The city agency responsible for putting blighted real estate back into commerce will sponsor another in a series of auctions Saturday, offering buyers a shot at more than 100 structures and lots scattered across 25 neighborhoods. The New Orleans Redevelopment Authority will hold the auction beginning at 10 a.m. in the University of New Orleans' Human Performance Center, 2000...
The city agency responsible for putting blighted real estate back into commerce will sponsor another in a series of auctions Saturday, offering buyers a shot at more than 100 structures and lots scattered across 25 neighborhoods.
Blighted properties will go on the auction block Saturday at UNO. The New Orleans Redevelopment Authority will hold the auction beginning at 10 a.m. in the University of New Orleans' Human Performance Center, 2000 Lakeshore Drive.
Registration for prospective bidders will open at 8 a.m. The event is free and open to the public.
Bidding starts at $1,000 on each parcel and properties will sell to the highest bidder regardless of price. There is no cost to bid.
Winning bidders must agree to remodel or begin construction on the property within 12 months and keep it free from blight. Bidders can convert the property into green space if they own property directly adjacent to the blighted parcel.
Sale properties are located in the Audubon Park, Central City, Mid-City, Lakeshore, Lake Vista, Lakeview, West End, Lower Garden District, Bayou St. John and Fair Grounds neighborhoods.
The properties and instructions for bidders can be viewed at http://gilmoreauction.com/
All parcels were screened for Lot Next Door eligibility and offered to the Lot Next Door eligible neighbors where they exist.
Before Saturday, NORA officials will notify Lot Next Door eligible neighbors who previously declined the opportunity to purchase a property included in the auction.
The event, like one held in April, differs from previous NORA auctions, which called for sealed bids and generally required winners to commit to living in the property once it was remodeled.
The earlier programs, in neighborhoods where significant flooding sparked a wave of Road Home buyouts, accepted bids only near or above appraised value in an effort not to injure the real estate market.
The new approach is designed to sell the most desirable NORA-held properties in neighborhoods where the real estate market is robust.
At the April auction, bids below appraised value were accepted, and buyers weren't required to take up residence in the homes they purchased.
After registering more than 530 bidders and accepting 94 bids, NORA and city officials hailed the spring sale as a clear sign that interest in restoring run-down properties remains strong in a city where one in four housing units is blighted or vacant.
Total bids in April exceeded $3.5 million. The highest seller was a two-story, single-family home on Ursulines Avenue near Broad Street that went for $185,000.
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Frank Donze can be reached at fdonze@timespicayune.com or 504.826.3328.