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New development struggles in changing West Chelsea market

A new development in West Chelsea may be of interest to you if you love swimming. This 31-unit mid-rise is meant to have 4-foot-deep pools in over half its apartments. The pools will be indoor-outdoor units, giving people the option to swim in any weather conditions. They are heated as well, making them ideal for the winter months.

How much does real estate like this cost? These apartments, specifically, cost around $3 million for a two-bedroom apartment. For a penthouse with five bedrooms, residents will pay upwards of $22.5 million.

Would a unit like this really sell in New York? You would think so, but the sales have lagged. The building's planned completion is in just a few months, but only around 15 of the 31 units are reserved. Only eight have private pools. The market may be slightly difficult at present, and the developer reported that he intends to increase the quality of the building to draw in contracts and buyers.

The risk to this development is that the market has changed. The median sales price for a home in Manhattan was $3.3 million, so those in the market for homes between the $5 and $10 million range have plenty of properties to choose from, some of which are well-below budget. There is little sense of urgency to buy, which is why you're seeing properties like the above sitting empty even through they're nearing completion.

The real estate market changes all the time, which is why you need to know the best times to buy or sell. With the right choices, you can find yourself with a great property.

Source: The New York Times, "New Development: Soft in the Middle, Splashy Up Top," Stefanos Chen, Sep. 15, 2017

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