Real Estate Appraiser


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Single%20Family%20Comparable%20Rent%20Schedule%20Fannie%20Mae%20form%201007%20Freddie%20Mac%20form%201000%20August%201988%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser.PDF     

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Small%20Residential%20Income%20Property%20Appraisal%20Report%20Fannie%20Mae%20form%201025%20Freddie%20Mac%20form%2072%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Uniform Appraisal Dataset UAD Definitions Addendum Fannie Mae form Mary Cummins real estate appraiser.PDF       

Uniform Appraisal Dataset UAD Definitions Addendum Fannie Mae form Mary Cummins real estate appraiser

Uniform Appraisal Dataset UAD Definitions Addendum Fannie Mae form Mary Cummins real estate appraiser

Uniform Appraisal Dataset UAD Definitions Addendum Fannie Mae form Mary Cummins real estate appraiser


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Uniform%20Appraisal%20Dataset%20UAD%20Definitions%20Addendum%20Fannie%20Mae%20form%20Mary%20Cummins%20real%20estate%20appraiser.PDF

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser.PDF   

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Uniform%20Residential%20Appraisal%20Report%20URAR%20UAD%20Fannie%20Mae%20form%201004%20Freddie%20Mac%20form%2070%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF


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

Wednesday, October 6, 2021

Racial Bias in Real Estate - Is it the Appraiser's Fault? by Maureen Sweeney

Racial Bias in Real Estate—Is It the Appraiser's Fault?
by Maureen Sweeney, SRA, AI-RSS

In the past year, appraisers have been under attack for "racial bias" when providing appraisal services to lenders for home mortgages. Let's take a closer look.

A licensed real estate appraiser is expected to perform valuation services competently and in a manner that is independent, impartial and objective. Like doctors in the medical, dental, and veterinary fields, real property appraisers are licensed by the individual states where they practice. Real property appraisers are also regulated by the federal government as a result of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), enacted in 1989 in response to the savings and loan crisis of the late 1980s. Appraisers who develop appraisal reports for federally related transactions must be licensed. An example of a federally related transaction is a home mortgage.

If a real property appraiser violates professional standards or the rules and laws governing their license, they can be fined, as well as having their license suspended or revoked. Appraisers collect the data, verify the data from reliable sources, analyze the data, and accurately report the conclusions. If real property appraisers neglect to do this, we can be fined, disciplined, lose our license or go to jail.

In the 32 years since Congress charged the appraisal profession with protecting the public trust, I know of no discipline against an individual appraiser that was based solely on racial bias. If appraisal assignment results were based on any bias, including gender, sex, sexual orientation, race, age, mental or physical impairment, or any other protected population, the appraiser who developed that report would be in violation of national and state fair housing laws, appraiser licensing laws, and the clear standards of valuation practice. That appraiser should and must be subjected to peer review and regulatory oversight—and suffer the disciplinary consequences.

Licensed appraisers must follow the law, which includes not performing an assignment with bias. Bias is defined as "a preference or inclination that precludes an appraiser's impartiality, independence, or objectivity in an assignment." If an appraiser has bias towards socioeconomic status, race, religion, nationality, gender, sex, age, weight, mental or physical disorders or disabilities, or anything else, the appraiser must withdraw from the assignment. If real property appraisers neglect to do this, we can be fined, disciplined, lose our license, or go to jail.

Appraiser's Job
The appraiser is central to the checks and balances in the home lending system. The appraiser is hired by the lender to ensure that there is adequate value in the property being used as collateral by the lender to provide funds to the borrower. The licensed broker/agent negotiates the price of the property, but they are not qualified or licensed to estimate the value. Providing valuation services is the job of the appraisal professional. The appraisal professional provides checks and balances in the housing system, as the appraiser has no financial interest in the amount or success of the transaction.

Appraisers reflect the market; we do not create it. This may cause some to get angry, especially when their commission is at stake or a homeowner cannot get a home equity loan to update their kitchen or repair the roof. The lender may have reasons to reject a mortgage application that have nothing to do with the appraised value of the property. The borrower may not qualify for the loan, they may have a low credit score, or they have a job that does not pay enough to cover the loan. Because the appraiser is typically the only party in the mortgage process who meets the homeowner in person, the appraiser may become the sole target of the homeowner's disappointment, even if the reason for rejection of a loan has nothing to do with the market value of the property.

The Critics
In their research article Neighborhoods, Race, and the Twenty-first-century Housing Appraisal Industry, two academics making bias claims against appraisers, Dr. Junia Howell and Dr. Elizabeth Korver-Glenn, identify that "all appraisers complied with a uniform definition of market value that specified that appraisal values should be 'the most probable price' in an open and fair sale." A fair sale means that buyer and seller are each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.

