The Star of a Real Estate Reality Show Takes a Housing Hit
By Ronald Grover Ronald Grover
To the 1 million viewers of Bravo’s reality show Flipping Out, Jeff Lewis is the acerbic, demanding, and sometimes petulant face of real estate speculation. In the program’s first two seasons (already in reruns), Lewis turned a hefty profit buying and updating homes to sell in Los Angeles’ toniest neighborhoods. At the start of the year he sold a 1,900-square-foot house to Lost star Dominic Monaghan for $1.6 million.
But as the cameras stopped shooting seven months ago, the housing market went from slowed to stalled, leaving the 38-year-old speculator, as he says, “paralyzed.” Lewis has been mired for months in a dispute over the boundaries of a $2.5 million property. A deal to buy a house fell apart when Countrywide Financial (CFC.) foreclosed on the seller. Until recently, Lewis lived in a 700-square-foot home, tight quarters for an entourage that includes two cats, three dogs, and, during working hours, a housekeeper and two assistants. “These are not great times, and people are suffering,” says Lewis, a self-professed “working millionaire” who has flipped more than 40 homes.
A new study suggests that southwest North Carolina has lost more than 100 acres daily for the past 30 years to urban development.
The U.S. Commerce Department reported the sales of new single-family homes declined 2.8 percent in January, though area Realtors say the High Country’s market is “immune to natural trends.”
