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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Courtroom A of the Calcasieu Parish Courthouse in Lake Charles was filled with a standing room only crowd of approximately 450 people for the Road Home property auction Saturday, September 25. There were 355 registered bidders helping to generate over $1.2 million.
This is the second auction to take place in the western region of the State of Louisiana. Previously, Louisiana Land Trust auctioned approximately 60 Road Home properties in Vermilion, Acadia, Iberia, Lafayette, St. Landry and St. Martin parishes. In addition to all auctioned properties, 35 parcels are being sold to individuals who live next door to Road Home properties through various parishes Lot Next Door program.
“We are very excited about helping our citizens continue to recover from Hurricanes Rita and Katrina”, said Michael Taylor, executive director, Louisiana Land Trust. “With these auctions, we now have a total of 196 Road Home properties destroyed by Hurricane Rita back into commerce. This is fulfilling our ultimate goal in the recovery process.”
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 100 properties back into commerce and generates Community Development Block funding for each parish.
Funding breakdown by parish:
Calcasieu – $1,035,500
Allen – $31,750
Beauregard – $56,000
Jefferson Davis – $108,000
Vernon – $3,000
“The Gilmore & Pedersen Auction Team is pleased to be a part of this very successful, five parish LLT auction”, said David E. Gilmore, president, Gilmore Auction & Realty Co. “Standing room only with over 450 attendees and a 100 percent sellout produced a win-win for the parishes and the bidders.”
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. Pedersen and Pedersen Auction Company assisted Gilmore and Company with this auction.
Copyright 2010 Southwest Daily News. Some rights reserved

http://www.sulphurdailynews.com/topstories/x1165098704/Home-auction-for-five-parish-area-generates-1-2M

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The Road Home Property auction in Abbeville on Saturday generated $207,000 in sales of 32 properties.

Nearly 250 people including 126 registered bidders gathered at A.A. Comeaux Park Recreation Center to watch and take part in the property auction.

The Louisiana Land Trust was intrusted to sell the lots acquired through the Road Home Program that was created in the aftermath of Hurricane Rita.

The money generated from property sales will go to the Police Jury to be used for Community Development Block Grant projects.

The Louisiana Land Trust hired Gilmore Auction and Realty Company to help with the auction.

“Everything sold,” said David Gilmore, owner of Gilmore Auction and Realty Co.. “We had good bidders.”

The land, as large as 10 acres to lots as small as 65 by 143 sold. Homes can be built on the properties but they must be built according to flood codes.

Gilmore said there was not one piece of property that was a hot item.

Vermilion Parish had the most properties at the auction with 32.

Iberia Parish had six properties that sold for a total of $41,000.

St. Landry had four properties that went for $9,000.

St. Martin had three properties that sold for $21,000.

Acadia Parish had two properties that sold for $6,000.

The total amount generated in sales that day was $296,500.

“Louisiana Land Trust is pleased to be a partner in moving these Road Home properties back into commerce in these parishes that were damaged,” said Mike Taylor, executive director of Louisiana Land Trust.

http://www.abbevillenow.com/view/full_story/9625539/article-Road-Home-Property-Auction-made–207-000-for-parish?instance=secondary_news_left_column

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BY HOLLY LELEUX-THUBRON
THE DAILY IBERIAN
Published/Last Modified on Tuesday, September 14, 2010 2:07 PM CDT

http://www.iberianet.com/news/doc4c8f9dec31e3a117026843.txt

Twenty-five Teche Area properties will head to the auction block this week as part of an effort by the Louisiana Land Trust Corp. to rid state rolls of properties that were purchased under the Road Home Program.

The properties purchased by Road Home, the ownership of which has been transferred to the nonprofit Louisiana Land Trust, are part of ongoing state hurricane recovery efforts from damage caused by hurricanes Katrina and Rita in 2005.

The state contracted Kenner-based Gilmore Auction and Realty in May to dispose of the properties through a public auction process. All of the Teche Area properties will be offered as vacant lots where the home and slab have been removed, according to the auction company.

Because the properties are currently owned by the state, no tax is collected on them by the Iberia Parish Assessor’s office, said Rickey Huval, Iberia Parish tax assessor.

“Once they (the state) sells the property to an individual, that is revenue that will be collected by the parish annually starting in 2011,” Huval explained. “That’s good news for Iberia Parish.”

Money raised by the Louisiana Land Trust Corp. from the property sales first go toward funding the program’s initiatives.

Money left over goes back to the parishes in which the property was sold, said GeGe Roulaine, spokeswoman for the Louisiana Land Trust.

“All the money is earmarked to fund CDBG (Community Development Block Grants) for the parishes,” Roulaine said.

Registration for the auction begins at 8 a.m. The properties will be sold to the highest bidder beginning at 10 a.m. Saturday. The auction is open to the public and will be held at 301 AA Comeaux Memorial Drive in Abbeville.

Bidders must put 10 percent of the purchase price down on auction day according to Gilmore Auction and bring $500 certified funds to the auction which will go toward the 10 percent deposit.

Erath

705 North Broadway

3320 Lamas St.

214 S. Peach St.

807 E. Lastie

18901 Louisiana 689

13208 East Side Acres

13231 East Side Acres

6119 Louisiana 330

17923 E. Louisiana 330

718 Nerren Drive

18102 Dominic Road

18123 Dominic Road

3122 Lamas St.

17935 Louisiana 331 South

6435 Aristide Road

St. Martin Parish

1056 L. Jim Sells Road, Breaux Bridge

1057 Madeline Blvd., Breaux Bridge

1191 Ches Courville Road, Breaux Bridge

801 Oak Haven Lane, Breaux Bridge

Iberia Parish

10408 Louisiana 14, Delcambre

1612 Emily St., New Iberia

2715 Bodin Road  off of Louisiana 14

5005 Creighton Drive off of Avery Island Road

4801 Dolphin St. in Bayou Jack

104 Bob St. off of Avery Island Road

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