7 Reasons Vegas Flips Are Different from the Rest
Sin City's real-estate market is one of the hottest in the country — and one of the most unusual. Aubrey Marunde walks us through what that means for flippers.
Aubrey and Bristol Marunde are old pros when it comes to flipping homes in Vegas: After more than 100 projects, they have yet to make a gamble that didn’t pay off.
“To be a successful real estate professional in Vegas — or run a flipping business — you better know your market and bring your ‘A’ game,” Aubrey told us.
So, what are the sure bets when it comes to her turf?
The Tourism Industry Drives Trends
Vegas buyers are accustomed to the high-end, glam details they encounter at casinos, clubs and restaurants, and they expect a glitzy VIP experience in private homes, as well.
“Vegas buyers want new, trending and statement-piece homes,” Audrey explained. “[We’re] always inspired by what’s new on the Strip.”
The Market Moves at a Sprint...
Interested in flipping an older property, or purchasing one of Aubrey and Bristol’s projects? Bring your running shoes.
“If you’re buying or selling [in Vegas], you have to be ready to move fast,” Aubrey said. “Properties list and are sold in hours rather than days.”
Her flips average three to five days on the market after completion.
...And It’s Even Speedier in the Spring
“[The] Vegas market is always hot, but it’s extremely hot around April-June — after tax season when income tax return money comes in for purchasers,” Aubrey said. “And the warmer spring-to-summer weather is always great for sellers.”
The Housing Stock Is Comparatively New...
“Homes in Vegas really aren’t that old,” Aubrey said. “We try to stick to homes that are newer than 1970. We don’t run into a lot of structural issues that take a lot of time to correct.”
...But Finishes Tend to Be Very Dated
Those aforementioned tourism trends have led to some ... interesting choices over the decades, and Aubrey and Bristol have seen them all.
“Vegas has some of the strangest interiors I’ve ever seen,” Aubrey said. “I think pink tubs and sinks were really hot in the ‘80s! Also, we see these strange sunken bathtubs and saloon-style doors a lot. Mirrors are everywhere: We just saw a house with an entire ceiling covered with mirrors.”
Flips Take a Matter of Weeks
“Most of the homes in Vegas are in Home Owner Associations (HOAs), so there are restrictions on what you can and can’t do to the exteriors,” Aubrey told us.
That can translate to time savings for flippers. Aubrey’s policy of focusing on newer homes, in turn, steers her in the direction of cosmetic rather than structural projects. Bristol has ample opportunity to demo non-load-bearing walls and open up interiors, to be sure, but the majority of the Marundes’ flipping energy goes into updating details — which means their properties are back on the market in a flash.
Party Spaces Are Paramount
When you’re flipping a property in Vegas, you’ve got to think like a host.
“Outdoor spaces are key,” Aubrey told us. “We try to incorporate one shaded area for entertaining [at each property].”
Given Nevada’s arid climate and the perpetual need to conserve water, you’ve also got to think (artificial) green— and get used to the practicality of artificial turf, or what the locals call “Vegas grass.”
“Vegas grass is so great!” Aubrey exclaimed. “It looks real — sometimes nicer than real grass — it’s low maintenance, and it’s great for kids and pets. It also transforms a space extremely fast and gives a modern, clean look.”
Can you keep up with Aubrey and Bristol? An all-new season of Flip or Flop Vegas premieres Thursday, March 15 at 9|8c.