Comp Killer: 114 Overlook Closes Below 2004 Sale

This nice property in the Milbrook area just sold at less than the price of its last two sales dating back to September 2004.

114 Overlook Drive, Greenwich

Sale: $1.625mln in Sept. 2004

Buy: $ 1.896mln in August 2007

Original List: $1.990mln in Dec. 2008

Recent Sale: $1.550mln in Feb 2009

18% less than 2008 sale;

22% less than Original List Price

What a market! The property went to contract one month after being listed and still sold at a 22% discount to the original list price. Smells like a cash buyer. And I understand that there are more of them in the market with each passing day.