Howell and Korver-Glenn use "predicted values" to validate their findings. Predicted values are constructed by assigning a chosen value to each explanatory variable in their study. They conclude a predicted value of $479,000 for properties located in neighborhoods where there are higher quality public schools, lower crime rates, more accessibility to public parks, and more convenient to public transportation and employment. Properties located in neighborhoods that have poor or no public schools, high crime rates, no access to public parks, no access to public transportation, and limited employment options or opportunities had concluded predicted values of $58,000 and $65,000.


According to their data, buyers pay more to live in one neighborhood than another. Howell and Korver-Glenn showed through their data and the use of predicted values that the most probable price in an open and fair sale is more for properties in locations that have greater neighborhood amenities and less for properties in locations that have limited neighborhood amenities. As an appraiser, I agree with this conclusion and so does the open market.

In their 2018 report, The Devaluation of Assets in Black Neighborhoods, The Case of Residential Properties, authors Andre Perry, Jonathan Rothwell and David Harshbarger also claim racial inequities within the housing market. This study also uses market value. It examines components of neighborhoods and locations including access to schools, the quality of the schools, access to businesses, including stores, restaurants, and other goods and service providers, walkability, crime, income mobility, household income, and educational attainment. This study uses regression analysis to predict home values. They found that violent crime predicts significantly lower property values. They also found that school quality, the number of gas stations, and access to public transportation affect value. In areas where school performance is weaker, commute times are longer and access to business amenities is more limited, the value of housing is less than in locations that have high performing schools, short commute times, and ample access to businesses. I agree with this conclusion also, and so does the open market.

In their study Howell and Korver-Glenn investigate whether racial inequality persists in the contemporary appraisal industry and, if present, how it happens. Howell and Korver-Glenn's search criteria was single family houses in various census tracts areas in Harris County, TX in 2015. They use the terms value and price interchangeably and conclude that the market value ("the most probable selling price") in one area with better schools and less crime has higher value than properties in another area with poor performing schools and greater crime. However, the Howell-Korver-Glenn report as well as Perry-Rothwell-Harshbarger conclude this was based on race, and it was the fault of the appraiser, rather than the result of the open market.

They ignored their own data and conclusions on the market value, which reflect the decisions and behaviors of knowledgeable buyers and sellers who are typically motivated, well informed, or well advised, and acting in their own best interests. Their conclusions mirror the conclusions of the various appraisers they studied: the likely selling price would be less in one location than in another.

Like the results of these various studies, appraisers reflect the market—we do not create it. It is my hope that researchers, journalists, government officials, and the public come to clearly understand the vital role appraisers have in society. The systematic practice of redlining—bias in the approval or rejection of loans, the lack of quality public education, lack of affordable insurance and unfair property taxation are not caused by the appraiser.

The appraiser must be independent, impartial, and objective. In a mortgage transaction the appraiser evaluates the property that is to be used as collateral in a mortgage finance transaction. The appraisal is provided to the lender, who uses the appraisal as one of the many criteria to underwrite the loan to determine if it will be funded or not. Contrary to what some believe, the appraiser does not make underwriting or lending decisions.

Discrimination is a multi-layered, multi-cultural and multi-generational issue. The systematic, historic, and institutional causes of the various business and government policies and practices need to be addressed and cured. We do not blame the doctor for a cancer diagnosis. Why is the appraiser blamed for reporting on the real estate market?

About the Author
Maureen Sweeney, SRA, AI-RRS, has been a residential real estate appraiser since 1989. From 2005 through 2017, she served as an Illinois Real Estate Appraisal Board member. Maureen is a national instructor with the Appraisal Institute and is the author of "The Valuation of Condominiums, Cooperatives, and PUDs" and the developer of their online and in-class 7-hour seminar, "Appraising Condos, Co-ops, and PUDs." She is an AQB Certified USPAP Instructor and resides in Chicago, Illinois.

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

Tuesday, October 5, 2021

Different types of home valuations - appraisal by a licensed appraiser, CMA, BPO, AVM by NAR, Mary Cummins


UPDATE: 03/07/2022 I wrote this article originally just to discuss the different types of real estate valuations. In hindsight I should have gone into when to use each type of valuation. 

AVM: Feel free to look at AVMs for entertainment value only. They are not accurate unless you're looking at an average tract home in a tract development of average quality, condition properties with no views in the flats which was built more recently. Even then they are not specifically accurate. The location in the development matters. 

AVMs are not accurate with older homes, homes with views, upgraded homes in better than average condition, homes in less than average condition, homes on the edge of two very different neighborhoods, custom homes, homes on sloped lots, homes on odd lots like flag lots...anything out of the ordinary. If you have an upgraded home in great condition, AVM will probably be lower. If you have a home in horrible condition, AVM will probably be higher. 

VALUATION: Valuation are generally for lenders so it doesn't concern the lay person homeowner. 

