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Sunday, October 19, 2008

National Mortgage Crisis Not Affecting Bemus Bay Condos

By Dennis Phillips
POSTED: October 19, 2008
BEMUS POINT - The national mortgage crisis might be causing havoc on Wall Street, but not with the Bemus Bay Condominiums.

Rumors that the project's developers, Bemus Point Investments LLC, had declared bankruptcy is ''absolute untrue,'' said Steve Holt of Howard Holt Hanna Real Estate, who is serving as project coordinator. He said the condominium project, which started construction in September 2007 and is located along Lakeside Drive, has sold close to 50 percent of its nearly 40 available spots.
Holt said the rumors swirling about the project may be due to the national mortgage crisis.
''Frankly there are so many rumors stemming from what people are seeing in the national media that we are not seeing locally,'' he said. ''Banks have money to lend. Jamestown Savings Bank is doing the construction financing and mortgages for moving in (to the condominiums), along with other banks too.''
Holt said the project is going well, especially considering everything that has been going on nationally with mortgages and the economy.
''Once they are completed, we have a lot of people interested in moving in,'' he said. ''We were at about 42 percent (occupancy), but we sold a couple more and are now closer to 50 percent.''
Holt said there was a short delay in construction, but that was quickly fixed.
''Some things were delayed a little bit due to parts available for elevators, things of that nature,'' he said. ''That has all been corrected. It's all fully operational.''
Holt said the condominiums are going for $399,000 to $650,000, depending on the condo's floor plan. Howard Holt Hanna Real Estate is the project's marketing agent and has an office on site with an agent available from noon to 5 p.m. every day of the week. A tour route is available to allow visitors to see the various types of condominium homes available.
The condominiums consist of two buildings, named Browning and Columbian, with architecture reminiscent of the two hotels that once inhabited the site. The low-rise building construction and site plan configuration were designed by Jamestown-headquartered Harrington Sandberg Architects and Engineers to blend into the surroundings of the villag, which was founded in 1806.
Each of the homes at Bemus Bay,,/ offers a private boat slip at the new docks recently installed in Chautauqua Lake and owner conveniences including secured entry, handicapped access, elevator service, a covered garage and reserved parking spaces.
Four different floor plans with three bedrooms and two or three baths include air conditioning, granite countertops, master suites with a whirlpool bath and easy access to the property's heated swimming pool.
All homes feature a private balcony or porch with views of Chautauqua Lake, and Chautauqua Institution is a short trip away by car or boat.
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