All posts by Lee Seward

8 FamRm scaled

How to Perfect a High Gloss Ceiling

by Lee Seward Paint

Modern Masters High Gloss Paint

  You do not need to have a +$25M residence to have high gloss ceilings. In this article I am going to tell you how we perfected the application of Modern masters Metallic High Gloss paint. 

  These pictures do not do this paint justice.  Just like a metallic paint on a car, Modern Masters has metallic paint for your home. The color and sheen changes with the lighting and it looks amazing. 

Screenshot 2023 09 13 at 10.20.07 AM
Screenshot 2023 09 13 at 10.19.03 AM

  Let’s jump into cost, is this expensive? Really as any paint, the cost is not from the material as it is the labor. A few cans of paint will not break the bank. If you have never applied this type of paint the labor cost to do the right job is timely. 

  Gloss shows everything just like a car finish. Slight imperfections are magnified, and in this application it doesn’t show until you apply the last layer. In fact when you apply the metallic paint and view it, you really do not get the full visual and it is definitely not gratifying. The gloss clear coat changes that mood and will make you proud or break you down to crying. 

How to avoid crying? 

  I am going to share my trick that changed everything for me with this paint application. First you need to buy the roller for this paint and you need to roll the paint on properly or you can also spray it on, we had great luck with both. 

  Prep, this paint is all in the prep, walls, millwork, or ceiling makes no difference, prep, prep, prep. Every little imperfection is magnified after the gloss coat dries. What are examples of imperfections? Taping compound and drywall texture, if you do not skim coat the entire area you will see every location of compound and it will look horrible. I am not going to cover obvious dimples and such as any paint shows this, I am talking about the level of the application of compound. You will see minute lines fro trowels that are really hard to see in natural or artificial light. You will see where compound is heavy or lightly applied basically you see everything. 

  To apply Modern Masters, you have a primer application, you then check the area with natural light and also artificial light. Touch up the areas needed and then prime again. When you are totally good with the prep you apply the base color. This stage you are 2-4 coats in depending on the prep and you must view in artificial and natural light as it changes perspective. When you are happy with this stage of work you then apply the modern masters with the metal flakes. Once this has dried entirely you then apply your high gloss and we usually applied two coats. 

  This is when you take everything down, you have the lighting trims installed and window covering off. Now you’re moment is here, happy or sad?

 

Quicker Method

  There is a faster way to get to the first application. Apply your primer and take care of touch up. Spot prime and apply a high gloss paint that is the same color of the base coat. This allows you to see the gloss finish prior to the last layer. It is very helpful and do not expect to nail your prep the first round. Your eye has to be trained for the slightest defect because when you apply the full process it will show everything. 

  We also used swedish putty that we purchased from McDermott Pain in Greenwich Ct. They will ship it anywhere. This takes care of minute lines or scratch marks from sand paper and is easy to apply. It is also great for millwork to hide nails, and joint lines.   

  After all of the labor the finish is amazing and if you have a lot of natural light the look is really nice. Colors change with lighting and furniture along with reflections of light from other rooms. 

Good luck and any questions feel free to contact us:  info@iridiumdev.io

Screenshot 2023 09 12 at 11.13.34 AM

Office Conversion

by Lee Seward Construction
Screenshot 2023 07 24 at 8.45.14 AM

Cost to Build Apartment Conversion

  What will happen to all of the lenders who are overextended on office building loans?

  Some of the largest office developers are handing over the keys to entire buildings and defaulting on loans. 

  What will happen to these building values? If you have an office building leased and you are current on your loan, your building value will decrease along with these defaults. Banks will be stuck with loans for buildings that no longer have 50% of the underwritten valuation.  Some developers may not be able to refinance in this environment causing more defaults and decreasing valuations lower. 

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Screenshot 2023 09 12 at 11.14.36 AM

Convert Office Space to Residential Apartments

It is not hard to see that we are in the beginning of a major crisis. The time is now to convert office buildings into apartment rentals. 

Iridium Development is converting full floors from office to residential in most major cities for $6,300 per unit. 

Screenshot 2023 09 12 at 11.13.34 AM

  The time is now to convert losses to gains, consolidate the current office leases and utilize the vacant space for residential. Our in house team will work with you to obtain entitlements and value engineer the best use of the vacant space. 

For more information please write us: info@iridiumdev.io

2 Bedroom/2 Bath Apartments

5/8 drywall, led lighting, shaker style doors, modern moldings, modern kitchens, caesarstone counters, laminate flooring, tile shower, tub, SS appliances, polish chrome plumbing fixtures, neutral paint finishes. 

