Elastomeric over Exterior Stucco

I have read numerous articles about point over stucco. The most that make sense are that Elastomeric coatings prevent breathing and moisture penetration, making the vapor barrier on the outside of the wall, leading to moisture problems inside the walls. Rotting, corrosion, etc.
I have read elastomeric is the best thing since sliced bread for use over stucco, it adheres like ino other product, never peels, lasts more than 10 years (and is even guaranteed.....)
OK, theory set aside, I'm looking for practical experience. In the California Bay area, we have lots of winter storms that make rain fall sideways instead of down. Water may seep into the tiniest cracks in the exterior of buildings, and build-up in the walls, drying slowly because of the limited airflow inside walls.
Is there any direct experience regarding Elastomeric over Stucco, condensation or peeling due to moisture, etc, over a 10-20 year timeframe? I think not, because Elastomeric coverings haven't been available for a long enough time, but I'd like to hear experience, not theory.
Thanks
Rock
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I believe manufacturers will only gaurantee it if it is applied using two coats. This stuff is expensive, so you'll have to weigh the advantages.

I have worked on jobs in Southern California, about 12 years ago, where we have used hundreds of gallons of this stuff over stucco on large complexes while I was working for other people, but I have never gone back too see if the stuff lasted or not. But I can tell you that it is not like regular paint, more rubbery, and if you plan on spraying it, it takes a very powerful spray pump.
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Look into good quality latex paint you wont have any problems. But you can not restucco over paint
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Rock wrote:

Our condo was painted three years ago with one coat primer, one coat Porter semigloss (elastomeric?) paint. 37 y/o building, stucco on concrete block, Florida, many fine cracks. Contractor used a brushable caulk. The previous paint job was a disaster - I doubt the building had been pressure washed beforehand, as mildew showed up underneath the peeling paint (all over). Previous painter had caulked outside of screens, rather than take down screens and caulk around window openings. We had estimates ranging from $27,000 for primer and two coats of elastomeric paint (first I had ever heard of it) down to $7,000.
My parents home, same kind of surface, had Ben Moore latex semigloss when it was built 1984. Repainted '93, even though it didn't need it. To make a long story short, prep has a lot more to do with longevity, assuming a quality name brand of paint is used. All of the steps, from pressure washing through priming through painting have timing issues, along with weather conditions (don't paint in hot sun, too cold, etc.). Semigloss is almost the universal choice around here to avoid mildew growth. Latex allows escape of moisture through the paint membrane. We have had no recurrence of peeling or showing of cracks. Our condo board was ready to grind out all the fine, hairline cracks and patch with concrete. The contractor who got our bid cost $7,000, the low bid (and the winner, hands down, based on "gut feeling"). The amount of paint that came off the building during pressure washing was amazing - it had to be two thick coats. Never saw anything like it.
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