Showing posts with label sale. Show all posts
Showing posts with label sale. Show all posts

Thursday, November 30, 2017

Who is Semanal Media LLC in Monrovia, California who bought LA Weekly? David R Welch, Brian Calle

LA Weekly, semanal media, brian called, david r welch, david ryan welch, advertising, mary cummins, los angeles, california, weekly, magazine, newspaper, laweekly.com, 


UPDATE 12/02/2017 The new owners of LA Weekly fired all the writers telling them the new writers will be unpaid contributors. Like HuffPo? RIP LA Weekly. They barely paid those writers any money as it was. They want to be like failed examiner.com? If they fired all the writers, I would assume they already have a ton of free contributors with a month or two of articles already written.

Message from new owners. They want to be mainly digital but also with a print version.

http://www.laweekly.com/news/introducing-the-new-owners-of-la-weekly-8913902



ORIGINAL: October 18, 2017 the corporation was formed with attorney David Ryan Welch as the corporate agent. There is one manager who is Brian Calle as of 11/08/2017. As of 11/09/2017 the CEO is David Ryan Welch. The business is listed as "advertising." That information comes from here.

https://businesssearch.sos.ca.gov/

Generally a lawyer is the CEO of a company about to go bankrupt or through some serious change. I'd say firing all writers and editors except one is some pretty serious change.

Attorney David Ryan Welch was admitted to the bar in 2007. He's a well known marijuana lawyer. He went to Cal State Fullerton and Loyola Law School. He only has ten years of experience under his belt and now he's the CEO of LA Weekly? Before the sale LA Weekly actually turned a profit. It'll be interesting to see what happens. Maybe this is a way to "launder" or move marijuana profits since banks won't accept their money?

http://www.drwelchlaw.com/wp-content/uploads/

37 year old Brian Calle came from Orange County Register. He'll be taking over the paper. He has no journalism credentials and no association with Los Angeles. He does have a bit of an embarrassing past at the Register here. I don't think this will end well for the LA Weekly. RIP.

A little about Brian Calle via OC Register.

Brian Calle
OPINION EDITOR
Brian Calle
 letters@ocregister.com
Brian Calle is the opinion editor of the Southern California News Group, overseeing opinion content for its 11 newspapers and websites including The Los Angeles Daily News, The Orange County Register, The Riverside Press-Enterprise, Daily Breeze in Torrance, Long Beach Press-Telegram, Pasadena Star-News, San Gabriel Valley Tribune, Whittier Daily News, Inland Valley Daily Bulletin, The Sun in San Bernardino and Redlands Daily Facts.

Email: bcalle@scng.com

201729210014    SEMANAL MEDIA, LLC

Registration Date: 10/18/2017
Jurisdiction: CALIFORNIA
Entity Type: DOMESTIC
Status: ACTIVE
Agent for Service of Process:
D/R WELCH ATTORNEYS AT LAW A PROFESSIONAL CORPORATION (C3041802)
To find the most current California registered Corporate Agent for Service of Process address and authorized employee(s) information, click the link above and then select the most current 1505 Certificate.

Entity Address: 500 S GRAND AVE, 18TH FLOOR
MONROVIA CA 90071
Entity Mailing Address: 500 S GRAND AVE, 18TH FLOOR
MONROVIA CA 90071
LLC Management One Manager

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,

Saturday, April 15, 2017

Donald Trump selling Trump products in Easter sale - Mary Cummins

Donald Trump #DonaldTrump #POTUS #President #Easter sacrili
Donald Trump hasn't the slightest idea what Easter is all about. He just sent me this email on the day before Easter. Today is Holy Saturday. Per the Christian faith this is when Jesus' body was in the tomb after he died on the cross on Friday. His soul meanwhile went to hell to free all the souls so they could go to heaven. It is a day of waiting for tomorrow is Easter when Christ rose from the dead. It's the day that Mary, Christ's mother, sat in solitude outside of his tomb mourning his death.

