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.

Saturday, July 30, 2022

2022 State of Real Estate from Greater Los Angeles Realtors by Mary Cummins Real Estate Appraiser

mary cummins, real estate appraiser, los angeles, california, 2022 state of real estate, otto catrina, steven thomas, california association of realtors, great los angeles realtors, reports on housing

Really good webinar on 2022 State of Real Estate from Greater Los Angeles Realtors ( https://www.facebook.com/GreaterLARealtors @GLA_Realtors). The speakers were Otto Catrina from the California Association of Realtors ( https://www.facebook.com/CAREALTORS @CARealtors) and Steven Thomas of Reports on Housing ( http://www.facebook.com/reportsonhousing @housereports). If you're a member of GLAR, a video of the webinar will be here along with the slides. https://www.greaterlarealtors.com/members/new-updates If you're not a member my summary is below along with most of the slides.

The biggest issue of course was the Fed interest rate increase of .75%. This has really slowed the housing market which was the intent of the rate increase. The Fed and others expect a target Fed rate of 2.5 to 2.75% in 2023. This rate affects generally shorter term interest rates such as credit card rates, car loans and equity lines. It does affect long term home loan rates but not as directly or quite as much.

Europe also has inflation but they don't have the Fed controls that the US has. Steven Thomas is not calling a recession right now even though we had two quarters of decline in GDP. He will call a recession if the GDP declines for a longer period. The job market is still strong as is real estate. He uses six factors in determining a recession.

Steven Thomas coined the term the "pandession" which is a combination of the pandemic and recession. It's not a recession. The current market today is affected by the pandemic and lack of balanced supply and demand of homes. Last year was a supply catastrophe. It's still a seller's market but as rates rise, demand slows and supply starts to rise. People don't want to sell because they love their current mortgage rate. If they don't buy a new home after selling, they'd have to deal with high related rent.

Thomas stated this is not a bubble. There will be no housing crash. People have lots of equity. Home values are still doing well. Most homeowners today have good credit as opposed to 2007/2008 when they gave loans to everyone even people with bad credit. Our issue today is lack of supply though it's changing.

We have a headwind right now which is slowing things. It will continue to the end of the year but home values won't plunge. Luxury has really slowed. "Luxury market got a cold because of what has happened recently on Wall Street." We may have a recession next quarter but it won't affect housing that much. Not all recessions affect housing. All these comments go along with his slides, charts, research and numbers.

Below are the slides from first Otto Catalina of CAR then Steven Thomas of Housing Market in chronological order. I missed a few. The slides are larger after the first 20 when I expanded my view. Click to see images larger. If you're in real estate sales or appraising, Thomas' newsletter subscription looks pretty good and it's affordable. I may subscribe as he really has his finger on the pulse of the market. He runs a lot of numbers and makes some great charts and graphs besides giving his experienced common sense commentary. If you're in real estate in Los Angeles, makes sense to join GLAR. If you're in real estate in California, join CAR at least for the forms.

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

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

Tuesday, July 12, 2022

Los Angeles Sixth Street Bridge and Texas Seventh Street Bridge Similarities - Mary Cummins real estate appraiser

After I posted about the new Los Angeles Sixth Street Bridge and viaduct a Texas friend told me it looked like the Fort Worth, Texas Seventh Street Bridge and viaduct. They look very similar. Some facts about both.

The Los Angeles, California Sixth Street Bridge and Viaduct built 2022 is 3,500 ft long with 20 arches and four traffic lanes. It took six years at a cost of $588,000,000. It replaced the 1930 Sixth Street Bridge and Viaduct.

https://www.sixthstreetviaduct.org/

The Forth Worth, Texas Seventh Street Bridge and Viaduct built 2013 is 1,000 ft long with 12 arches and four traffic lanes. It took four months to build at a cost of $25,000,000. It replaced the 1919, 1954 Van Zandt Viaduct.

https://www.fortwortharchitecture.com/7thstbridge.htm

Arches are actually a common bridge element. Early bridges back before Roman times were arched for structural integrity. Here's an article on only arched bridges.

https://structurae.net/en/structures/bridges/arch-bridges

The original Sixth Street Bridge built in 1930 below had arches but only two. The LA bridge has arches that go below the bridge driving surface whereas the Texas one does not. Still, they are very, very similar bridges. I think at the very least the LA bridge was inspired by the Texas bridge.

Mary Cummins

Monday, July 11, 2022

Diminution of Value in Real Estate Appraisal and Valuation by Mary Cummins Real Estate Appraier Expert Witness

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Diminution of value in real estate appraisal refers to the reduction in the market worth or perceived value of a property due to various factors. Black's Law Dictionary definition: Rule of damages which provides the difference between “before” and “after” values of property, which has been damaged or taken. These factors can be external (outside the property) or internal (related directly to the property itself). Here are some common examples:

External Factors:

Neighborhood Decline: If the neighborhood experiences an increase in crime rates, deterioration of infrastructure, or a decline in nearby amenities like schools or parks, the property's value may decrease.

Environmental Changes: Events such as the construction of a landfill nearby, contamination of groundwater, or the installation of high-voltage power lines can negatively impact property values.

Economic Conditions: Economic downturns can affect property values, leading to diminished demand or lower prices in the area.

Changes in Zoning: If zoning regulations change, affecting how nearby properties can be used (e.g., from residential to commercial), it can impact the value of neighboring properties.

Local development: A new large scale development may be built affecting traffic and access. A new freeway may be contemplated affection pollution, noise, traffic...

Internal Factors:

Structural Issues: Problems such as foundation cracks, roof leaks, or termite damage can decrease a property's value unless repaired.

Outdated Features: Homes with outdated kitchens, bathrooms, or obsolete heating systems may be less attractive to buyers, reducing their market value.

Poor Maintenance: Lack of upkeep, such as overgrown landscaping, peeling paint, or broken fixtures, can make a property less appealing and lower its value.

Loss of portion of property or loss of use of portion of property: A neighbor's wall or building could be trespassing upon the subject property limiting access, use and enjoyment of the subject property.

Legal and Market Factors:

Legal Encumbrances: Easements, restrictions, or pending legal issues (like ongoing litigation involving the property) can decrease its value.

Market Perception: Negative perceptions about a property (e.g., a notorious event occurring there) can reduce its value beyond physical characteristics alone.

Example Scenario:

Consider a house located near a new freeway under construction. The noise, increased traffic, and potential pollution from the freeway may decrease the property's desirability and, consequently, its market value. This is an example of external diminution of value.

Alternatively, a property with an outdated kitchen and bathroom, which hasn't been renovated in decades, may not attract as many buyers as similar homes in the neighborhood with modern amenities. This represents an internal diminution of value.

In real estate appraisal, identifying and quantifying diminution of value involves evaluating these and other factors to determine the fair market value of the property under current conditions.

The DIV can sometimes be calculated by valuing the property as if whole then valuing the property as affected by the condition then calculating the difference or loss in value.

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Mary Cummins

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

Saturday, July 30, 2022

2022 State of Real Estate from Greater Los Angeles Realtors by Mary Cummins Real Estate Appraiser

Tuesday, July 12, 2022

Los Angeles Sixth Street Bridge and Texas Seventh Street Bridge Similarities - Mary Cummins real estate appraiser

Monday, July 11, 2022

Diminution of Value in Real Estate Appraisal and Valuation by Mary Cummins Real Estate Appraier Expert Witness