The owners of 37 Calhoun Drive put their house up for sale in 2010 at $10.950 but found no takers, so they pulled it, renovated and expanded it, and then rather foolishly priced it at $11.950 in 2012. I say "foolishly", because if no one wanted it at $10.950, the owners would have been better off cutting the price rather than sinking more money into it and then attempting to recoup what they'd spent.
That lesson must have eventually sunk in because today, five years later and priced at $5.995, it reports a contract.
I don't want to sound full of myself, but it does frustrate me, a little, to see certain well-known agents keep wildly-overpricing their listings and yet keep landing new ones. Do owners really not check track records?
(In fact, I do know the answer, and it's a phenomenon that's as old as real estate itself: an owner will call in 3-4 agents for a price opinion, 3 of the agents will come in with prices very close to each other, the 4th will "buy the listing" with a completely unrealistic, inflated price, and the owner goes with her. The house will still sell for market value, but for a year or two, the owner has the pleasurable experience of living in dreamland.)