{"id":456,"date":"2010-04-02T21:51:00","date_gmt":"2010-04-03T04:51:00","guid":{"rendered":"https:\/\/blog.gajunkie.com\/?p=456"},"modified":"2010-04-02T21:51:00","modified_gmt":"2010-04-03T04:51:00","slug":"follow-up-to-the-oakfield-sale-the-going-price-of-an-historic-church-building-in-upstate-ny","status":"publish","type":"post","link":"https:\/\/blog.gajunkie.com\/?p=456","title":{"rendered":"Follow-up To The Oakfield Sale &#8212; The Going Price Of An Historic Church Building In Upstate NY"},"content":{"rendered":"<p>Just a very quick note as a follow-up to my previous post &#8220;<a href=\"https:\/\/blog.gajunkie.com\/2010\/03\/19\/stewardship-and-the-pcusa-trust-clause.aspx\" target=\"_blank\">An Interesting Tale of Stewardship, Property, and the PC(USA) Trust Clause<\/a>.&#8221;<\/p>\n<p>In that post I described the sale of an historic church building at auction back to a new congregation made up of many members of the old congregation, First Presbyterian Church of Oakfield, NY.&nbsp; In that sale <a href=\"http:\/\/www.pbygenval.org\/\" target=\"_blank\">Genesee Valley Presbytery<\/a> got $50,000 which seems to about cover their legal fees in this whole incident.&nbsp; The various reports placed the value of the building at greater than $200,000, and probably closer to $400,000.&nbsp; An anomaly?<\/p>\n<p>It turns out it is not.&nbsp; <a href=\"http:\/\/www.virtueonline.org\/portal\/modules\/news\/article.php?storyid=12334\" target=\"_blank\">VitureOnline reported yesterday<\/a>, and I don&#8217;t think it is a hoax appropriate to the day, that a vacant historic church building in Binghamton, NY, acquired by the <a href=\"http:\/\/www.cny.anglican.org\/\" target=\"_blank\">Episcopal Diocese of Central New York<\/a> through trust clause litigation when the congregation that was there departed the <a href=\"http:\/\/ecusa.anglican.org\/\" target=\"_blank\">Episcopal Church<\/a> for the <a href=\"http:\/\/www.acnaassembly.org\/index2.php\" target=\"_blank\">Anglican Communion in North America<\/a>, was sold back in February to the local Islamic Awareness Center for $50,000.&nbsp; Again, the assessed value of the property was $386,400.&nbsp; The Diocese saw about the same return on the property as the Presbytery &#8212; cash payment of roughly 1\/8th the value and no longer having to worry about and care for a vacant building.<\/p>\n<p>For reference, sale of church property below assessment is not unusual.&nbsp; The <a href=\"http:\/\/www.episcopalrochester.org\/\" target=\"_blank\">Episcopal Diocese of Rochester<\/a> in June 2007 sold off the All Saints church building, now assessed on the tax rolls at just over a million dollars, for $475,000.&nbsp; So that sale was at roughly half the value of the property.<\/p>\n<p>So, $50,000 seems to be the going rate for a $350,000 &#8211; $400,000 valued unoccupied church building in Central\/Western New York.&nbsp; The macro-economic supply and demand implications are left as an exercise for the reader.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just a very quick note as a follow-up to my previous post &#8220;An Interesting Tale of Stewardship, Property, and the PC(USA) Trust Clause.&#8221; In that post I described the sale [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[104,3,5,43],"tags":[],"class_list":["post-456","post","type-post","status-publish","format-standard","hentry","category-anglican","category-news","category-pcusa","category-property"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Follow-up To The Oakfield Sale - The Going Price Of An Historic Church Building In Upstate NY - The GA Junkie<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.gajunkie.com\/?p=456\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Follow-up To The Oakfield Sale - The Going Price Of An Historic Church Building In Upstate NY - The GA Junkie\" \/>\n<meta property=\"og:description\" content=\"Just a very quick note as a follow-up to my previous post &#8220;An Interesting Tale of Stewardship, Property, and the PC(USA) Trust Clause.&#8221; 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