An auction Saturday attracted 248 bidders and raised nearly $2 million in funds that will be converted to block grant money. The properties in St. Tammany, Livingston and Tangipahoa parishes were sold to the state by homeowners who didn’t want to rebuild or repair them after Hurricane Katrina.

The Louisiana Land Trust says it has secured and maintained more than 10,000 properties since the storm.

http://www.nola.com/politics/index.ssf/2010/07/road_home_auction_raises_2_mil.html

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St. Tammany Parish, in cooperation with the Louisiana Land Trust, Tangipahoa and Livingston Parishes, is hosting an auction for approximately 150 Road Home properties on Saturday, July 17th, at 10:00AM. The public auction will be held at St. Tammany Junior High, 701 Cleveland, in Slidell, Louisiana. Gilmore Auction and Realty Company will be handling the auction.

The properties are located throughout St. Tammany, Tangipahoa and Livingston Parishes including the towns of Mandeville, Madisonville, Lacombe, Slidell, Bush, Bogalusa, Amite, Hammond, Tangipahoa, Fluker, Springfield and Maurepas. A small number of homes for rehabilitation will be offered, with the balance consisting of vacant residential lots where the home and slab have been removed.

Each property will be sold individually to the highest bidder without reserve.

Auction terms are ten percent down auction day with closing scheduled within 30 days. The auction is open to the public with no restrictions. Anyone can attend and bid on properties.

Property information, photos, FAQ’s and additional terms can be reviewed by clicking on the link on the home page of www.stpgov.org marked Gilmore Auction Info.

http://www.stpgov.org/news.php?id=1557

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May 20, 2010

Contact:  GEGE Roulaine, gbroulaine@lalandtrust.us

Louisiana Land Trust Board Approves Gilmore Auction & Realty Co. for Auction Services

Placing Storm Damaged Properties Back into Commerce through Public Auction

Baton Rouge, LA (May 20, 2010) – The Louisiana Land Trust’s Board of Directors approves Gilmore Auction and Realty Co. to assist the Louisiana Land Trust in the disposition of properties through public auction.  The Louisiana Land Trust has been charged with the disposition and maintenance of over 10,000 properties acquired through the Road Home Program that was created in the aftermath of Hurricanes Katrina and Rita.

Gilmore Auction & Realty Co. is a Kenner, Louisiana based company in business since 1986 that specializes in the sale of real estate at auction.  The firm utilizes all forms of accelerated marketing including open outcry auctions, sealed bids, dual bids and online bidding to accomplish the disposition of needs in its clients.

The Gilmore team has been involved in the planning and orchestration of successful auctions in 18 states from coast to coast.  Gilmore has sold over 10,000 properties while representing clients such as Jefferson Parish, St. Charles Parish, Gulf Coast Bank, First American Bank, First Guaranty Bank, Whitney National Bank, Federal Deposit Insurance Corporation (FDIC), Resolution Trust Corporation (RTC), U.S. Bankruptcy Court plus many others.

Michael Taylor, executive director of the Louisiana Land Trust said, “With Gilmore’s proven auction marketing techniques, the LLT is confident we are moving in the right direction to get these properties back into commerce.  Once these properties are in the hands of our citizens, we can confidently say that we are indeed recovering from the hurricanes that devastated our land.”

“The Gilmore Auction Team is very pleased to be assisting the Louisiana Land Trust Road Home Program with the disposition of Road Home properties,” says David E. Gilmore, president of Gilmore Auction & Realty Co.  “Our upcoming multi-property auctions of Road Home properties will be great opportunities for bidders to acquire prime Louisiana real estate.”

Gilmore Auction & Realty Co. is an affiliate of Sperry Van Ness International, one of the largest commercial real estate companies in the U.S.  The company has a network of 938 commercial real estate advisors located in 138 markets giving Gilmore a national platform for all 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 by 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 Block Grant (CDBG) Program in the aftermath of Hurricanes Katrina and Rita.

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Pabst Brewing building and other properties sold in Crossroads area

By KEVIN COLLISON

The Kansas City Star

The former Pabst Brewing Co. building at 2107 Central St. and nine other Crossroads-area buildings owned by the late Tom Levitt have been sold at auction.

The 90,600-square-foot Pabst building along with the adjoining former Pendergast Wholesale Liquor Co. building at 2301 Central sold for about $1.1 million, according to Gib Kerr, the broker at Sperry Van Ness who helped handle the transaction.

