3 things. 1) I used their seller's agent, and he gave me ~3% to get the deal done. So really only 12% under asking. 2) The asking price was too high to begin

3 things. 1) I used their seller's agent, and he gave me ~3% to get the deal done. So really only 12% under asking. 2) The asking price was too high to begin with. 3) The market had started to cool, and they wanted to sell since Winter was coming and Winter isn't a great time to sell a $1M+ condo in Chicago.