City of New Orleans issues reminder for upcoming City-owned property auction
NEW ORLEANS, LA – May 16, 2013 – (RealEstateRama) — Today, the City of New Orleans issued a reminder for the City-owned property auction scheduled for Friday, May 17 in the City Hall Council Chambers at 10:00 a.m. The Department of Property Management through the Division of Real Estate and Records will conduct the auction. Registration begins at 9:00 a.m.
The order of the auction is 4877 Laurel Street, 200 North Alexander Street, 2552 St. Philip Street, 6038 St. Claude Avenue, 7311 Chef Menteur Highway, and 7450 Paris Road. These properties are owned and were previously used by the City but have been determined to be “no longer needed for public purposes.” The Home Rule Charter requires that the properties be sold at public auction instead of sold privately.
Starting bids for properties are set at fair market value.
The winning bidder must deposit 10% of the winning bid amount with the Real Estate and Records Division (City Hall Room 5W06) within one (1) hour of the completion of the auction.
The deposit must be in cash, certified check, or money order and is non-refundable.
If the deposit is not received within one (1) hour, the property will be offered to the second highest bidder.
Additional costs, over the winning bid must be paid to complete the sale. These costs include: appraisal, Clerk of Court costs, City Notary fees, possible resubdivision fees and other possible costs.
The City of New Orleans cannot contract with convicted felons, City employees, or any party that owes taxes to the City of New Orleans.
Also, required paperwork will be distributed to the winning bidder. It includes a tax clearance affidavit, vendor registration form, and other required information.
All documents must be completed prior to the Act of Sale date. Sales must be completed within 120 days of the winning bid. Depending on when the Division of Real Estate and Records receives the appropriate paperwork from the purchaser, transfer may take place within three months.
Upon purchase of the property, the new owner must clean, repair, secure, or otherwise remove the conditions of blight upon the property within sixty (60) days and a certificate of occupancy from the Department of Safety and Permits must be achieved within eighteen (18) months.
To learn more about the properties being auctioned off, please visit http://new.nola.gov/city-owned-property/ external link