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Price Chopper: Livin' Large in Russian Hill

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Then: $1,775,000
Now: $1,595,000
You Save!: $180,000
Deets: 723 Bay Street seems to have it all: A patio with Bay views, large spaces with lots of light, great finishes, parking, and an open beam ceiling. But something's up...no one's buying and the price keeps dropping. The two-bedroom townhouse unit with inlaw was on the market back in October for $2.15M. Is this just a sign o' the times? Is there some undesirable element cleverly concealed from the listing photos? Or was it just plain overpriced to begin with?
723 Bay St. [MLS]