LAS VEGAS, NV – Taking advantage of the popularity of “house flipping” shows – that is, programs that chronicle the happenings when people purchase a home to fix up and quickly sell for a profit – HGTV decided to make a spin-off of its hit series Flip or Flop by tying it into a region experiencing a rapid period of growth in terms of real estate; thus, Flip or Flop Vegas was born, debuting on HGTV on April 6, 2017 and instantly finding a loyal audience, earning 12.5 million viewers since its premiere.
Filmed in and about Las Vegas, Nevada, Flip or Flop Vegas features the husband and wife duo of Bristol and Aubrey Marunde as they go using their years of real estate experience flipping various properties in each weekly episode, all under the watchful eye of a professional camera crew. Aubrey is a real estate expert and designer, while Bristol – a former Mixed Martial Arts fighter – is the contractor and handles design as well. With the first season proving to be a ratings winner with audiences, HGTV announced after the finish of season one that Flip or Flop Vegas would be renewed for a second 16-episode season – upgraded from 13 episodes in season one – set to debut this March.
High demand for Las Vegas real estate, combined with ever-escalating prices, have contributed to an intense buying and selling environment unlike near anywhere else in the United States; Aubrey Marunde noted in an interview that such a competitive area was ripe for a television show chronicling the cutthroat attitude and drive a flipper must have when it comes to snatching up distressed properties, renovating them, and getting them back on the market to sell at profit as quickly as possible.
“Vegas is a very, very fast-paced market. There are so many opportunities and they present themselves daily. You have to be ready to jump on them, because if you don’t, somebody else is going to,” she said. “So our fast-paced market here is much different than other places around the country and I think that people watching are going to see that. Our properties sell in hours, rather than days or months here. That’s very unique to the show.”
After the couple’s exploits in season one, the Marundes now find themselves in a Las Vegas that is even more intense in 2018; in fact, Aubrey stated in a recent interview that Vegas is now the country’s “harshest“ real estate market in terms of the speedy time frame needed to execute a successful flip…if you slow down to catch your breath, she noted, you stand to lose countless dollars from your investment.
“Things move so fast in Vegas. You can have an area that’s booming, and something opens next door to it and you start seeing declining value,” she said. “You have to be really careful about which property you select and what you put into it — and how fast you get it on and off your books.”
The couple’s average time to flip a property these days tends to be about three weeks; once on the market, their average sell time is five to seven days.
Going along with the flashy image that Vegas portrays in the media, the design aesthetic the Marundes’ bring to their typical flip can be summed up in one word: “glam,” with lots of chandeliers and lighting and hardware in order to deliver an over-the-top result that has garnered the two quite the reputation…not to mention demand for their work.
A good example of the magic the two can work on a property is a recent job they did in Boulder City in Clark County; as will be shown in an upcoming season two episode, Aubrey and Bristol discovered a 690 square-foot house originally built in 1940, which they purchased with the intent to maintain the old-school charm the property possessed during its renovation. The plan is to double the house’s size with the additions of two new bedrooms and a new bathroom, in addition to replacing the windows, adding a porch, as well as other upgrades and embellishments.
The Boulder City home was purchased for less than its list price of $95,000; when the renovation is complete, Aubrey and Bristol said that they hope to flip it for $300,000. And considering the explosive state of the Las Vegas real estate market, it’s likely that they will get it. Flip or Flop Vegas season two will air on Thursdays this March on HGTV.
With Las Vegas taking the top spots nationally, we are here to help you find out all you need about getting into this hot market, handle your rentals, or buy and sell property locally. Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.