Approvals and demolition additional per application.

Luxury Estate

Is Good Enough, Good Enough?

by Lee Seward Remodeling
Indoor Pools

New Homes and Remodeling

  When we renovated this home and added a pool in the basement we had to work with existing conditions, we also saved the rooms directly above this location so the beams had to stay intact. 

  I mention this because when you are remodeling an area you have to work with existing conditions. How easy would it be to just stick lighting in the ceiling, or HVAC vents, at locations that are easy to work with? Very easy in fact most of the time spent on a remodel or renovation project is coordinating existing and new installation so it works with the design intent. After all what would be the point of working with a Designer or Architect if you are just going to place things where and when it is easy?

 

Metal Ceilings, Custom Kitchen
Custom Kitchen and Baths
Central Park Views
Luxury Estate

  Design is personal as is style, when you look past the design or style of something and focus on the details what do you see? What should you see? I will share what I see when I view pictures of others work. 

  “Good Enough“, when you see lighting in a Kitchen without symmetry…a light over the kitchen sink that is not centered, or offset in front of the refrigerator (not centered over appliances), or huge obnoxious air vents (randomly placed)? A gaggle of switches most likely operating lights around the room and not near the location you enter. Ugh, or crown molding that runs the perimeter of the ceiling and stops at all of the wall registers or window openings…?

  What I see is much more than what is in the picture. I see disorganization and lack of planning, I see “Good Enough” just leave it. I see a project where the client hired a General Contractor, maybe an Interior Designer, or Architect, there were probably design drawings and rather than work with the team the GC provided excuses to why this is not possible or that will not work. The results of the work is “Good Enough” not “Wow that’s Great.”  

  How does this happen? It is accepted or overlooked. If you take what I just explained and searched GC firms, Design Firms, Architect Firms you will see what I am talking about. “Nice from Far but Far from Nice.”  

  When you select your next GC or Remodeling Contractor, see if they are ok with Good Enough! 

We accept only excellence.

info@iridiumdev.io 

 

Judge Judy Estate built in less than 6 Months

18,000 sf House Framed in 1 week

by Lee Seward Custom Homes
Screenshot 2023 06 16 at 5.29.09 PM

Framed in 1 Week

……5 Month Build Continued

  With 100 people you can frame an 18,000 sf home in one weeks time. We started this at 7am on a Monday morning in January. With shorter daylight I had light towers set up around the perimeter of the foundation. With the lights we can start work at 7am and work until 6pm without any light issues, it was like playing football under the lights. We finished this on Saturday and the Plumbing, HVAC started on Monday along with the Roofer and Exterior Trimmers. 

  I said earlier that I would teach you how I build custom homes at this timeline and this is one example. You have to think outside the box and execute a plan. Strategize and execute, that is the secret to making things happen in timelines other have not done before. 

  The framing package for this project was way outside the box. No subcontract package was awarded without vigorous vetting and competitive pricing. The framing package was executed much differently than normal. 

  I hired 6 companies hourly to frame this house. Yes I hired the crews hourly, I ran the group boots on the ground myself. I started with 6 different companies and they had no idea they were going to all work together. One company bailed and left before starting, they didn’t want to work with the other companies. 

  It was really stressful that Monday morning, I had to sooth everyone’s anxiety while keeping myself in check. Picture the beginning of 60 Minutes with the clock ticking and everyone standing there, each second was major money. I started laying out the foundation and getting guys to level and install plates, as we moved along it became easier. One of the companies was a trim company that I did a lot of work with. I started the layout of the house from the right to left. One of the master bathrooms (Her Bath) was oval and I started the trimmers cutting plywood for the wall plates and sill plates while I split up the framers. One group continued sills and layout, one crew set girders, one set joists, then one spun back and installed blocking, then sheathing, wall layout, walls, bracing, second floor joists, sheathing, walls, roof, sheathing. The trimmers pre-made (perfectly) all of the curved plates, curved roof rafters cut out of LVL, I even made the bell roof for Her Bath on the ground and craned it on top of the walls (one piece). The interior ceiling followed the compounded curved exterior roof on an oval wall.  

   Lumber came by tractor trailer, we had 2 forklifts which quickly were not enough to keep everyone busy, we added forks to the skid steer, backhoe, and loader. Trucks had to back into the site, we had to block the main road to give them a turning radius. The guys would jump on the truck and start taking off the straps while the truck backed in, they were still rolling as the machines started unloading skids. The drivers of the trucks were not happy but we were like a robotic assembly line and the drivers just conformed. 

