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Jack Quillin

Expert Anticipates Los Angeles Wildfires to Impact Las Vegas Housing Market

LAS VEGAS, NV – As the death and devastation brought on by the ongoing Los Angeles wildfires continues unabated in neighboring California – with countless unfortunate residents displaced from thousands of homes at this point – a real estate industry expert is anticipating the tragedy to begin impacting the housing market in the Las Vegas Valley, an area already dealing with a significant housing crisis of its own.

Many Los Angeles residents who have lost their homes due to the out-of-control fires may be considering looking to relocate to Southern Nevada, on either a temporary or permanent basis, according to the Director and Associate Professor of the University of Nevada, Las Vegas (UNLV) Lied Center for Real Estate, Shawn McCoy.

McCoy’s contention that Vegas could be expecting a mass migration of displaced Los Angelinos is based on a previous study conducted by UNLV in 2018 on a series of Colorado wildfires that took place between 2000 and 2012 that destroyed a total of approximately 360,000 homes.

Nevada Department of Motor Vehicles data says that Los Angeles residents make up the majority of out-of-state transplants into the Las Vegas Valley – 43 percent, to be exact – with nearly 158,000 of them opting to relocate to Southern Nevada between 2019 and 2024, the largest number of newcomers out of any other state in the country.

The chief reason cited for the constant influx of Californians into Nevada over the years has been affordability – the cost of living in L.A. is infamously expensive – and that trend is expected to grow as displaced Golden State residents flee to Nevada as the wildfires continue, which McCoy said could also seriously impact an already highly-competitive local rental market.

We may certainly see the fires in L.A. place upward pressure on rent locally in Las Vegas, both as a result of displaced L.A. households whose homes were damaged, but also from two other important groups,” he said. “Households near the wildfires but that were not directly affected by the fires may now hold a heightened awareness or concern of potential future fires and act on that heightened awareness by moving out. This may be especially true given research which shows that about 18 percent of the housing stock in the Palisades is multifamily housing.”

In addition, the valley could also see an increase of arrivals from those who had been thinking of moving to Los Angeles from out-of-state, but are now experiencing second thoughts by the abundance of destructive wildfires.

Think, for example, about households currently outside of L.A. or even the state of California who were in the process of considering a move to L.A.,” McCoy said. “These fires may change these households’ perception of L.A. fire risk and instead of moving to L.A. to rent, they may instead turn to other cities including Las Vegas.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

luxury apartment

Calida Group Buys 13-Acre Parcel Next to Las Vegas Durango for $18M; Plans Luxury Apartments

LAS VEGAS, NV – The Calida Group, a multifamily real estate development and investment firm based out of Clark County, has closed on a purchase of a parcel of land in the southwest Las Vegas Valley next to a prominent hotel, with plans to begin building a luxury apartment complex starting in late 2025.

The purchase takes the form of a 13.2-acre parcel next to the Durango Resort located in the vicinity of Durango Drive and the 215 Beltway, with the Calida Group paying approximately $18.3 million to Las Vegas apartment developer Ovation for the property, according to records.

The developer has announced plans to hold the official groundbreaking on the project early this upcoming spring, with the facility boasting 393 upscale apartment units spread out over a four-story Ainsley-branded building, which is set to include “ultra-modern designer fixtures, timeless hardware and luxurious amenities.”

Calida’s Co-Founder, Doug Eisner, noted that the currently-unnamed project will have a slew of high-end amenities for tenants that fall in-line with other neighboring properties that the firm has built in Las Vegas, such as a game lounge with billiards and shuffleboard, in addition to a gym, sauna, yoga studio, Himalayan salt cave and massage and steam rooms.

In addition to all of the upscale trappings and perks of living in the new facility, one of the main draws, according to Eisner, will be the location of the apartment complex, which is in an up-and-coming part of the valley that is within walking distance of the Durango and its plethora of food and entertainment offerings.

