LIC Citylights condo price drops...again

The infamous Citylights condo is now being offered at $560K. So, to recount, this started at 699, dropped to 599, went back up to 625 and now is down to 560. That was a pretty fast 20% price drop. In this white-hot market, is this price drop indicative of mispricing? If you asked 9 out of 10 reputable real estate professionals, I think they would.

Recall the contentious thread at curbed