  It was organized chaos and smooth. When swimmers make the fastest laps, it looks like they are gliding through the water, we were gliding through lumber. When you are working in this manner you create energy (you need to posses that energy inside first), this energy feeds off everyone, quickly anyone who is not producing becomes an outcast. No one wants to be an outcast and we just got it done. We would have a line of cars every morning and afternoon when people would drive by to go and come home from work. They all stopped to stare and see what we did that day. 

  The sense of accomplishment each day by everyone working on the site continued until the task was complete. It organically conveyed to other trades and flowed up to the end of the project. Yes it was stressful but we followed the plan and strategized. We modified as needed and agreed, if the plan makes sense people will follow. 

  This is a high level overview of how to build something in a short timeline. If you have any questions and want to learn more please reach out:

info@iridiumdev.io

IMG 1011

5 Months Start to Finish

by Lee Seward Construction
Judge Judy Estate built in less than 6 Months

I built this house in 5 months

  We had over 500 people working on this project each day. When it came to the interior finishing we had people working 24/7. Leading up to the interior we could only work 7am to 6pm M-F and 9-5 on Saturday.  

  I am going to share how we were able to build this 18,000sf home with 1,800 sf pool house and 1,800 sf guest house plus a 700sf guard house on 12 manicured acres. 

  I will not name drop or share any costs as the ability to complete this caliber work in this timeline is the feature. I also state we and I, we includes myself and others and I includes myself who at this time was V.P. of Construction.  

IMG 1011

  For those of you who build or work in construction you may ask, Why?  

  It was the challenge, the ability to accomplish something no one else has done.  I have to be honest it was actually comfortable for me most of the time.  

  Let me start with the team, our client had an Interior Designer on board already who they worked with for many years prior. Very talented and open minded firm I grew very fond of during this project. We arranged the Architect who was someone I have worked with for years and very very talented. We also used an amazing local land use attorney, along with civil/structural engineer and surveyor who always met our needs. We also hired a state certified wetlands professional to oversee our site development and pond dredging. There were many others who participated on the team as well, the point is this project consisted of numerous professional entities along with processes to complete, we were not cowboys in the wild west. 

Screenshot 2023 06 16 at 5.28.55 PM
Late 2022

  Permitting, we started this project knowing we were going to build it fast. So to expedite the start I obtained a demo permit and site excavation permit. This allowed us to cut out the 20ft tall mountain that existed where we set the home. We developed plans and interiors while working on the site. We also were hung up momentarily with a zoning review on volume.  We were able to submit our foundation plan and hedge our zoning approval to build the house designed, which you can see all worked out.  

The Build,

As you can imagine it was difficult to onboard new subs and get them to agree to the timeline. It is something I deal with on a daily basis. 

  I remember vividly vetting the HVAC sub I wanted to use for the project. I had worked indirectly with them in the past on many projects and they were very capable. The sub we had been using prior had provided a really high price for the job and they were not worth the squeeze. So I brought in someone else, agreed on pricing and the start and finish dates.

  The biggest challenge building at a reduced timeline is making sure everyone fully understands you are going to be on time for them to start. Delays in construction are typical (when or if allowed). Today there are so many ways to mitigate delays that you really have a lot of control. The only thing you cannot still control is mother nature but now it is when she acts extreme. 

  We were fortunate to avoid delays and when contracting the HVAC sub they were to start rough installation 5 weeks from contract signing. No big deal, except at that time we were still excavating for the foundation. The concern was raised from the sub and I assured them we were going to be ready and this is normal for us. 

  Well three weeks before HVAC start date we were pouring footings and the sub stopped by the project very concerned. I had a lengthy conversation and really delivered my message that I will be ready regardless of how long it takes everyone else to build that they work for. I could see this was really tough for them to swallow. In the timeframe of 2 weeks we finished pouring the foundation, waterproofed, installed underground piping and drains and backfilled ready for framing. I hired 6 framing companies to frame the house hourly under my leadership. They did not know they were going to be working with the other 5 companies. That monday am one of the companies left and I was down to 5 companies. 

  We started Monday am and framed the house complete by days end Saturday. The cost was equivalent to contracting one firm, the time savings was enormous. To put this in perspective it would have taken a framing company most likely 6-8 weeks to frame what we did in 6 days. 

