This property's a charming, 1936 house on just about five acres of beautiful land, but it started off back in 2008 at $8.2 million (owner paid $4.150 for it in 2002, and did extensive remodeling), and even though it had dropped to "just" $4.950 million by 2010, when I had a customer interested in it, it was still priced too high for what it is: a small little gem on a great yard, badly in need, in my client's and my opinion, wth a balancing wing on its left. We both thought that $3.5 was the right price, but the heirs of the owner, having watched its imagined value of $8.2 melt away, wouldn't budge.
We came back in 2011, when the price dropped to $4.450 but again, no soap. My client moved on — I hope I managed to sell him something else, but I really don't remember — and now, finally, it's priced where it ought to be.
Or ought to have been six years ago, that is; it's been sitting on the market for a long time now, and that never helps a home's price.