New Orleans Land Auction

[Trevor Ewen]

http://www.bloomberg.com/news/articles/2015-03-10/new-orleans-is-auctioning-off-vacant-lots-online

What do you think? Based on what I know about the town and local economy, I wouldn't be rushing at these vacant lots. Not eve sure of the best way to deal with a vacant lot. Interested to hear from people with experience on the matter.

[Kimberly Jones]

For an investor, unless you are planning on building on these lots, I see no reason to buy them. That said, as an out of towner there are a few things you really need to pay close attention to. 

First and foremost, you really need to have legal counsel to make sure you don't get into trouble. Orleans Parish tax sales are extremely tricky. Multitudes of people have bought into our tax sales only to find they can never gain ownership of the property. Granted this adjudication sale is supposed to offer full possession and Title Insurance, but it is questionable as to whether that will actually happen on all of them.

If you think you might consider building here, keep in mind, most of the city is Historical and you will quite possibly have some pretty strict guidelines to adhere to. 

New Orleans has some serious war zones AND you can literally cross one street and be in a whole different kind of neighborhood. Do NOT buy without conferring with someone who knows where to buy and where you just shouldn't. 

Some of these properties still have structures standing on them. It is true that some of them have been sitting for 20 years with tax issues. 20 years and a number of hurricanes makes for some very crappy condition. You will most likely need to call for the bulldozers fairly quickly, before the city does it. Also understand that this is SE Louisiana, be prepared to have the grass cut OFTEN.

Here are a couple of articles that may help. If you have any questions or need some help around here, feel free to hit me up.

http://www.nola.com/politics/index.ssf/2015/03/3000_properties_online_auction.html#incart_riverhttp://www.nola.com/politics/index.ssf/2015/03/new_orleans_property_auction_f.html#incart_related_stories

http://www.nola.com/politics/index.ssf/2015/03/new_orleans_online_property_au.html#incart_related_stories