Added: Chaz Holmberg - Date: 03.11.2021 13:59 - Views: 36111 - Clicks: 3884
A congregation losing its house of worship, once a rare event, is now common in Colorado — part of a national trend of record foreclosures on churches. The real-estate information company CoStar Group looked at five years of distressed church sales and found only a handful of foreclosures nationwide prior to , when the jumped to In , the figure was CoStar Group spokeswoman Angela Brown said the market saw a big spike in with churches sold after a lender-initiated foreclosure.
In , there were such sales. The states with the highest percentages of forced church sales often were those with some of the worst home-foreclosure rates, including California, Florida and Michigan. Bill Senyard said. We wanted to pay the debt back. We worked hard.
We made sacrifices. There was one church foreclosure last year in Edgewater, Whittaker said. At least two Denver-area churches have been foreclosed on so far this year. Other congregations are trying to sell their buildings before it comes to that. Churches need to sell. We have 10 church listings in the Denver area, when normally we have seven or eight, and they are moving slowly. Banks are nervous about lending to churches right now. Church foreclosures differ from home foreclosures in that most are not year mortgages but commercial loans, often with five-year terms. Sometimes bonds are issued, as in the case of Lookout Mountain.
Like commercial and residential property values, church values also have declined since or Before that, during the real-estate boom, many congregations, like homeowners, borrowed to buy bigger churches or expand and refurbish their properties. About half of lenders to churches are traditional commercial lenders that handle some religiously affiliated properties, while roughly half specialize in financing religious facilities.
Whittaker said it used to be that a church with a good credit rating and some history behind it needed to put down only 10 percent to 15 percent. Lenders now are requiring 30 percent down. Instead, they are leasing space in schools, hotels, recreation centers and even movie theaters. Neither does Senyard, who said his congregation could be healthier and happier integrated into the school and larger community than in its own giant edifice.
Statewide, about 25 churches are on the market, according to LoopNet, an online commercial real-estate list. About 15 of them are in the Denver area, and several others are near Colorado Springs. More in News.Churches for sale colorado
email: [email protected] - phone:(737) 570-1178 x 6784
Historic properties specially selected for old house enthusiasts.