  This type of processes was duplicated over and over again. Outside the box perspective and action to gain results. When we arrived at interior trim and millwork, I hired numerous companies to work by the hour again. I set up a millshop in the Family Room and we made mouldings and raised panels along with many other parts needed to complete the work. I used the architects autocad to work with the trimmers and reduce questions by expanding drawing profiles to see dimensional properties. I also had a meeting with each of the company owners and workers (alone) to offer time and half for anyone who was willing to work over 40 hours. I made sure the owners and workers were present so the money was assured to go to the worker and not in the owners pocket. I was also clear that they had to perform each week during the 40 hours or the overtime was negligible. They agreed and diligently worked as they felt comfortable performing. 

  I worked many hours weekly on this project coordinating everything from value engineering the pre-buy, permits and approvals, to overseeing field work, project management, inspections, processing invoices and tracking all expenses. Most companies have numerous people on the construction team. I had one supervisor, one pm, an office assistant, and myself. We did have a full accounting office, excavation, masonry, landscaping division and hundreds of laborers but on the construction management side it was the four of us (and we had other projects in various stages).  

  The painters were our employees and the client at this time changed the floor finish color after we completed the floor finish. To not extend the schedule I had a meeting with our painters and asked them if they wanted they could work from that Monday to Friday. They all looked at me smiling like I was certifiably crazy, “Lee we already work Monday to Friday”.  I laughed and apologized for my shortness, I explained that I meant work from Monday 7am until Friday late evening and not go home in between. We can make a bunk area to sleep and I will provide dinner and breakfast, you will receive time and half plus double time, you work until you can’t then sleep and do it again. They all agreed at the opportunity to make extra money and they did it. I already had cameras set up to monitor work from anywhere on my laptop. But with the walls up it was tough to really monitor anything. So to make sure everyone was honest I would randomly show up at the house to check on the production and workers. 11pm, 1am, 3am, 8pm, 10pm never the same time and no pattern.  I never encountered anyone taking advantage they were all great workers and exceptional people. 

More to Follow..

If you are curious or want to learn more please reach out to us: info@iridiumdev.io

BlissRdLand 2outlinenew

Analyzing Market Trends: How to Identify Promising Locations for Real Estate Investment

by Lee Seward Real Estate

real estate market analysis, location analysis for real estate investment, identifying growth areas in the property market

When it comes to real estate investment, identifying promising locations is crucial for achieving a lucrative return. Market trends and location analysis play a pivotal role in determining the potential growth areas in the property market.

One key aspect to consider is the importance of “location, location, location.” The value of a property heavily relies on its proximity to amenities, transportation hubs, schools, and other essential facilities. Conducting thorough market research and analyzing demographic data can help identify areas that are experiencing growth and have high demand.

For investors looking for substantial returns, high-end spec homes hold great potential. These luxurious properties attract affluent buyers who are willing to pay a premium for exquisite finishes and design. Building in sync with the neighborhood’s aesthetic and architectural style is equally important as it enhances the overall appeal of the property.

By staying abreast of market trends and employing comprehensive location analysis techniques, investors can make informed decisions about where to invest their resources. This strategic approach ensures that real estate investments align with the ever-evolving demands of buyers and maximize profitability in an ever-competitive industry.

The Different Types of Real Estate Investments and Their Pros and Cons

by Lee Seward Real Estate

The Different Types of Real Estate Investments and Their Pros and Cons

residential real estate, commercial real estate, rental properties, fix-and-flip properties, pros and cons of real estate investments

When it comes to real estate investments, there are various types that investors can consider. Two common options include residential and commercial real estate. Let’s delve into the pros and cons of residential real estate, as well as the specific advantages and disadvantages of rental properties, fix-and-flip properties, and high-end spec homes.

Rental properties offer a consistent monthly passive cash flow, making them an attractive option for investors seeking regular income. However, they also require ongoing maintenance and management responsibilities. Landlords must be prepared to handle tenant issues, property repairs, and vacancies.

On the other hand, fix-and-flip properties can be lucrative when the market is hot and located in high-demand areas. Investors purchase distressed properties at a lower price, renovate them, and sell for a profit. This strategy allows for quick returns but requires careful market analysis and skilled project management.

Lastly, high-end spec homes in prime locations often yield excellent returns (+35% y.o.y.) due to their desirability among affluent buyers. These luxury properties tend to hold their value well even during economic downturns. Nonetheless, investing in high-end spec homes requires substantial capital upfront and carries higher risks with higher rewards for the seasoned developer/investor. 