Kerr said the Pabst building was the only one of the larger buildings in the Levitt estate portfolio that sold at the auction, which drew about 24 bidders. The nine other properties that sold ranged from a 31-space parking lot to a 14,700-square-foot building at 2030 Central.

“Most bidding has more to do with the smaller buildings for owner-occupants,” he said. “The larger properties of interest to developers didn’t get much play.”

Levitt, who died in September, owned a variety of properties in the Freight House District.

The Pabst and Pendergast buildings were particularly attractive to buyers because the city has approved a $17.8 million redevelopment plan for the properties that includes $3.9 million in tax increment financing assistance.

Three large buildings not sold at the auction were the Candle building, 2101 Broadway; Columbia building, 2006-2014 Wyandotte St; and Creamery building, 2100 Central.

To reach Kevin Collison, call 816-234-4289 or send e-mail to kcollison@kcstar.com.

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Auctions have historically been the last option for sellers looking to unload real estate. A healthy market flush with financing fostered other avenues that were more appealing to sellers, but in a slumping market, more property owners are turning to auctions as a first course of attack.

Auctions, according to Jeb Howell of Auction Management Corporation, are one of the best ways to get the market moving. He recently helped auction off a 61-unit multifamily property in Fayetteville, Arkansas, which had already been listed by a broker. The broker received a $250,000 offer on the development; the property ultimately sold at auction for $1.1 million.  

“What an auction does is it forces action,” Howell says. “We’ve seen that time and again, the best price the brokers can bring in right now on these assets is half or less of what we’re getting at auction. We’re creating competition, and we’re forcing people to have to play. Everybody wants to lowball, but they can only lowball one bid increment above what everybody else is willing to lowball.”

As an auctioneer, Howell deals primarily with banks. One problem he’s been facing recently is that banks are wary of trading assets when property values are down marketwide. There are still auctions to be held and buyers are in the market, especially for multifamily, but financial institutions are slow to act.

“The banks are still in the mode of pretend and extend or hold and hope rather than take the asset back. Once they take it back and they start to market it, and they have to sell it for today’s price, they can’t afford to take the hit,” Howell says. “The biggest surprise we’ve seen is that banks are so far underwater that people we thought would be just selling right and left right now are really, for the most part, not.”

To break the banks out of this financial funk, Howell says a major player like Fannie Mae or Freddie Mac needs to start selling. Buyers have established the asset prices in the current market, and firms need to unload assets in order to drive up that current value. This, of course, would mean sellers need to take a few hits to get the market back in order, and nobody really wants to do that. David Gilmore of Sperry Van Ness Accelerated Marketing paints auctions as a “controlled chaos” where owners don’t really want to sell, and buyers won’t bite unless they see real deals.

“Usually a seller — be it a bank, debtor, builder, etc. — is pulled kicking and screaming to an auction meeting,” Gilmore says. “Unless it is the last-gasp attempt to pull the situation out of the fire, they don’t want to do it.”

Gilmore and his co-worker John Johnson find auction clients using traditional marketing approaches, and some sellers in the current market are even apt to choose auctioning off property above brokerage. Auctioneers also get business from brokers who bring in real estate that has a hard time selling. “Very frequently, another broker will call us, either because his seller has asked him to find a good auctioneer or because he has a listing that is just not getting any attention or action,” Johnson says.

Asset values have declined to the point where some properties are worth less than the existing debt on the structure. In these cases, auctioneers work to get lenders and sellers to agree to an auction, even if the property sells for less than the loan amount. The alternative, of course, is foreclosure, which may deteriorate the property’s value even more. “If we can get the property sold at auction before it goes to foreclosure, the short-fall that the seller has to make up should be much less than if the lender forecloses and then sells the property later for less,” Johnson says. “While both the seller and lender may take a hit, we are usually able to lessen the hit.”

While the recession has pushed more sellers out of the woodwork, many of them are left searching for someone to buy their properties. More inventory, both traditional and distressed, is available, but there are fewer qualified buyers on the market. Sellers can always protect themselves from getting a raw deal by setting a high reserve price during the auction. But this also can lead to problems if buyers, who are skittish anyway, don’t want to produce enough cash.

“Bidders are shying away from real estate auctions unless they are confident that the seller really plans to sell to the high bidder,” Johnson says. “Many auctions have occurred recently that did not end up producing a closed sale because the seller’s reserve or minimum bid amount was too high.”

