7 Little Cove Place, Old Greenwich, has dropped its price again, to $5.750 million; it started at $6.995 back in 2015. New in 2004, it sold that year for $6.5 million. Those buyers asked $7.695 for it in 2010 but after 798 days, settled for the same $6.5 they'd bought it for. I'd attribute part of that delay in moving it to exuberant pricing (and Hurricane Irene, in 2011). Fortunately for them, they managed to close their deal in September, 2012, two months before Hurricane Sandy swept in, much to the surprise, no doubt, to the buyers.
And now those buyers can't seem to get rid of it either. My guess is that it has problems with the current flood zone regulations, though I don't know that. The property is in the VE and AE zones, and I can think of no reason not to include an elevation certificate with the listing documents, unless that's a sensitive topic. The documents provided do say this, which isn't completely reassuring:
Property is subject to a view easement to homeowner at 11 Nawthorne Rd
Property has right-of-way easement that runs between #6 and #7 Little Cove,
allowing 7 Little Cove to pass through 6 Little Cove
Little Cove water does not reach yard, even at highest tides
Minimal damage to property during Hurricane Sandy (fence and gate), and no damage to structure. Floodwaters reached edge of terrace. Gate controls/mechanism were raised post-Sandy, and solid fence was replaced with picket fence.
Sounds to me as though the owners dodged a bullet in 2012, and maybe prospective buyers are wry of stretching their luck.