“We think it’s a huge amenity,” Eisner said.

Units at the upcoming complex will range from 575 to 1,450 square feet, with monthly rent expected to be between $1,700 to $3,200 per month, according to the Calida Group.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Fire fighting helicopter carry water bucket to extinguish the forest fire. Photo Contributor Toa55

New Study Ranks Las Vegas as Safest City in Nation When it Comes to Natural Disasters

LAS VEGAS, NV – Amid the ongoing wildfires that have already reportedly destroyed over 10,000 structures in Southern California – as well as taking into account the rising number of natural disasters that have rocked numerous regions throughout the nation – there has been an increased number of Google searches on the part of people who have been seeking out areas to potentially live in that are deemed safe in that regard.

A new study has ranked Las Vegas, Nevada as the number one safest major metropolitan area in the United States in which to live when it comes to the number and severity of natural disasters it experiences.  

Las Vegas’ ranking as the city with the least number of natural disasters in the country – as shown in the U.S. Disaster Avoidance Map – is influenced by a number of factors, including its unique geographic advantages, robust infrastructure, and booming local economy.

The devastation brought about by hurricanes, wildfires, earthquakes, and floods are unheard of in Southern Nevada – partly because it is situated far from coastlines and out of major tornado pathways –not only places Vegas far ahead of most other major metros ranked in the study, but it also results in the city having one of the lowest insurance claim rates in the entire country.

Overall, the U.S. has seen a rise in its number of natural disasters in recent years – which experts attribute to issues such as climate change and growing populations in high-risk areas – including the ongoing Palisades Fire in California, a disastrous calamity that comes on the heels of previous wildfires that caused massive damage to the state in 2023.

In addition, Hurricane Idalia in 2023 caused over $12 billion in damage in Florida in 2023, and multiple states – including Vermont, Kentucky, and Texas – have been forced to contend with major flooding events in recent years.

As a result of the aforementioned events – as well as many more not mentioned here – numerous Americans are starting to re-think where they choose to call home, and for many, Las Vegas will be at the top of their list.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Home Sales

Vegas Home Sales Increase Year-Over-Year in 2024; Remain Below 2021’s Record High

LAS VEGAS, NV – After 2023 proved to be the worst year in Las Vegas since 2008 as far as homes sales went, 2024 proved to be a marked improvement year-over-year, with a significantly higher number of residential real estate sales taking place. And with experts anticipating that home prices may be starting to lower in the coming months, 2025 is looking to have the very real potential to eclipse last year in terms of sales growth.

According to new statistics released by industry group Las Vegas Realtors (LVR) pulled from data by the Multiple Listing Service (MLS) system, during 2024 a total of 31,305 existing homes, condominiums and townhomes were sold in Southern Nevada, which represents an eight percent jump from 2023, when that combined residential total came to 29,069.

While an improvement, 2024 nonetheless falls short of the 50,010 properties that exchanged hands in 2021, which was the region’s all-time record year for sales; it also failed to meet the lower total achieved the following year in 2022, when 35,584 properties were sold.

LVR’s new President, George Kypreos – who assumed the position last week after Past President Merri Perry and 2025 President-Elect Joshua Campa both suddenly resigned from their posts without warning – said that he expects 2025 will see a continuation of Las Vegas’ upward trajectory when it comes to home sales.

December is traditionally one of the slowest months of the year for the housing market, and these statistics reflect that,” Kypreos said. “All things considered, I think this month’s LVR statistics paint a picture of a fairly stable and relatively healthy housing market heading into 2025.”

In December, the median price of an existing single-family house sold in Vegas was $475,000, which represents a decrease from the prior month’s near-record tying amount of 475,531; however, December 2024’s median price is nonetheless 5.6 percent higher than December 2023, when that amount was $449,900. The all-time record for Southern Nevada remains $482,000, originally set in May 2022.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

The Mirage and west of Treasure Island Editorial credit: Oleg Kovtun Hydrobio / Shutterstock.com

KDH Hotel Project to Move Forward in 2025 After Advisory Board Approval

LAS VEGAS, NV – A high-rise hotel project proposed near the Las Vegas Strip that would cater exclusively to the Jewish community is expected to move forward in 2025 after being recommended for approval by the Paradise Town Advisory Board, according to reports.

