New Orleans, LA – April 17, 2012 - Sperry Van Ness/Gilmore Auction has been commissioned by the U.S. Bankruptcy Court to auction the former Madame “X” Mansion located in the historic French Quarter at 927 Toulouse Street, New Orleans, Louisiana. The property will be offered at public auction on Tuesday, May 8th, 12 noon at the Maison Dupuy Hotel, 1001 Toulouse, NOLA.

This historic home was built in 1825 for the Avegno family and features Greek revival architecture, Federal mouldings, a 4-story main home, 2-story rear dependency quarters, carriageway and courtyard. The home was once a landmark – one of New Orleans’ earliest “sky scrapers”, its four stories towering over other buildings in the French Quarter at the time. It was elegantly designed with a graceful center staircase inside and perfectly proportioned rooms framed by tall windows. Its intricate wrought iron balconies were monogrammed with the owner’s initials “PA” for Phillipe Avegno.

Virginie Avegno Gautreau, the subject of artist John Singer Sargent’s scandalous masterpiece Madame “X”, was born in the home. The home went through a major renovation in the late nineties both modernizing and restoring the historic property.

For more information and bid package visit www.gilmoreauction.com or call Sperry Van Ness/Gilmore Auction at 504-468-6800 or toll free 800-254-1280. Bidders must submit a $50,000 Cashier’s check in order to bid at the auction or online. The winning bidder will be required to deposit ten percent of the total contract price and close within 39 days. Free, clear insurable title will be transferred.

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This office building is approximately 210,000 sf on a 10.71 +/- acre site. It has 567 + spaces of covered garage and open parking. Special features include: Fire command center, access flooring over portions of the premises, diesel generators for back-up power, 8,000 gallon and 12,000 gallon diesel tanks (underground), vending/cafeteria area and loading dock.
For more information and bid package visit www.gilmoreauction.com or call Sperry Van Ness/Gilmore Auction at 504-468-6800 or toll free 800-254-1280. Bidders must submit to Gilmore Auction a completed and signed Purchase Agreement and Terms and Conditions, which can be obtained from Gilmore website, along with 10% deposit of bid in the form of a Cashier’s check prior to 4:00pm, May 15, 2012.
“This is a fantastic opportunity to acquire this property at a fraction of the replacement cost.” states Dave Gilmore, Managing Partner of Sperry Van Ness/Gilmore Auction.

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February 22nd, 2012 by Ori Klein

Spotlight on . . .David E. Gilmore

This month we’re putting our Spotlight on David E. Gilmore, national auctioneer, managing director and Chief Operations Officer for Sperry Van Ness Accelerated Marketing Company/Gilmore Auction & Realty Company. With over 25 years of experience in the industry, David’s background covers all facets of real estate. We recently spoke to David on several topics including the current market, bank-owned properties, and online auctions.

PA: Describe your company and your affiliation with Sperry Van Ness (specialties, longevity, experience, etc.).

DG: I started Gilmore Auction & Realty just after graduating from college in 1983 here in New Orleans just when the 80′s downturn had started. My first auction was a single condo and no one showed up, which was devastating but I managed to recover. Later, our firm put together large multi-property, multi-seller auctions of REO properties for several years, then sold for the RTC and FDIC. While we have sold almost everything except livestock in the beginning years, for the last 15-20 years it has only been real estate: homes, lots, acreage, office, apartments, industrial, retail, etc.

In 2003, I stopped at the Sperry Van Ness booth at the National Auctioneers Association Convention to see why they were there. It took about 8 months, but I was finally convinced that an SVN franchise as an auction firm would help me expand beyond a regional auction company.

PA: Have you seen a pattern in auction cycles over the years, and in light of the tumultuous market now, how do you think the past few years have been different in the auction business?

DG: Yes, the pattern in the past has been that when REO inventories were high in downturns, the auction industry was usually instrumental in moving these properties back into the market. This allowed the market to absorb the excess inventory and return to stability.

In anticipation of this current market crash, many investors, funds, real estate firms and auction companies ramped up for the huge inventories. Everyone was determined to take advantage of the next RTC or FDIC situation. Unfortunately, the anticipated wholesale liquidations have not materialized. The administration’s policies concerning loss share agreements and the sale of REO have prevented the large scale auctions that happened in the 80′s and 90′s. Consequently, many auctions have not produced the pricing necessary to satisfy the seller’s demands resulting in few sales and unhappy bidders. The average auction bidder today is much more prepared and educated than in the past. In the 80′s, a government auction would draw hundreds, sometimes thousands of bidders. In today’s market, if properties are not sold absolute, many bidders will not attend. If there is no opportunity for a bargain, bidders will not waste their time.

PA: You have vast experience in properties owned by financial institutions and continue to handle a lot of work within that sector. How would you say the current economy and real estate market have affected your business in this area?

