Sales stopped at off-Strip Las Vegas condo project

The AP reports:

Sales have been suspended at another luxury condominium project in Las Vegas, as analysts said interest had dwindled in properties that were not close to the Strip.

Letters were sent to nearly 100 buyers at the Curve project, located in southwest Las Vegas, offering to refund their deposits or extend their contracts by 150 days, said vice president Paula James.

Developers had set a 180-day period to sell 75 percent of the units before beginning construction, but the first tower of the project sold only 53 percent, or 97 units, James said.

"We're looking forward to building the project. We're not interested in selling the land and we're not in a position that we have to sell," she said. "We just need to regroup. We ran out of time."

Higher rates aren't going to help things "regroup".