City Church loses $378,000 on Rowhouse in DC
Posted on October 10th, 2007 by catalyst into the The City Church categoryI have been waiting a year to write this blog post, ever since I read that The City Church (of Seattle, Washington) spent 1.4 million on a rowhouse in Washington DC.
Here are the real estate statistics for the zipcode (20003) where the rowhouse is located. These statistics tell you the average property value of homes bought and sold in the Washington DC metro area from September 2006 (when the City Church purchased the rowhouse) to September 2007.
Total Sold Dollar Volume: -52.63%
Average Sold Price: -20.63%
Median Sold Price: -27.36%
If you look closely you will see that the median price for a home bought in September 2006 dropped 27%, year over year. Which means the City Church lost 27% of the value of their rowhouse in just one year.
And 27% of 1.4 million is…. …well, you guessed it… a whole hell of a lot of money.
You see Wendell Smith bought his little home at the peak of the market, in one of the most over-valued residential markets in the country.
And in two years, when this property has dropped another 20% in value, and Barack Obama is President of the United States, and the Democrats have overwhelming control of Congress, and Wendell Smith's goal of being an influential person in DC is completely moot…
…it is then that I will get down on my knees, and say,
"Dear Jesus, thank you for being a Just and Wonderful God who despises the proud and gives grace to the humble. You have given me more joy than I can possibly imagine, and for that I will always love you. And thank you for your wonderful sense of humor, it please me so much.
Sincerely, your servant,
-Justin."
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October 10th, 2007 at 9:11 am
He should just give the house to the poor…someone like me, maybe?
October 10th, 2007 at 9:23 am
Ha ha ha,
It’s funny blog, well calculate!
October 10th, 2007 at 10:51 am
Sounds like time for another faith offering/give til it hurts offering/sacrifice offering/bless the spws offering
October 10th, 2007 at 11:54 am
Welcome back Cat…where the heck have you been?
October 13th, 2007 at 8:13 am
So, what’s the big deal about a mere $378K. There’s plenty more where that came from. CC can make that all up in just a few Sunday prosperity doctrine led offering demands. The poor? the schmoor! There is much expensive realestate to be had.
October 13th, 2007 at 1:05 pm
Justin that was funny…really funny…I expect you to do just that when it happens
October 14th, 2007 at 7:45 am
Justin;
Wheras I find the real estate facts fascinating, and the irony of the situation poetically just; there’s a vindictiveness to your comments that is, quite frankly, disturbing (and anything but funny).
Of course City Church should not have started that plant in D.C, and I don’t doubt that it is headed for failure. But ‘delighting’ in that failure is a dangerous place to be…
I’ll admit, it’s a delicate balance, but even more important if we actually want to differentiate ourselves from those who zealously combat the world with religion, and those who quietly believe allow God to transform their hearts into something this world doesn’t understand.
I’ve been reading this site for a couple months now and have enjoyed it immensely. Sometimes joking about hypocrisy is the only way to deal with the enormity of it all…
I’d just be careful. The most power you have is detachment. God is just and he takes things into account, and it’s satisfying to see him level the balances… but…
that prayer seems to tip the scales to the other extreme, and that’s not a place you want to be either.
October 18th, 2007 at 11:40 am
you go through alot of efforts to find these things out….you actually tracked the real estate trends for a whole year on the other coast…..
why did the church get the building, since you seem so knowledgeable about their business….?
October 21st, 2007 at 7:46 pm
It was probably cheaper to buy a place than to pay for the pastor’s vacation in a hotel each year. After all, they have to have the best you know. God forbid he had to stay in a cheap motel like the rest of us. The horror!
October 21st, 2007 at 10:51 pm
Dear Justin,
Lets not forget the scripture…
Proverbs 24:17 Do not rejoice when your enemies fall into trouble. Don’t be happy when they stumble.
Is there a blog about the offerings in the past 3 weeks The City Church has given to international students, China, and India?-about $210,000 altogether.
~M
October 22nd, 2007 at 12:02 am
is it cheaper to spend 1.3 million than to get one hotel for a week? he doesnt take that many vacations does he?
October 22nd, 2007 at 7:34 am
Mikey J said:
I bet Mormons gave more.
It’s not about how much you give or take, its about doctrine. Just look at the great lengths they go to believe God wants them rich…they invite a non-Christian Rabbit to tell them how God wants them to make tons of money.
October 24th, 2007 at 3:24 pm
I’m with Craig on this one Mikey. $210k is just not that impressive considering they just lost more than that in market value for a town house.
Besides, don’t you think it’s a bit of a stretch to call City Church Justin’s enemy? I don’t think he’s ever said that.