obviously not, brian.
the queston i would like to know was whether the agent suggested the original list price or was pressured by one or more of the sellers into listing your mother's home at a greatly inflated unrealistic price of more than double the current list price, which is still not selling.
if the former, a case could be made that the agent is either incompetent or might have unrealistically built up the seller's expectation in order to beat out any potential competition from other brokers being considered for the listing.
i could understand that the list price might have originally been off by 10 - 25%, or even 35% had it been listed at the height of the market in 2006, or even into 2008 as the maket spiralled downward and before people really knew how bad the economy was, but i can't understand how any real estate professional, even one who was not familiar with a specific area, could have been off by more than 10 - 15% in 2010, if the list price were upon his recommendation.
i really would like to know where the list price came from because the reality is that nothing on bel air road has sold for more than $12 million (a 9,236 sf home), and every other home between stone canyon and beverly glen and between sunset and st cloud that have sold since 2010 were a 23,227 sf home on st cloud that sold in april, 2011 for $40 million; two homes on bellagio road sold - one a 17,700 sf home on a 74,920 sf lot that sold in january, 2010 for $18 million and a 4,928 sf home on 62,290 sf of land that sold in may, 2011 for $16.6 million; a 9,359 sf home on a 70,130 sf lot on nimes that sold in march, 2010 for $12.2 million; two on stone canyon - a 11,700 sf home on a 81,000 sf lot that sold in june, 2011 for $11.4 million and a 9,450 sf home on 30,730 sf of land that sold for $6,375,000; a 11,817 sf home on a 43,120 sf lot on copa de oro and a 10,00 home on 25,996 of land on strada corda, both that sold for $10.5 million; and finally, a 5,188 sf home on 28,650 sf lot that sold for $4.5 million two months ago. nothing i found found from 2008 or 2009 in that area was above $7.5 million, so i again ask, who decided on those higher list prices for your mom's property?
i can appreciate it if the agent had given a realistic assessment of the market value of the home and his client (your mom's trust) had demanded that the listing be at a higher price, with the understanding that the list price would be periodically lowered. an agent has a fiduciary duty to follow a client's instructions, despite his own professional judgement (provided that all of his actions are legal and ethical) or to teminate the agent-client relationship.
of course, another possibility is that perhaps one or more of the sellers intentionally inflated the list price for another reason -to establish a higher price in valuation for a buyout of one of the benficiary's interest, or that a trustee liked collecting his fees for managing the trust.
i don't know what the true facts and circumstances are, but, in short, to answer your question, yes, the past and current list prices appear to have been and are unrealistic in light of comparable sales and properties currently on the market.