Hilco Real Estate announces online auction of 110 properties across New Orleans on behalf of the New Orleans Development Authority


RESIDENTS OF NEW ORLEANS, Jul 21, 2021 / PRNewswire / – Following previous successful New Orleans Redevelopment Authority (NORA) real estate auctions, the agency will be running its next online auctions of 110 ± vacant lots and buildings scattered throughout. New Orleans residents… The property is subject to the minimum bid price USD 4,000 for the property. Bidding for this online auction will begin on 8:00 am (CT) Monday, 23 August 2021, and conclude from 12:00 to 18:00 (CT) on Tuesday, August 24, 2021. The auctioneer is Hilco Real Estate, LLC, together with the licensed Louisiana broker and auctioneer Paul A. Lynn, CCIM.

“As with our previous auctions, we continue to receive hundreds of inquiries. We are delighted to provide access to the next pool of properties through this online auction, ”said Brenda Bro, Executive Director of NORA. “During previous auctions, experienced home buyers and developers were able to set their purchase price based on competitive bidding. Buyers felt they could purchase properties in different areas around the world. New Orleans residents at fair prices, “said Fernando Palacios, Managing Director of Hilco Real Estate.

The property is for sale on “as is, where is” base. Tender winners must complete renovation or construction at facilities within 365 days from the closing date and comply with the requirements of the real estate code immediately after closing until the completion of renovations or construction. Bidders can use the property for green space if their property is directly adjacent to the property purchased at the auction. There are two designs that will be open prior to the auction for inspection at Thursday, 12 August 2021… When inspecting the property, potential buyers should bring a flashlight and dress appropriately, expecting the property to be unplugged and in poor physical condition.

Closing is required within 30 calendar days of the auction and funding will not be unexpected, so buyers will need to be aware that they can close their purchase within the required time frame and have pre-approval available for their personal funding. Buyers must obtain and maintain flood insurance for any constructions as a condition of closure. A virtual buyer’s seminar will be organized on the topic Wednesday, 11 August 2021, in 18:00 Visit hilcorealestate.com/NORA for more information on logging in.

For more information on this NORA auction and to register, please contact Fernando Palacios call (504) 233-0063 or visit www.hilcorealestate.com/NORA

The terms and conditions set forth in this document are for informational purposes only and are not to be construed or intended to be an exhaustive or complete list of applicable terms and conditions. All prospective buyers should carefully read the auction and sale conditions set out on www.hilcorealestate.com/NORA… The terms and conditions are set out at www.hilcorealestate.com/NORA governs and supersedes any terms and conditions set forth herein.

About Hilco Real Estate:
Hilco Real Estate advises and implements strategies to help healthy and problem clients maximize the value of their real estate assets. HRE’s extensive property appraisal knowledge, lease renegotiation expertise and innovative sales strategies are enhanced by significant access to capital, an extensive network of tenants / landlords, and motivated buyers / sellers. Services include real estate rental change and consulting solutions; extensive services for the sale of real estate through a team of experienced brokers, as well as high-performance accelerated real estate auctions – direct, online, private auctions; consulting practice on sale / leaseback with unique structuring of transactions; as well as real estate investments, including transactions for the acquisition of vacant, additional or stable income-generating properties, as well as transactions with joint ventures. Hilco Real Estate is part of Northbrook, Illinois based Hilco Global, a leading global authority on increasing the value of business assets by providing valuation, monetization and consulting solutions to the international market. Hilco Global operates more than twenty specialized business units offering services that include asset valuation, acquisition and sale of retail and industrial inventories, real estate and strategic equity investments.

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SOURCE Hilco Real Estate

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