Pert I still own my condo in Crown Point that I bought in 1991. I think you pretty much pegged it very well for the areas you mentioned. They have depreciated a nice chunk but not even close to where they should be to be what I would consider affordable. I know Crown Point is not North PB but I think you get my drift. These are all great areas but I don’t see the “family” demand for them as I do other areas say in north county or 4S primarly due to the schools. Alot more old money in these areas as well. Don’t get me wrong, there is distress in them because of HELOCs and people treating the homes like ATMs but there are not swaths of new homes like say Stonebridge in Scripps or 4S Ranch. I lived on Diamond St for 3 years in college, about Diamond and Gresham… nice times. Anyways IMO the condo stock varies pretty wildly in PB because you have mostly old stuff mixed in with alot of the speculative big new ones that were built out over the past 10 years. I think the high priced behemoths will fall substantially over time. I think that alot of the smaller older stock has come down a fair share but is nowhere near bottom. Because of the variance in types of condos it is harder to give you an exact number. In general I will say that the areas you have mentioned are BEHIND the depreciation cycle though. Don’t be fooled by the blip up they may have this spring.
