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The recent sale of St. Lawrence in Buffalo, NY for $975,000 has sparked interest in former churches as potential real estate opportunities. Ayat Nieves of The Giambra Team notes that buyers are seeking affordable buildings to develop and spaces to convert, with churches being relatively affordable options.
Nieves attributes the demand to a combination of factors, including people moving to the area looking for affordable housing and developers seeking properties with existing zoning and attributes. Bill Heussler of Hanna Commercial Real Estate agrees, citing strong demand for housing and limited inventory as driving forces behind the interest in church conversions.
Heussler cautions that St. Lawrence's sale price may be an anomaly, but notes that other churches are likely to come on the market soon. He also highlights the potential for community-driven development, with different ethnic groups opening churches and subsequently seeking housing in the area.
Developers and community members alike are taking notice of this trend, with some seeing opportunities for affordable housing and others recognizing the cultural significance of preserving historic church buildings. As the demand for housing continues to grow, it will be interesting to see how this trend unfolds in Buffalo and beyond.
