Contemporary Home on Lookout Mountain Ave

Is this house a firesale or just rolling with the housing correction? Bought in December 2006 for $1.35 million, this three bedroom, three-and-a-half bath includes an additional guest unit, hardwood floors, an elevator and a formal living and dining room. There's also a master suite with a "spa tub and large walk-in closet." And the owner clearly has a fondness for high-backed seating. Oddly, the listed square footage of the house (3,162) is larger than the lot itself (3,125). The asking price is $899,000 or $284 per square foot (nearly half of neighborhood comps). Is that a deal or caveat emptor? Listing is here.