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We use a combination of dynamical mean-field model calculations and LDA+Umaterial specific calculations to investigate the low temperature phasetransition in the compounds from the (Pr$_{1-y}$R$_y$)$_x$Ca$_{1-x}$CoO$_3$(R=Nd, Sm, Eu, Gd, Tb, Y) family (PCCO). The transition, marked by a sharp peakin the specific heat, leads to an exponential increase of dc resistivity and adrop of the magnetic susceptibility, but no order parameter has been identifiedyet. We show that condensation of spin-triplet, atomic-size excitons provides aconsistent explanation of the observed physics. In particular, it explains theexchange splitting on the Pr sites and the simultaneous Pr valence transition.The excitonic condensation in PCCO is an example of a general behavior expectedin certain systems in the proximity of a spin-state transition.

Excitonic condensation of strongly correlated electrons: the case of Pr$_{0.5}$Ca$_{0.5}$CoO$_3$