An offer by Enbridge Energy Partners to purchase homes in an area impacted by the late July spill of an estimated one million gallons of crude oil into the Talmadge Creek and the Kalamazoo River is garnering more interest than expected.
The Battle Creek Enquirer reports to date the Canadian oil company has appraised 184 properties, finalized the purchase of 53 homes and is moving towards closing on another 36 properties. The offer to purchase homes affected by the spill was extended to an estimated 200 homes within 200 feet of the two bodies of water.
On Aug. 13, Enbridge CEO Patrick Daniel announced the program, 10 days after the oil spewed from the ruptured pipeline. At the time, Daniel said the program was to keep real estate speculators from taking advantage of property owners impacted by the spill.
“That’s not right and we won’t let it happen,” Daniel said of speculators.
Local real estate experts say the property buyout was creating a small real estate bubble because people who sold wanted to remain in the area. The long term impact of the buyout and the oil spill on real estate market values is unknown, those experts told the Enquirer.