CMA, BPO: These are generally just to get a range of values to list your property for sale. Back in my day you would list your property no more than 5% over current market value. If you list too high, you will lose potential buyers. If you list too low, you'll get a confusing bidding war. 

DESKTOP: There is no interior or exterior inspection. If your home is in great condition and fully upgraded, the value will come in lower. If your home is in horrible condition, the value will come in higher. 

HYBRID: While a person takes photos and measures the interior of the home, they are not the appraiser who writes the report. The appraiser has not seen the home, the neighborhood or the sold comparables. The appraiser will most likely be more conservative. If your home is in great condition and fully upgraded, the value may come in lower. If your home is in horrible condition, the value may come in higher. 

FULL APPRAISAL: The actual appraiser sees the interior/exterior of your home, the sold/listed comparables and has driven the neighborhood. They have the best feel of the actual value of the home. If your home is upgraded in good condition, you will get full market value for those improvements. Market value is the market's reaction to the improvements. If you installed a gold toilet and $10,000 worth of rare fruit trees, you won't get added value for that. If you added a new room and bathroom, you will get added value for that though it may not be the full cost of the addition. Not all improvements give 100% return on value. Some give more and some give less. 

If your home has a view, is on a slope, is a custom home, is in great condition, has lots of upgrades and is in a good specific location in the neighborhood (on a cul-de-sac at the top of a hill), you will get a higher valuation with a full appraisal. If your home is in fair condition, has issues, is in a bad specific location in the neighborhood (facing the alley, near industrial, next to a tall apartment building), you will probably get a lower value than a desktop/drive-by. 

I've recently had homeowners tell me they had a drive-by, desktop or hybrid and the value came in what they felt was low. The lender prefers the drive-by, desktop, hybrid because they're cheaper for the lender. The borrower is still paying the same appraisal fee in the cost of the loan whether they realize it or not. The owner then ordered a full appraisal and the value was higher. The value was most likely higher because all of the main factors of value i.e. quality, condition, location, view... could be seen and known by the appraiser. A great view can add 20% to the value of a home. Choose the type of valuation you need.

ORIGINAL 10/05/2021: From the National Association of Realtors. I agree with their brochure, definitions and chart. I was a Realtor for many years when I also worked as a broker. I added the cost of each on the bottom. 

YOUR HOME IS AN INVESTMENT. KNOW ITS VALUE. BE AN INFORMED HOME BUYER.

The appraiser is the independent, impartial, and objective professional in the mortgage transaction. An appraiser develops an appraisal which is a credible, reliable, and supported opinion of value. An appraisal is typically used by the lender in a home purchase transaction; this assists in the lender’s decision to provide funds for a mortgage. While the lender is technically the owner of the appraisal, as a borrower you still have certain rights:

•  You have the right to obtain your own appraisal, even  if you are paying cash for a property. 

•  You have the right to know what type of valuation  service is being ordered for your loan.

•  You have a right to make an appraisal a contingency  in your sales agreement.

A home purchase is typically the largest investment someone will make. Protect yourself by getting your investment appraised! The appraiser will observe the property, analyze the data, and report their findings to  their client. The client may be the lender, borrower, or  other third-party.

An appraisal ordered by a lender is for the benefit of the lender to ensure that the collateral they are using to securitize the loan is sufficient. An appraisal is not a home inspection. While all appraisals are valuation services, not  all valuation services are appraisals.

Product

Appraisal Report

Hybrid or Bifurcated Appraisal

Desktop Appraisal

CMA or BPO

Evaluation

Automated Valuation Model AVM

Source

Appraiser

Appraiser and/or Non-Appraiser

Appraiser and/or Non-Appraiser

Broker or Sales Agent

Non-Appraiser

Computer Generation Algorithm 

Definition

An opinion of value that is developed by a licensed appraiser in compliance with the Uniform Standards of Professional Appraisal  Practice (USPAP).

It is an unbiased, independent, objective, impartial, credible and reliable opinion of value.

A third-party performs the property inspection and provides the information to the licensed appraiser who uses this information, as well as other data, to complete the appraisal in compliance with USPAP.

A valuation performed without an interior or exterior inspection of the property by an appraiser or any 3rd party. All research is based on information from tax records, MLS data and other reliable sources.

Comparative Market Analysis, or CMA –Commonly prepared by a real estate agent to help their client determine a reasonable listing or purchase nprice for a property. CMAs do not comply with USPAP.

Brokers Price Opinion,or BPO – Commonly prepared by a real estate broker to determine price (not value), BPOs are  traditionally associated with short sales, foreclosures and/or relocations. BPOs do not comply with USPAP.

Evaluation – An opinion of value for use by a lender. An evaluation does not have to comply with USPAP and does not have to be completed by a licensed appraiser.