The auction business has been booming for Jeff Motley of Richmond, Virginia-based Motley’s Auction & Realty Group. His team is seeing a wide range of commercial property types come in from sellers, and buyers have been expressing interest in these assets. While multifamily assets are flooding the market around the Southeast, warehouse and office condominiums are especially hot.

“We are seeing almost a flight back to quality of people wanting to invest in real property,” Motley says, noting that some buyers may have become fed up with pursuing stocks. “They’re now seeing the value in real estate again and moving back into that market,” he says.

Motley’s business hit a lull a year and a half ago, when for 6 months, it was hard to auction off assets because sellers were afraid of the market. From one day to the next, nobody knew how the commercial real estate market was going to react; sellers were fearful of this volatility. It was also very difficult for buyers to obtain any sort of financing during this time. The market is still tough, but Motley has started trying to get clients into some of the new properties that are delivering in the region. By helping them trade non-performing assets, Motley can also help sellers obtain newer Class A properties at lower prices. But these sellers have to be ready to take a hit on property value.

“In this market, you’ve got a lot of people that are taking hits whether they sell it at auction or they list it and do a private treaty,” Motley says. “Most of the people have either been in a situation where they’ve listed it and had no activity or have come to the decision that we need to move this off our books and we need to move it off rapidly.”

Sellers look to unload assets in the most profitable manner, and in this new commercial landscape, Motley says, auctions have become a good way to sell something quickly and profitably. This trend can be seen in Motley’s business activity. “In the last 9 months, we’ve been as busy as we’ve ever been,” Motley says. “In terms of commercial property, we see our business being very busy for the next 2 to 3 years.”

The recession has changed the auction market’s DNA at a time when the industry has embraced technological advances that make it easier for buyers and sellers to connect. Increased marketing efforts amid declining property values have helped push auctions to the forefront of property owners’ minds and ensured that auctions will prosper in the coming year.

 “It’s extremely complicated; the marketing is very aggressive,” Motley says of the current sophistication of the auction process. “It’s not standing in the back of a pickup truck selling a piece of real estate anymore.”

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K.C. Freight House District &

Main Street Properties

KANSAS CITY, Mo., March 22 /PRNewswire/ — The estate of Kansas City developer Tom Levitt has scheduled a “Dual Bid” auction for fifteen properties located in Kansas City’s Freight House District and on Main Street.  Sealed bids are due on April 29 with an auction scheduled for May 6.

Prior to his death in September, 2009, Mr. Levitt succeeded in obtaining a myriad of economic development incentives for these properties, including Tax Increment Financing, historic tax credits and tax abatement.

The Freight House properties, consisting of eight buildings and two parking lots, are in the existing 22nd and Main Tax Increment Financing Plan, providing future developers with up to $9.3 million in potential TIF reimbursements.  Additionally, all of the Freight House buildings are eligible for state and federal historic tax credits equal to 45% of qualified redevelopment costs.  Furthermore, these properties are within an Enhanced Enterprise Zone.

The Main Street properties are within an approved Planned Industrial Expansion Authority (PIEA) District, providing a developer or owner-occupant with twenty-five years of reduced property taxes. Additionally, the Goodenow Building at 3710 Main Street is eligible for state and federal historic tax credits.

Four properties will be sold absolute with “no minimum or reserve, to the highest bidders”.  These include 2107 Central, the 90,600 square foot Pabst Building, 2101 Central, the 15,100 square foot Pendergast Building and 2114 Wyandotte, a 34 space parking lot, all to be sold as a package.  In addition, 2000 – 2004 Washington, a 3,574 square foot warehouse building will be offered absolute with no minimum or reserve.

Additional Freight House properties offered include:

• 2100 Central:  3 story, 21,825 sf. Creamery Building
• 2101 Broadway:  3 story, 43,650 sf. Candle Building
• 303 – 315 Southwest Blvd.: 31 space Gateway Parking Lot
• 2030 Central:  1 story, 14,699 sf. Jacobson Building
• 2006 – 2014 Wyandotte:  3story, 36,676 sf. Columbia Building
• 2020 Wyandotte: 1 story, 2,988 sf. Boiler Building
• 214 West 21st St.:  2 Story, 5,639 sf. Box Building

Main Street Properties include:

• 3710 Main:  3 story, 38,164 sf. Goodenow Building
• 3737 Main:  Historic Tri-Plex
• 3741 Main:  Historic Tri-Plex
• 3745 Main:  Commercial Lot

Sperry Van Ness Accelerated Marketing has been commissioned to market the estate properties at auction.  The Sperry Van Ness team is lead by Kansas City advisor, Gib Kerr, CCIM, along with national auctioneers, David E. Gilmore, CCIM and Don Erler, CAI.  Interested bidders should visit www.svnauctions.com for a detailed information package on each property or contact Gib Kerr at 816-303-2117.

