HILCO REAL ESTATE COMPLETES ANOTHER SUCCESSFUL ONLINE AUCTION OF PROPERTIES IN NEW ORLEANS FOR THE NEW ORLEANS REDEVELOPMENT AUTHORITY (NORA)
NEWS PROVIDED BY
Hilco Real Estate
Sep 15, 2022, 08:55 ET
NORTHBROOK, Ill., Sept. 15, 2022 /PRNewswire/ -- As part of its continuing series of successful auctions, Hilco Real Estate, LLC, facilitated the sale of an additional 115± commercial and residential structures and development lots on behalf of the New Orleans Redevelopment Authority (NORA) on August 22 through August 25 in another online-only auction generating over $2.4 million in sales. Over 200 bidders registered to take part in this year's online auction with a total of 1,952 bids placed by registrants. There were 99 total properties that received bids higher than the minimum price and will now be sold to the highest bidders.
Highlights of the auction included a vacant commercial lot that should for $168,000, a vacant residential lot on Music Street that sold for $86,000, and a number of sites located in the Lower Ninth Ward and New Orleans' east areas that sold above the minimum bids. Bidders were required to provide initial deposits of $4,000 per residential property and $5,000 per commercial property in order to bid. After the auction conclusion, sale contracts were immediately delivered electronically to the buyers and closings will be successfully completed by the end of 2022.
The Hilco Real Estate team was led by Fernando Palacios, the company's Mid-Atlantic regional broker and managing director, and Paul A. Lynn, CCIM, a senior project consultant, Louisiana real estate broker and licensed Louisiana auctioneer. Over the last fourteen years, Fernando Palacios and Paul A. Lynn, CCIM, have auctioned over 2,500 properties, generating over $70 million in sales for various public housing authorities and governmental agencies in multiple states.
This auction represents a continued series of auction sales events conducted by Hilco Real Estate, LLC, for properties owned by NORA that were impacted by Hurricane Katrina.
"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.
Fernando Palacios stated, "Hilco Real Estate is pleased to continue to partner with NORA through these programs. The auction events are a very effective, transparent process in determining today's true market value for this diverse group of properties throughout New Orleans."
NORA requires that buyers build or rehabilitate the purchased properties within 365 days of closing, in accordance with all required building ordinances and codes.
The next NORA auction event is planned for 2023. To be notified of future Hilco Real Estate and NORA auctions, sign up for update emails at Hilco Real Estate's website or NORA's website. To view additional offerings, please visit Hilco Real Estate's property listings webpage where new listings are added monthly.
About Hilco Real Estate: Hilco Real Estate, LLC ("HRE"), a unit of Hilco Global, 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 and 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.
SOURCE Hilco Real Estate
