Religious Real Estate Seeing Revival

Despite high-profile church bankruptcies like the Crystal Cathedral in Garden Grove, CA—and maybe, in part, because of such foreclosures and bankruptcies—there’s an uptick in the religious real estate market in the Southeast and beyond.

Here are a few recent examples: In October, Crosspoint Christian Church snapped up the Grace Baptist Church Building in Cape Coral, FL for $800,000. That’s $400,000 less than it sold for in 1983. In August, Redeemer Evangelical Church of Memphis purchased a building and some land from Episcopal Diocese of West Tennessee for $2.45 million. Unity Church of Fort Lauderdale sold its 2,800-square-foot church campus to Our Lady of Lebanon Maronite Catholic Church for $2.4 million in the same month. The list goes on and on.