DG: Both in the past and currently, we work on a large scale with community, regional and national financial institutions to assist them in the valuation and disposition of their REO assets. Many of our banking clients have taken a proactive approach in their special assets departments by referring borrowers to us and cooperating with “auction short sales” or negotiated transactions.

With offices in Louisiana, Georgia, Florida and Kentucky plus SVN franchises in 130 other U.S. markets, we have been affected in several ways by the economy and real estate market. Some markets have high REO inventories and a continuously falling market while others have less REO and a fair market.

PA: How is real estate in the Mid- and Southwest region in comparison to the rest of the country? What properties seem to be hot right now in that area and why do you think they are selling?

DG: In my home state of Louisiana, we have an additional market factor to deal with and it is the aftermath of Hurricane Katrina. After Katrina, the Federal Government and the State of Louisiana created the Road Home program to assist homeowners in the recovery process. Consequently, the state bought over 10,000 homes from Katrina flooded residents. Our firm was fortunate to be selected as the auction company to assist in the liquidation of some of these assets. We have sold more than 900 properties in 19 parishes throughout Louisiana in the last two years. This has been a hot market for us as the average price point is relatively affordable and all properties are sold absolute to the highest bidder.

PA: How does online bidding compare to live auctions in terms of success rate?

DG: I think that all auction companies believe that we bring some “magic” to a live auction making it more successful, but we have had some good success with online auctions also. For the past 18 months, we have had an online component to almost all of our live auctions. Generally, we utilize simultaneous online bidding during the live event. As our bidders have become accustomed to the online bidding, the rate of online sell-through has increased. This past weekend, we sold 110 properties with 41 properties – or 37% – sold to online bidders.

PA: How do you determine to auction a property online as opposed to on-site? Is it based on geography, property type, etc?

DG: For “online only” auctions, we look at both geography and property type to make the decision. In many cases, the properties are low end and scattered throughout one or more states and it makes sense to sell it online as it is much more cost-effective for the seller and auction company.

PA: Do you often have broker participation at your auctions and if so, does this make the auction more successful?

DG: Yes, we have brokers register clients at most of our auctions. We actively market to the brokerage community. I am part of the brokerage community as a broker in five states and a CCIM member, but I don’t do traditional listings. The broker is able to validate the buyer’s bid with their local knowledge of the market. I believe that broker participation helps to produce a successful sale.

PA: What criteria do you look for in a property to make it a good candidate for auction?

DG: I have always used the seller’s situation as the criteria, not necessarily the property or the type of property. For instance, is the seller really motivated? Will they or can they sell it for today’s market value? These are some of the factors we take into consideration on whether or not it’s a good candidate for auction.

PA: What are your thoughts or projections for the auction industry in 2012?

DG: I think that more REO will be sold at auction this year as more banks wind down their loss share agreements or become confident that they can sell their assets for current market value. Many investors are moving back into the market with confidence and cash to buy before the market turns.

PA: What are your top 2 or 3 tips for buyers? For sellers?

DG: For buyers, know and understand the auction terms because all auctions are not the same. Do your homework. Inspect the property. Do not bid without seeing the property. Set a realistic value range and don’t exceed it. For sellers, try to think like a buyer when selling. Be realistic in pricing. Know everything about your neighborhood. Thoroughly check out your chosen auction company. Do they have the resources, mail list, e-mail list, local market knowledge and experience with your property type? These are all things you need to consider when thinking of auctioning your property.

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An audience of approximately 350 attended the auction with an additional 190 bidders competing online.

“This was our fourth successful NORA auction of Orleans Parish Road Home properties since April of last year. NORA has sold over 450 properties at auction to bidders that are interested in helping New Orleans recover from Katrina”, said David E. Gilmore, President and auctioneer at Gilmore Auction & Realty Co.

This auction, with closings to take place within 30 days after all LLT Conditions to Closing of the agreement are met, places these properties back into commerce and generated Community Development Block funding for Orleans Parish.

For more information: Dave Gilmore 504-468-6800 ext. 202. Davidgilmore@gilmoreauction.com

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The bidding was open to the public with a registration requirement. This auction, with closings to take place within 30 days after all LLT Conditions to Closing of the agreement are met, places all 36 properties back into commerce and generates Community Development Block funding for each parish.

Funding breakdown by parish:

Jefferson: $45,500

St. Tammany: $88,000

Washington: $23,000

Plaquemines: $254,500

East Baton Rouge: $29,500

The Louisiana Land Trust has been charged with the disposition and maintenance of housing stock and lots acquired through the Road Home Program that was created in the aftermath of Hurricanes Katrina and Rita. LLT has secured and maintained over 10,000 properties.
LLT hired Gilmore Auction and Realty Company to help with the disposition needs of the parishes choosing open auctions.

