In an effort to catalyze neighborhood redevelopment, the New Orleans Redevelopment Authority has directed the sale of 125 homes and development lots located throughout the city to be auctioned this month.
NORA said all properties will sell absolute to the highest bidder regardless of price.
The auctioneer will be National Residential Auctioneers and AmeriBid. The broker is Paul Lynn. The auction will be held on Oct. 27 at the Ernest N. Morial Convention Center, Hall E, starting at 1 p.m.
All of the properties featured on the auction block are located in many neighborhoods in New Orleans, including Bywater, Broadmoor, Central City, Mid-City, Lakeview, West End, Holy Cross, Bayou St. John and Fairgrounds.
“We have received hundreds of inquiries since launching our online database of properties. We are excited to make available the first pool of properties that received the most interest,” said Jeff Hebert, executive director of New Orleans Redevelopment Authority.
The properties are being sold on an “as-is, where-is” basis. Winning bidders will agree to rehabilitate or begin construction on the assets purchased within 365 days and keep it code compliant. Bidders are allowed to use the property for green space if they are a directly adjacent property owner.
Closing will be within 30 days after the auction and financing will not be a contingency. Therefore, each buyer will need to know they can close on their purchase within the required timeframe.
According to AmeriBid, based in Tulsa, Okla., the live auction is intended to complement continuing neighborhood recovery and to respect the uniqueness of New Orleans’ neighborhoods.
“The properties included in the auction are generally located in neighborhoods that have seen strong redevelopment following the storm,” the auction company stated. “The sale of these properties in these neighborhoods will strengthen an already strong private real estate market.”
