No Property Ladder on 10/27/07 but 2 new Flip That House.
1. New Orleans.
This was very interesting as I had heard that many people were not returning to New Orleans. Only 2 yrs ago Katrina hit New Orleans and caused 81 billion dollars of damage. Flippers are heading toward NO and rebuilding. We will be in Lakeview, a relatively affluent area 10 minutes north of NO. Dustin DeJong is a flipper. We also meet his designers Beth and Corinne, who have been working together over 20 yrs.
2800 sf 4 bedrooms 2.5 bath
time: 3 months
As the three tour the house you can see that the flooding reached about halfway up the ground floor. The downstairs has been gutted to the studs, so there is some demo money saved right there. What I really liked about this episode was the emphasis that even thought the drywall and insulation had been ripped out of the first floor that did not garantee there would not be any mold and that Dustin had to hire specialists to treat the studs, ceilings joists etc... in fact they have to wear protective gear because of the spray. The chemicals are garanteed to kill even airbourne spores.
I like watching Dustin work as he is very hands on, uses specialty crews when needed and seemed to be a good all round project manager. By wk 9 the electrical and plumbing are all done and a drywall crew come in and insulate and hang the drywall. I like how Dustin is also taking to heart the design changes that the ladies want. There are delays because the cabinents are almost 2 wks late and the timeline gets pushed back to 4 months. I also like how during the walk through the ladies and Dustin discussed what to do with the formal living area and dining area as the new kitchen area, casual dining area and family room are what everyone wants and most people no longer use or want a formal living room. They decide to put in the electrical incase anyone wants to use it as a formal dining area and divide the room with pocket doors so they can create a seperate space that can be used for whatever, an office or study.
I like how he stuck with brushed nickel accents throughout the house. Used off white cabinents in the kitchen, lots of recessed lighting through out the house, used beige tile, geige granite and stainless steel appliances. I know stainless steel is all the rage but I think white or off white appliances would have matched the feel of the kitchen better. I do like how he enlarged the shower in the master bathroom and used some very nice finishes in the tile, counters and faucets. What totally amazed me was that the realtors told Dustin he could put the house on the market for $153 a sq ft which turns out to be $418,000. Wow, I hope he gets a customer. So after spending $103,000, plus the cost of the house, $185,000 for a total of $288,000 Dustin will list the house at $418,000 for a potential profit of $130,000.