In summary, while rental properties provide steady income streams with some maintenance commitments involved; fix-and-flip projects can yield quick profits but require careful planning; investing in high-end spec homes offers potential for substantial returns but involves higher financial commitments, typically $3.0-$5.0M. Ultimately, understanding the pros and cons of each type of real estate investment is crucial for making informed decisions that align with your investment goals.

Why Real Estate Investment is a Lucrative Opportunity

by Lee Seward Real Estate

Why Real Estate Investment is a Lucrative Opportunity

real estate investment, property investment, real estate market, real estate opportunities

Real estate investment has long been recognized as a lucrative opportunity for those who possess the knowledge and expertise in the field. Investing in properties that have room for improvement can lead to significant returns on investment. However, it is crucial to have a deep understanding of the real estate market and be aware of the potential opportunities that exist.

While waiting for a leveraged opportunity can certainly expedite the process, it is important to consider how many deals actually materialize. This is where teaming up with a developer can prove to be advantageous. By partnering with an experienced developer, investors can tap into their expertise and gain access to a wider range of real estate opportunities.

Investing in property requires careful analysis and due diligence. It is essential to assess factors such as location, market trends, potential for growth, and any possible risks involved. With the right approach and strategic partnerships, real estate investment can offer substantial financial rewards.

In conclusion, real estate investment presents an enticing opportunity when approached with knowledge and caution. By staying informed about the real estate market and exploring collaborative ventures with developers, investors can unlock the full potential of this lucrative sector.

Unlocking the Potential of Real Estate Investment: A Multi Page Comprehensive Guide

by Lee Seward Real Estate

Introduction: Why Real Estate Investment is a Lucrative Opportunity

real estate investment, property investment, real estate market, real estate opportunities

Real estate investment has long been recognized as a lucrative opportunity for those who possess the knowledge and expertise in the field. Investing in properties that have room for improvement can lead to significant returns on investment. However, it is crucial to have a deep understanding of the real estate market and be aware of the potential opportunities that exist.

While waiting for a leveraged opportunity can certainly expedite the process, it is important to consider how many deals actually materialize. This is where teaming up with a developer can prove to be advantageous. By partnering with an experienced developer, investors can tap into their expertise and gain access to a wider range of real estate opportunities.

Investing in property requires careful analysis and due diligence. It is essential to assess factors such as location, market trends, potential for growth, and any possible risks involved. With the right approach and strategic partnerships, real estate investment can offer substantial financial rewards.

In conclusion, real estate investment presents an enticing opportunity when approached with knowledge and caution. By staying informed about the real estate market and exploring collaborative ventures with developers, investors can unlock the full potential of this lucrative sector.

The Different Types of Real Estate Investments and Their Pros and Cons

residential real estate, commercial real estate, rental properties, fix-and-flip properties, pros and cons of real estate investments

When it comes to real estate investments, there are various types that investors can consider. Two common options include residential and commercial real estate. Let’s delve into the pros and cons of residential real estate, as well as the specific advantages and disadvantages of rental properties, fix-and-flip properties, and high-end spec homes.

Rental properties offer a consistent monthly passive cash flow, making them an attractive option for investors seeking regular income. However, they also require ongoing maintenance and management responsibilities. Landlords must be prepared to handle tenant issues, property repairs, and vacancies.

On the other hand, fix-and-flip properties can be lucrative when the market is hot and located in high-demand areas. Investors purchase distressed properties at a lower price, renovate them, and sell for a profit. This strategy allows for quick returns but requires careful market analysis and skilled project management.

Lastly, high-end spec homes in prime locations often yield excellent returns (+35% y.o.y.) due to their desirability among affluent buyers. These luxury properties tend to hold their value well even during economic downturns. Nonetheless, investing in high-end spec homes requires substantial capital upfront and carries higher risks with higher rewards for the seasoned developer/investor. 

In summary, while rental properties provide steady income streams with some maintenance commitments involved; fix-and-flip projects can yield quick profits but require careful planning; investing in high-end spec homes offers potential for substantial returns but involves higher financial commitments, typically $3.0-$5.0M. Ultimately, understanding the pros and cons of each type of real estate investment is crucial for making informed decisions that align with your investment goals.

Analyzing Market Trends: How to Identify Promising Locations for Real Estate Investment

real estate market analysis, location analysis for real estate investment, identifying growth areas in the property market

In the dynamic world of real estate investment, identifying promising locations is crucial for maximizing returns. As the saying goes, “location, location, location” remains the biggest criteria when it comes to successful investments. However, in order to truly capitalize on the potential of a property market, comprehensive market trend analysis and location analysis are essential.

