Chautauqua Lake Bemus Point Condo

Bemus Point Condo Developers Can Finally Begin Building

By PATRICK L. FANELLI

Pictured is an artist's rendering of the Bemus Point condominium construction project.

3/7/2007 - BEMUS POINT — Nearly 12 months have passed since dozens of Bemus Point residents packed the village meeting hall, some in favor of a four-story 40-unit condominium building along Lakeside Drive, and some intent on scuttling the project.

Little has changed at the site since then. Developers have dug a 385-foot water well and are almost finished with a back-up one, but the wide open expanse next to the Lenhart Hotel that will one day accommodate the condominiums looks the same as it did one year ago.

But that is expected to change in the coming weeks. On Tuesday, the Bemus Point Planning Board approved the final component of the construction project, the landscaping design — and developers say they will now obtain a building permit, breaking ground April 1.

''Hopefully, they can move things along so when the weather breaks they can get started on what they need to do,'' said Bryan Dahlberg, Bemus Point mayor.

It has been a hectic year for the Planning Board since its colleagues on the zoning board approved the site plan in March. Since then, Planning Board members have had to work with the developers on virtually every detail of the project, such as the placement of fire hydrants, which was settled at Tuesday's meeting.

The biggest challenge for Planning Board members was the fact that this was by far the largest construction project they have faced in years, according to Don Mozzi, board chairman.

''This has been a big undertaking,'' Mozzi said. ''It was a learning experience for everyone.''

But they rose to the challenge, according to Dahlberg — and there were more than a few handshakes and congratulations when Tuesday's meeting wound to a close.

''They've really been thorough,'' Dahlberg said. ''I can't say enough about the time they put into it. They worked very, very hard.''

In recent weeks, village officials have expressed some frustrations with the project since developers seemed to be making headway at a slow pace.

According to developer Lee Chilcote, he and his colleagues have been busy obtaining approval for every element of the project and cutting through the red tape. He didn't receive permission from the state to even sell housing units until two days ago.

''We'll start April 1 with the earthwork,'' Chilcote said. ''We're trying to do the project in 14 or 15 months, but we would like to shorten that considerably.''

Chilcote says he has a list of potential tenants who have heard about the project and are interested in buying one of the 40 condominium units, which are expected to be priced between $300,000 and $500,000 each.

''I think it's a very attractive project,'' Chilcote said. ''It's the first new condominium project in the Chautauqua region in a number of years, except for the (Chautauqua) Institution. I think there's a pent-up demand.''

The project has been a controversial one ever since it first came to the planning board two years ago. Opponents, especially those living around the site, felt it was simply too big at four stories in height.

Proponents felt that the project was essential for the growth of Bemus Point. Not only would it bring more residents to the area and boost local businesses, but it would also expand the tax base, since it would add millions of dollars in taxable property to the village.

Now that the project is finally moving forward. Chilcote says he will work through the local real estate firms to fill the space.

Send comments to pfanelli@post-journal.com.

 

For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

 

Peek 'n Peak

This competition would be for snowboarders only on March 10th at Peek'n Peak Resort in Findley Lake, NY. There will be an entire fee of $3 witch will go to Habitat for Humanity. Registration 9am-11am in the Retreat Lodge, contest will start at 11:30am.

There will be a male and female division. Twelve and older will be accepted there will be set age division for the competition to keep it competitive, they will be 12-15, 16-18, 19-29, 30 and up. Each competitor under eighteen will need a parent or guardian to sign a release form, eighteen and older will also need to sign a release forms. Helmets are required to enter the competition.

The competition format will be as followed, all competitors well have 2 runs and judges will pick the five best riders form each division and will have two more runs and the top three will be picked. The competitors will be judge on three areas of there riding amplitude, technicality, and style/linking of tricks. There will be a pa system for announcing the riders and playing music for warm up and during the event. Also each competitor will have a number for judging. The event will be held on Doncaster Jumps Rails and Boxes. Prizes include snowboards and gear.
Sponsors include:Buffalo Wild Wings Bar & Grill, Bay City Orthocare, Karbon, and ROME Snowboards

 

For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

 

Chautauqua deer,bear harvest numbers

OUTDOORS: State DEC releases deer, bear harvest numbers

By Bill Hilts
Niagara Gazette

The New York State Department of Environmental Conservation (DEC) has announced results from the 2006 deer hunting seasons.

More than 189,000 whitetails were taken by hunters last fall. Included in that take were 96,600 antlered bucks and 92,500 antlerless deer. The total harvest was up about 9,000 animals — the first time in four years the deer harvest has increased.

While the DEC anticipated a slight increase after management actions from 2004 and 2005, which were designed to rebuild and stabilize the deer herd in many parts of the state, many hunters did not. In fact, many hunters reported one of their poorest seasons on record as far as sighting deer and actually harvesting an animal.

