How's the neighborhood? Is this home similar to other homes in the neighborhood. Or is it overbuilt? Sometimes, it's better to be the least expensive rather than the most expensive house. Is this brand new, surrounded by much older homes? How long has it been on the market? Is it a short sale or foreclosure?
I have a listing in Martinez CA that is so beautifully designed and built -- brand new, exquisite architectural styling, granite counter tops, hardwood floors, marble tiles, designer everything, 2600 sq ft, large lot. The whole works. The previous agent listed it at $849K a year ago. By the time I listed it this spring, the market has changed even more, and I recommended we reduce the price to $750K. Lots of interest, but no offers. That house is spectacular....here's a visual tour http://www.visualtour.com/shownp.asp?T=1383342
But there is very little movement in Martinez. The same may also be true of Concord with the exception of sales of short sales and foreclosures. So there may room for negotiations.