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.

Comp Killer: Byram Condo Sale

This condomimium unit sold in January below the previous sale price.

19 Church Street West, Unit 4, Byram (Greenwich)

GMLS#: 71129
Previous Buy: $184,000 Nov 19, '04
Original List: $179,000 Sept. 29, '08

Sale: $172,500 on Jan. 27 '09

6.25% off 2004 sale

4% off original list price

Greenwich Comp Killers, Single Family

Hat tip to New Jersey Real Estate Report for the format; I'll borrow it. Here are Greenwich homes that recently sold for less than their previous sale. So if you're looking to sell or buy, the fresher the comp the better. These are fresh.

14 River Lane, Cos Cob

GMLS # 70384
BUY:12.08.04 for $1,570,000

Original List Date & Price: 3.19.08 $1,795,000

Sold: 2.03.09 for $900,000

43% off 2004 sale price

50% off Original List Price

35 Glenville Street, Glenville (West Greenwich)
GMLS# 68631

BUY: 12.20.02 for $1,106,000

Original List Price: 03/25/08 $1,475,000

SOLD: 12.11.08 for $1,025,000

7.3% off 2002 sale price

30.5% off 2008 Original List Price