The big four harvest counties in the state were no different than year's past, with Steuben (10,229), Cattaraugus (8,492), Allegany (8,341) and Chautauqua (6,810) leading the way in the state. Rounding out the top five, St. Lawrence County chalked up 6,442 deer. Erie County came in at 5,380 deer and Niagara at 1,897. Both of those numbers were down from 2005.

Some other interesting facts that came out in the recent announcement:

n No new Chronic Wasting Disease (CWD) infected animals were reported, after testing 8,000 deer across the state.

n There were only 35 hunting related shooting accidents, making it the fourth safest season on record. Of that total, 20 were associated with big game hunting. There was only one fatality.



NY takes almost 800 bears

Empire State big game hunters scored on 796 black bears in 2006. Of that total, 318 were taken in the Adirondacks, 113 in the Allegany Zone and 365 in the Catskills. The 113 killed in Western New York in the Allegany Zone were just slightly below the record harvest of 119 set in 2005. Of that total, 51 were taken by bow and arrow — tying the record set in 2005.

Another record set during the bear season was the fact that 177 bears were taken in the Catskills by bow and arrow.

Of the overall totals in the state, 74 were taken during the early season, 237 were taken during the archery seasons, 25 were taken during muzzleloader season and 460 were taken during the regular seasons in the Northern and Southern zones of the state.

 

For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

 

Chautauqua

Historic Vessels Company Making Progress On Sea Lion, Belle Sale

By PATRICK L. FANELLI

The Sea Lion remains drydocked at Barcelona Harbor along Lake Erie outside Westfield. P-J photo by Patrick L. Fanelli

3/4/2007 - Gradually, bit by bit, the Chautauqua Lake Historic Vessels Company is being transformed.

In May, it was unclear if the Bemus Point-Stow Ferry would even operate that summer; the Chautauqua Belle remained drydocked for the third consecutive season; thousands of dollars was scattered across multiple bank accounts; and there wasn't a clear-cut board of directors or membership to manage the group.

But in October, a group of residents concerned with the fate of the ferry, the Belle and the non-profit organization's other attraction, the Sea Lion, took control and are making progress on all three fronts.

''The board members on it — I've never run across a bunch of educated individuals like they are,'' said Fred Croscut, a county legislator and member of the board of directors.

The group has met every month since they took control of the Historic Vessels Company in October, catching up on six years' worth of back taxes.

''We're chipping away at things,'' said Paul Stage, board president. ''The board has been re-established and we've got a pretty good handle on where we are financially. We're getting up to speed.''

According to Stage, group members have split up into three groups to decide how best to handle the three separate attractions that belong to the organization — which is officially called the Sea Lion Project Ltd.

First, there's the ferry, which was out of commission until Ellery resident John Cheney fixed it up over the summer with a handful of others and got it running again in August. A $15,000 grant from the state and thousands of dollars raised at a fund-raiser by the Bemus Point Historical Society helped cover the cost.

''The ferry has never been in better shape,'' Croscut said.

The Chautauqua Belle remains drydocked at Mayville Lakeside Park and could be sold in the coming weeks. Recognizing that it would be extremely difficult to run themselves, Sea Lion Project officials put it up for sale and will authorize the transaction only if it remains on Chautauqua Lake and it's for a reasonable price.

''I'm expecting right now three bids,'' said Duane Buchweitz, board member. ''Hopefully one will come in that is acceptable to the group as a whole. If the board and the general membership doesn't approve any of these bids, then we're committed to try to operate it under the Historic Vessels Company.''

See HISTORIC on Page A-3

HISTORIC From Page A-1

The bids are due by April 14. The board will look them over the following day and the matter will come before the general membership at a meeting the following week.

The third vessel, the Sea Lion, is a working replica of a 16th-century, three-masted, square-rigged British sailing vessel, which was unexpectedly sold to the Buffalo Maritime Society in 1992 and returned to Chautauqua County only after it sunk in Buffalo Harbor.

Cheney re-acquired the vessel seven years ago and hauled it down to Barcelona Harbor, where he and a handful of others continue to restore it to this day. There are numerous options they are looking at, though the jury is still out on whether it will ever sail again on Chautauqua Lake.

''We're hoping to,'' Cheney said. ''That's the purpose of our restoration group. Whether it sails in my lifetime, I don't know.''

According to Stage, group members are considering permanently breaking up into three separate groups to manage each vessel. The Belle would be managed by private interests, the Sea Lion Project Ltd. would oversee the Sea Lion, and a separate group would run the ferry.

