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Hilco Real Estate Completes Another Successful Online Auction of Properties for the New Orleans Redevelopment Authority (NORA) in New Orleans

Jul 1, 2016, 09:11 AM by Amelia Thorne
Hilco Real Estate, LLC sold an additional 65± properties on behalf of the New Orleans Redevelopment Authority (NORA) on June 13th and 14th in another online only auction.

Northbrook, IL - Hilco Real Estate, LLC sold an additional 65± properties on behalf of the New Orleans Redevelopment Authority (NORA) on June 13th and 14th in another online only auction.  Each property had a minimum bid price of $2,500 in this online auction event.  This was another in a continuing series of successful auction events executed by Hilco Real Estate, LLC on behalf of NORA. 

The portfolio included 65 structures and developmental lots. The highlight of the auction was a lot in the Lower 9th Ward that sold for $58,000.  Bidders were required to provide initial deposits of $2,500 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, Sr. Marketing Director, Jeff Azuse, Sr. Vice President; Steven Mathis, Marketing Director, acted as LA Lic. Auctioneer and Paul A. Lynn, CCIM, Sr. Project Consultant, was Louisiana Real Estate Broker.  Over 138 bidders registered to bid in this online auction event and a total of 1,539 bids were placed by participants during the auction.

The auction represents a continued series of auction sales events conducted by Hilco Real Estate, LLC 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 Jeff Hebert, 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” comments Fernando Palacios, Senior Managting 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.

The next NORA auction event is planned for later in Winter 2016. To be notified of future NORA auction events, register at www.hilcorealestate.com/nora or redevelop.nola.gov

Over the last four 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 http://www.hilcorealestate.com/contact-us/email-sign-up.

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