Investing in high-end spec homes has proven to be a lucrative endeavor for many investors. These luxury properties offer substantial returns when built in strategic locations that attract affluent buyers. But how can one identify these growth areas and make informed decisions? This is where thorough market trend analysis and location evaluation come into play.

By analyzing market trends, investors can gain valuable insights into emerging growth areas within the property market. Identifying these areas allows investors to stay ahead of the curve and capitalize on future opportunities. Additionally, conducting a detailed location analysis helps determine whether a particular area aligns with investment goals and offers potential for long-term appreciation.

When it comes to high-end spec homes, building in harmony with the neighborhood is paramount. Understanding the local culture, architectural style preferences, and demographic profile of potential buyers are key factors that contribute to success in this niche market segment. Moreover, installing finest finishes and design elements further enhances the appeal of these luxury properties.

In this section, we will delve deeper into analyzing market trends and provide valuable insights on how to identify promising locations for real estate investment. By employing proven strategies and leveraging comprehensive data analysis techniques, investors can make informed decisions that yield profitable returns in an ever-evolving property market landscape.

Financing Your Real Estate Investments: Exploring Funding Options and Strategies

mortgage loans for investment properties, private funding options for real estate investments, creative financing strategies for investors

Financing your real estate investments can be a challenging task in today’s market. Traditional lending institutions, such as banks, have tightened their lending platforms and reduced the availability of mortgage loans for investment properties. This has made it more difficult for investors to secure the necessary funds.

However, there are alternative funding options that can help you overcome these challenges. Private funding options for real estate investments have become increasingly popular. These private lenders are willing to provide financing for investment properties, but it is important to exercise caution and be aware of potential predatory lenders.

In addition to private funding, investors can also explore creative financing strategies to fund their real estate ventures. These strategies include methods such as seller financing, lease options, and partnerships with other investors. By thinking outside the box and exploring these creative approaches, investors can find innovative ways to finance their projects.

While it may not be as easy as it once was to secure financing for real estate investments, there are still viable options available. By researching different funding avenues and being cautious of predatory lenders, investors can navigate the current market landscape and find the funding they need to pursue their real estate goals.

The Importance of Due Diligence: Conducting Thorough Research Before Making an Investment

Due diligence in real estate investments, property inspection checklist, legal considerations in real estate transactions Performing due diligence before investing in real estate is absolutely critical. You must conduct thorough research, utilize a property inspection checklist, and carefully consider all legal considerations related to the transaction. Failure to do so could result in significant financial losses.

Tax Benefits and Strategies for Real Estate Investors: Maximizing Returns through Smart Planning

tips on maximizing tax benefits from real estate investments , 1031 exchange , tax deductions for landlords

As a real estate investor, it is imperative to establish a comprehensive plan that maximizes your returns. One crucial aspect to consider is how to capitalize on the tax benefits that accompany real estate investments. The 1031 exchange is an indispensable tool for postponing taxes on property sales by reinvesting the proceeds into another property. Moreover, landlords can avail themselves of various tax deductions, so make sure to conduct thorough research and seize all available benefits.

Conclusion: Embrace the World of Real Estate Investment and Secure Your Financial Future

Buy or Build?

by Lee Seward Contractors

High Interest Rates

If you are locked in with a low mortgage rate it most likely makes sense to renovate instead of buying new. 

The downside is living in a construction zone!

 

Luxury Estate

Selecting the right contractor can make a big difference.  Organization is the first ingredient to a successful renovation. You can assess how organized your contractor is by the estimate they provide you.

Having a detailed scope of work and values not only provides transparency but also shows you that the contractor understands what is need to complete the work.  

Luxury Real Estate

When we built Judge Judy’s Home we included every detail in the estimate from how many hinges to manufacture model numbers. This has been our standard process and always provided up front in our estimate. 

Regardless if the project is cost plus or fixed price, we list every detail, qty, count, size so there is less confusion later.  

We have found over the years that this makes the process much easier for the clients and for us. 

If you are presented with an estimate (or worse a contract) and after review you have no idea what is included…..I can assure you that this is not going to be a fun or successful journey. 

Our estimates have every detail. 

Start with all of the details and cost, then execute the work. Doing the work is always the easiest, making selections and knowing the true cost is best when it is presented clearly upfront. 

Construction Cost

by Lee Seward Construction

What is the cost to build new in Florida?

St. Petersburg New Home at block shell stage

Construction cost in Florida is surprisingly $135 pr ft.

Compared to the Northeast ($375.00 sft+) the cost to build in Florida is $135 per foot including landscaping! 

