Here are my thought after looking through the photos.  

1.  Arrange the pictures so they make sense.  Home, community, home, community made my head spin.  I'd leave the community shots to the end.  Put the photos in order in which you would tour the property.

2.  Get a stager in there.  That master bedroom looks too bland and the kitchen could get some pop without a remodel.  Some updated decor could really do wonders.

3.  A price reduction would be easier for your sellers to justify if you give this a new face with staging.  A last ditch to get them the price they want.  

This home looks like it offers a lot of light and a great location.  Someone will want it.  

Your answer lies within your question.  You now what needs to be done. If the sellers cannot agree to lower the price to get it sold, then, if it were me, I'd cancel the listing.  

Denise Samouilidis What is holding them back is they have to split the profit three ways. Even if you got them to drop it another $7,000 it wouldn't do much good. They would have to be at the low end of the comps. Price and condition wins. This listing has neither.

Denise you already know what needs to happen - drop the price to where is accounts for 40K of updating.  If your clients aren't willing to budge well than you could always refer them to another agent that specializes in over priced listings (lol)

It's not priced right for it's condition. That's why you've had no showings in a month. 

Depends on who you are targeting. A flipper is your lowest contract price followed by a long term investor. You have already defined the problem and in those cases where a seller acts foolishly you are better off letting someone else waste their time.

The most effective thing to do is reduce the price.

1. Price it right.

2. - 100. is meaningless without the right price.

I defer to Chris Ann Cleland 

As Chris Ann Cleland wrote and the urgency of this super opportunity must come through your marketing

market the condition and target those in the trades.... looking for a home to live in and fix while living there....there's not enough for a fix and flip.... I reference those in the trades because they barter...the electrician does work for the plumber and in return gets plumbing done.... you got the picture.... 

Lots of people out there looking for a blank canvas that they can make their mark.  Market to the segment, and price accordingly.

Price fixes everything.

Sounds like you have figured it all out.  Its all about price in that condition.  They need to go low or spend some money updating.

Sounds like for a flipper to look at it, you'd need the price in the high 100,000s.  I agree with Chris, communit shots should always be at the end.  House first.

You need to tell them because of the price point they will not been seen in searches done by their profile buyer. I always say if you don't make the window on their computer screen you will get no activity. Price it aggressively and use "Investor ALERT!!" to grab attention of your profile buyer.

Emphasize the positive and unique aspects and then let buyers know they can totally "make it their own... no need to undo someone else's taste." But all of that is not useful if the price is not right. At the end of the day it all comes down to price.

(and sell)

What sells real estate is TIME or PRICE.

The gaggle of owners believe they have all the 'time in the world."

You need to wait for the seconded battle among them regarding who pays the monthly fees then you will get the time compressor needed.

It may be necessary to revise your assessment in the following way:

"It is brand new or is it broken?"

"Outdated" would apply to 70% of all real estate agents. Hopefully you see outdated is not a good measure.

I think Chris Ann Cleland gave you great advice.  A

Chris Ann Cleland has great suggestions, Denise Samouilidis.

Great community shots but when I see those first...I think that the property is an issue and looking at the photos makes that point clear. Price cures many issues but there seems a problem with communication with the principals.

In addition to price, presentation -- that's a very important -- if they can't(or won't) agree to what is important(communication between the parties) --- this may be a transaction that can't be salvaged.  

I hope you can make this happen...it looks like a great opportunity for the right buyer.  Good luck.  

Figure the price to fix it up and reduce the price that amount.

Lowering the price is the answer or time to catch up with the price, so ask the sellers if they are will to waiting 2-3 years for the market to catch up or do it now?

An overpriced listing usually doesn't get shown at least not to serious buyers in that price range. You have some really good answers here, especially from Chris Ann.

Market as usual and be honest as to what the property needs

You can't change the location - they have 2 options:

1. Update because most buyers search their 'limit' and don't want to spend their cash for updating.

2. Reduce the price. The most important factor with many.

Those are the only things that really come into play: Location, condition and price. Best of luck, Denise.

Either fix it up and get top $$$ or lower it and sell as is. The funny fact of the matter is that the results to the sellers will be the same. 

Virtual furniture?  http://boxbrownie.com/virtual-furniture

Time for a frank conversation. Each day you keep it overpriced is another day of holding costs! Price it to sell!

Even outdated will sell at the right price! 

You need to get quoatations for serious updating. Once the prospects see that you have got the most items covered they will make an offer.

If possible, I'd meet all three Sellers at the property for a blunt face to face discussion about the price/condition.  If you have all your facts and figures for updating as solid ammo, then it becomes harder for somone to tell you NO in person.  If they still resist, tell them you'll refer the listing out, as you've had enough of their unrealistic expectations.

Cheers! 

If the sellersreally think about it, the difference on price divided three ways is not that much. 

I would market it as a "fixer-upper" or investment property , to Contractors and investors; letting them know that it is priced higher because of its location-proximity to the water.  Try to obtain a list of local "flippers", who like to rehab homes in the area, and send them all flyers of the property.

Price!

The longer a property stays on the market at a price the market won't

accept...the lower it will be when it is acccepted....logic won't help...you can pull out every chart and graph..too much emotion invested....and do you really want to spend all the time, effort and money on a property that they won't sell ?

Once the price is right, it will sell.

It will all end up with the price.  

You already received some great advice here. I like Chris Ann's response.

Others have given good advice

Apply to those who love fixer uppers, construction, remodeling and projects. There are a lot of buyers who are looking for such property if they believe they are priced accordingly.