The Louisiana Road Home Corporation Act became effective on June 29, 2006 under Senate Bill No 445 creating a non-profit corporation. The Louisiana Road Home Corporation dba Louisiana Land Trust( LLT) has been charged with the acquisition, disposition, purchase, demolition, renovation, improvement, leasing, or expansion of housing stock, including but not limited to housing stock as described by the Road Home Program designed by the Louisiana Recovery Authority and funded in whole or in part by the U.S. Department of Housing and Urban Development’s Community Development Block Grant (CDBG) Program in the aftermath of Hurricanes Katrina and Rita.

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April 3, 2011

NORA and Louisiana Land Trust Holds Successful Auction of Hurricane Katrina Damaged Properties

NEW ORLEANS, LA- The first live, open-outcry auction of ninety four Road Home and NORA REALM properties in Orleans Parish produced a standing room only, overflow audience of over 700 in the Xavier University Auditorium and a total sale of $3,528,500. Actual registered bidders totaled 536. Highlights of the auction included a home at 2811 Ursulines for $185,000, a residential lot on Spanish Fort in Lake Vista for $125,000 and the historic enameled metal Lustron home at 4940 St. Roch for $49,000. The average auction price was $37,500.

“This was an outstanding event for the City of New Orleans and the recovery process”, said David E. Gilmore, President and Auctioneer at Gilmore Auction & Realty Co. “The overflow crowd and level of bidding shows that there is a pent-up demand for these properties. A bidder knows that he or she only has to bid once more than the last bidder to win”.
According to NORA Executive Director, Joyce Wilkerson, “NORA is very pleased with the results of Saturday’s auction. The auction’s success points to a role for this strategy for historic properties and in strong markets while phasing properties into commerce.”

This auction, with closings to take place within 30 days after all LLT Conditions to Closing of the agreement are met, places these properties back into commerce and generates Community Development Block funding for Orleans Parish.

For more information: Dave Gilmore 504-468-6800 ext. 202 david@gilmoreauction.com

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NEW ORLEANS — On the heels of a successful auction, city and state officials are calling on the New Orleans Redevelopment Authority to move more quickly in getting thousands of Road Home properties back on the market.

Would-be buyers packed the Xavier University Auditorium over the weekend, all hoping to buy a piece of Orleans Parish.

Auctioneers sold off more than 90 properties. Most of the properties were flooded homes that residents sold to the Road Home program after Hurricane Katrina.

“The amount of money that came in was 105 percent of the appraised values. So, we actually made money,” said Councilwoman Kristin Gisleson Palmer, chairman of the City Council Recovery Committee.

It was Orleans Parish’s first public auction of Road Home properties.

“These properties are now no longer going to be paid for with anyone’s tax dollars. They’re gonna go back on the tax rolls into private commerce,” said Louisiana Land Trust Chairman Mike Taylor.

The Louisiana Land Trust still holds nearly 4,000 more and will run out of money for grass cutting and maintenance at the end of this year. If the properties aren’t sold by then, they will get transferred to the New Orleans Redevelopment Authority, or NORA.

“If we had over 500 bidders for 95 properties, I think the market can handle a few more of these. Obviously, we have to be very careful. We don’t want to dump properties,” Palmer said.

But NORA decides when to put them up for sale, and how. So far, Lakeview has been the most successful in getting Road Home properties sold for re-development.

“To NORA’s credit, they are reaching out to the neighborhoods. That probably has slowed things down a little bit,” said Todd Wallace, president of the Lakeview Civic Improvement Association.

The LCIA worked with NORA to offer one round through a sealed bid auction and a handful more went up for sale last weekend.

Wallace said tentative plans are to have another sealed bid auction this summer for their remaining 150 Road Home lots.

“If, for whatever reason, they’re either not offered for sale, or they did not sell in a particular auction, if a sufficient amount of time goes by, they have to be re-appraised and that costs money,” Wallace said.

When it comes to Road Home properties, Lakeview is ahead of the curve. There are other neighborhoods with hundreds of properties that have yet to be put up for sale.

“What happened this weekend is a really good indicator that there’s a market for the properties,” Palmer said.

The auction brought in $3.5 million. It’s money that is supposed to come back to New Orleans from the state for recovery projects. Palmer said that brings the city’s total up to $20 million.

“I don’t think anybody wants to see $20 million just go to maintain vacant properties,” Palmer said.

We contacted NORA for comments on this story and to find out what their plan is for the remaining 3,800 properties. Our calls weren’t returned.

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About 70 of the properties are single-family homes and duplexes in need of rehabilitation. The remaining 23 are vacant lots. A few of the properties are believed to have historic significance.

The neighborhoods with properties up for auction include Mid-City, Lake Vista, Freret, West End, the Lower Garden District, Bayou St. John, Navarre, the Fair Grounds, Gentilly Terrace, Hollygrove and many others.

