Some developers have learned the hard way that a website and a dream do not a high-rise condo make.

According to Applied Analysis, a local business advisory firm, only 23 percent of Las Vegas Valley's 98 condo projects were under construction in the fourth quarter last year. They also reported that there were 210 condo towers combining for 61,000 units planned or announced in the fourth quarter, yet only 72 of those towers, or 15,600 units, were actually being built.

Take a look at what local real estate writer Tony Illia has to say about luxury condo projects falling by the wayside in this week's Las Vegas Business Press.