Lowering the sales price in a good market?

[Gary Smith]

My partners and I built a spec home(our 1st deal) and it had two appraisals at $700k.

After 3.5 months, no one had shown interest in the property. We dropped it from 720k to 650k
And now after 4.5 months, our RE broker wants to reduce it more. One of my partners agrees. I don't trust his judgement. This would mean making hardly any profit.

The property is in western Washington; rural area; waterfront; 3500 sf; the market is still going up in price, though sales are slowing. There may not be a bubble here to burst.

What's the lowest percentage we should go below the appraisal?