The auction will take place at the Xavier University Auditorium, 1 Drexel Drive, starting at 10 a.m. Gilmore Auction & Realty Co. will conduct the auction.

Bidding will start at $1,000 per property, with all sales subject to NORA’s approval. There are no restrictions on who may attend and bid.

Those intending to bid may register at Xavier starting at 8 a.m. or in advance at www.gilmoreauction.com. Those who preregister will still need to get a bid number at registration, but preregistering will speed up the process. Those who preregister should print a copy of their registration and bring it to the auction.

For details on all the properties, click on “Catalogs” at the section of Gilmore’s website devoted to the auction.

Most of the sites are Road Home properties acquired by the state after Hurricane Katrina and then transferred to NORA. Eleven sites are with the Real Estate Acquisition and Land Banking Mechanism, or REALM, a NORA program to expedite the distribution of blighted properties.

Officials said most of the properties are in neighborhoods that have seen strong redevelopment following the storm and have few Road Home properties. The sale of the remaining Road Home properties in these neighborhoods will strengthen the private real estate market in them, they said.

Winning bidders must agree to rehab or begin construction on the property within 12 months and to keep it free from blight. They may also utilize the property for green space if they are a directly adjacent property owner.

All the properties were previously screened for Lot Next Door program eligibility and offered to eligible neighbors, if any, but neighbors who previously declined the opportunity to purchase a property may buy it at the auction and use it for green space, officials said.
Joliet St. 2500 – Northwest CarrolltonR. Stephanie Bruno Photo Joliet St. 2500 – Northwest Carrollton New Orleans ROAD HOME and REALM property auction

The winning bidder must pay 10 percent of the purchase price at the auction, with the full amount due in 30 days after all conditions for closing are met. The seller will pay all closing costs on Road Home properties except those associated with financing. The seller will provide insurable title and environmental disclosures. The buyer must pay all closing costs on REALM properties.

Bidders must bring $500 in certified funds to the auction. This $500 will become part of the 10 percent deposit that is due on a winning bid. There is no cost to bid.

The New Orleans Redevelopment Authority, formerly called the Community Improvement Agency, was created in 1968 to eliminate and prevent the spread of blight in New Orleans, but for many years it remained largely dormant.

After Katrina, however, it emerged as a key player in redevelopment plans. It was charged with disposing of nearly 5,000 Road Home properties and implementing the Lot Next Door program, and it has become active in broader economic development projects such as commercial redevelopment of Oretha Castle Haley Boulevard and the Gentilly Woods Shopping Center.

Bruce Eggler can be reached at beggler@timespicayune.com or 504.826.3320.

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November 29, 2010

The national housing picture is grim, but the local picture isn’t quite so dreary.

U.S. home prices fell 1.6 percent in the third quarter and 3.2 percent from the year prior, according to new data from the Federal Housing Finance Agency. But in a handful of states, home prices have actually registered impressive, year-over-year gains, lead by unexpectedly bustling regions like North Dakota, West Virginia and Louisiana.

FHFA’s index is calculated based on the purchase prices and refinancing of mortgages covered by Fannie Mae and Freddie Mac. The index does have its limitations: it only considers “conforming mortgages.” For mortgages purchased since the beginning of 2006, the conforming loan limit was $417,000. In 2007, it was raised to as much as $729,750 in certain states.

The expiration of the first-time home buyer tax credit helped push home sales to record lows, Bloomberg noted. (One analyst expects home prices to fall another 8 percent by next year.) Still, home prices in the below markets seem almost unaffected by the housing downturn. Check out the states where home prices have rebounded over the last year:

#5    Louisiana

Year-Over-Year Home Price Appreciation: 1.68 percent
Quaterly: 1.12 percent
Five-Year:16.2 percent

http://www.huffingtonpost.com/2010/11/29/states-where-home-prices

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Properties to be auctioned off in Mathews this Saturday include the following:

315 E. 19th Street, Cut Off
21606 Highway 1, Golden Meadow
20788 Highway 1, Golden Meadow
449 Triple Oaks Drive, Raceland
111 Chetta Place, Houma
1511 Highway 665, Montegut
309 Cypress Avenue, Montegut

Gilmore Auction & Realty Co. will conduct Saturday’s auctions. Registration will begin at 8:00 A.M. For more information regarding the auctions and any of these properties, visit http://www.gilmoreauction.com.
The Louisiana Land Trust is a non-profit organization formed to manage the more than 10,000 properties that have been purchased by the State of Louisiana under the current Road Home Program as part of the ongoing recovery effort from the damage caused by hurricanes Katrina and Rita in 2005.

http://www.lafourchegov.org/Breaking_News/Press%20Release%20-%2010.13.10_Road%20Home%20Program%20Properties%20to%20be%20Auctioned%20off%20This%20Saturday.pdf

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