The Sperry Van Ness Accelerated Marketing team has conducted successful auctions, sealed bids and asset dispositions throughout the United States, Mexico, Puerto Rico and the Virgin Islands.  Founded in 1987, Sperry Van Ness is one of the largest commercial real estate firms in the industry, with more than 900 advisors in over 150 locations.

SOURCE Sperry Van Ness Accelerated Marketing

Back to top RELATED LINKS
http://www.svnauctions.com

http://www.prnewswire.com/news-releases/levitt-estate-announces-auction-for-kc-freight-house-district–main-street-properties-88798662.html

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INGLEWOOD, Calif., Jan. 20 /PRNewswire/ — Inglewood’s Fox Theatre, a historic art deco/moderne landmark that served as a main site for Hollywood premieres in the 1950s, will be sold via a sealed bid auction on February 5. The property will sell to the highest bidder above $200,000. Sperry Van Ness Accelerated Marketing Co. Inc. is conducting the auction of this well-known piece of Hollywood’s past.

“This is a fantastic opportunity to redevelop a grand theatre from days gone by and at a fraction of the value,” says David Gilmore, Managing Director of Sperry Van Ness Accelerated Marketing.

The 12,090 square foot Fox Theatre boasts Marilyn Monroe and the Three Stooges among other stars who graced its plush seating and grandiose interior.

Last operational in 1984, both the exterior facade and interior theater are in need of restoration. However, many of the original fixtures and theater equipment are still intact and remain in the building. 

Located at 115 N. Market St., the Fox Theatre is located in a prime area of Inglewood. Art deco buildings from the early 1920s, landscaped medians, fountains and access to public transportation make this a desirable location.

The Fox Theatre is currently owned by former NFL player Mark Fields. Fields played linebacker in the NFL for 10 seasons with the New Orleans Saints, St. Louis Rams and the Carolina Panthers.

Bids for Inglewood’s Fox Theatre are due on February 5. For property information and a complete Bid Package visit www.svnauctions.com.

About Sperry Van Ness Accelerated Marketing Co. Inc.

The Sperry Van Ness Accelerated Marketing Team has planned, orchestrated and conducted successful auctions, sealed bid initiatives and asset dispositions in 48 states, Mexico, Puerto Rico and the Virgin Islands.

Sperry Van Ness International has a network of nearly 1,000 commercial advisors located in 160 markets throughout the United States. Sperry is the only major commercial real estate company with an integrated, in-house accelerated marketing team.

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By David E. Gilmore, CCIM and John L. Johnson, CCIM, CPA

In today’s market, the difference between traditional and distressed sales is mostly in the buyer’s  mindset.  Traditional sales currently are driven by need – only investors who need to fulfill Section 1031 exchanges or other financial or market-driven concerns are acquiring non-distressed properties.  At the same time, investors with immense amounts of private captial are sitting on the sidelines waiting for distressed assets to be listed at deeply discounted prices.  At this point in the cycle, buyers won’t buy unless they perceive assets are priced well below market value.

Another major factor in today’s distressed asset market is lender requirements.  Currently, investors must put 35 percent to 50 percent down to close traditional deals.  However, financing parameters are changing faster than ever before.  For example, in July 2008, a company looking to raise cash for its business listed its office building with a national brokerage firm for $14.6 million.  The property went under contract for $12.2 million as a sale-leaseback, but there was a delay in due diligence as lender financing became more strigent and less acceptable to the buyer, who eventually pulled out of the deal. 

In February 2009, a different buyer placed the same property under contract, but for $10.1 million, or 69 percent of the original asking price.  That buyer currently is seeking additional equity as the lender now is requiring a larger down payment.

Looking Ahead

As the commercial real estate cycle proceeds, expect land, industrial, and retail properties to lead foreclosure reports.  To achieve long-term industry stability, these real-estate owned properties must be cycled through the system.  In addtion, new U.S. tax policies must come to fruition, and the meat of those policies must be realized by property owners and investors, specifically treatment of capital gains, 50 percent depreciation in the first year for investment in certain areas, and favorable rules to encourage investment in real estate.  The fuzzy picture surrounding securitization and conduit loans also must come into focus.

