Chautauqua Institution home sells for $3 million
A historic home in Chautauqua County is no longer on the market, thanks to a $3 million deal.
Richard Benedetto, broker and co-owner of Real Estate Advantage, reported that his firm will be closing out this year with the recent sale of the Packard Manor Estate at 10 Elm Lane. The property located on the shores of Chautauqua Lake sold for a reported $3 million.
"While property values have plummeted in other areas across the country, the jewels of Chautauqua Lake and Chautauqua Institution have held their value," said Benedetto, who participated in the sale of the manor. "Like all market segments, the luxury housing market is experiencing unique challenges. Although the residential real estate market in the Southern Tier has not been immune to the downward sluggish trend in home sales and declining prices; out-of-town buyers are still discovering that their investment in Chautauqua property has appreciated well in normal times and are maintaining value during the recession times."
The luxury Packard Manor was built in 1915 by William D. and Katharine B. Packard.
For more information see Wednesday's OBSERVER.
