I know a few people have answered all ready but wanted to offer another opinion. Obviously I don't know the specifics of your particular condo. But I can guess and say this condo most likely sold for more than double about five years ago or less. If this condo is a foreclosure, then most likely the bank is looking for a very close to asking price offer, since the price all ready reflects what similar condos are selling for on the market.
The difference from your offer to a full price offer is $4,000. The average person stays in their home for about five years. So $4,000 over five years is about $67.00 a month or a little of $2.00 a day. So ask your self, for $2.00 a day can I live with myself NOT having the highest offer on this place.Can you see another family living there for a little over $2 a day? If you can then wait for the next one, if there is one.
My experience with most of the clients I have worked with the past two years, is this; the first offer placed is more than 10% under asking price, against my suggestions ("because banks are desperate and they will take my offer"). The second offer they place is about 5% under asking price because they feel "that is a good offer".
By the third offer (or more) they are asking my opinion and taking it (finally) and are offering at least $100 over asking price (or in some cases of an outstanding house well over 15% over asking price because "they are tired of being outbid on houses".)
Inventory is limited right now, what the future holds, no one knows for sure. Every good property WILL have multiple offers and many of them will be well OVER asking price. Prices have taken a major reduction ALL READY the past few years, so please don't think you can reduce it even more just because.
My opinion? If it is a nice condo and you can see living in it for at least 5 years, I would offer $51,500 to secure it, if you can afford it.
Let me know if you want me to give you an opinion based on the comps, email me with the property address, I will keep the opinion based on the comps between you and I.
Thanks and good luck with your deal,