Block Construction

Let’s break down the cost to build a  4 bedroom 3.5 bath home with a 2 car garage. 

What is included?

  • Block exterior walls (two stories)
  • Stucco exterior (painted)
  • Asphalt shingle roof
  • 20ft x 25ft brick paver driveway
  • 1,700sf grass sod
  • 20ft x 12ft paver patio
  • 20ft x 21ft garage
  •  12ft x 7ft covered front porch
  • First floor powder room
  • 25ft of Kitchen cabinets with Island eating area
  • Premium GE Appliances
  • 16ft x 20ft Great room
  • 15ft x 10ft Dining room
  • 2 Ensuite Bedrooms upstairs
  • 2 Additional Bedrooms upstairs
  • 3 Bathrooms upstairs  
  • $6 tile allowance 
  • Caesarstone  countertops
  • $2.25 laminate floor allowance for the entire house
  • Hurricane rated windows and exterior doors
  • Shaker style interior doors and millwork
  • Lever door hardware

If the tile material allowance caught your eye as it being to low, the cost to upgrade is nominal.  

Screenshot 2023 07 22 at 9.46.14 AM

4 Bed 3.5 Bath House

How is this possible? We build at this cost per foot in Florida today. 

Experience and technique applied properly to create quality at affordable prices. 

If you are interested in building a new home in Florida, contact us. We would be happy to provide a free estimate. 

Iridium Development 

561-597-0021

Real Estate Development

by Lee Seward Real Estate

New Homes

Screenshot 2023 06 16 at 5.18.31 PM

Is speculative development lucrative today?

The answer is yes and it have always been when you follow the basics: buy at the right price, build what works in the area. 

When you venture off this path you risk reward on your investment.  A+ locations are worth the extra expense, building to a larger market  instead of building to your own taste, design verse cost to build analysis. I have built numerous speculative homes, my first two significant homes were in a B-B+ locations and I learned my lesson. 

The house above in the picture was built on 4 acres in a A+ location. I leveled the original house graded the entire property and located the new house in the center of the property. I built a 6ft tall stone wall along the road frontage and added entry gates. 

Timing is key to success, something many developers do not take in consideration. Time is the enemy in speculative building. Interest on money borrowed costs more every day. Days on market hurt the appeal of the house, 260 days and the house begins to feel tainted. 

I have built many houses rushing to complete the house for a certain buyers season. If spring is your strong buyer market then you want to be 100% finished before this time so you can flip your investment. taking your time and missing this timing can cost you another year of interest. 

Everyone has their own business strategy, my strategy is the same as when I built the house above. Purchase land at $4.5M, construction/development cost $4.5M, build time 6 months from permit to C of O, sold in 2 weeks $18.5M.   

My investors make money and I make money for the risk. 

Smart purchases are where you make your money. Pay to much and you lose, pay to less in a lower level area and you lose. Find the area you can afford to play in and step on the gas. 

For more information contact Iridium Development 

561-597-0021

info@iridiumdev.io

What makes a Great General Contractor

by Lee Seward Contractors

Recognizing the signs of a bad contractor is crucial when undertaking any construction project. Whether it’s a home renovation or a commercial development, hiring a reliable and competent contractor is essential for the success of the project. This section will explore some key indicators that can help identify a problematic contractor before any significant issues arise.

One of the telltale signs of an unreliable contractor is disorganization. A lack of attention to detail, missed deadlines, and poor communication can lead to delays and frustration for all parties involved. Additionally, estimates or contracts lacking clarity and specific values can indicate potential problems down the line, such as unexpected costs or disputes over payment.

Another red flag to watch out for is when contractors request large upfront payments with little to no work performed. Reputable contractors typically follow industry standards and establish payment schedules based on completed milestones or stages of the project. If a contractor insists on substantial upfront payments without demonstrating progress, it may be wise to reconsider their suitability for the job.

Subcontractors and employees constantly complaining about the company they work for is another sign that should not be ignored. Dissatisfied workers often indicate underlying issues within an organization that can negatively impact your project’s outcome.

Furthermore, if you find yourself in a situation where there are no workers at your house consistently or sporadically, it may be indicative of poor management or scheduling conflicts within the contracting company. Lack of manpower can lead to significant delays in completing your project as planned.

Lastly, overbilling or experiencing instances where you feel you have overpaid your contractor without receiving satisfactory results should raise concerns. It is important to closely monitor financial transactions related to your project and seek professional advice from a construction attorney if necessary.

