The Great Gatsby, overlook

I'd like to know if "overlook" has the same meaning in these two excerpts from the first chapter of The Great Gatsby:

1) My own house was an eye-sore, but it was a small eye-sore and it had been overlooked, so I had a view of the water, a partial view of my neighbor's lawn and the consoling proximity of millionaires—all for eighty dollars a month.

2) Their house was even more elaborate than I expected, a cheerful red and white Georgian Colonial mansion overlooking the bay.

Thank you;