What was I just saying about buying at the peak of the market?

15 Boulder Brook Road, a rather tired 1955 house* that was purchased for $2.725 million in 2007, just sold for $1.750. It was a direct sale, so at least the poor sap didn't lose another 5% paying a commission, but surely a million-dollar loss is punishment enough for using an agent with a poor sense of market values..

Admittedly, no one was predicting a collapse of Greenwich prices in 2007, but even then, $2.725 for this house was preposterous.

* How tired? The listing agent, while touting the supposed merits of the house, also emphasized that it would make a nice building lot. I disagree on both points, but I suppose you could start anew here and at least improve the situation.