In 2011, 1,000 individuals attended the New Orleans Redevelopment Authority (NORA) auction to bid on approximately 200 vacant properties and abandoned houses in the area. The event did not contain requirements such as sealed bids, commitments to live in the house for five years and minimums that would not undermine neighborhood values and received bids from a diverse demographic – small local renovation contractors, first-time home buyers, and current residents seeking an investment opportunity. The auction empowered individuals who were unable to acquire bank financing for pricier properties or unable to take advantage of other processes. Through the event, it was revealed that properties with deteriorated houses sold better than vacant lots, thereby providing a lesson to other cities struggling with vacant and abandoned lots – that, rather than demolishing existing structures, it is more effective to bank the land for future uses or alternative uses.
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