West Lyon Farm coming up roses

I’ve been writing here from time to time how over the past two years the condos at W. Lyon Farm have been emerging from a decades-long somnolence and finding renewed demand and higher prices. Built in the 70s — Greenwich’s first condominium project, I believe — the units and their owners aged in place, and the prices reflected that.

But recently demand has risen and the prices reflect that. Starting around 2021, tired, old original models that as recently as 2019 were selling in the $700-$900 range began commanding $1.0 -$1.250, and we’ve been seeing bidding wars break out since 2022. Sally Maloney’s listing at 504 W. Lyon, for instance, was listed at $1.199 in February 2022, a typical price for one of the unrenovated units, but it went immediately into a bidding war and sold for $1.450. There have been a couple more of these, as well as some very high — $1.750 to $2 million — sales for renovated homes.

Today, 304 W. Lyon was reported sold for $1.426, on a January 23rd listing price of $1.2. These condos are all basically identical, so I’d say that the new price for old, untouched units is now around $1.425-$1.450. That will please a lot of the bedpan set that’s fleeing to Florida, and their heirs.