A foreclosure boom will only recede when distressed property values approach what buyers consider to be standard market values.  In the interim, those looking to throw their hat into the distressed property ring should not delay.

Commercial real estate professionals can arm themselves with stategies to compete in this unconventional environment.  Combined with smart financing tactics, these tips can help industry professionals close deals in the turbulent market.

Success with Distressed Assets

To succeed with distressed opportunities, industry professionals must know where to look and how to secure these non-traditional listings.

Finding Real-Estated Owned Properties.  Bank Web sites can be a prime place to find REO opportunities since many lending institutions list their properties online.  Searching for “commercial REO properties” online reveals a multitude of bank sites listing REO properties.  Foreclosure sites such as www.realtytrac.com and www.foreclosuredataonline.com primarily aggregate residential foreclosure listings, but both also have commercial real estate listing sections.  Banking industry websites, including www.bankimplode.com/list/troubledbanks.htm and www.fdic.gov (click on Asset Sales) also may be good sources for REO listings.  Subscription sites that track commercial default and foreclosure notices include Real Captial Analytics Troubled Asset Radar (www.rcanalytics.com) and First American (www.corelogic.com)  Finally, local newspapers list foreclosures on a daily, weekly or monthly basis.

Securing Listings from Lenders.  Up to 80 percent of today’s brokers have never experienced a severe market down-turn.  Without that past experience, the thought of securing listings from lenders can seem challenging.

One of the most important steps to securing lender listings is to partner.   Brokers who don’t have relationships with lenders must partner with colleagues who have been through past recessions – ideally experts who worked with lenders during the last REO crisis.

In addition, brokers must expand their businesses to offer as many services as possible.  If you don’t have the experiece to be considered full service, partner with one or more brokers to create a one-stop shop for lenders, including resources for obtaining brokers’ opinions of value, property management services, leasing, and value preservation.

Finally, do some homework before calling or scheduling a meeting with a lender and be prepared to discuss a specific property in your area of expertise, along with your plans and solutions.  Bring a broker price opinion as well as an analysis of the property.  Most importantly, understand that banks want to sell properties “as is, where is,” and they probably have them priced to sell.

Marketing Makes a Difference.  When it comes to marketing distressed properties, here are a few stategies that will help distinguish your listings.  First, every marketing tool must convey that the property is distressed.  Today’s investors are only interested in distressed assets at perceived distressed prices.  Additionally, distressed assests are the only listings that brokers can finance today without putting a significant amount down using seller financing.

Conduct a comprehensive marketing campaign using a variety of tools, including Web and e-mail campaigns.  For example, Sperry Van Ness Real Estate Services recently completed the sale of the bank-owned Trilogy on 5th, a 25-unit luxury multifamily commuinty in San Diego.  Several local, regional, and national brokerage firms had been following this property, waiting for it to go into foreclosure.

SVN’s San Diego office made about 25 calls to Bank of America to inquire about the note and secure a listing proposal meeting.  The bank selected SVN to sell the property because of its proactive marketing approach as well as its understanding of the distressed asset business.  The marketing campaign for this asset included a property Web site, e-mail marketing to 65,000 brokers and investors, direct marketing to specialized industry segments, four broker open house tours, and an extensive advertising campaign.  San Diego-based Conrad Prebys Trust purchased the property from the Bank of America for $10.5 million, or $410,000 per unit.

Finally, make sure marketing efforts are tailored to brokers and investors.  Brokers are the conduits to investors.  They have relationships with investors who may be interested in the listings.  They also are the ones who frequently receive calls from the investors asking if they know of any distressed properties for sale.

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A young physician and her father arrived at Saturday’s auction at the Joseph H. Yenni Building in Elmwood hoping to buy a lot near East Jefferson General Hospital.

Numerous residents of Maple Ridge Park showed up in case lots in their subdivision turned out to sell for bargain prices.

A soon-to-be-married couple eyed properties in central Metairie, close to their families.

Many left empty-handed.

Dr. Ka-Tan Tong, who just finished her family-practice residency, made early bids on three lots in the Pontchartrain Gardens and Pontchartrain Shores subdivisions. But she left quickly as the bidding on the last of the properties she had hoped to buy topped $90,000. “It’s just a lot. You still have to build a house,” she said, shaking her head.

There were some steals to be had at Saturday’s auction, the first open-market sale of Road Home properties in Louisiana. But many bids were higher than predicted.

