1,952 Total Bids
200 Registered Bidders
100% Sell Out
$2.48 Million Closed
As a result of the Hurricane Katrina tragedy in 2005, the New Orleans Redevelopment Authority acquired damaged and uninhabitable structures and vacant lots to sell with the terms of sale including required timelines and guidelines for purchaser redevelopment. As part of the program, NORA was to engage an auction company via a competitive RFP process; the Hilco Real Estate team has been NORA’s sole vendor handling post-Katrina properties since 2012. This auction represents a continuing series of auctions conducted by HRE in NORA’s ongoing effort of rebuilding New Orleans and its neighborhoods.
As part of its continuing series of successful sales, Hilco Real Estate facilitated the sale of an additional 115± commercial and residential structures and development lots on behalf of NORA on August 22 through August 25 in another online-only auction. The Hilco Real Estate team for this auction was led by Fernando Palacios, the company’s Mid-Atlantic regional broker and managing director, and Paul A. Lynn, CCIM, a senior project consultant, Louisiana real estate broker and licensed Louisiana auctioneer.
With over $2.4 million in sales generated, this year’s sale was another success for the NORA auction.
Over 200 bidders registered to take part in this year’s online auction. A total of 1,952 bids were placed by registrants. A total of 99 listings received bids and will now be sold to the highest bidders.
Highlights of the auction included a vacant commercial lot that should for $168,000, a vacant residential lot on Music Street that sold for $86,000 and a number of sites located in the Lower Ninth Ward and New Orleans’ east areas that sold above the minimum bids. Bidders were required to provide initial deposits of $4,000 per residential property and $5,000 per commercial property in order to bid. After the auction conclusion, sale contracts were immediately delivered electronically to the buyers and closings will be successfully completed by the end of 2022. HRE is pleased to continue to partner with NORA through these programs. The auction events are a very effective, transparent process in determining today’s true market value for this diverse group of properties throughout New Orleans.
Over the last fourteen years, HRE’s Fernando Palacios and Paul A. Lynn, CCIM, have auctioned over 2,500 properties, generating over $70 million in sales for various public housing authorities and governmental agencies in multiple states. They have closed 1,500 properties and garnered $53 million for the New Orleans Redevelopment Authority alone.
Lowest Bid: $4,000
Highest Bid: $168,000
75 Properties Had Extended Bidding
Deposits Collected: $982,260
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Hilco Real Estate (HRE)
assist clients monetize their assets, selling more than 200 million square feet of retail, industrial and office properties. With over 35 years of combined experience working alongside both lenders and investors in the sale and acquisition of every type of asset, our advisory team is an industry leader. We maximize property values in tight timeframes via auctions, note/loan sales, brokerage or potential repurposing solutions.
Passive liquidation management can lead to missed opportunities for substantial recoveries, especially during rocky economic circumstances. Don’t allow real estate assets to become liabilities – we can expedite transactions offering stable footing in this environment and ensuring unparalleled recovery opportunities.