Location halts sales of Curve condos
"Location, location, location," probably the oldest saying in real estate, appears to be the driving market force that halted sales of the yet-to-be-built luxury high-rise condos under the Curve insignia.
Construction was to have started late last year on the first phase of the Curve at Durango Drive and the Las Vegas Beltway. The project calls for two 18-story luxury condo towers plus 12 commercial buildings.
As it reported March 28 on the sales suspension, the Review-Journal noted that most lenders require at least 60 percent in presales before approving financing. The first tower at the Curve was 53 percent sold, with 97 buyers putting 10 percent down on units that sold between $385,000 and $1 million.
Bruce Hiatt of Luxury Realty Group said his clients had little interest in the Curve because of its location, the R-J said. Had the project been closer to the Strip or even downtown, it might have done well, Hiatt said.
Looking forward, Hiatt told the R-J that with projects such as the Curve and the Hard Rock Hotel expansion being suspended and others such as Icon, Krystal Sands and Aqua Blue being canceled, Las Vegas is coming into a "perfect storm" with dwindling supply and continued demand.
That combination already has raised the entry-level pricing for most remaining luxury high-rises to $600,000 and $700,000 per unit, Hiatt said.
