Forever the bridesmaid: Are listings that linger doomed?

More than 180 days on the market? Expect "price cut after price cut," insiders say

From TRD Los Angeles: Listing a home in Los Angeles with a sky-high price tag? Expect one of two things to happen. Either there will be a flurry of viewings and multiple offers above the asking price — or, it will land with a thud, languishing on the MLS indefinitely.

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The 10 priciest sales last year in the tony neighborhoods of Holmby Hills, Bel Air, Beverly Hills, Malibu, Brentwood and Westlake Village fell into those two categories. Homes in those areas that sold in under 180 days averaged 70 total days on the market, according to a new study conducted by New York-based Concierge Auctions. But listings that didn’t sell within that timeframe sat on the market for an average of 706 days.