San Diego housing market is within 5% of the bottom?

I only agree to extent that I believe some areas of San Diego are now within 5% of the bottom for CONDOS.

Like I posted last week on other threads, I confirmed our previous Rancho Bernardo 3/2 condo has now fallen from $420K down to $285K, or down ~40% in inflation-adjusted real dollars. That $285K is a 2003 price, and I figure it is within 5% of the bottom, unless this recession really gets ugly.

I do NOT think that San Diego’s SFH market is anywhere near the bottom, particularly on the more expensive homes.

Now Murrieta, and Temcula are a different story. The McMansions in those areas have really come down in price.