I believe we predicted this

 107 Meadow

107 Meadow

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".

 With any luck, you can at least replace the wallpaper and maybe even redo the shower

With any luck, you can at least replace the wallpaper and maybe even redo the shower