Trump doesn't even understand the commercial part of Easter. Businesses have marketed Easter so people will buy Easter products. Easter products are not political tshirts, coffee cups and crap. They are products with fertility, spring, rabbit, egg, chick, cross, palm, basket ...themes. People sell chocolate rabbits, toy rabbits, dyed hard boiled eggs... So kids don't get bored with going to Easter mass you promise them an Easter egg hunt to find chocolate eggs. They get an Easter basket full of all of the above items. You don't give people political tshirts and mugs. Trump has truly botched this "Easter sale" as badly as Melania will botch the Easter egg roll event at the White House on Monday.

The email is below in text. There's also a pdf of the email linked below. There's also a link to his ridiculous "Easter sale" in his donaldjtrump.com online store.

The subject of the email is "Hop to the Easter Sale, 25% off."

DonaldJTrump.com
8:05 AM (5 hours ago)

to ***
Make America Great Again

Marycummins,

You’re invited to the Official Trump Store Easter sale!

Shop now to save 25% OFF Trump gear with Promo Code: BUNNY.

Take 25% off with promo code: BUNNY

Fill up your Easter basket with exclusive merchandise from the Trump store.

This spectacular Easter deal will not last long, so act now to claim your 25% OFF anything in the store.

SHOP NOW TO SAVE BIG LEAGUE.

Show your support for President Trump and stock up on iconic pieces for your closet.

P.S. - Don’t forget to use Promo Code: BUNNY at checkout to take 25% OFF your order.

SHOP NOW

Contributions to the Trump Make America Great Again Committee are not deductible for federal income tax purposes.
Paid for by Trump Make America Great Again Committee, a joint fundraising committee authorized by and composed of Donald J. Trump for President, Inc. and the Republican National Committee.

Unsubscribe Or unsubscribe by email"

Here is the link to the store.

https://shop.donaldjtrump.com/collections/sale?utm_medium=email&utm_campaign=JFC_Merchandise_Collections-Sale&utm_content=041517-easter-sale-djc-jfc-p-p-hf-e-1&utm_source=e_p-p

Look at these items he's selling! The tshirts say "BuildTheWall," and "Americanism, not Globalism will be our creedo." Notice the photos are exactly the same. That means this guy modeled a blank tshirt. They added the text in photoshop. I wonder if this guy knew he was promoting Trump?




Here is a pdf of the actual email.

https://drive.google.com/file/d/0BxE8KfVPjYF4azA4NFBSRG9LaXM/view?usp=sharing

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,

Monday, January 11, 2016

Playboy Mansion at 10236 Charing Cross Road, Los Angeles 90024 listed for $200 million - Mary Cummins real estate appraiser

Hugh Hefner Playboy Mansion 10236 charing cross, los angeles, california 90024, for sale, sell, real estate, usa

Hilton and Hyland offers the mansion for $200,000,000. It is supposedly on the MLS but they listed a fake MLS number.

http://www.hiltonhyland.com/real-estate/the-playboy-mansion-holmby-hills-ca-90024/28229319/28229319

from the agents.

"The crown jewel of L.A.’s “Platinum Triangle” situated on 5 picturesque acres in Holmby Hills, The Playboy Mansion is a nearly 20,000 square foot residence that is both an ultra-private retreat and the ultimate setting for large-scale entertaining. The Mansion features 29 rooms and every amenity imaginable, including a catering kitchen, wine cellar, home theater, separate game house, gym, tennis court and freeform swimming pool with a large, cave-like grotto. The property also features a four-bedroom guest house. In addition, the Playboy Mansion is one of a select few private residences in L.A. with a zoo license."

