However government has used Eminent Domain to secure land for private development of office buildings, and hotels. In Cincinnati we saw Eminent Domain enacted on a number of residents near the RookWood Commons plaza. In 2005 the Supreme Court ruled on a case involving Pfizer and a local government enacting Eminent Domain to condemn and seize property for a research park. After 10 years of tax abatement and special treatment from the local government Pfizer has moved out leaving a blighted neighborhood where a strong community once stood.

The story represents the caution and care that government must exercise when using Eminent Domain for non-public works projects. When private developers create proejcts there is often the danger that they may abandon the project at any point in the development.

Thankfully the volume of property has been manageable compared to the foreclosure glut that other states have experienced. According to  foreclosure-tracking company RealtyTrac.com, over half of the country’s foreclosure-related actions in August occurred California, Florida, Michigan, and Nevada. The top 10 list also includes Arizona, Illinois, Georgia, Ohio, Texas and New Jersey.

The word of caution I give my buyers is that with a foreclosure, the savings on the initial sale price may not yield an overall benefit depending on the condition of the home. Those considerations, coupled with the general complexity of the Foreclosure purchasing process, are giving my buyers an appreciation for how much more value a well maintained home has.

If you are interested in purchasing a foreclosure call me at 513-518-1140 or e-mail me for more information.