An AVM is a mathematical model which estimates real estate property value. AVMs were designed to speed up the valuation process and reduce costs. Using algorithms and previously collected information, a value estimate is computer generated. Results may not be credible if adequate and relevant data is unavailable. An AVM is an evaluation, which is not an appraisal. Both Fannie Mae and Freddie Mac offer AVM- based valuations. Lenders may refer to this as an appraisal waiver. Borrowers have the right to reject the waiver and request an appraisal report.

Level of Inspection

INTERIOR AND EXTERIOR INSPECTION BYvAN APPRAISER

INSPECTION BY AN APPRAISER OR A THIRD PARTY

NO INSPECTION

MAY OR MAY NOT HAVE INSPECTION BY APPRAISER

NO INSPECTION

NO INSPECTION

Level of Valuation

Most Comprehensive

 <-------

 

 

 ------->

Least Comprehensive

Costs

The first three cost money and the last three are free. A full interior/exterior inspection appraisal by a licensed, real estate appraiser is about $350-$550 but could be higher if it's a large, custom home. You receive a full report with measurements, photos and the valuation. Hybrids are supposed to be cheaper but they seem to cost the same and don't save time for anyone. A desktop appraisal runs about $300-$400 but could be higher if it's a large, custom home. Two to four units, apartment buildings, raw land, commercial, retail, warehouse, industrial property, business appraisals ... cost more. My price list is in my website http://marycummins.com/price.htm . I charge less than most. The average for Los Angeles, California for an average size home is $350-$500 per this survey as of September 2021. Lenders generally charge more as they have to pay the AMC who pays the appraiser. The AMC keeps part of the fee which is why it costs more. 

CMA and BPO are okay if you know and trust the real estate agent and just need a range in order to list the property. I've run into a few who intentionally listed the property low to sell to a friend or double end the deal to get both the buyer and seller's commission. While there are a few scammers in every profession there are many reputable agents out there. Ask your friends.

AVMs are okay if you are only looking for a wide range, ballpark figure for curiosity sake. They admit they are not reliable for homes at the lower and higher ends of the price, size, condition and age ranges. They may be okay for a newer average sized tract home or condo in good condition. 

Link to NAR brochure in pdf format.

https://cdn.nar.realtor/sites/default/files/documents/valuation-appraisal-for-homebuyers-12-2020.pdf


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

Sunday, October 3, 2021

Bruce's Beach, Willa & Charles Bruce beach property in Manhattan Beach, California being returned, Appraisal, value, by Mary Cummins

Bruce's Beach, Bruce Beach, Willa Bruce, Charles Bruce, park, racism, black, african american, mary cummins, real estate appraiser, real estate, los angeles, california, kkk, whites, racist
Bruce's Beach, Bruce Beach, Willa Bruce, Charles Bruce, park, racism, black, african american, mary cummins, real estate appraiser, real estate, los angeles, california, kkk, whites, racist

UPDATE: 01/03/2022 Bruces will sell property to Los Angeles County for $20,000,000. That's right in line with my historical estimate below. Janice Hahn said "“This is what reparations look like,” she added, “and it is a model that I hope governments across the country will follow.” The question now is will everyone get back property they previously sold via eminent domain? The Bruce's were paid way over market value for their land when they sold it to the government. They signed an agreement. Can everyone undo, redo those sales? If so, I need to start a new business. Imagine everyone who sold a lot worth $10 can now get $20,000,000! There were about 40 lots owned by many different people in that "improper" eminent domain transaction. They were black, Latino, white... Does it matter since it was deemed improper by Janice Hahn? Time to undo the Dodgers site, Chavez Ravine, freeway land, school land... 

https://www.dailybreeze.com/2023/01/03/bruce-family-to-sell-recently-returned-land-to-l-a-county-for-20-million

06/23/2022 Janice Hahn stated the following,

“At long last, the descendants of Willa and Charles Bruce will be able to begin rebuilding the wealth that has been denied to generations of Bruce's since their property was seized nearly a century ago,” said Hahn."

Just to be factual the Bruce's were paid over market value for their land at that time. I did a historical valuation below based on similar land sales reported in latimes.com and other newspapers. Back then all sales were reported in the newspaper. They weren't "stripped of their land." The city bought it from them. They didn't lose their wealth or money. They made a lot of money on the sale. They could have bought other investments with that money and maybe they did. 

The key issue is they didn't want to sell it. They hired a lawyer to fight eminent domain proceedings. They lost. All of the people in that specific block area, white and black, had their land taken and paid for legally by eminent domain. They were all paid over market value with the Bruces getting the most money. Many citizens complained about paying over market value for the park, see articles below. 

Of course no one in eminent domain sales wants to sell their property. If they did, there wouldn't have been eminent domain proceedings. There have been many eminent domain proceedings in Los Angeles and California, some legal, some not so legal. Many times they've been paid over market value. I know because I've done eminent domain appraisals for people, cities and counties in this area. Will we now reopen all of those cases? Bet I could find the descendants of the other nearby lots taken by eminent domain. I could also find the owners of other eminent domain proceedings such as Dodger Stadium, all the freeways, schools, parks, animal shelters... Not all of those were 100% legal actions. Some were taken for one purpose then used for another like the South LA animal shelter. I was on the Prop F Committee when that happened.

