I have about ten more specific examples of downtown condos that are listed at less than the owner paid for the property.
I also have some new resources that show foreclosure activity in San Diego. The 92101 zip shows a number of condos that are in or going into foreclosure. The details show several units that are behind in payments where based on the current market the owner can't simply sell to get current and walk away with any equity. What this means to me is that these units will become Real Estate Owned (REO) by the various financial institutions and will be listed for sale at prices that further drive comparable prices down.