Hugh Hefner Playboy Mansion 10236 charing cross, los angeles, california 90024, for sale, sell, real estate, usa
Hugh Hefner Playboy Mansion 10236 charing cross, los angeles, california 90024, for sale, sell, real estate, usa

Hugh Hefner Playboy Mansion 10236 charing cross, los angeles, california 90024, for sale, sell, real estate, usa

Hugh Hefner Playboy Mansion 10236 charing cross, los angeles, california 90024, for sale, sell, real estate, usa

Hugh Hefner Playboy Mansion 10236 charing cross, los angeles, california 90024, for sale, sell, real estate, usa

Hugh Hefner Playboy Mansion 10236 charing cross, los angeles, california 90024, for sale, sell, real estate, usa

Hugh Hefner Playboy Mansion 10236 charing cross, los angeles, california 90024, for sale, sell, real estate, usa


History of the Playboy Mansion

"Additionally, several members of the Letts and Janss families chose to construct their
own homes near each other in Little Holmby on land overlooking the Los Angeles
Country Club, which lent added caché to the neighborhood. Of the five homes originally
constructed for the Janss and Letts families, three residences remain today; perhaps the
most well-known estate is the residence constructed for Arthur Letts, Jr. at 10236
Charing Cross. Designed by Arthur Kelly and completed in 1927, the home was later
purchased by Hugh Hefner in 1971 and is now best known as the Playboy Mansion."

Hugh Hefner Playboy Mansion 10236 charing cross, los angeles, california 90024, for sale, sell, real estate, usa

More history,

"The 21,987-square-foot (2,042.7 m2) house is described as in the "Gothic-Tudor" style by Forbes magazine, and sits on 5.3 acres (2.1 ha). It was designed by Arthur R. Kelly in 1927 for Arthur Letts, Jr., son of the Broadway department store founder Arthur Letts and acquired by Playboy from Louis D. Statham (1908–1983), an engineer, inventor and chess aficionado, in 1971 for $1.1 million.[1] In early 2011, it was valued at $54 million.[2] It sits close to the northwestern corner of the Los Angeles Country Club, near University of California, Los Angeles and the Bel-Air Country Club. $15 million has been invested in renovation and expansion.

The mansion has 22 rooms including a wine cellar (with a Prohibition-era secret door), a screening room with built-in pipe organ, a game room, three zoo/aviary buildings (and related pet cemetery), a tennis/basketball court, a waterfall and a swimming pool area (including a patio and barbecue area, a grotto, a basement gym with sauna below the bathhouse). Landscaping includes a large koi pond with artificial stream, a small citrus orchard and two well-established forests of tree ferns and redwoods. The west wing (originally servants wing) houses the Editorial offices of Playboy. The main Aviary building is the original greenhouse, with four guestrooms adjoining. The Master's suite occupies several rooms on the second and third floors, and is the most heavily renovated area of the Mansion proper, with an extensive carved-oak decor dating to the 1970s. Otherwise, the Mansion proper is maintained in its original Gothic-revival furnishings for the most part. The pipe organ was extensively restored in the last decade. There is also an outdoor kitchen to serve party events. These features and others have been shown on television.

The game room (game house) is a separate building on the north side. From the fountain in front of the main entrance, there are two sidewalks, running past a wishing-well. That on the right leads to the game house and runs past a duplicate Hollywood Star of Hefner. Its front entrance opens to a game room with a pool table in the center. This room has vintage and modern arcade games, pinball machines, player piano, jukebox, television, stereo, and couch. The game house has two wings. Left is a room with a soft cushioned floor, mirrors all around, television. There is a restroom with a shower. The right wing of the game house has a smaller restroom, and entrance to a bedroom. This bedroom is connected to another, which has an exit to the rear backyard of the game house. The game house has a backyard with lounge chairs, and gates on either side.

In 2010, Hugh Hefner's former girlfriend Izabella St. James wrote in her memoir Bunny Tales that the house was in need of renovation: "Everything in the Mansion felt old and stale, and Archie the house dog would regularly relieve himself on the hallway curtains, adding a powerful whiff of urine to the general scent of decay."[3]

The house next door is a mirror image of the Mansion layout, only smaller. Hefner purchased the neighboring building in 1996. It is home to his separated wife Kimberley Conrad and their children together. Hefner and Conrad married in 1989 and separated in 1998. Hefner and his wife announced in March 2009 that they were listing Mrs. Hefner's home for sale at US$28 million.[4]

In 2002, Hefner purchased a house across and down the street from the mansion for use by Playmates and other guests who would prefer to stay further from the busy activity of the Mansion proper. This house is commonly referred to as the 'Bunny House'.