All told, the auction’s revenue total of more than $4 million was about 10 percent to 20 percent higher than expected, said Mike Taylor, director of the Louisiana Land Trust, the nonprofit corporation created by the state to hold the storm-ravaged Road Home properties purchased from homeowners after Hurricane Katrina.

Winning bids ranged widely. Tiny lots or ones with less desirable locations went for several thousand dollars. But prices for empty lots in Maple Ridge soared to $90,000 or more, higher than many had expected, including neighborhood resident Christine Vinson and her husband, Darrin Piotrowski, who had predicted prices closer to $60,000.

Vinson waved at dozens of neighbors including Adam and Kat Kraus, who walked past them, grimacing good-naturedly at being outbid for the lot next to their home on Maple Ridge Drive.

“I figured we’d get squeezed out by a contractor,” said Adam Kraus, who explained that the couple had opted not to participate in the Lot Next Door program because of prices that didn’t seem to differentiate between corner and midblock properties and “too many restrictions,” including a requirement that the lot can’t be sold without penalty for at least five years.

In all, the auction sold 87 of the 147 parcels in Jefferson Parish that were purchased by the state after Katrina.

Of the remaining 60, some can’t change hands until a required environmental review is complete, Taylor said. Also, about 10 parcels were already sold through the Lot Next Door program, and about 40 will be redeveloped by the parish or municipalities and sold as low-cost housing to qualifying households, Taylor said.

Proceeds from Saturday’s auction will be funneled back to Jefferson Parish for projects eligible for Community Development Block Grant money, he said.

For the auction’s more than 500 registered bidders, the Maple Ridge properties were clearly a leading draw. The bidding began with auctioneer Dave Gilmore announcing, “And here’s what you’ve been waiting for.” And within minutes after Gilmore hollered “Sold!” for the last Maple Ridge address, hundreds left the crammed Jefferson Parish Council chamber, creating open seats for the first time all day.

But Huey and Kathy Cheramie left happy after investing in a Maple Ridge lot that backs onto their adjoining subdivision.

Julia Harris also walked out beaming. She and fiance Scott Werner had just made a winning $92,000 bid for a lot on Lemon Street in the Pontchartrain Shores subdivision. Harris, a real estate agent, and Werner, a contractor, had teamed up to determine land values and construction costs at several sites, including the sought-after Maple Ridge properties, all of which had been bid past their $90,000 limit.

Their winning bid was $2,000 higher than they budgeted, and the two were nervous as they made it, Harris said.

Still, she was pleased. The lot is just off West Esplanade Avenue, “where all of our family lives,” she said. Also, it’s a corner lot, with a school across the street.

Harris mentally estimated closing and construction time. Within six months, she said, the couple could be living in a newly built home on Lemon Street.

“We did our homework, and it worked out for us,” she said.

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Next week Jefferson Parish will become the first place in Louisiana to begin selling Road Home properties on the open market.

The parish is holding an auction Aug. 15 in the council chamber at the Joseph S. Yenni Building in Elmwood, where 86 properties, most of them empty lots but a few with houses, will go up for bid. The list roughly reflects the pockets of Jefferson Parish that suffered the worst flooding after Hurricane Katrina, with the densest cluster in the Maple Ridge section of Old Metairie.

Some lots in other parishes have been transferred to neighbors or community groups, but Jefferson is the first to hold an auction opening the government-owned parcels to the public, said Mike Taylor, director of the Louisiana Land Trust, the agency holding the storm-scarred properties that the state bought from homeowners after Katrina.

“Finally, we’ve got some real positive traction” in a process that was long delayed by regulatory hurdles, Taylor said. “Jefferson’s done a good job. They’ve been very proactive.”

It helps that Jefferson has a relatively small number of properties to manage, he said. Parish officials say they have processed 147 bought-out lots. Taylor said almost 10,000 such properties are spread throughout the state, creating an unprecedented government effort at returning residential lots to commerce.

“A lot of this is things that nobody’s ever done before, the scope and the scale,” Taylor said.

Taylor said the next parish likely to start selling Road Home land is Plaquemines, where officials will take sealed bids instead of holding an open auction.

Of the 147 Jefferson properties, 36 were set aside for development as low-cost housing that will be sold to qualifying families. That stipulation came with the federal money used to buy out previous residents.

Another 25 properties include some that are still in the Road Home buy-out process and a few sold to their immediate neighbors through the Lot Next Door Program, said Tony DiGerolamo, a parish executive overseeing the dispensation of the properties….

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