Slated to be built at 3601 Vegas Plaza Drive according to documents submitted to Clark County, the 42-story, 648-foot-tall KDH Hotel – formerly known as the King David Hotel – would be located directly to the north of The Mirage and west of Treasure Island. The hotel would include 486 rooms, banquet halls, a day spa, a two-level synagogue, kosher meals, restaurants, bars, a banquet facility, retail and convention space, all situated within short walking distance of Las Vegas Boulevard.

Following the 3-1 recommendation vote for approval by the Advisory Board on December 11, the next step for the KDH Hotel is for the developers to go before the Clark County Commission for review on January 8; potential hurdles include the outcomes of traffic and drainage studies, in addition to aligning the proposed height of the building in accordance with Federal Aviation Administration regulations.

Or Bamidbar Chabad Sephardic Synagogue Rabbi Yossi Shuchat said that he was very happy that there would be an establishment in the heart of the city where the Jewish community – in addition to the many Jewish tourists that visit Vegas every year – would feel welcomed and safe.

I think it is a great place. Anywhere near the Strip would be great because that is where all the conventions happen,” he said. “On the Sabbath, we are not allowed to drive. So religious people, they walk to the synagogue. Also, there are a lot of restrictions using electricity on the Sabbath. So, people have issues with electronic keys for the rooms so if there is a hotel that would work with them and have regular keys and everything that is needed it will be much more comfortable for them.”

However, the KDH Hotel project has received pushback from a neighboring resort-casino; Treasure Island General Counsel Brad testified at last month’s Advisory Board meeting that “the project will have adverse impacts on surrounding properties due to increased traffic and heavy polluting.”

Food deliveries, linen and sundries, retail items, etc, require access to the property,” he said. “I have heard during an in-depth screening for a few board members that a large building on a small parcel will have an impact on its neighbors. I would like to note that that is exactly what this is. We also believe that the inability to stage construction vehicles onsite while building this tower will create massive problems and negatively impact ingress and egress on the North Strip.”

If all goes well at this week’s Clark County Commission meeting, construction on the project could commence later this year.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Editorial credit: Jeffrey J Coleman / Shutterstock.com

700-Unit Mixed-Use Development in Works at Former Texas Station, Fiesta Rancho Sites

LAS VEGAS, NV – The former sites of the Texas Station and Fiesta Rancho in North Las Vegas – both of whom closed their doors for business in 2020 due to the effects of the COVID-19 pandemic – are now being developed into a new housing community that, upon completion, will help to address the ongoing housing crisis in the region.

Hylo Park, whose construction is anticipated to begin early this year, is slated to take the form of a new mixed-use development – comprised of a 700-unit housing complex, along with entertainment and retail components, among other options – located upon the currently empty 73-acre lot that was left behind following the 2022-2023 demolition of the Texas Station and Fiesta Rancho hotels.

The Hylo Park project was originally announced by Agora Realty & Management in July 2023 following an abortive attempt by the city of North Las Vegas to acquire the property for use as an affordable housing development; however, city officials deemed the purchase price to be too high.

The North Las Vegas Planning Commission approved Agora Realty’s final development plan for the south end of Hylo Park in December, with construction of the project slated to begin in early 2025; a finish date has not yet been publicly announced.

Upon completion, Hylo Park is planned to have a housing complex with approximately 700 brand-new units, in addition to a sports field, an outdoor entertainment venue, a 150-room hotel, restaurants and bars, a convenience store, a car wash, an ice rink, and possibly more.