And if we're really going to right some wrongs, we need to give all the land in the US back to the Native American Indians. We also need to give land back to Latinos, Asians ... who lost it through forced repatriation and other horrible acts by the government. Otherwise it's a bit discriminatory to pick and choose which person gets reparations for eminent domain transactions and which doesn't. Of course the government couldn't afford that so it's all moot. 


Below is the county plan to return the property.

"County staff has negotiated a transfer agreement to return the Property to the
Bruces ("Transfer Agreement"), and a 24-month lease agreement, with an annual rent of
$413,000 plus responsibility for all operation and maintenance costs, to lease the
Property back to the County ("Lease Agreement"). The Lease Agreement includes the
Bruces' right to require the County to acquire the Property within a certain timeframe, and
the County's right to require the Bruces' to sell the Property to the County within a certain
timeframe, for a purchase price not to exceed $20 million. The annual rental amount is
supported by an economic analysis. The purchase price has been confirmed by
appraisals to be equivalent to or less than fair market value..."

There was a lawsuit case #21STCV38353


Another doc.


I tried to find the actual appraisal but couldn't. I may request it in a state information act request. I agree with their value but I just want to see it. 

UPDATE: As expected many people now want to revisit their sales, settlements, property transfers in eminent domain actions all over the US. Organizations such as "Where is my land?" have been started to accept and make claims to government for more money starting with California. If government were really serious, they should be giving the original owners of the land, Native Americans, their land back or cash value. There's already talk of revisiting the land sold via eminent domain for the many Los Angeles freeways such as the 101 and the 10. There is even talk of giving money to people who were merely tenants of that land and had no ownership interest whatsoever. Many politicians talking about this today are coincidentally currently running for office. 

I knew this case would cause many new claims. How will each claim be evaluated? What documents and proof will be needed? How will the properties, damages be evaluated? I did research on Bruce Beach, Chavez Ravine, 101/10 freeway eminent domain cases property values. Some were paid under market value, some market value and some over market value for their land when it transferred. Will they just be given today's value of the land or the land, or the difference in values minus cost of money over time? How far back in time will they go? Back to the time of the Native Americans? This will be a complex issue. 

ORIGINAL: In 1912 Willa Bruce bought her first of two lots in what is now Manhattan Beach. The lot was 33' x 100' located at what is now 2600 (2608) The Strand, Manhattan Beach, California. (Scroll down to see information about the property). She stated in 1912 that she paid $1,225 for the lot. Mrs. Bruce opened her beach stand selling food and renting bathing suits so people could enjoy themselves at the beach and swim in the ocean. At the time black people were not welcome at local beaches and did not own land there. Her beach stand became known as Bruce's Beach

The park which is currently named Bruce's Beach is not where Bruce's Beach used to be located. Bruce's Beach was located on The Strand on the beach. The park is located a few blocks away from the beach. Based on what's I've seen so far the two lots are about 33' x 100' or about 6,666 sf. combined. The lots are directly where the Los Angeles Lifeguard station is located. 

Below are some newspaper clippings in chronological ordered. I transcribed a few of them starting with one from 1912.

"COLORED PEOPLE'S RESORT MEETS WITH OPPOSITION. REDONDO BEACH. June 24. The establishment of a small summer resort for negroes at North Manhattan has created great agitation among the white property owners of adjoining land. The new summer resort which at present consists of a small portable cottage with a stand in front where soda pop and lunches are sold, and two dressing tents with shower baths and a supply of fifty bathing suits, was opened last Monday by the dusky proprietor and patronized by many colored people from Los Angeles. Yesterday when a good-sized Sun day crowd of pleasure seekers had gathered and donned their bathing suits to disport in the ocean, they were confronted by two deputy Constables who warned them against crossing the strip of land in front of Mrs. Bruce's property to reach the ocean. For a distance of over half a mile from Peck's pier to Twenty-fourth street, a strip of ocean frontage is owned by George H. Peck, who also owns several hundred acres of land in Manhattan in addition where Mrs Bruce's property is situated. This strip has been staked off and "no trespassing" signs put up and consequently the bathers yesterday could not get to the beach without walking beyond Peck's strip of ocean frontage. This small inconvenience, however, did not deter the bathers, on pleasure bent, from walking the half mile around Peck's land and spending the day swimming and jumping the breakers. All along the beach in front of the prohibitd strip which was patroled by the constables, the light hearted "cullud" people frolicked in the breakers or lay on the warm samd enjoying the sea breezes. 