By being aware of these warning signs and taking appropriate action when necessary, you can mitigate potential risks associated with hiring an unreliable contractor. Remember that thorough research, reference checks, and clear communication are essential in ensuring a successful construction endeavor while avoiding common contractor scams and pitfalls.

If you have any questions or want to learn more please reach out to us by phone or email.

Iridium Development

561-597-0021

info@iridiumdev.io

 

How to Hire a Contractor

by Lee Seward Contractors

When it comes to undertaking a remodeling or renovation project, hiring a reliable and competent general contractor is essential. With the abundance of options available, it can be overwhelming to select the right professional for the job. However, by following a few guidelines, the process can become much easier and more streamlined.

First and foremost, it is crucial to ensure that the general contractor you choose is licensed and insured. This provides you with peace of mind knowing that they have met certain requirements and possess the necessary expertise to handle your project. Additionally, insurance coverage protects both parties in case of any unforeseen accidents or damages during the construction process.

Another important step is to check for any negative feedback or complaints against the contractor with reputable sources such as the Better Business Bureau (BBB). This will give you valuable insights into their reputation and reliability within the industry.

Reviewing the estimate provided by the contractor is also essential. Take your time to thoroughly understand all aspects of the estimate, including details about the scope of work and costs involved. Pay close attention to any allowances mentioned in the estimate as these may impact your overall budget.

Finally, ensure that any contract you enter into with a general contractor follows an AIA (American Institute of Architects) standard contract. These contracts are widely recognized within the industry and provide clear guidelines for both parties involved.

By adhering to these guidelines when hiring a general contractor for your remodeling or renovation project, you can confidently move forward knowing that you have made an informed decision based on important factors such as licensing, insurance coverage, reputation, cost transparency, and contractual standards.

Solvency of General Contractors

by Lee Seward Contractors

Discovering that the contractor you hired has run out of money can be a frustrating and disheartening experience. It’s especially alarming when you’ve already paid more than 50% of the contract amount, but only 5% of the work has been completed. Unfortunately, this is a common issue in SW Florida, where predatory contractors often take advantage of homeowners. The consequences can be devastating, leaving you with a delayed remodeling project, unpaid subcontractors, and even an unfinished or unbuilt home. In this section, we will delve into the challenges faced when encountering such situations and explore potential solutions to navigate through this unfortunate scenario.

Your Contractor is out of Money

The first item to uncover is discovering the items actually paid for your project. Since you are in a situation (you never asked to be in), you cannot take this at face value. You have to request a list of items the contractor paid with the actual invoices. You then need to call to confirm the payments were made. If this goes to court the information will be divulged. Trying to work this out is the best situation for the builder and yourself.

The Workout Option

Once you figured out how bad it is you have two options, attorney and court or try to work it out. Both options suck but if it is possible to work it out that will most likely offer you the most return. Legal battles are costly and if the contractor is out of money and you win, what would you expect to gain? 

Finishing your project is the best situation. The path forward would result in the contractor providing labor to cover the amount of money stolen from your project. You need to pay for the materials and subcontractors directly to assure they are actually paid. You will make the contractor source the lowest cost forward to finish your project and you will make sure they are providing you full cooperation to see this through. 

 

The Legal Option

This path is costly but may be your only path, NOTE: we are not providing legal advice and before committing to either option you should always consult with your attorney first. 

The discovery process will uncover what was paid and how your money was spent. Most likely they used your money to pay bills from past projects and cover operation overhead. Depending on how big that hole is will determine your outcome.  The downside of this process is time. It takes time to get this to court while you spend money. Your project will sit longer unfinished while you wait. There is a chance the court will require the contractor to finish your project if they do not have the cash to refund you but the capability to finish. Hopefully when all is final you are able to recover some cash. 

Protect Yourself

Try to be as proactive as possible. Make sure you know what is included in your scope of work and the values used to create your agreed cost.

Pay only for work in place, deposits are always required to purchase items and legally the deposit you are requested to pay should only be used for supplies to start your project. Have discussions of what has been purchased, windows have long lead times and need to be paid prior to ordering, plumbing fixtures need to be present for plumbing roughs, cabinets, stone/tile, etc. 

Most of all make sure when you have paid or are about to pay your contractor that they have performed the equivalent of work in place. If there is no action and you have paid a great amount then you should reach out to an attorney and see what your options are. 

Proactive is the best protection. 

If you find yourself in a situation where you need a second opinion, please feel free to give us a call 561-597-0021 or send us an email at info@iridiumdev.io