Reports indicate that surrounding residents have reacted positively to the news of Hylo Park’s development, as the 2020 Texas Station and Fiesta Rancho closures have left locals with a less entertainment options in the area, a situation they anticipate will be remedied by this new project.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Las Vegas Real Estate

All-Time Record in Las Vegas Shattered With $35 Million Summit Club Home Sale

LAS VEGAS, NV – According to newly-released records, the all-time record for the sale of a single-family home in Las Vegas was shattered back in May when a residence in the ultra-affluent The Summit Club master-planned community sold for a whopping $35 million, besting the previous record-holder, the sale of singer Celine Dion’s home – literally right next door – for $30 million in 2023.

In addition to setting the new record for overall closing price, the home in question – a two-story estate located on a 1.5-acre plot of land on Summit Club Drive – also set the record for price per square foot, which came out to be $3,063.

The record-breaking home comes in at 11,427 square feet and boasts five bedrooms, seven baths and a six-car garage, along with numerous luxury amenities such as a pool with a waterfall and a spa.

Patrick and Andrea Ramsey were the sellers, and had purchased the land for $2.5 million in 2016 and constructed their custom abode in 2017. Southern California business owners Ronald and Janis Soto were the buyers, and both parties in the sale were represented by Anthony Spiegel, who was working for IS Luxury at the time, but who has since has moved on to Lusso Residential Sales.

Spiegel said that it was a interesting development that the two biggest single-family home sales in the history of Las Vegas were literally neighbors to each other, and noted that the reason for this development is due to The Summit Club being such an attractive place for the rich and powerful to call home.

What gives any real estate real value is the location. At some point, there’s only so much replacement value that can be attributed to the value of the home,” Spiegel said. “If you look at the mega properties around the world, they trade at a premium to replacement value. That premium is generally a location premium. What makes it a $35 million home is that it’s in The Summit, a Discovery Land project and the only membership club in the city. It’s not just a neighborhood. It’s a community that people want to belong to, and there’s a cost that’s not only found in the membership fees but in the real estate.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Washington

Las Vegas Real Estate Experts Predict Boom in Luxury Purchases Under Incoming Admin

LAS VEGAS, NV – Southern Nevada real estate experts are discussing their opinions on how the industry may potentially shift and evolve over the course of the next four years, and many are predicting a boom in the number of luxury housing purchases in Las Vegas under the incoming administration.

Managing Director of RCLCO Real Estate Consulting, Gregg Logan, noted that Trump’s return to the White House could have serious impacts upon the housing market, due to his ties to real estate and the policies he implemented during his previous tenure as President that were deemed to be friendly to businesses. Trump’s calls for less regulation could prove to be a benefit as well, although other policies he supported in the past show that not all the changes he may implement could be beneficial, Logan said.

Trump’s potential influence on the real estate market is a mixed bag of potential influences. In Trump’s first term, the Tax Cuts and Jobs Act of 2017 temporarily boosted GDP growth, led to a short-term increase in corporate profits and spurred a rise in consumer spending and business investment,” he said. “But this disproportionately benefited the wealthy and corporations, with only modest wage gains for most workers. Meanwhile the tax cuts substantially increased the federal deficit, raising concerns about long-term fiscal sustainability. This time around his policy’s influences on inflation, a growing federal deficit and a tighter immigration policy could similarly lead to mixed results for the economy, overall, and real estate in particular, making adaptability essential for industry stakeholders.”

In addition to commercial real estate tax breaks and easing regulations governing the construction industry – which may very well stimulate the expansion of businesses and investments – Logan said that Trump’s proposed tax cuts favoring the wealthy will most likely result in a sharp increase in the number of luxury properties purchased during his admin, both in Las Vegas and nationwide.

Potential tax breaks for high-income individuals could increase demand for luxury properties, as wealthy investors may pursue high-end real estate assets,” he said. “If Trump’s tax policies favor high-net-worth individuals, luxury markets could experience a surge in activity.”

