Hilco Real Estate Sales Announces Online Auction of 100± Residential Sites throughout New Orleans on Behalf of the New Orleans Redevelopment Authority

27th August 2024

NEW ORLEANS, Aug. 27, 2024 /PRNewswire/ -- As a follow up to previous successful real estate auctions conducted by the New Orleans Redevelopment Authority (NORA), the agency will be conducting its next online auction sale of 100± Residential vacant lots located throughout New Orleans. Properties are subject to a minimum bid price of $4,000 per property. Bidding for this online auction event will commence at 8:00 a.m. (CT) Tuesday, September 17, 2024, and conclude between 12:00 p.m. and 6:00 p.m. (CT) on Wednesday, September 18, 2024. The auctioneer is Hilco Real Estate, LLC, in conjunction with licensed Louisiana broker and auctioneer Paul A. Lynn, CCIM.

"As with our past auctions, we are continuing to receive hundreds of inquiries. We are excited to make this next pool of properties available through this online auction," said Brenda Breaux, NORA's executive director. "During the previous auctions, home buyers and developers were able to establish their own purchase price through the competitive bidding process. Buyers felt they were able to obtain properties in various neighborhoods throughout New Orleans at fair prices," stated Fernando Palacios, a strategic consultant with Hilco Real Estate Sales.

The properties are being sold on an "as-is, where-is" basis. Winning bidders are required to complete rehabilitation or construction on the properties within 18 months of closing. The buyers are required to keep such properties code compliant immediately after closing through completion of the rehabilitation or construction. Bidders for the sites may use the property for green space if their property is directly adjacent to the property acquired at the auction. There is one (1) structure that will be open before the auction for inspection on Wednesday, September 11, 2024, 11:00 a.m. – 3:00 p.m.

Closing is required within 30 calendar days after the auction and financing will not be a contingency so buyers will need to know they can close on their purchase within the required timeframe and have available pre-approval for their own personal financing. Buyers must obtain and maintain flood insurance for any structures as a condition of closing. There will be a virtual "Buyers' Seminar" on Tuesday, September 10, 2024, at 5:30 p.m. (CT). 

For more information, including registration requirements, about this NORA auction, please contact Fernando Palacios at (504) 500-1891 or visit hilcorealestatesales.com/NORA.

The terms and conditions set forth herein are for informational purposes only and shall not be deemed to be and are not intended to be a comprehensive or complete listing of the applicable terms and conditions. All potential buyers should read carefully the terms and conditions of the auction and sale set forth at hilcorealestatesales.com/NORA. The terms and conditions set forth at hilcorealestatesales.com/NORA shall govern and shall supersede any terms and conditions set forth herein.

For further information on the properties, sale process and terms, please visit HilcoRealEstateSales.com or call (855) 755-2300.

About Hilco Real Estate Sales
Successfully positioning the real estate holdings within a company's portfolio is a material component of establishing and maintaining a strong financial foundation for long-term success. At Hilco Real Estate Sales (HRE), a Hilco Global company (HilcoGlobal.com), we advise and execute strategies to assist clients seeking to optimize their real estate assets, improve cash flow, maximize asset value and minimize liabilities and portfolio risk. We help clients traverse complex transactions and transitions, coordinating with internal and external networks and constituents to navigate ever-challenging market environments.

The trusted, full-service HRE team has secured billions in value for hundreds of clients over 20+ years. We are deeply experienced in complex transactions including artful lease renegotiation, multi-faceted sales structures, strategic asset management and capital optimization. We understand the legal, financial and real estate components of the process, all of which are vital to a successful outcome. HRE can help identify the most viable options and direction for a company and its real estate portfolio, delivering impressive results in every situation. 

SOURCE Hilco Real Estate