#!flask/bin/python
from flask import Flask
from flask_sqlalchemy import SQLAlchemy

app = Flask(__name__)
app.config.from_object('config')
db = SQLAlchemy(app)

from app import views, models

#!../flask/bin/python
from flask import Flask
from flask_sqlalchemy import SQLAlchemy

app = Flask(__name__)
app.config.from_object('config')
db = SQLAlchemy(app)

from app import views, models

Fix shebang in __init__.py