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All posts by Lee Seward

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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.  

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  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. 

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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

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How to Protect your House from Flood Damage

by Lee Seward Renovation

Water Damage

What can you do to protect your home and investment from flood damage. 

The best answer is to elevate your home although this may not be possible for older homes.  If you cannot elevate than you need to reduce damage and we will give you advice on how to do that. 

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Flood damage can cause your doors, windows, and walls to cave in. But in Florida there is worse damage that is caused after the water recedes, it is mold. Once your house is flooded and the water recedes mold starts to infiltrate. The longer the items are wet the more intense the mold builds and starts to spread.  

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The first step to reducing the damage is to remove and discard everything that is wet as soon as possible. Remove everything from the house including drywall, carpet, insulation and wet furniture. Please do this after your appraiser comes out or if you have a long wait then take a careful detailed video of everything before and after.  

Once you have removed all of the wet contents then you need to dry the house out and apply a mold killer over everything.

You can find suggestions on the CDC website and bleach is an easy to source product. 

Your air conditioning can be used to remove moisture in the home, have your ac running at a lower than normal temp so it continues to cycle and pull moisture from the air. You can also purchase/rent a dehumidifier as well.  

Once you dry the home you will need to assess the damage along with creating a list of repairs and itemized costs.

Wood framing needs to be treated so mold does not come back, any wet drywall needs to be removed. Wet electrical wires have to be replaced as well. If you have any low HVAC vents that were flooded they should be replaced or looked at. 

You also need to put some thought into this, what will stop this from happening again?

Prevention

Can you prevent future flooding? Maybe or most likely maybe not. 

You can prevent future damage and this is what we are going to cover. 

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Change your design style along with materials. If possible elevate your entry doors and waterproof the sills.

Use cement board in place of drywall, replace carpets with stone or tile, install stone/tile base moldings.

 

Use rigid foam for insulation instead of fiberglass, raise wires and ductwork,

Use cabinetry that is wall mounted and elevated from the floor (european look). 

Try to use materials at floor level that will not absorb moisture. Treat these areas as if the walls and floors are a bathroom shower. 

Laticrete makes a water proofing application that is painted on and will seal the floor and the wall. Apply it all over your concrete floor and up the wall making sure the inside corner is covered generously. Cover the water proofing with tile or paint.  What you created is a stop for water to penetrate behind your walls and mitigated the damage to contents on the floor rather than destruction of your walls. 

For more information or a free consultation, contact Iridium Development 561-597-0021

Financing Your Real Estate Investments: Exploring Funding Options and Strategies

by Lee Seward Real Estate

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.

 

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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

Mortgage Rates

by Lee Seward Remodeling
Luxury Design enhanced by quality building Iridium Development

Lower Cost

Savings

Are you feeling trapped by high mortgage rates? Instead of considering the daunting task of purchasing a new home with even higher mortgage rates, why not explore the option of remodeling your current home? With Iridium Development, a trusted and experienced general contractor, you can transform your existing space into your dream home while still living there.

Imagine having a brand-new kitchen that perfectly suits your culinary needs or adding that much-needed extra room for your growing family. Our team of skilled professionals specializes in various aspects of home remodeling, including kitchen remodels, additions, window installations, roofing repairs, and more. We are committed to providing free estimates and delivering top-quality workmanship to ensure your satisfaction.

By choosing to remodel instead of moving, you not only save yourself from the stress and expenses associated with buying a new property but also have the opportunity to customize every aspect of your home according to your preferences. Whether it’s creating an accessory dwelling unit (ADU) for additional rental income or upgrading your bathrooms and flooring for enhanced comfort and aesthetics, our dedicated team will work closely with you to bring your vision to life.

Don’t let high mortgage rates hold you back from achieving the home of your dreams. Contact Iridium Development today and let us guide you through the exciting journey of transforming your current space into a place you’ll love coming home to.

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.  

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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

Florida Housing Market July 2023

by Lee Seward Housing Market

Buyer or Seller Market?

Nationwide people are moving out of high tax areas.

With all of the click bait on high interest rates and housing bust, data still shows migration of people moving from high tax areas to lower cost of living areas. Many people are claiming that 7% interest will become the norm and housing pricing will start to increase again. Here is an interesting article from RedFin.

Tampa and St. Petersburg Florida have low inventory with prices gradually increasing across the area. This is the same in other areas along the Gulf Coast. Relocating from the tri-state area you will find that Gulf Coast home prices are affordable while the cost of living is also much lower.  Warmer climate allows for more outdoor activities and increases quality of life. 

The new homes have been constructed to withstand hurricane force winds and mitigate damage. Impact rated windows and doors, masonry exterior walls, and first floor living areas elevated well above the floodplain reduce storm damage. Click here for more info.

If you are interested in learning more about the area please contact us, we would be happy to answer any questions and we have a select few realtors who would be able to help you find your Florida home. 

Iridium Development Inc

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

Mortgage Rates Decline Again

by Lee Seward Housing Market

Rates as low as 6.67%

Housing Market

We are in a Recession, Housing Bust, Foreclosures Rising

This is the click bait you see today. The prediction to where the economy and housing market is or going remains open and optimistic by most. Commercial property loans are in trouble, this will continue as office buildings remain partially occupied across the U.S. some say it will be troublesome through 2040. 

Screenshot 2023 06 28 at 8.18.14 AM

Some economists are looking at the Treasury yield bond curve that inverted July 5, 2022 and remains inverted showing indication signs that we are going into a recession. Past history shows that when this happens approximately 15 months later the economy goes into recession. 

The Federal Reserve is adamant of curbing inflation and bringing it down to 2% from the 4% metric this past May. 

Foreclosures

So much unknown, yet there is a lot of known information. We are on the edge of a buyers market today however, well priced homes are still selling quickly. Inventory is down and has been for years now.  

If you are ready to purchase a home or second home, be smart. Search out the A+ locations, you do not want to be the most expensive home in the area. You can also add equity or buffer your investment by purchasing a home then improving it. 

Rather than spend up to purchase something someone else improved. Find that home (in an A+ location) that has potential, hire your General Contractor and build your dream.

By renovating or building you are creating your own equity buffer. With all of the click bait, housing goes up and some years it decreases but in the long run it appreciates. Be smart, buy right and you will create your own equity.

If you are looking for a home in Florida and want budgets for renovating give us a call. We can also connect you with one of our trusted realtors located all over the Gulf Coast.  

Iridium Development 

561-597-0021

 

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.