Short term I'd say that the areas that were hit hard are going to drop a bit. Conversely those areas that were not hit will go up by the same margin.
Long term, well people have short memories. I'd say prices will be back to normal within 2 years. The homes right on the river I don't think will be affected that much since the people buying those homes probably don't sweat needing to do a few hundred thousand dollar reno every 10 years.
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