However, Logan said that Trump’s proposed tariffs on imported goods, along with tighter immigration policies, could potentially result in higher construction costs, a lower pool of workers and, consequently, the need for higher wages to supplement the workforce.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Vegas New Home Sales and Construction

Las Vegas Homes Construction Potentially Impeded by Two Ongoing Supreme Court Cases

LAS VEGAS, NV – Two cases that are currently before the United States Supreme Court, depending on their outcome, could have a serious impact upon several aspects of the home development industry, mainly when it comes to federally-mandated environmental reviews and how they could affect the overall timeline of construction projects.

Depending on the outcomes of San Francisco v. EPA and Seven County Infrastructure Coalition v. Eagle County, Colo., addressing the housing crisis in Southern Nevada could face significant setbacks, as developers could be required to greatly increase the scope of federally-required environmental reviews and/or studies to gauge the potential impact that their construction projects could have.

The Las Vegas Valley has been experiencing a housing crisis in recent years, due to a shortage of affordable housing units; this can be attributed to several factors, but the main culprit experts say is an overall lack of land to develop, given the fact that much of the land in Southern Nevada is owned by the Bureau of Land Management (BLM). Critics of BLM have pointed out that the federal agency has been slow to release additional lands for housing development, contributing to the housing crisis that is currently ongoing in the valley.

However, even if additional lands are released for development, builders could face an uphill battle depending on the outcome of the two aforementioned Supreme Court cases. Reviews to ensure that the surrounding environment and wildlife – as well as any federally-protected endangered species – are not harmed by any given construction project can already contribute to a significant amount of time and planning, ranging anywhere from months to years.

These cases could cause environmental impact reviews and studies to become even more stringent, mandating that the review process take into consideration a more diverse array of environmental harm, including potential threats to drinking water and other maladies.

The overall intention of these lawsuits is to ensure the health and well-being of millions of people across the country, a cause that should be lauded; the unfortunate side-effect, however, is that it may take even longer to address Las Vegas’ housing crisis depending on the outcome, according to the National Association of Home Builders.

Both of these cases have the potential to add uncertainty to the development process. And uncertainty translates to added time and money,” the organization said in a statement.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Las Vegas Housing

Median Price of Las Vegas Homes Increased 50 Percent Since Start of Pandemic in 2020

LAS VEGAS, NV – According to historical data supplied by Las Vegas Realtors, the median price of a single-family home in Las Vegas has jumped a whopping 50 percent since the beginning of the COVID-19 pandemic in 2020.

In December 2019, the median price of a home in Southern Nevada was $312,990; at the time, the average national home sale price was $384,600.  

But fast-forward to October 2024, and the median price in Southern Nevada has now swelled to $475,531, an increase of $162,541 over pre-pandemic levels, and just shy of the region’s all-time record high of $482,000, originally set in May 2022; it also represents a 5.9 percent jump year-over-year from October 2023.

Meanwhile, the national median is now $501,100, an increase of approximately $116,500 from price levels at the start of the pandemic.

According to the Federal Reserve Bank of St. Louis, the rate of a 30-year fixed-rate home mortgage is currently at 6.7 percent; the last time this level was achieved prior to the pandemic was just before the mid-2000’s recession, when that number hit 6.6 percent.

Home sales in Southern Nevada were noticeably slower in 2024, but nonetheless showed a significant improvement over 2023, which saw the lowest number of sales in its real estate industry since 2008, when the Great Recession began.

Donald Trump’s impending return to the White House has the real estate community split down the middle in terms of whether if it will help or hurt the industry; the President-elect has promised to oversee an increase in home-building across the nation to address the ongoing housing crisis, in addition to loosening regulations in order to clear out red tape. However, some are worried that his vow to impose expensive tariffs upon imports could result in a spike of home construction prices.

