The Chautauqua Institution was founded in 1874 and is a not-for-profit organization. For nine-weeks each summer from late June through late August the Institution offers arts, education, religion, and recreation via lectures, concerts, workshops, and the occasional celebrity. Anyone who pays to enter the gated community of Chautauqua takes pride in the fact that they are removed from the day-to-day world. They enjoy the peace, tranquility, and the chance to experience the “Chautauqua Mix” for themselves.
Another huge aspect of the Chautauqua Institution is the real estate market. Real estate within the gates of the Institution must be viewed separately and differently from all other real estate markets in Chautauqua County, in New York State, and anywhere else for that matter. There are incredible lakefront homes, single family homes on private lots, condominiums/townhomes/co-ops, multi-family homes, and land for sale in the Institution.
An average buildable lot size for a private home is approximately 40 x 50. Following are land sales within the gates of the Chautauqua Institution over the last three year period. Please note that none of these land sales are lake related in any way. Chautauqua Institution does not have lakefront lots for sale, as it owns the lakefront entirely. If you wish to purchase a lakefront lot, you must look outside the gates.
In October 2009, Garden District lot 40×55 listed for $255,000 and closed at $229,500. In October 2008, 31 Hawthorne lot 50×70 listed for $325,000 and closed at $282,500. In August of that year, Garden District lot 40×55 listed at $255,000 and closed for $242,250; 82 Pratt (corner) lot 85×105 listed at $425,000 and closed for $400,000; and Garden District lot 80×74.7 listed at $298,000 and closed for $280,000. The only sale in 2007 was 18 Park Avenue lot 40×50, which listed at $255,000 and closed for $243,000.
There have been a spattering of multi-family sales over the last three years as well. But you will find these are few and far between. Most of these properties can be converted back to a single family home. Listed below are the sales of multi-family homes in Chautauqua Institution over the last three years:
A 1,808 SF property with 3 beds and 2 baths listed at $295,000 and closed for $160,000 in September 2009. A 2,784 SF property with 11 beds and 4 full/3 half baths listed at $644,000 closed for $575,000 in April 2008. And, finally, a 2,071 SF property with 5 beds and 2 baths listed at $495,000 closed for $485,000 in September 2007.
Much more prevalent in Chautauqua Institution than multi-family homes are the condominiums, townhouses, or co-ops. These units may come furnished and/or winterized for year-round use. There are going to be certain annual fees associated with these units, not unlike any other typical condo purchase outside the gates of Chautauqua.
In 2009, there were a total of 9 condos/townhomes/co-ops closed. In 2008, there were a total of 6, and in 2007 there were 3 (with a tie for low sale of the year). Below I have listed the low and high sales for condos/townhomes/co-ops in the Chautauqua Institution for the last three year period.
In 2009, the low sale closed at $182,000 and had no bedrooms and 1 bath with 450 SF. The high sale for 2009 closed at $440,000 and had 3 beds and 3 baths with 1,200 SF. In 2008, the low sale closed at $213,000 and had 1 bed and 1 bath with 582 SF. The high sale for 2008 closed at $450,000 and had 1 bed and 1 bath with 739 SF. In 2007, the low sales closed at $127,000 and had 1 bed and 1 bath with 382 SF and 400 SF. The high sale for 2007 closed at $178,500 and had no beds and 1 bath with 364 SF.
The next property type we have the pleasure of investigating is the coveted single family lakefront. There were only four recorded lakefront sales in 2009. The last sales before 2009 of lakefront property within the gates occurred back in 2005. I feel these properties are special enough to highlight individually. Take a look at the following statistics and property descriptions and try to imagine the pride these homeowners must feel about owning their own piece of history on Chautauqua Lake in Chautauqua Institution.
Listed at $3,850,000 and closed for $3,000,000 in October 2009 with 8 beds and 9 full/5 half baths having 9,500 SF and 180 feet of lakefront: The Packard Manor Estate, located at 10 Elm Lane, sits on over 1.2 acres with 180 feet of prime lakefront. It was originally built in 1917 and renovated in 1998. This sale was a once in a lifetime opportunity to own an historic Chautauqua Institution property with state-of-the-art features carefully incorporated for today’s modern family. The sales price was listed significantly below the financial investment made to create this outstanding home.
Listed at $1,600,000 and closed for $1,500,000 in September 2009 with 5 beds and 4.5 baths having 3,107 SF and 52 feet of lakefront: This classic Chautauqua Institution cottage located at 1 Irving Place was originally built in 1878. It features an unusually open concept for its age and takes advantage of every possible lake view. There is a large front porch, open rear patio, and lovely gardens throughout the property.
Listed at $2,350,000 and closed for $2,195,152 in March 2009 with 5 beds and 4 baths having 3,760 SF and 60 feet of lakefront: This award winning, custom designed lakefront home located at 96 North Lake Drive was constructed in 1991 with luxury in mind. Built with lake views from almost every room it also features three separate master suites, a two-story lakeside living room, a pool, garage and wraparound porch.
Listed at $2,995,000 and closed for $2,995,000 in February 2009 with 5 beds and 5 full/1 half baths having 5,399 SF and 150 feet of lakefront: This contemporary, split-level, year-round home located at 76 North Lake Drive was built in 1960 and sits on two Chautauqua Institution lots. This home features exceptional privacy and beautiful green space enjoyed through the open concept layout and huge picture windows or glass doors.
Last but not least is the single family home that is not lakefront. There are so many unique homes within the gates of the Chautauqua Institution. You could spend one day just strolling the streets in awe of the historic architecture of each home. You will hear descriptive words such as Gingerbread Cottage, charming Chautauqua cottage, classic mid-century home, jewel of a property, gracious and grand, sensitively remodeled, and you are sure to hear someone say, “Did you see the porches on that one?”
In 2009*, there were 13 sales of these types of homes within the gates of the Chautauqua Institution. They ranged from a 4 bed/2 bath centrally located home on Ramble with 1,582 SF that sold for $310,000 to a 5 bed/4.5 bath totally renovated home on North with 3,610 SF that sold for $995,000. The average for all 13 sales in 2009 was a listing price of $582,846 and a closing price of $530,938 with 4 beds, 2.5 bathrooms, and 1,744 square feet.
In 2008*, there were 12 sales of single family homes within the Institution. They ranged from a 2 bed/2 bath centrally located cottage on Bliss Avenue with 1,040 SF that sold for $295,000 to a 5 bed/4 bath custom designed, year-round home on Elm with 3,200 SF that sold for $735,000. The average for all 12 sales in 2008 was a listing price of $539,235 and a closing price of $498,823 with 3 beds, 2.5 bathrooms, and 1,773 square feet.
In 2007*, there were 15 sales of these types of homes within the gates of Chautauqua. They ranged from a 5 bed/1.5 bath historic 1880’s cottage on North Terrace Avenue with 1,374 SF that sold for $225,000 to a 7 bed/4 bath Victorian with lake views on North Lake with 3,445 SF that sold for $920,000. The average for all 15 sales in 2007 was a listing price of $547,300 and a closing price of $507,533 with 4 beds, 2.5 bathrooms, and 1.788 square feet.
As shown in the previous three years’ statistics, sales of single family homes not directly on Chautauqua Lake, but within the sought-after gated community of Chautauqua Institution have remained stable. We will have to wait and see what 2010 brings to the Chautauqua Institution real estate market.