It has been reported that the mansion is up for sale for $200 million, with the only added clause being Hefner can stay there until his death.[1]"

Hugh Hefner Playboy Mansion 10236 charing cross, los angeles, california 90024, for sale, sell, real estate, usa

Hugh Hefner Playboy Mansion 10236 charing cross, los angeles, california 90024, for sale, sell, real estate, usa

Hugh Hefner Playboy Mansion 10236 charing cross, los angeles, california 90024, for sale, sell, real estate, usa

Hugh Hefner Playboy Mansion 10236 charing cross, los angeles, california 90024, for sale, sell, real estate, usa

Hugh Hefner Playboy Mansion 10236 charing cross, los angeles, california 90024, for sale, sell, real estate, usa

Hugh Hefner Playboy Mansion 10236 charing cross, los angeles, california 90024, for sale, sell, real estate, usa
"According to Playboy Enterprises' SEC filings, Hefner pays Playboy rent for "that portion of the Playboy Mansion used exclusively for him and his personal guests' residence as well as the per-unit value of non-business meals, beverages and other benefits received by him and his personal guests". This amount was $US1.3 million in 2002, $US1.4 million in 2003, and $US1.3 million in 2004.

Playboy pays for the Mansion's operating expenses (including depreciation and taxes), which were $US3.6 million in 2002, $US2.3 million in 2003, and $US3.0 million in 2004, net of rent received from Hefner.[9]"

Details of the Playboy Mansion at 10236 Charing Cross Road.
Playboy Mansion 10236 charing cross, los angeles, california 90024, beverly hills, bel air, holmby hills, hugh hefner, hef, sale, sell, plat
Life estate in real estate. "In common law and statutory law, a life estate is the ownership of land for the duration of a person's life. In legal terms it is an estate in real property that ends at death when ownership of the property may revert to the original owner, or it may pass to another person. The owner of a life estate is called a "life tenant"."

In this situation the property would be sold to the new owner with Hef holding a life estate. This means he can live in the property until he dies. Then the new owner can take occupancy with full ownership rights.

Plat map for Playboy Mansion at 10236 Charing Cross Road. It was originally two lots which were combined into one.

Playboy Mansion 10236 charing cross, los angeles, california 90024, beverly hills, bel air, holmby hills, hugh hefner, hef, sale, sell, plat
Link to Google map of mansion

Here are all building and safety reports for the property. The original permits are missing. I see nothing before 1971 when Hef bought it and started remodeling it. Search by address 10236 Charing Cross.

http://ladbsdoc.lacity.org/idispublic/

Playboy Mansion 10236 charing cross, los angeles, california 90024, beverly hills, bel air, holmby hills, hugh hefner, hef, sale, sell, plat

Playboy Mansion 10236 charing cross, los angeles, california 90024, beverly hills, bel air, holmby hills, hugh hefner, hef, sale, sell, plat

Playboy Mansion 10236 charing cross, los angeles, california 90024, beverly hills, bel air, holmby hills, hugh hefner, hef, sale, sell, plat


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,

Sunday, June 29, 2014

Heidi Klum selling 12759 Chalon Road, Brentwood home for $25,000,000 - Mary Cummins, Real Estate Appraiser, Los Angeles, California

Heidi Klum, Seal, Brentwood home - Mary Cummins, Real Estate Appraiser, Los Angeles, California

Heidi Klum, Seal, Brentwood home - Mary Cummins, Real Estate Appraiser, Los Angeles, California, 12759 Chalon Road, Los Angeles, CA 90049

12759 Chalon Road, Los Angeles, CA 90049 The Italian-style villa, completed in 1999, has been given the Heidi makeover—a complete renovation that revived and refreshed a front-row oceanview estate in the premier guard-gated community in Brentwood, located off bucolic Mandeville Canyon.

