If you drafted your will to leave one child a pile of cash and another your condo here, thinking they were roughly equal, you might want to recalculate. Prices have been dropping here even faster than the rest of the town and they’re still going down. Case in point is 36 East Lyon Farm, bought for $1.377,500 in February, 2006, relisted in January the following year for $1.425,000 and yesterday, after 860 days on the market, sold for $857,500. Ouch. Tax assessment is $954,000, so ouch again.
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6 Comments
July 1, 2009 at 10:35 am
In this age when so many wealthy seniors are looking for e-z maintenance living w/in reach of town, I’m surprised no good builder has thought about redoing both East and West Lyon. They are in a good location but sad to look at. I have no doubt those who bought at $1.3 thought it was a deal, likely downsizing after selling a big home they may have done well by selling. $8-something, that’s almost like taking candy from a baby. Was this an estate sale that it went for so little?
July 1, 2009 at 11:35 am
Would think “wealthy” seniors can afford landscapers, maid, chef and driver as needed to avoid indignities of communal, in-town living
July 1, 2009 at 12:52 pm
down 38%… that’s about in line with how much the Case Shiller index is down from it’s peak
July 1, 2009 at 1:52 pm
with taxes of 8K, special assessment of 4K and monthy maint of 550….no wonder it sold so low..
July 1, 2009 at 2:29 pm
I was wondering about monthly maintenance fees and special assessments. RR, thanks for the info.
July 1, 2009 at 8:27 pm
$857K is still too high. TrumpParc in Stamford is down to $800k for a 1,500 sq ft 2 BR with free parking and common charges for 4yrs and really cheap financing. It’s a hell of a lot nicer construction too.
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