CHAUTAUQUA INSTITUTION FACTS

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 occassional 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.  To learn all there is to know about Chautauqua Institution, please visit their website http://www.ciweb.org/.

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 based on information taken from the Chautauqua County Board of Realtors website (http://ccbrmls.com/).  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.

2007 - 2009 VACANT LAND CLOSED SALES

List Price

Close Price

Sale Date 

Description of Land

Lot Size 

 255,000

229,500

10/1/09

Garden District

40 x 55 

 325,000

282,500

10/9/08

31 Hawthorne

50 x 70

255,000

242,250

8/30/07

Garden District

40 x 55

425,000

400,000

8/24/07

82 Pratt, Corner Lot

85 x 105

298,000

280,000

8/21/07

Garden District

80 x 74.7

255,000

243,000

8/9/07

18 Park Avenue

40 x 50

 

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 on record with the Chautauqua County Board of Realtors (http://ccbrmls.com/) for multi-family homes in Chautauqua Institution over the last three years:

2007 - 2009 MULTI-FAMILY CLOSED SALES

List Price

Close Price

Sale Date

Beds

Baths

Est. SF

DOM

295,000

160,000

9/8/09

3.0

2.0

1,808

165

644,000

575,000

4/10/08

11.0

4F/3H

2,784

758

495,000

485,000

9/14/07

5.0

2.0

2,071

407

 

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. 

Per the Chautauqua County Board of Realtors website (http://ccbrmls.com/) 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.

2007 - 2009 LOW/HIGH CONDO (ET AL.)  CLOSED SALES

2007-09

List

Close

Sale

Beds

Baths

Est. SF

DOM

'09 Low 

196,000

182,000

4/23/09

0.0

1.0

450

162

'09 High

445,000

440,000

9/2/09

3.0

3.0

1,200

74

'08 Low

228,500

213,000

8/25/08

1.0

1.0

582

1,047

'08 High

460,000

450,000

9/4/08

1.0

1.0

739

2

'07 Low

134,900

127,000

8/28/07

1.0

1.0

382

47

'07 Low

134,900

127,000

11/12/07

1.0

1.0

400

30

'07 High

185,000

178,500

8/31/07

0.0

1.0

364

612

 

The next property type we have the pleasure of investigating is the coveted single family lakefront.  There were only four recorded sales in 2009 per the Chautauqua County Board of Realtors website (http://ccbrmls.com/).  The last sales before 2009 of lakefront property within the gates occured 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.

2009 LAKEFRONT CLOSED SALES

List

Close

Sale

Beds

Baths

Est.SF

LakeFt.

DOM

3,850,000

3,000,000

10/2/09

8.0

9F/5H

9,500

180

131

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.  The Post-Journal featured several articles on this incredible sale.  http://post-journal.com/page/content.detail/id/544711.html

1,600,000

1,500,000

9/25/09

5.0

4.5

3,107

52

19

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.

2,350,000

2,195,152

3/27/09

5.0

4.0

3,760

60

8

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. 

2,995,000

2,995,000

2/3/09

5.0

5F/1H

5,399

150

89

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.

*Statistical data taken from the Chautauqua County Board of Realtors website (http://ccbrmls.com/).