NORA to Auction 130 Lots and Structures in New Orleans

by • August 20, 2020 • NewsComments (0)2448

The New Orleans Redevelopment Authority (NORA) is conducting another ONLINE-ONLY auction of 130± structures and vacant lots located citywide. Bidding for this auction will begin on Tuesday, September 29, 2020 at 8:00 AM and end between 12:00 NOON and 7:00 PM on Wednesday, September 30, 2020.

The properties will sell “AS-IS, WHERE-IS” to the highest bidder. Properties are subject to a minimum bid price of $4,000 per property.

“As with our previous auctions, we are continuing to receive hundreds of inquiries. We are excited to make available this next pool of properties through this online auction event,” stated Brenda M. Breaux, NORA’s Executive Director.

“During the previous auction events, savvy home buyers and investors 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, managing director at Hilco Real Estate.

Winning bidders are required to rehabilitate or complete construction of the property as a residence within 365 days and maintain the property in accordance with the City of New Orleans’ Code of Ordinances. The requirement to maintain the property begins immediately after closing through completion of the rehabilitation or construction. Bidders may use the property for green space if their property is directly adjacent to the property acquired at the auction.

The auctioneer is Hilco Real Estate, LLC. On Friday, September 20, 2020 structures will be open for inspection.

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