Mrs. Bruce, a stout negress whose home is at No. 1024 Santa Fe avenue says most emphatically that she is there to stay, and that she will continue to rent her bathing suits to people of her race. She owns a lot on Manhattan avenue 33xl00 feet for which she paid $1225, a high price compared to the cost of near by lots. She says she purchased the property from Henry Willard, a real state dealer of Los Angeles. The entire next block in the Manhattan addition between Twenty- sixth and Twenty-seventh streets has been leased to Milton T. Lewis, a colored real estate dealer, by Willard. Lewis proposes to rent space for tents on this block to negroes who desire to come to the beach. 

The situation, as described by Mrs. Bruce, has a pathetic side, for she avers negroes cannot have bathing privileges at any of the bath-houses along the coast, and all they desire is a little resort of their own to which, they might go and enjoy the ocean. "Wherever we have tried to buy land for a beach resort we have been refused, but I own this land and I am going to keep it." She and her associates feel that it is unjust that they should not be allowed to "have a little breathing space" at the seaside where they might have a holiday. Her husband is a chef on a dining-car that runs between Salt Lake City and Los Angeles. Property-owners of the Caucasian, race who have property surrounding the new resort deplore the state of affairs, but will try to find a remedy, if the negroes try to stay." June 27, 1912 Part I, Los Angeles Times. 

June 19, 1919 Juneteenth picnic at Bruce's Beach.

Bruce's Beach, Bruce Beach, Willa Bruce, Charles Bruce, park, racism, black, african american, mary cummins, real estate appraiser, real estate, los angeles, california, kkk, whites, racist
Bruce's Beach, Bruce Beach, Willa Bruce, Charles Bruce, park, racism, black, african american, mary cummins, real estate appraiser, real estate, los angeles, california, kkk, whites, racist


Bruce's Beach, Bruce Beach, Willa Bruce, Charles Bruce, park, racism, black, african american, mary cummins, real estate appraiser, real estate, los angeles, california, kkk, whites, racist
Bruce's Beach, Bruce Beach, Willa Bruce, Charles Bruce, park, racism, black, african american, mary cummins, real estate appraiser, real estate, los angeles, california, kkk, whites, racist

1924 the City of Manhattan Beach voted to condemn Bruce's Beach to build a park. Condemnation proceedings began against the Bruces. This article below states it was racism and hatred against the Bruces and black people. I transcribed the article below the image of the article. The land ended up being vacant for 30 years and no park was built until many years later. They should have won the lawsuit but lost because of judicial corruption against black people. Must have been depressing to be a lawyer representing black people back in the day. Even today it's depressing trying to stand up for your rights in places with judicial corruption like good ole boy Texas and the South. 

December 26, 1924, California Eagle

Bruce's Beach, Bruce Beach, Willa Bruce, Charles Bruce, park, racism, black, african american, mary cummins, real estate appraiser, real estate, los angeles, california, kkk, whites, racist
Bruce's Beach, Bruce Beach, Willa Bruce, Charles Bruce, park, racism, black, african american, mary cummins, real estate appraiser, real estate, los angeles, california, kkk, whites, racist



"Bruce's Beach Fights Condemnation. Mr and Mrs Chas. A Bruce and their son, owners of Bruces Beach, are facing an action in the Superior Court filed by the City of Manhattan in which that city, seeks to condemn all the property owned by colored people at Manhattan Beach, under the pretext that it is to be named for a public park.

Bruces Beach. as it is commonly called is one of the best known resorts patronized by our people in the State of California, and many outings and parties have been held there during the past fourteen years the Bruces have maintained it. 

The Bruces have won an enviable reputation by reason of the upright and Chi??? conduct, and even their enemies at Manhattan Beach who are fostering the papers to confiscate this property under the guise of 'condemnation' proceedings, admit that their conduct has been exemplary and the management of the place of the highest order. 

Atty. Willis O. Tyler has been engaged to prosecute the defense of the Bruces and is preparing an answer to the Condemnation Proceedings in which he will set out the fact that racial prejudice is the real question to be tried and that there is no necessity for the condemnation of the Bruce' property for park purposes. In fact, says Atty. Tyler, there is much vacant-property on both the north  and south side of the property which could have been obtained and the fact that the city seeks to restrict its proposed park to the property owned by colored people duly is palpable attempt to use the condemnation proceedings as a ruse to carry out the race prejudice which has taken this particular form of objection to members of our group having the right to enjoy bathing in the Pacific ocean." 

Turns out the city condemned 30 lots total for the park, see the link below I just found. Five were owned by blacks and 25 were owned by whites. Some had shacks and some were vacant. Allegedly the amount of money paid for the land was more than market value at the time. This caused citizens to be upset that the city spent so much money over paying for the land for a park. The 1929 condemnation payments were for about $100 to $2,900 per lot. The Bruces received about $14,500 for the two lots of land in the condemnation process though their lots were improved. One person received $1,300 and another received $2,900 for one lot in the same block 5. These lots also faced the ocean and were right next to the Bruce's lot. Based on this settlement it appears the Bruces were paid over market for their land. It appears they were paid more than many of the white people. Still, they didn't want to sell and the city didn't build the park. It was an abuse of the condemnation process to run out the Bruces. I feel the white neighbors pressured the city to condemn the land for a park just to push the Bruces out of the area due to racism.

