I, like The Speckled Egg, became obsessed with this outfit after I saw it on her blog. So I decided to see if I could recreate it. While I caved on the sweater, I found a $35 skirt at Zara and this top from J. Crew, which I think will work just fine. It was a mental exercise, if you will, sort of like Sudoku.
P.S. I tried on the top in the picture, and it was way too hard to get in and out of, a deal breaker for me.