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Twin Peaks Condo Has Questionable Asking Price

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We're quite confused by the asking price of this Twin Peaks condo. It last sold in 2005 for $760,000, and now it's on the market for $565,000. It's not a short sale and there's no mention of motivated sellers. The 2-bed, 1.5-bath, 1,033 sq. ft. 2-level condo also underwent some recent upgrades. There's new countertops in both the kitchen and bathroom, and the kitchen's appliances have also been upgraded to stainless steel. New bamboo flooring, new windows, custom storage? Readers, why is this asking price so low? Is the listing agent trying to entice a bidding war? Give us your best guess in the comments. Monthly HOA dues are $444 and there's 1-car parking in the garage.
· 155 Gardenside #34 [Redfin]