''There are three diverse groups in the Sea Lion Project,'' Stage said. ''That's what's always been an issue. It's very difficult to get a 15-man board working in the same direction on all three of those things.''

Send comments to pfanelli@post-journal.com.

For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Chautauqua Real Estate On the Rise

On the rise

By TIM LATSHAW OBSERVER Staff Writer

OBSERVER Photo by Jason Ferguson 227 Chestnut Street, Fredonia

3/4/2007 - Local real estate agencies appear mostly pleased with last year's market — having largely avoided the bursting of any "bubbles"— and are looking toward a steady year ahead.



After housing markets hit record highs in 2005, predictions of imminent downfall and disaster began making rounds across the country. And while a drop in the sales of existing single family homes did occur last year — a national decrease of 8.1 percent — the housing pictures for the state, and particularly Chautauqua and Cattaraugus counties, look rosier.

In Chautauqua County, 2006 single family home sales decreased only 4.9 percent from the prior year, from 1,103 to 1,049. That percentage places the county in the upper half of performance in the state, who saw an average decrease in sales of 6.5 percent.

While sales of Chautauqua County homes slipped, their median selling prices went up from $69,000 in 2005 to $71,500 in 2006; a 3.8 percent increase compared to a 2.8 percent decrease statewide.

For Chautauqua County Board of Realtors President Earl Johnson, even the slight decrease in sales is encouraging in the scope of state and national figures.

"Chautauqua County did very well," he said. "We experienced an increase in the sales price, which is good, and a much smaller decrease in sales activity than in the state and especially nationwide."

While Cattaraugus County only tends to sell a bit more than half of the homes Chautauqua County does annually, the growth of its housing sales have been impressive percentagewise. The county saw a 9.1 percent increase in single-family home sales from 2005 to 2006 — from 680 to 742 — and saw an even bigger increase of 14.1 percent between 2004 and 2005. The median price of homes also saw an increase of 1.4 percent from $69,050 to $70,000.

Many realtors believe that the area is seeing a comeback of families who are returning to the area from larger cities to take advantage of lower prices and more space.

"Chautauqua County is noted as being one of the areas in the U.S. where you get the best buy for your dollar for a home," said Thomas Hartung, a licensed broker at Hartung Real Estate in Silver Creek.

While taxes seem to be a common complaint in the state, Hartung noted, in terms of buying a home, mortgage rates on an average $70,000 house here compared to the national median average of more than $220,000 makes the purchase much more affordable for families.

"People have sold properties in Florida and are relocating right back where they came from in Chautauqua County," Hartung said. "I've had several customers who have done that."

Bonita Saletta of Midtown Realty Co. in Fredonia has seen at least two homes originally built to house college students taken up by families instead.

"People have moved away and now they're coming back," she said. "And now the college housing that has recently been built, people are buying that housing for family use."

Hartung theorizes that, while Chautauqua County has more attractions to homeowners such as Chautauqua Lake and Lake Erie, the more rural Cattaraugus County is attractive to those who work in Erie County and are seeking open, affordable space.

"The value there is excellent and it's really not too far from the Buffalo market," he said. "Instead of going southwest, they just go south of Erie County."

Although housing figures for the beginning of 2007 have fallen in other parts of the nation, local realtors are not worried about seeing the same slides in this area.

"The market always maintains here," Saletta said. "I don't believe we were in the bubble that burst and we just consistently sell. These areas may be a little higher, a little lower, but there are always sales here."

Johnson agrees. "It's an absolutely excellent time to buy because with the market taking a small slowdown, there is a better than average available inventory or number of homes for sale at this time and interest rates are still very favorable," he said.

Even with good opportunities, however, realtors advise cautious research and the help of knowledgeable professionals when buying a home.

"Become as intelligent as you can and always investigate all the facets of purchasing a home," Hartung said. "Educate yourself about the mortgage process and always have a home inspection. We have very few new homes around here and they all need to be checked out."

Published in the Jamestown Post Journal

For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Chautauqua Local Events

3/10/2007 - Sharon Bennett Book Signing , Allegheny Artistry, 106 East Main St., Youngsville , Warren County Sharon's first published book "Thy Will Be Done". Come view the book and have it signed. Refreshments for all. Cost is FREE. , More Info. at: www.alleghenyartistry.com , 814-563-3349. 3628

3/10/2007 - Improv Comedy Shows , The Tropicana Room of The Lucy-Desi Playhouse, 2 W. 3rd St., Jamestown , Chautauqua County 7:30 p.m. - Family Show (PG). 10 p.m. - Adult Show (R). Reservations appreciated. Cost is $5. , More Info. at: http://www.theunexpectedguests.com or 397-4245. 3640

