A Hudson Valley mansion that made headlines in the Wall Street Journal in 2021 for its $45 million asking price has just sold for $11.15 million – a 60% discount that marks just how dramatically the luxury real estate market has shifted over the past three years.

The property, known as Ledgerock, spans 10.7 acres along the Hudson River in Hyde Park, New York. Built by real estate investor Jacob Frydman and his wife Monica, the 15,000-square-foot limestone and glass residence was completed in 2010 after five years of construction. 

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The Frydmans spent years assembling the property, starting with a $1.5 million purchase of a 5-acre waterfront parcel in 2005.

The home’s original listing in 2021 came during a very different real estate climate. Record-low interest rates had fueled a pandemic buying frenzy, pushing home prices to new heights. In Dutchess County, where Ledgerock is located, the average sale price had jumped 20% year-over-year to $317,500 in the third quarter of 2021.

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Fast-forward to 2024 and the market landscape has changed dramatically. While home prices nationally continue to ebb at record highs – reaching $420,600 in August, according to Zillow data – the luxury market shows resilience despite individual price adjustments.

Philip A. White Jr., President and chief executive officer of Sotheby’s International Realty, said in a midyear market outlook that luxury listings continue to outperform the general market. Outstanding properties in sought-after locations attract strong interest and often sell at premium prices.

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According to the original Wall Street Journal report, the limestone-clad mansion features rare finishes throughout, including exotic wood, handcrafted stonework by European artisans and custom furniture inspired by Art Deco designer Émile-Jacques Ruhlmann. Its dramatic setting on the Hudson River required innovative engineering, with an all-steel superstructure anchored to bedrock and design elements to protect against storm surge.

Despite the steep price reduction, the $11.15 million sale still ranks among the largest in Dutchess County history, though well below the area’s record – an $18.375 million estate sale in Millbrook in 2011.

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The high-profile discount comes as the broader housing market faces conflicting pressures.

While mortgage rates have recently dipped to as low as 6.11% after reaching a 23-year high of 8% in October last year, home prices remain at historic highs due to persistent inventory shortages.

Unlike the lead-up to the 2008 housing crash, today’s market is characterized by strict lending standards and limited housing supply rather than speculation and overbuilding.

For the Frydmans, the sale closes a chapter on their Hudson Valley dream home, which they originally built as a gathering place for their blended family. In 2021, they explained their decision to sell to the Wall Street Journal, noting their adult children had “scattered” and they wanted to travel more to visit grandchildren.

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