The price of preservation

107 Meadow Road, Riverside, originally priced at $6.995 million, has closed at $3.7. We've discussed this property several times as it lingered on the market. It's an exceptional, 3+ acre property, but the house that sits on it requires a lot of work, and the late owner encumbered it with deed restrictions that pretty much rule out any exterior changes, let alone additions, and that obviously cut down its market appeal considerably.

The cynic in me wonders whether the buyer has earmarked his savings here for legal fees to be spent busting those restrictions, or whether he's content with getting a fine house at millions below what it might otherwise have brought.

Stay tuned.