Nonetheless, experts currently feel Las Vegas is in the process of becoming a balanced market between buyers and sellers; time will tell if this condition is sustained, or if the scales tip one way or the other.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Short-Term Rentals

FTC to Ban So-Called “Junk Fees” on Short Term Rentals, Hotels, Live Event Ticketing

LAS VEGAS, NV – The Federal Trade Commission (FTC) announced Tuesday that they will be instituting a ban on so-called “junk fees,” which is a term used to describe bait-and-switch pricing and other tactics used to hide total prices and misrepresent fees in the short-term lodging and live-event ticketing industries; often, these are referred to as “resort,” “convenience,” or “service” fees.

As far as the short-term rental industry is concerned, that includes all online booking platforms and websites such as Airbnb and Vrbo.

The Junk Fees Rule will require full up-front disclosure of pricing information “in a timely, transparent, and truthful way” as it pertains to consumers of short-term lodging and live-event tickets; the FTC says that the rule will level the competitive playing field and make it easier for consumers to engage in comparison shopping and ultimately, save money.

People deserve to know up-front what they’re being asked to pay—without worrying that they’ll later be saddled with mysterious fees that they haven’t budgeted for and can’t avoid,” said FTC Chair Lina M. Khan. “The FTC’s rule will put an end to junk fees around live event tickets, hotels, and vacation rentals, saving Americans billions of dollars and millions of hours in wasted time. I urge enforcers to continue cracking down on these unlawful fees and encourage state and federal policymakers to build on this success with legislation that bans unfair and deceptive junk fees across the economy.”

The FTC originally began investigating junk fees in 2022, initially conducting two rounds of public input; ultimately, the agency received over 70,000 comments.

The Junk Fees Rule is expected to take effect in 120 days from the date it was announced, which was Tuesday, Dec. 17. The exact methods of FTC enforcement of the rule has not yet been revealed, with the agency merely saying that it “will use its law enforcement authority to continue to rigorously pursue bait-and-switch pricing tactics, such as drip pricing and misleading fees, in other industries through case-by-case enforcement.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Penske Truck Rental

Las Vegas Currently Ranks as 11th Least Affordable Housing Market in Nation, New Report Says

LAS VEGAS, NV – For many years, Las Vegas earned a reputation for low cost-of-living and an affordable lifestyle; however, due to rising prices and a lack of inventory, a new report has revealed that the housing market in the city has become one of the least affordable in the nation.

According to the Urban Land Institute’s 2024 Home Attainability Index, Las Vegas currently ranks as the 11th least affordable major metropolitan area in the country, with only a scant 18 percent of the homes on the market being considered affordable by households of four persons that make Southern Nevada’s annual median income of $70,723.

At present, it would take about 37.4 years for a family in Las Vegas making the average median income to save up enough down payment money for a home in the city.

The top five least affordable cities in the Urban Land Institute’s report are, in order: San Francisco, San Jose and Los Angeles, California; Honolulu and Stockton, California.

Currently, Southern Nevada is in the grips of a housing crisis driven by a number of issues, such as high mortgage and interest rates, home prices escalating to near all-time record levels, a dwindling amount of land that can be developed, and affluent buyers from neighboring states such as California whose big bank accounts are squeezing out locals when it comes to homebuying competition.

RCLCO Real Estate Consulting Chief Executive Officer and one of the authors of the Urban Land Institute’s report, Adam Ducker, said that of all the issues plaguing the Las Vegas housing market, the number one is the lack of land to develop and the slowdown in home construction it has caused.

We’re just not producing enough housing for the growth that we’re experiencing, which is true in most markets but particularly in high-growth markets including Las Vegas,” he said.

Some Realtors are hoping that a Trump presidency could have a positive effect on Las Vegas’s current housing crisis, citing his plans to both deregulate the housing industry and to open up additional federal land for home development, which – if those factors do indeed come to pass – could lead to new building activity in Southern Nevada and a plethora of new options for residents looking to buy a residence.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.