I found some land values from newspapers.com for PECK'S MANHATTAN BEACH TRACT. 1905 the land was offered for $350 to $800. At the same time someone else was offering them for $550 to $1,100. 1908 block 2 lot 11 sold for $10. 1907 lot 1 block 12 sold for $10. Based on what I'm seeing the Bruce's over paid for the property when they first bought it. I assume they were happy that someone would sell them the land as most wouldn't sell to black people at that time. Allegedly Peck sold two blocks to black people via a black real estate agent. The agent and Peck clearly ripped them off for profit. Peck also ripped off white people as it was a less desirable area. This area was farther from the pier and other development. That's why it was vacant for so long. That's probably why Peck allowed black people to buy it. Thank god things have improved though we are still far away from any real equality. The Bruce's paid $10 for their second lot in 1920 when they earlier paid $1,225 for their first identical directly adjacent lot.

I decided to do a historical evaluation of the land as of 1929 when the Bruce's were paid for the land. Lots were still asking $375 from George H. Peck. That's the same price he was asking in 1905. He didn't get it in 1905 and doubt he got asking in 1929. In 1926 the city of Manhattan Beach bought 36 lots on The Strand in a more desirable area north of the Bruce's lots for $75 a front foot from Peck. The Bruce's lots were 33' wide each so that would be $4,950. The Bruce's lots were in a much less desirable area farther from the pier and development. Even then the citizens of Manhattan Beach said the city paid too much for Peck's land. It appears Peck had a good "relationship" with the city for them to pay such a premium for his lots over others. 1929 ocean view lots on the sand in Manhattan Beach for $595 asking max. 

I stumbled upon other news items concerning the Manhattan Beach parks in 1929. The city was going to turn those sites into parks. They stated they couldn't afford to maintain the parks so they asked Los Angeles County to lease and maintain them as a county park. California had just offered $3,000,000 funding for cities, counties to buy land for parks from private parties. The county agreed to take over George H Peck's 1/2 long strip of The Strand June 1929. I think this may have been the strip of land Bruce's patrons were not allowed to cross over so they had to walk 1/2 mile up and around that strip to get to the ocean. That may be a different strip but it's the same sand strip in front of The Strand boardwalk which we now call "The Strand." Based on everything I've seen the Bruces were paid over market value for their land in 1929. Still, they didn't want to sell.  

This land used to be somewhat worthless as it was sand dunes. It was kind of like swamp land back in the day. The land speculators made a ton of money selling the land. Of course Peck liked selling them the land as he made out like a bandit. He over charged many people. Manhattan Beach eventually ended up hauling away the sand dunes and selling the sand to be used in construction elsewhere years later. There is only one sand dune left in Manhattan today.

Willie "Willa" Bruce died September 5, 1934 in Los Angeles, California. "BEACH OWNER PASSES Mrs. Willie Ann Bruce, proprietor of Bruces beach, passed away after a long illness - September 5 Funeral services were held from the First AME church, Eighth and Towne, with Rev. J. B. Isaacs officiating. She is survived by a son, daughter and grandson, all of Los Angeles."

Based on records she had five children but only one survived, her son Harvey Anthony Bruce who died in 1954. Harvey had two sons, Harvey and Bernard who are both dead. I assume they have children. 

Governor Gavin Newson signed Senate Bill SB 796 in 2021 allowing the State of California to allow Los Angeles County to give the land to the Bruce family. 

Information about the land and value

Based on everything I've read the two lots are 33' x 100' each. They are located at 2600 The Strand, Manhattan Beach, California 90266, see map below. The original address was 2608 The Strand, Redondo Beach, CA. The Los Angeles County Lifeguard Training Facility is located directly on top of the land. The County offered to give them the exact two lots or two lots in the parking lot directly next to them. The County also offered to continue to use the land and just pay them rent. 


Below are the parcels circled in red and a satellite image of the same. I don't know exactly which two parcels they are so I'll assume they are interior lots and not a corner. Update, first lot was lot 8 of block 5. They bought lot 9 for $10 in 1920. Both interior lots. The legal description of the entire site today which includes six lots is PECK'S MANHATTAN BEACH TRACT  LOTS 5,6,7,8,9 AND LOT 10. The Los Angeles County Tax Assessor number is 4177-024-901.



Below is a satellite image of the site. It's at the red tiled Lifeguard Training Center building. The Center and its parking lot are six lots. Two of the lots are the lots in question. 


