7141 Grand Oaks RoadBlair and Chelsea Green are big fans of Flipping Out, Bravo’s reality remodeling series. This gorgeous Preston Hollow contemporary at 7141 Grand Oaks Road is their latest flip, although they don’t really ever intend to flip — it’s just worked out that way.

The couple already have very full plates. Blair is a commercial real estate attorney and Chelsea is the chief operating officer of a law firm.

“We were trying to buy our first house a few years ago and wanted to live in Dallas to be close to our jobs,” Blair said. “We either had to buy a really small house or a property that needed work. We found a house that needed some TLC and during remodeling realized we enjoyed the process.” (more…)

Jenni Stolarski has flipped some amazing properties in North Oak Cliff.

Jenni Stolarski has flipped some amazing properties in North Oak Cliff, including this one at 806 N. Windomere.

We were intrigued by a story from Bloomberg News citing RealtyTrac figures reportedly showing a nationwide decrease in flipping:

Home flipping, in which a buyer resells a property quickly for a profit, is on the decline as U.S. residential price gains slow and foreclosures dwindle.
Almost 31,000 single-family houses were flipped in the second quarter, representing 4.6 percent of U.S. home sales, RealtyTrac said in a report today. That’s down from 6.2 percent a year earlier and the smallest share since the first three months of 2012, when prices bottomed after the crash, according to the Irvine, California-based data company, which defines a flip as a property sold within 12 months of purchase.

Of course, I had to consult the two best “flippers” I know to see what the local perspective is on flipping. First I got in touch with Jenni Stolarski of Briggs-Freeman Sotheby’s. Stolarski does high-end flips in Oak Cliff, producing some of the most gorgeous homes I’ve ever seen. One of the most recent ones was an amazing Tudor transformation that was awash in marble and chrome. Total jaw-dropper.

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The WOw Factor Modern Family

(Photo: ABC/Modern Family)

Loved this column in the Dallas Voice about flipping, mainly because I have said this myself a time or two: Flipping homes is a lot harder than it looks!

And yet, TV shows such as Will & Grace, Modern Familyand innumerable programs on HGTV and DIY show people navigating the dicey waters of flipping residential properties.

“Surely it can’t be that hard,” a friend said to me at a get-together. “Well, cut in a few laugh tracks and at least it sounds like fun, right?”

In Arnold Wayne Jones’ Oct. 4 column, he notes that when it comes to flipping homes, gays are like moths to a poorly decorated flame. “Clearly, it’s something the gays were meant to do,” he says.

The truth is much more complex — and expensive — according to Dallas Realtor Keith Yonick. You’ll have to read the whole story, but the gist is that if you want to try flipping, don’t bite off more than you can chew, and find an experienced Realtor to help you find a good investment.