The owners of 340 Old Church Road have had it on the market since last August, priced at $3.795 million, without success. Today they dropped its price to $3.675. In my many years representing home buyers, I don't remember any who balked at offering $100 grand less than asking price, and in fact, they almost always operate on the belief that an asking price is, as the British say, "an invitation to bid".
So if (acceptable) bids aren't coming in, it's a good bet that the price is so far above what the market sees as its true value that a more significant cut is called for.
Nice house, by the way, though it has a quirky, multi-level layout, presumably because of the various additions attached over the years.