NY State of Mind

In a bold move amid the uncertain tides of the real estate market, two iconic New Yorkers, Billy Joel and Alec Baldwin, have pulled their NY estates off the market as mortgage rates soar.

The legendary “Piano Man” singer, 74, made headlines in May when he listed his sprawling 26-acre estate in Oyster Bay for an eye-watering $49 million.

Records show Joel acquired the property, initially spanning 14 acres, in 2002 for $22.5 million.

Over the years, he expanded his domain by snagging adjoining parcels of land, creating a grand estate covering 30,000 square feet.

While the six-time Grammy winner originally intended to part ways with his opulent abode, which is just three months from completion, insiders reveal that Joel has had a change of heart, deciding to keep the keys to his Oyster Bay kingdom a little while longer.

Meanwhile, Baldwin, 65, tossed his Amagansett estate onto the market in September 2022, initially with a hefty $29 million price tag.

After a series of dramatic price slashes over the past year, culminating in a final listing price of $22.5 million, Baldwin has decided to pull the 10-acre retreat off the market.

The embattled “Rust” star acquired the five-bedroom property in 1996 for a modest $1.75 million. These multi-million-dollar decisions are playing out as soaring mortgage rates cast a shadow over the real estate landscape.

The average mortgage rates stand at 8.07% for a 30-year fixed and 7.24% for a 15-year fixed, contributing to the recent shift in the once hyper-competitive housing market.

The industry witnessed a meteoric rise over the last two years, with prices surging by a staggering 45%, bidding wars becoming commonplace, and homes swiftly vanishing from the marketplace. This feverish activity hit an abrupt halt last spring, as mortgage rates skyrocketed, doubling within a few months. The sudden surge in costs has not only made buying a home more expensive but has also left many potential buyers frozen out of the market.