107 Meadow Road, Riverside, has cut its price from $6.995 million to $4.995. Unfortunately, the switch from Word Press to Squarespace as this blog's hosting service wiped out the archives, so I can't duplicate the deed restrictions imposed on this property, but they're severe, and there was quite a discussion here on what that would do to the value.*
If memory serves, though, you can't subdivide its 3+ acres, change its exterior in any way, or add on, never ever. And you certainly can't raze it and start over.
It's a charming 1925 home, with great views of Long Island Sound, but it needs a ton of work and updating. While you can redo its interior, I'm not sure you can even add modern windows. Can you at least replace the window air conditioners with a central system? I don't know: the compressors would be outside, and that might be a problem. Ask your lawyer for an opinion. All of that's a problem, as today's price cut demonstrates.
* UPDATE: Brother Gideon has the deed restrictions, included in his post, "Grand Experiment".