City Business-NORA Auction Places 130+ Properties Up For Bid
Posted: Tuesday, February 26, 2013
NORA auction places 130+ properties up for bidPOSTED: 09:41 AM Tuesday, February 26, 2013 BY: Robin Shannon, Staff Writer TAGS: Ameribid LLC, auction, Dryades YMCA, Ernest N. Morial Convention Center, Jasmine Haralson, real estate, The New Orleans Redevelopment Authority
The New Orleans Redevelopment Authority will conduct an auction next month to unload more than 130 properties citywide to interested buyers and investors.
The agency has partnered with Ameribid for the auction, which will be held March 23 at the Ernest N. Morial Convention Center, Room 293. Registration will begin at 9 a.m. and the auction starts at 11 a.m. Jasmine Haralson, NORA’s director of external affairs, said the properties, which include single-family homes, doubles and vacant lots, will sell as is to the highest bidder regardless of price. There is no minimum or reserve bidding.
Interested bidders are encouraged to visit Ameribid’s website for property information and pre-registration instructions.
The properties are in Lakeview, New Orleans East, Holy Cross, Gentilly, the 7th Ward, St. Roch and Uptown. She said those up for auction were selected based on NORA’s property search tool, which allows people to gauge interest in NORA properties. A similar auction was held in October in which 131 properties were up for bid.
A map with addresses and descriptions for next month’s auction can be found here.
“The auction is a way to make these properties available to anyone who wants the chance to buy them,” Haralson said. “It is an opportunity to get them back into commerce and allow property owners to take advantage of the city’s revamped ‘Lot Next Door’ policy.”
Haralson said about 20 of the properties up for bid include structures that will be open to inspection March 9. All are vacant and have been maintained by NORA. Exact time and information on the inspections is available at ameribid.com/NORA.
A non-refundable minimum deposit of $1,500 or 10 percent of the bid price will be required from winning bidders. The deposit is due on the day of the auction and must be in form of a cashier’s check, cash or certified funds. There is no cost to bid and no buyer’s premium.
Winning bidders will agree to rehab or begin construction on the property within a year and keep it code compliant. Bidders may use the property for green space if their property is directly adjacent to the property acquired at the auction. Closing is required within 30 days after the auction, and each buyer will need to confirm they can close on their purchase within the required timeframe and receive pre-approval for their own personal financing.
Ahead of the auction, there will be a Buyer’s Seminar at 7 p.m. March 5 at the Dryades YMCA, 2220 Oretha Castle Haley Blvd. Registration begins at 6:30 p.m.