5 Months Later, Derek Jeter’s Home Is Still For Sale
It looks like the housing market may be cooling off for everybody in the Hudson Valley, including the super-rich. Nearly six months after hitting the market, a spectacular Greenwood Lake, NY home that once belonged to Yankee star Derek Jeter still doesn't have a buyer, and it's not alone. The literal castle in Orange County, NY joins the most expensive homes in Dutchess and Ulster Counties that have also sat unsold for months. What gives?
Home Sales in New York
Real estate experts say that in 2022, it takes an average of 98 days to sell a home in New York. Jeter's palace is over two months past that estimation. Taking it a step further, the most expensive home in Dutchess County has been on the market since last year. Have bajillionaires decided to slow down their land-grabbing? Kind of.
Home Loan Interest Rates in New York
The last 18 months have seen interest rates on home loans in the United States more than double. The average 30-year mortgage rate in 2021 of 2.65% is a far cry from the current average of 5.48%. For us normal folks with average home budgets, this makes a huge impact (above), so multiplying the numbers 10-fold (or more) for these mega-mansions means millions of extra dollars. There also may be another reason.
Mansions for Sale in the Hudson Valley, NY
We can't discount the fact that it can be tough to accurately price homes of such a high price point. For the $45-million Ledgerock in Dutchess County (above), the listing agent acknowledged that much of the price of the home was due to the location directly on the Hudson River. It takes a special buyer to cough up an extra $20 million just for exceptional water views. For Jeter's mansion, the answer may be more complicated.
Maybe there aren't enough rich castle aficionados in the Hudson Valley to generate enough interest. Maybe the Yankee fan with that kinda cash is waiting for Aaron Judge's home to hit the market instead. Whatever the reason, take a closer look at this magnificent home, complete with a pool, tower, and private lagoon below.