Another high rise bites the dust

There is good news for some high rise developers in Las Vegas, The Curve project has been suspended. No reason was given on their website, but the most likely culprit is rising construction costs. There are over 30 construction cranes in the strip area alone right now, so its a safe bet that construction materials have risen in cost over the last 18 months.

It seems 2006 is going to be the year of high rise cancellations. The suspension of the Curve project comes on the heels of the cancellation of Icon, Ivana and Liberty Tower earlier this year. Despite this recent suspension, the amount of projects going forward is still far more than the majority of the "experts" had predicted.

Currently its a buyer's market in Las Vegas, for high rise condos and homes alike. So the suspension of the Curve project will be a welcome relief to the current projects, lowering the existing inventory and widening the buyer's pool. All but a handful of high rise projects for sale are now under construction. Roughly a dozen or so will be nearing completion at the end of this year or early 2007. A few more are scheduled to break ground this year.