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I am planning to say 20% off the asking price. Would that get some interest from the sellers in the million dollar range? I figure many would bite at this level.

Anybody been trying the lowballing tactic lately?

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First, asking for a 20% discount off of an asking price is, IMO, not a lowball offer. If you are serious about buying, I'd offer about 50% of the FAIR MARKET VALUE (not the asking price). Asking prices are just made up numbers and are completely irrelevant.

Now, if you are going to make a low ball offer you need to justify your offer to the seller. What I'd do is put together lots of data and charts and crap about how terrible the market is. Write up a 2 or 3 page offer justification. Be sure to include proof of funds and if you want the seller to know that you are really serious, offer about $10 or $20k at earnest money.

What I'd probably do is get a general idea of which condos I want, pick the best one and have the SELLERS realtor show me that condo and about 5 others. Be very noncommittal about them. Don't give them any indication of your preference at all.

The next day you call the realtor and say that you want to meet to sign a contract. You make your offer and the realtor will say, "oh, jeez, that sure is low, blah blah blah". Then you say something like, "yeah, you're right. I guess I'll submit offers on the other 4 that we looked at as well". Specify which order you need the offers submitted in. Be sure to include a close in expiration date on your offer.

Out of 5 offers someone will likely nibble. Hopefully you can get the one you want.