FOR IMMEDIATE RELEASE
July 1, 2019
NEW ORLEANS, LA – The New Orleans Redevelopment Authority (NORA) held another successful online only auction which garnered winning bids for 105 properties across the city. The auction was held on Monday, May 13th through Tuesday, May 14th. Winning bids totaled over $2.29 million. Hilco Real Estate, LLC and Paul A. Lynn, CCIM, Louisiana Real Estate Broker were the auctioneers.
“The auction was a great success; we were extremely pleased with the level of participation from our online bidders. We look forward to returning all of the properties back into commerce for market-rate housing opportunities,” said Brenda M. Breaux, Executive Director of NORA. “The winning bids at the auction once again exceeded our expectations.”
“We are proud to work with NORA in getting these properties back into the hands of the community,” said Paul Lynn, CCIM, Louisiana Licensed Real Estate Broker.
Over 275 bidders registered to bid in this online auction event and a total of 1900 bids were placed by participants during the auction. Winning bids ranged from $3,500 to $126,000. Auction participants included first time homeowners, young buyers wanting to have their “dream home”, developers and investors interested in the rebuilding of New Orleans. Buyers will be required to build or rehabilitate the property within 365 days in accordance with all required building ordinances and codes. To be notified of future NORA auction events, register at www.noraworks.org.
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NORA is charged with implementing redevelopment projects for the City of New Orleans through acquiring and disposing of both residential and commercial properties and the disposition of Road Home properties in Orleans Parish.
