Broward Churches Fetching Heavenly Sums

Jan 01, 2014 No Comments by

While the average price per square foot of church properties in Miami-Dade county took a small dip from $110.35 in 2012 to $97.58 in 2013, there was a large jump in the average price per square foot in Broward – from $83.17 in 2012 to $211.90 in 2013, according to the MLS.

The number of church sales in Broward and Miami-Dade Counties were virtually unchanged from 2012 to 2013 – there were a total of 10 church property sales in 2012 and nine in 2013. In Broward there were two church sales in 2012 and five in 2013; in Miami-Dade, the number of church sales totaled eight in 2012 and four in 2013.

Beside the substantial increase in price per square foot in Broward County’s religious facilities , perhaps the most notable difference between 2012 and 2013 transactions is the average days on the market. In both Broward and Miami-Dade, the average days on the market for church properties dropped by half. In Broward, the average days on the market for church properties that closed in 2012 was 591 days, In 2013 that number dropped to an average of 294, a decline of just over 50%. In Dade the average days on the market declined from 235 days in 2012 to 114 days in 2013 for a decline of 51%.

 

Source:  Barry Smith, The Huttoe Group. Barry Smith is a commercial realtor who specializes in assisting religious congregations and non-profit organizations in finding appropriate facilities for their ministries and programs, having spent more than thirty years working with churches and non-profit organizations.

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