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

Apr 20, 2018, 15:25 PM by Mike Ermitage

Hilco Real Estate, LLC, has facilitated the sale of an additional 102 structures and development lots on behalf of the New Orleans Redevelopment Authority (NORA) in an online-only auction generating over $4 million of sales. The auction represents a continued series of auction sale events conducted by Hilco for properties owned by NORA that were impacted by Hurricanes Katrina and Rita.  All sites received the required minimum bid and will be sold to the high bidder. 

Highlights of the auction included a lot in the Vista Park area that sold for over $150,000, a structure on Frenchman Street that sold for over $80,000 and a number of sites located in the Lower Ninth Ward and New Orleans East areas that sold in the mid-teens – low 20’s.  Bidders were required to provide initial deposits and a minimum bid price 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 team was led by Fernando Palacios, Managing Director for Hilco’s Mid-Atlantic region, Paul A. Lynn, CCIM, Sr. Project Consultant, as Louisiana Real Estate Broker, and Steven Mathis as Louisiana Licensed Auctioneer.  Over 180 bidders registered to bid in this online auction event and a total of 2,946 bids were placed by participants during the auction.

“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.

NORA requires that buyers 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 spring 2019. To be notified of future NORA auction events, register at www.hilcorealestate.com/nora or www.noraworks.org

Over the last five years, Fernando Palacios, Paul A. Lynn, CCIM and Steven Mathis have auctioned over 1,200 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.

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 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.

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