Northbrook, IL - Hilco Real Estate, LLC offered an additional 100± properties on behalf of the New Orleans Redevelopment Authority (NORA) on April 3rd and 4th in another online only auction generating over $2.5 million. Each property had a minimum bid price of $3,500 in this online auction event. 90% of the sites received the required minimum bid and will be sold to the high bidder. This was another in a continuing series of successful auction events executed by Hilco Real Estate, LLC on behalf of NORA.
The portfolio included 12 structures and 93 developmental lots. Some highlights of the auction were a lot in the Oak Park area that sold for $147,500 and a number of the sites located in the Lower Ninth Ward that garnered prices in the mid-teens – low 20’s. Bidders were required to provide initial deposits of $3,500 per property in order to bid. Sales contracts were delivered to the buyers electronically immediately following bidding and all closings are scheduled to occur within 30 days following the auction. The Hilco Real Estate, LLC team was headed up by Fernando Palacios, Managing Director, Jeff Azuse, Sr. Vice President; Steven Mathis, Marketing Director, acting as Louisiana Licensed Auctioneer and Paul A. Lynn, CCIM, Sr. Project Consultant, acting as Louisiana Real Estate Broker. Over 130 bidders registered to bid in this online auction event and a total of 2,049 bids were placed by participants during the auction.
The auction represents ongoing community revitalization and rehabilitation for properties owned by NORA that were impacted by Hurricanes Katrina and Rita.
“These auctions are part of our continuing effort to place properties back into commerce throughout the City. The auctions serve as another tool in the ongoing effort of rebuilding New Orleans and our neighborhoods," said Brenda Breaux, Executive Director of NORA.
“Hilco Real Estate is pleased to continue to partner with NORA through these auction programs; these auction events are a very effective, transparent process in determining today’s true market value for this diverse group of properties throughout New Orleans” comments Fernando Palacios, Managing Director and Mid-Atlantic Regional broker with Hilco Real Estate, LLC.
Hundreds of buyers competed for properties located throughout New Orleans. Buyers are required to build or rehabilitate the properties within 365 days of closing, in accordance with all required building ordinances and codes.
To be notified of future NORA auction events, register at www.hilcorealestate.com/nora or redevelop.nola.gov
Over the last five years, Fernando Palacios, Paul A. Lynn, CCIM and Steven Mathis, have auctioned over 1,000 properties, generating over $50 million in sales for various public housing authorities and governmental agencies in multiple states.
To be notified of future Hilco auctions, please sign up at:
About Hilco Real Estate: Hilco Real Estate, ("HRE") a unit of Hilco Global (www.hilcoglobal.com), is headquartered in Northbrook, Illinois. HRE is a national provider of accelerated real estate disposition services for corporations, lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies as well as local, state and federal government agencies. Acting as an agent or principal, HRE applies its vast experience to advise and execute strategies, helping both healthy and distressed clients to derive maximum value from their real estate assets. By leveraging multi-faceted sales strategies & techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.