Hilco Real Estate, LLC sold 64 properties on behalf of the New Orleans Redevelopment Authority (NORA) on November 9th and 10th in its first Online Only Auction. Each property had a minimum bid price of $2,500 and all properties were sold during the online auction event. This was another in a series of successful auction events executed by Hilco Real Estate, LLC on behalf of NORA. The portfolio included 25 structures and 39 lots for development. Bidders were required to provide initial deposits of $2,500 per property in order to bid. Sales contracts were delivered to the buyers electronically immediately following bidding and all closings are scheduled to occur within 30 days following the auction. 

The Hilco Real Estate, LLC team was headed up by Fernando Palacios, Sr. Marketing Director, Jeff Azuse, Sr. Vice President; Steven Mathis acted as LA Lic. Auctioneer and Paul A. Lynn, CCIM was Louisiana Real Estate Broker. 

Over 160 bidders registered to bid in this online auction event and a total of 1,970 bids were placed by participants during the auction.  The auction represents a continued series of sales events conducted by Hilco Real Estate, LLC for properties owned by NORA that were impacted by Hurricanes Katrina and Rita. 

"These auctions are part of our continuing effort to place properties back into commerce throughout the City. The auctions serve as another tool in the ongoing effort of rebuilding New Orleans and our neighborhoods," said Jeff Hebert, Executive Director of NORA.

"Hilco Real Estate is pleased to continue to partner with NORA through these auction programs; these auction events are a very effective, transparent process in determining today's true market value for this diverse group of properties" comments Fernando Palacios, Senior Marketing Director and Mid-Atlantic Regional broker with Hilco Real Estate, LLC.

Buyers are required to build or rehabilitate the properties within 365 days of closing, in accordance with all required building ordinances and codes.

Hilco Real Estate, a unit of Hilco Global, is headquartered in Northbrook, Illinois.  HRE is a national provider of accelerated real estate disposition services for corporations, lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies as well as local, state and federal government agencies.