I doubt that they'll go below 33500. It'd be realistic to offer 32k and settle somewhere in between 33k and 34k.
By the way, i got an email from southbay about this:
http://www.southbaybmw.com/2011-BMW-...-CA/vd/8960809
was $46,450, now at $35,995 and qualifies for 0% financing.