FINISHING TOUCHES:
A Shreveport real estate agent and her general contractor husband bring new life to aging homes.
And it’s a hot market!
Finding opportunities in older neighborhoods might not be as hard as you think. Or, maybe the Joneses just make it look easy.
In August of this year, Realtor.com reported that the median home price in Shreveport was $199,000, up 5.3% year over year. At last report, more than 1,200 homes were for sale, and nearly 300 were available for rent. The site described the area as a buyers’ market, with more homes available than the current demand required.
One option for homebuyers is to purchase a newly constructed home in a new or developing neighborhood. Another is to buy an existing home that is up for sale in an established neighborhood.
The age-old real estate mantra of “location, location, location” used to determine home value and selling price is still in effect. Still, the state of the real estate market is being affected by mortgage interest rates, income levels and other factors that can change those estimates.
Another option for someone in the market for a “new” home has become popular in recent years. It’s the practice known as flipping, which means buying a house at a low price, renovating or updating it, and selling it at a profit.
It is generally considered an investment practice, taking old, depressed properties and making them appealing at an affordable price for buyers who can’t afford or don’t want new homes in a development.
Berkshire Hathaway real estate representative Marie Jones.
Marie Jones, a Berkshire Hathaway real estate representative, and her general contractor husband, Ricky Jones, have taken that concept upscale in Shreveport. They’re taking homes in established neighborhoods and reimagining them for buyers. It’s an approach she is passionate about.
“All the energy, all the money y’all are putting into (some developments), if we could just put that same energy into our stable communities that make Shreveport, Shreveport, this city could be booming. Everything is moving so far away from the actual neighborhood.
“I feel like Shreveport has so much beauty here,” Jones said. “Location is very nice in real estate, but I feel like all these subdivisions pop up and they’re trending, then 10 to 15 years down the line, it goes downhill. It’s literally a trend.”
But the Joneses think there is an alternative for people in the market for a new place to hang their hat.
“People who are looking for a house, instead of going back to those areas and just thinking, ‘We can just renovate, you know, buy cheaper and make it what we want.’ (Almost) everybody is building these cookie-cutter homes. Personally, my knowing real estate and construction, I’m saying, ‘Gosh, y’all have got to tap into these older homes.’ It’s the quality. That’s what I look for.”
She cited older construction techniques that stressed quality over ease of construction.
One example is the home they recently revived in the Haven community off East Kings Highway in the old Harts Island area.
Jones said the four-bedroom, 4.5-bath, 5,050-square-foot home was designed for both relaxation and entertainment. The fully remodeled interior boasts top-of-the-line luxury finishes, from quartz countertops to high-end appliances. According to Jones, open-concept living spaces flow seamlessly, providing an inviting atmosphere for gatherings and family life with a smart, wired surveillance system to keep a family safe.
Jones said her client is a local who takes pride in the city and the real estate that it has to offer and decided to purchase the property and make it over. She noted the property needed a lot of work. But the result, she thinks, will appeal to someone looking for a property in this price range, north of a million dollars. Jones said the redo has a lot to offer the right buyer. “It’s in the heart of Shreveport. It’s right off of East 70th; it’s within five minutes of everything. They’ve got LSU-S, they’ve got the shopping centers, you’ve got a walking trail within the neighborhood, plus doctors (just down the way).”
She describes the house as ideal for large family gatherings: “I feel like it’s the perfect multigenerational house. You have your master ensuite on one side of the house, but you also have a guest room and a full bathroom that’s also downstairs on the opposite side.” Jones noted that it could become the perfect place for older relatives who don’t need to live on their own.
“You also have a movie theater upstairs. There is a bar in there. It currently seats 12. It has leather movie recliners. It also has surround sound; the sub has outfitted it with all the little fancy things. The screen takes up pretty much the entire wall.”
She said the property backs up to the waterfront, so it’s almost like living in a resort area. Residents can walk out the back gate and be on the walking trail or have a seat right on the Red River.
“You also have an upstairs room that could be used as an office or a game room that has French doors that you can walk out of onto a balcony which overlooks the Red River,” Jones noted. “Everybody falls in love with the view.”
Jones said that remaking a home takes some careful planning. “My client caught it in foreclosure. I felt like it was a really nice house, especially the location, but it’s 5,000 square feet and had a lot of potential. After sharing my vision for the property with him, he said, ‘All right, I’m going to follow your lead. I am trusting you to do what you feel like needs to be done in order to sell the property.’
“It took us about five months to complete the project. It has brand-new flooring throughout. We gutted the bathrooms. Literally everything in the house is brand new, from the doorknobs to the cabinet pulls. Now, it’s a beauty.”
Jones and her husband have several investor clients who trust them to rehabilitate these “mature” homes that need some TLC.
“We have one client who has tapped into the Pines Road area since February, and we’ve done four houses for him up there. All of the houses were over 2,000 square feet. He bought (them) for little or nothing.
We flipped it, turned it around and sold it for market value.
“It’s just a matter of knowing what to put into a home, how to renovate it, and the proper marketing and advertisement of it. In most cases with our investors, as soon as we’re done with these properties, they’re on the market and sold in less than 30 days. And if they’re not selling them, they’re renting them before they are done.”
The Joneses’ vision for a “booming” Shreveport is a possibility, she said, if people keep their eyes on the prize. “I tell people, look at the character of the home, longevity. Basically, older homes are forgotten about. With our investors, we help them find those gems. (We) show people that in order to get that look, you don’t have to build it. You’ve just got to find good bones. And find that right person you want to trust to make it what you need it to be.”
As Jones said this sort of property, while maybe not conventional, “might just be the opportunity of a lifetime.”
