Chautauqua Lake mansion sells for $3 million

By Robert J. McCarthy NEWS STAFF REPORTER Updated: November 10, 2009, The mansion built for the co-founder of the Packard Motor Car Co. on Chautauqua Lake has been sold for $3 million. An undisclosed buyer purchased the manor, according to Richard Benedetto, co-owner of Real Estate Advantage in Jamestown and Bemus Point, which brokered the sale. Known as the Packard Manor Estate, it was built in 1915 by William D. and Katherine B. Packard on 1.2 acres and 180 feet of lake frontage at the Chautauqua Institution. "While property values have plummeted in other areas across the country," Benedetto said, "the jewels of Chautauqua Lake and Chautauqua Institution have held their value." The manor was renovated in 1998 in a style that maintains its historic features but also included modern amenities such as air conditioning, Benedetto said. The home features a large living room, den, office, dining room, sunroom, gourmet kitchen with pantry, eight bedrooms, terrace, third-floor apartment, nine full baths, recreation room, spa, whirlpool and sauna, an elevator, a four-car garage and eight fireplaces. For more information on Chautauqua Lake Real Estate & Living visit: http://www.chautauqualakehomes.com/

Update on the extension and expansion of the tax credit…

Senate Votes to Renew Tax Credit for First-Time Home Buyers Washington Post (11/05/09) P. A5; ElBoghdady, Dina The Senate has passed a bill that would extend the $8,000 tax credit for first-time home buyers through the first six months of next year as well as offer a $6,500 credit to repeat buyers who have owned their current abode for at least five consecutive years over the previous eight years. Attached to a broader unemployment aid bill, the measure would limit the purchase price of homes to $800,000; and individuals and couples cannot earn more than $125,000 and $225,000 a year, respectively. The incentive is expected to cost $10 billion, and the bill should reach the House floor by Nov. 5. For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com