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1. create 2 copies of the video - 1 B&W and 1 colour (original)
2. Put the colour copy on video track 2 and the B&W one on track 1 of the timeline.
3. I would then do a fade out at the required points from track 1 into track 2
to save time creating the B&W copy you could just create it long enough to do the fade to where you want it as 100% colour.
A couple of years ago I did similar to this editing a 3 camera shoot of my friend playing the piano with a band. I had all 3 cameras sync'd on the timeline in their own tracks and just faded the top/top2 tracks down so the lower tracks showed through. I could then mix the 3 cameras as required. This is more complex that you need, but shows it can be done - the most difficault bit is syncing the tracks and even that is easy if you have good sync points, ie the drum kit
Pretty much as above in Premiere Elements 10 (so, I guess, the same in 11).
Having imported the video source into the project, place the identical video source material onto two video tracks, one directly above the other. (Delete the audio from one of them). Apply B&W "effect" to one of them. And use changes in opacity on the upper track to fade between it and the lower track as required.
Thank you to you both for your informative replies (I have bookmarked them) and will get back to them in the next day or two.
I think in Elements 11 it may be possible to begin with the movie entirely in black and white and then to insert a keyframe where the transiation to colour is to start and then another keyframe to where full colour is to start, and in the 'gap' between the two keyframes the Saturation bar can be used.
But I will have a look at all three techniques.
My apologies for the delay in getting back to you.