Home Depreciation?

In late 2004, 119 Lyon #C sold for $1,200,000. Almost two years later, it’s back on the market for $1,149,000. As a tipster writes:

I remember looking at that same condo in September 2004 as staged, brand new construction . . . At that time, the back yard pictured was mostly new turf and a little bare. Someone has gone to considerable expense to pave the entire yard with stone, put in a fountain, and now it is for sale for $50,000 LESS than 2004. Ouch!

Well, for all we know a bidding war will turn that frown upside down, but if not…
∙ Steve Gothelf: Past Sales [stevegothelf.com]
∙ Listing: 119 Lyon #C (3/3) – $1,149,000 [Vanguard] [MLS]