Kev, I agree with you. I was just clarifying the meaning of 35% in the original post. Yes, condos can easily drop 35%, if not more.
Back in 1999-2000 I used to live in a nice 1/1 condo in Point Loma, my rent was $600 (which was below market). I think my landlord had bought it in 1987 or so for $50K, and by 1999 it was worth $65K or $70K, at most. My guess is that the same condo was probably worth $70K in 1990 at the peak of the boom.