The Emmy Award–winning executive producer and host of “Project Runway” and judge on “Germany’s Next Topmodel” and the top-rated “America’s Got Talent” tapped her creative skills to transform the 12,300-square-foot, 8-bedroom 10-bath estate into a warm family home.

Iron gates open to a central motor court with a fountain. Radiating out from the double-height entrance hall are the main living areas—formal living room, formal dining room with wood paneling imported from a private dining room of a hotel in Paris, library with ornate ebonized wood bookcase that came from Napoleon’s country home in France, eat-in chef’s kitchen, butler’s pantry, family room, home office, media room and temperature-controlled wine cellar.

The high-ceilinged, perfectly proportioned rooms and hallways provide plenty of gallery-like wall space for art and photography. French doors offer access to multiple terraces and patios for a variety of outdoor dining and entertaining options.

Upstairs, the master suite consists of a bedroom, living room, terrace with ocean views, his and her custom closets and his and her bathrooms. There are 7 other bedrooms, including a professionally customized dressing/styling room.

Set on approx. 8.5 acres with approx. 3 acres of flat land, the grounds have ample recreational spaces for adults and children—infinity-edge pool and spa, koi pond, formal rose garden, fountains, lawns, gazebos, rolling green for golf putting and driving, children’s playhouse and slide, secret gardens and hiking trails—all with unobstructed ocean views and complete privacy.

Offered at $25 million.
Shown to pre-qualified buyers only.

Heidi Klum, Seal, Brentwood home - Mary Cummins, Real Estate Appraiser, Los Angeles, California

Heidi Klum, Seal, Brentwood home - Mary Cummins, Real Estate Appraiser, Los Angeles, California

Heidi Klum, Seal, Brentwood home - Mary Cummins, Real Estate Appraiser, Los Angeles, California

Heidi Klum, Seal, Brentwood home - Mary Cummins, Real Estate Appraiser, Los Angeles, California
http://www.heidiklumestate.com/

Heidi Klum bought a Bel Air estate last year which she is currently renovating.

https://homes.yahoo.com/news/heidi-klum-buys-home-bel-air-183101453.html

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,

Friday, January 10, 2014

Ellen DeGeneres just bought the Brody House at 360 S. Mapleton down the street from me for $40,000,000

Ellen DeGeneres, the Brody House, 360 S. Mapleton, $40,000,000

Ellen DeGeneres, the Brody House, 360 S. Mapleton, $40,000,000
Supposedly Ellen Degeneres just bought the Brody House at 360 S. Mapleton, Los Angeles, CA 90077 few blocks south of me. The Brody House and commissioned by philanthropist art lovers Sidney and Francis Brody and designed by architect A. Quincy Jones and interior designer Billy Haines. I almost bought one of his smaller homes on Tigertail ten year ago.

A. Quincy Jones' style is unique. It's a very open floor plan with lots of floor to ceiling windows. From the MLS description which is also linked below. This is from a sale from ten years ago. It just sold as a pocket listing. It backs up to the golf course so no rear neighbors. I went to a few events at this house. It is located directly adjacent to the Playboy Mansion, see plat map below.

"A Modern Classic. Commissioned in 1949, this gated A. Quincy Jones masterpiece situated on 2.3 acres in Holmby Hills resonates with today’s L.A. lifestyle. This essay of modernist glamour highlights the renaissance of two movements presiding over architectural thinking today: Mid-Century modern & Hollywood modern. Glamorous entrance to outdoor atrium living space. Floor-to-ceiling glass windows throughout allow the light-filled environment to integrate with the beautifully landscaped exteriors. This house ushered in the era of Southern California indoor/outdoor living. Living room with library area & formal dining room. Sumptuous master suite with family room, study, terraces, & his & hers dressing rooms occupy the entire 2nd floor. 3 add’l bedrooms & bths, and 4 staff rooms. Pristine kitchen & breakfast area. Colorful foliage, mature trees, specimen palms & rose gardens create a park-like setting. Lrg motor court, pool, 1 bedroom guest house, & championship lighted tennis court."

