Services Provided
Consulting
Property Valuation
Disposition
date
2012- Current
LOCATION
New Orleans
PROPERTY
Houses
Case Studies
NORA Orleans Parish
Exceeding expectations with an innovative auction format
NORA (New Orleans Redevelopment Authority) had selectively sold their properties using a traditional real estate method of waiting for offers approach which resulted in below appraised value sales. The initial group of NORA properties were sold in fall 2012 following selection via a successful competitive RFP process. The NORA portfolio included 2,500± properties. As a result in the first auction held in October, 2012, we sold at auction 132 properties and 121 properties closed. The gross sales amount was $6.9 million for a total of $6.1 million in proceeds. The appraised value on those initial properties was $3.2 million.
“ Not only did the online-only format not flop, as Palacios had feared, it outperformed the traditional auction model by a wide margin. “It was incredible,” he said. The auction brought in $2.9 million, about 16 percent more than Palacios had guessed a traditional auction would have reaped on the same 64 properties.”
For each auction campaign, a marketing and operational budget of approximately $20,000 (online only) to $80,000 (live and online) has been utilized to reach the maximum number of prospective buyers through a local, regional and national audience.
To date we have sold 1218 properties over $42.3 million in sales in 10 auction campaigns.
Photo Gallery
Before and After: Katrina Homes
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Press
NORA's online-only property auction brings in $2.9 million, beats expectations
Fernando Palacios was skeptical when officials with the New Orleans Redevelopment Authority asked him to set up an online-only auction for their upcoming property sale.…[NOLA.com]
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