(773) 763-6750

J. Chie, Esquire

Our law firm provides legal work for real estate closings for over 30 years… What distinguishes Chicago Commercial Appraisal Group from other appraisers is the level of thoroughness and details.

A. Raila, Senior Tax Analyst

Gary is a hands-on professional always willing to pick up the phone and work with you... His appraisal firm produces one of the best real estate forecasting reports in the state. I highly recommend his work and his opinion is highly recognized by governmental agencies.

J. Norris, Property Tax Attorney

As an attorney, we deal with many appraisal reports used in tax appraisals. Gary's work has proven successful for our clients and I do not hesitate recommending him for tax assessment appeal appraisals.

C. Noone, property owner

I needed an appraisal for settling an estate. Mr. Peterson was very professional, punctual and helpful with the process. I received my report ina timely manner. I would certainly recommend this company, as well as use their services in the future.

J. Tsiaousis

Gary is one of the top commercial appraisers in Chicago. Every time I have a client in need of a commercial appraiser I refer all work to him without hesitation.


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One in Five Churches Could Face Closure Due To The Corona Virus

Church finances in much of the United States looks bleak.  An article in Bloomberg by Alex Wittenberg, July 13, 2020 investigated some of the financial history and weaknesses in church finance.

 

According to the article churches became more comfortable taking on debt in the 1990s, and by 2006 church borrowing had reached $28 billion nationwide.  After the financial collapse of 2008, there was a marked increase in church foreclosures.

 

According to the National Congregations Study published in 2015, the median balance on church debt was $170,000 and a majority of congregations had less than $100,000 in annual income.  According to Mark Chaves, a professor at Duke Divinity School who leads the National Congregations Study, 1/3 of U.S. congregations surveyed between 2018 and 2019 reported having no savings.

 

Before the pandemic, church attendance has been sliding for several decades.  After physical church attendance fell to zero for months during lockdown, many churches faced even more severe financial issues.  The President of Barna Group, an evangelical research firm, told the Economist in May 2020, that as many as one in five churches in the U.S. could close over the next 18 months.

 

As U.S. vaccinations become more available, we are hopeful that the financial situation of many churches will improve.  A substantial number of churches could start coming on the market with few potential buyers.  Many of these facilities will need to be readapted to an alternate use or in some cases redeveloped.

 

At CCAG we continue to closely monitor the religious property market.  If you are in need of a church appraiser, please feel free to contact us.