What happens if I don't spend all my 1031 funds?

[Justin Summers]

Bought a house for $225k and sold it for $425k  so roughly $200k in capital gains. 

I did a 1031, 5 months ago,  and identified $800k worth of properties (200% rule) Looks like I am only going to be able to buy either $160k or $260k worth of the identified properties, not the required $400k-425k

My question is :  Does 1031 have any savings effect on my taxes when only buying $160k or $260k of properties?  or should I just dissolve the 1031 and tax like a normal sale? 

Thanks

justin