Real Estate & Property Law

Flood Purchases in Columbus

By Alan Ackerman

The Columbus Dispatch article describes what would seem like a simple acquisition of homes in a flood zone.

The problem with the purchase is that the problems of the flood zone, not of the making of the people in the area and probably unknown to them at the time they purchased the homes, may serve to diminish the value of the properties. Yet, if the owners remain on the property, they will face continuing flood problems for years and for the future.

Columbus Dispatch

Homes in the waterlogged area are afflicted with mold, sinking foundations and standing water. Residents blame Whims Ditch, relocated through a landfill, for problems that grew worse after the city built the Franklinton Floodwall.

The low-lying neighborhood, which drains to the Scioto River, was soaked in January 2004 when the city closed a floodwall gate during heavy rains. That trapped the water.

Homes should appraise for $45,000 to $120,000, county engineer's office officials told commissioners. Appraisals should take about four weeks and owners should learn the valuations set around February.

Full post as published by National Eminent Domain Blog on November 17, 2010 (boomark / email).