Link to old MLS listing

http://pro.themls.com/All_Searches_Preview_Files/pow_one_client_detail_preview.cfm?chosen=10-455365&se=1&property_type=0&header_title=no_header

Link to TMZ article

http://www.tmz.com/2014/01/10/ellen-degeneres-brody-house-sold-architecture-best-house-los-angeles/

Ellen DeGeneres' home is directly adjacent to the Playboy Mansion though they enter on different streets

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,

Friday, January 25, 2013

Appraisers are not "derailing" home sales, Mary Cummins

This writer below feels that real estate appraisers are holding the market back. The writer states that we consider tax assessment values in our appraisals. No, we don't. That would not be legal or accurate. I clear up a few other misconceptions in the article. I do agree that a buyer should have an appraisal contingency clause. Generally they do in the form of loan contingency. The loan is contingent upon the appraisal. If they are paying cash, then they should have an appraisal contingency clause. I also agree that owners need to consider their improvements carefully. There are articles they can easily find which will tell an owner in different markets which improvements will give them the best return on investment. Slight kitchen remodel, good return. Full kitchen remodel, you won't get all your money back. Now if you really enjoy cooking and will enjoy your kitchen for years while you live there, then it's a good investment for you personally. Just don't expect to get every penny spent back in increased sales price.

The article is linked. My comment is beneath it.

http://www.marketwatch.com/story/how-appraisers-are-derailing-home-sales-2013-01-25

I'm also a Certified Residential Appraiser with over 28 years of experience. I agree with Mark. We don't look at tax assessment values. They rarely reflect the true value. That's why we sometimes do appraisals for home owners so the tax assessor can adjust their tax value. It would not be legal for us to appraise a property based on its tax value.

In today's real estate sales, refinance market there are some issues with appraisals. The biggest issue is that the homes that are selling now which we use as our matched pairs comparables in our appraisals include short sales, Real Estate Owned (REO) by banks and some not so prime properties. Because the market is finally picking up, anyone who could hold onto their property for increased value would do that. People with very desirable homes are generally staying put and refinancing. They are not selling. This leaves us with few truly comparable sales.

Appraisers as per government mandate Uniform Standards of Professional Appraisal Practice (USPAP) and most Letters of Engagement (LOE) from Appraisal Management Companies (AMC) must use the following comparables, i.e. sales within last six months, +/- 15% difference in square footage, within one mile radius, similar age, lot size...range. We must include at least three sales and one listing. We must include a Comparative Market Analysis showing all comps we considered. We must include the range of values of all sales and listings within the last year. Our individual line item and gross adjustments can only vary by a small set percentage. We can deviate slightly from these standards only with a ton of explanation. Still, lenders frown upon it.

We also now must include form 1004MC which shows marketing conditions, i.e. absorption rates, inventory, marketing time, sale to list price ratios... All of my 1004MCs are showing very little inventory. I'm in Los Angeles, California by the way. With few properties on the market, you are getting at list if not above list sales with multiple offers. That's all fine and dandy but the property probably will not be able to appraise that high based on the rules we must follow. The resultant appraised value must fall between the range of our best matched comparables. The buyer will have to put a higher down or pay a higher rate because the loan to value ratio is higher. As things improve this will change but for now, that's the way it is.

A last note, quit blaming appraisers for the real estate booms and busts. It's human nature. Real estate is cyclical just like the stock market. I've been through three recessions. The charting is almost identical.


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.


Take 3 Film Festival at Plaza de Cultural y Artes by Mary Cummins, Maria Rivera

Take 3 Film Festival presented by East LA Film Festival , Panamanian International Film Festival/LA and La Plaza de Cultura y Artes was hel...