Flipping opportunities in Lyons Farm

This development, one of Greenwich's first condo projects, was built in 1976, and prices here have dropped precipitously as the units' condition have aged and deteriorated (along with their owners). What once was a $1.4ish neighborhood dropped below a million, and it seemed destined to be the next addition to Greenwich's low-income housing stock. That would have helped our relations with the poverty regulators up in Hartford, but otherwise, it wasn't a healthy development.

But 309's sale shows that there's opportunity here. The buyer paid $917,500 for it in 2015, stripped it down to the studs, and has now sold it for just about twice what she paid. Even accounting for the high cost of construction in Greenwich, and deducting transaction costs, she made some serious money here. 

Certainly better than what single-family home flips are yielding. Personally, I'm still dubious about spending money this far west, but for you gamblers out there in the readership pool, this sale shows that it's worth a look.

Here's what it looked like in 2015, when it sold for $917,500.

UPDATE: Well excuuuzzee me!: I forgot to link to the current listing/sale. Sheesh, a guy leaves his computer to get a cup of coffee, forgets where he was when he returns, and he's pilloried by his friends.

Screw yuze both!