There is more land located on the other side of The Strand which meets the sand. This is the strip of land which used to be owned by George Peck. That land is now owned by the county and Federal government. I think they may have taken it by condemnation. It makes you wonder if the county would have taken Bruce's land by condemnation for the Lifeguard Center years later if Manhattan hadn't taken the land for a park. Of course the Lifeguard Center only took the land because it was a vacant park.

I've appraised a lot of property in this area on The Strand. I don't think the two lots are worth $75,000,000. I pity whoever does the appraisal  because if they don't come in around $75,000,000, they'll probably be called a racist, get negative reviews on their business, death threats and maybe even some complaints against their license. I know that sites right next to those lots are single family homes and duplexes. The lot would have ended up single family zoned if it wasn't condemned for a park. The Bruces were living at the property. It was sold as lots for homes. I pulled all properties located on The Strand right next to the site sold within the last two years. Obviously there are no land sales. If we look at the cheapest home, duplex sales on The Strand with similar sized lots we can get the land value. 

2316 The Strand 5,715 sf lot with 5,500 sf 6 bed, 7 bath home sold 09/2021 for $16.5M newer home.

2508 The Strand 4,556 sf lot with 5,328 sf 4 bed, 5 bath home sold 09/2021 for $12.2M newer home.

2804 The Strand 3,481 sf lot with 3,469 sf 4 bed, 4 bath home listed for $16.4M didn't sell older home. 

2722 The Strand 6,927 sf lot with 6,000 sf 8 bed, 9 bath duplex sold for $17.7M 11/2020 built 1951 sold for land value as a double lot. 

2508 The Strand

Just for a high ballpark figure we can use 2508 The Strand one block away. This has a newer luxury quality amazing house on it and it just sold. If it were only land, it would have sold for $2,677/ft. Obviously the land is worth less than that because it has an amazing house on it. 6,666 sf Bruce Beach site x $2,677 is $17.8M. This would be the maximum, maximum the site would be worth today if it were sold on the open market.

Fortunately 2722 The Strand sold 11/2020 for $17.7M as a double lot development for land value. It's two blocks away. This is slightly larger than the Bruce site. Based on all I've seen the current market value for the site is somewhere about around $17.7M. This is not an appraisal as I have not inspected the site and don't know all the limitations and issues with the site. It might not be possible to build anything on the property today because of the California Coastal Commission, it's in a tsunami zone and low laying area. There could also be an issue because there's a lifeguard tower in front of the site. There is also the other piece of county land that is between the property and the beach/ocean. This is not waterfront property. If that's the case, they should just rent the site to the County Lifeguard Center as is. If they try to develop it or sell it for development, I see a lot of litigation, costs and hassles by neighbors and government agencies. 

It'll be interesting to see if this opens up the flood gates for more people wanting back the land they sold, gave away, had condemned, stolen by the government years ago. I could really see Native American Indians asking for their land back. Their land was stolen outright except for a few who sold though not on fair terms. Some original Mexican owners who owned the land after Native American Indians would also be entitled to some land as well. They had their land stolen or swindled from them. I could see others just wanting to renegotiate or take advantage of the huge increase in real estate values. 

UPDATE: A recent article stated the Los Angeles County Tax Assessor will be reappraising the property with "no zoning restrictions as is." I assume this will be for tax purposes of the assessor is appraising it. If they charge transfer tax or capital gains, there will be a huge tax. They'd have to sell or lease it back instantly. No zoning restrictions means it could be used as commercial, retail, hotel ... anything. I appraised it as it's most likely zoning which is residential. It would be worth more with no zoning restrictions. As they are only two small interior lots bounded by the Life Guard building and parking lot there is no way they would really build anything like a hotel or restaurant. With the Coastal Commission, single family neighbors, NIMBYs and others I doubt they could build anything other than residential. At that point I think the Life Guard would have to move the center entirely. 

Just found this great history of the Bruce's and their land after I wrote the article.

https://www.manhattanbeach.gov/home/showpublisheddocument?id=46093

Nice Powerpoint presentation

https://www.manhattanbeach.gov/home/showpublisheddocument/44319/637333659463800000

Here is a thesis someone wrote about Bruce's Beach from 1956. 

https://scholarworks.calstate.edu/downloads/xk81jm67x

Los Angeles County report on how the land would be returned. They suggest maybe swapping some land in the park for the two lots. Many suggestions. 

http://file.lacounty.gov/SDSInter/bos/bc/1109402_BoardMemo-ReturningBruce_sBeachtoitsRightfulOwners-6-30-21.pdf

Here's a map of tract 8867 which shows people used to own the lots basically on the sand west of The Strand. All that land now belongs to the government as the high tide lines have changed. 

https://pw.lacounty.gov/sur/nas/landrecords/tract/MB0115/TR0115-082.pdf

Another old plat map before the area was further subdivided 

https://pw.lacounty.gov/sur/nas/landrecords/tract/MB0028/TR0028-041.pdf

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