Curve Condo Project Halts Sales
Author: Diana Heeb Bivona
The Las Vegas Sun is reporting that the Curve project, a condo development in southwest LV, is sending letters to approximately 100 buyers offering to refund their deposits or extend their contracts by 150 days. Developers had set a 180-day period to sell 75% of the units before beginning construction. The first tower of the project has only sold 53%.
Company representatives insist that they will continue to move forward with plans to build the condo and do not intend to call it quits at this point.
To date, 7 condo projects have either publicly folded or stalled in the last year. Skyrocketing costs of materials and labor are cited as the main culprits for making the market more skittish.