Give up dood

This listing could win awards in multiple categories, such as, most overpriced, longest days on market, Delusional seller, etc.

2902 Vandermolen in Norco is a 4400 sq/ft house with 5 bedrooms and 4.5 baths. The house its self looks very nice. It should since it's never been lived in. But the backyard has had ZERO done to it. They added a little landscaping out front but that's about it. The house was purchased in June 2006 for $1093k (1.1 million). This was obviously an investor trying to make a quick buck since it was never occupied. It went on the market 1 year later, mid 2007. By then though the market had already begun to implode. It's now been on the market for 571 days and they as still trying to actually make a profit on this thing. They did recently reduce the asking price from 1.38 million down to 1.26 Million. This one is just mind boggling. The really amazing thing is that the agent has had multiple open houses on this place. Why bother? It's nearly 3 times the price it should be, there's no way anyone could get a loan on it because the appraisal is going to come in some where around $500k. So the only hope is some cash buyer. And anyone with 1.25 million in the bank is not stupid enough to spend it on a house worth $500k.

What's it worth? My guess is they could get about $500k for it. I doubt they would get much more than that. And personally I think that's too much considering there is nothing in the back. Anyone want to call in a $400k offer just for kicks?