Condos are taking a beating and yes they have been affected first and will continue to suffer.
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sdrealtor –

Not sure what you have seen but I have seen much more condo depreciation then SFR. Once again it is very dependent on the neighborhood and quality of condo… UTC/UC has been absolutely pounded, take a look at places like Lucera… 2/2’s there are below 2004 pricing when the actual conversion happened. San Carlos condos have been similarly whacked as Mission Valley has been.

The only thing worse would be the downtown condo market.