New listing in Lyon Farm

522 W. Lyon Farm, $1.250 million.This may be a quick flip; the sellers paid $916,500 in March 2021, and made some modest improvements (“New paint, floors, AC, laundry room, and custom garage storage”), but its price seems right in line with current values. W. Lyon units in their original 1977 condition have been selling in this range recently, and the demand is still there. Some recent sales for totally-redone units have been in the $1.6s.

Julie Burke bought it, fixed it up, and is the listing agent — she’s always struck me as someone who knows her business (she’s also a very nice person, but I suppose that’s irrelevant, sort of).

I’ve mentioned before that Lyon Farm units declined in value over the years as their owners aged in place and let their condos age with them. For example, back in 2005, this one sold for $1.255 million and then sold via estate sale for the aforementioned $916,500 in 2021. That’s a typical price history for this development, and there’s room here for a reasonable return on money put into updating the original residences.