27 Cobb Island Drive has hit the market at a "pre-approved" short sale price of $2.115 million. Built in 1993, these owners paid $3 million for it in 2000. They've been trying to sell it since 2013, when they started at $4.199 (bad idea), but it seems they've now tossed in the towel.
The property's on the better side of the street, away from I-95, and it does have views of Cos Cob Harbor. I wouldn't vouch for access to the water here, but possibly a canoe or kayak would work.
When I toured it several years ago it was in good shape, but the listing now says "sold as is", so that might be a warning, but perhaps not: bank short sales are always as-is, though that doesn't preclude your performing a home inspection, and walking if you don't like what you find.
UPDATE: Mickster draws our attention to the building inspection report, which shows that the house is basically rotting, with non-functioning a/c, a roof in need of replacement, a cracked foundation, etc. So don't just walk from this place, run.