3/10/2007 - Grape Expectations Wine Festival , Clatrion Inn and Conference Center, Dunkirk , Chautauqua County 4 p.m. to 8 p.m. Wineries along the Chautauqua/Lake Erie Wine Trail will provide samples and sell a wide variety of wines. The event will also feature food, musical entertainment, prize drawings and special dinner and overnight packages at the Clarion. Cost is $10 per person. , More Info. at: 366-6200. 3641

3/13/2007 - Preparation For Flu Pandemic , White Horse Inn, Cassadaga , Chautauqua County Guest speaker Dr. Berke will speak on "Preparation For Flu Pandemic." Come learn what you can do to protect yourself and your family. Send reservations to Martha Burdick, 5206 W. Lake Rd., Dunkirk, NY 14048 or call 672-5546. Cost is $10.00 per person. , More Info. at: www.lwvchautauqua.org. 3622

3/13/2007 - Free Computer Classes , 324 Central Avenue, Suite 11, Dunkirk , Chautauqua County 1-3 p.m. on March 13 Intro to Microsoft Word and March 15 from 10 a.m. to 12 p.m. Learn the basics to get you started. Improve the look of your documents by using program tools. Save and retrieve a document and recognize basic program icons. March 20th from 1 p.m. to 3 p.m. and March 22 from 10 a.m. to 12 p.m. Intro to Microsoft Excel. Learn how to format, enter, edit, copy, protect, retrieve and save files. March 27th from 1 p.m. to 3 p.m. Intro to Microsoft XP. Is Windows a mystery to you? Learn to work comfortably in this environment with "hands on" introductory computer training. March 29th from 1 - 3 p.m. Intro to Internet. The Information Superhighway. This introductoy will focus on World Wide Web. Please call to register as there is limited space. Cost is FREE. , More Info. at: www.everywoman.org. 3639

3/17/2007 - Irishman's Heart to the Ladies (A Celtic Celebration) , 1891 Fredonia Opera House, 9 Church St., Fredonia , Chautauqua County 8 p.m. In a nod to the famous Irish song, our St. Patrick's Day celebration features a stage full of the finest female Celtic musicians and dancers around. Cost is $15 general Admission , $12 Opera House members. , More Info. at: 716-679-1891, www.fredopera.org. 3357

3/19/2007 - Free Acupuncture and T'ai Chi Seminar , Crowe Commons, Silver Creek High School, Silver Creek , Chautauqua County 7:00 p.m. Donation of non-perishable food for the S.C. Food Pantry greatly appreciated. Cost is FREE. , More Info. at: 716-934-0066. 3629

3/22/2007 - A Couple of Blaguards starring Malachy McCourt , 1891 Fredonia Opera House, 9 Church St., Fredonia , Chautauqua County 8 p.m. This autobiographical comedy by Frank (Angela's Ashes) and Malachy McCourt hilariously tells of the brothers' schooldays in Ireland and young adulthood in America. The Opera House performance stars co-author Malachy McCourt. Cost is $25 for Reserved Seating , $23 for Opera House members. , More Info. at: 716-679-1891, www.fredopera.org. 3355

3/23/2007 - Brides Against Breast Cancer Gown Sale , S 3950 McKinley Parkway, Blasdell, NY, Dunkirk , Chautauqua County Hosted by McKinley's Banquet & Conference Center, Friday March 23rd from 10 a.m. to 8p.m.; and Saturday, March 24th from 10 a.m. to 6 p.m. Thousands of Designer & Name Brand Gowns size 4 to 24 on sale from $89 to $799. All proceeds benefit Making Memories Breast Cancer Foundation, granting wishes to terminally ill breast cancer patients. Cost is FREE. , More Info. at: www.makingmemories.org , 818-6001. 3627

3/24/2007 - 7th Annual Farm Toy Show , Back room of Tractor Supply, Vineyard Dr., Fredonia, NY, Fredonia , Chautauqua County 7th Annual Farm Toy Show, March 24, 2007, from 9 a.m. to 3 p.m., Buy/Sell/Trade Cost is $2 , under 12 free. , More Info. at: 716-679-1602 , toyman@netsync.net. 3632

3/25/2007 - American Legion Band of the Tonawandas , Reg Lenna Civic Center, Jamestown , Chautauqua County 4:00 p.m. Under the direction of William Weikert, this award-winning band will have you on your feet listening to classics, broadway hits, and patriotic songs. Cost is season pass OR $20- adult, $15- sen., children free. , More Info. at: www.jamestownconcertassociation.org , 716-487-1522. 3633

3/31/2007 - Chocolate Walk , Downtown Warren, Warren , Warren County Saturday 10:00 a.m. until 2:00 p.m. Cost is Limited ticket sales. , More Info. at: www.wccbi.com. 3557

4/10/2007 - Retro Weekend , 1493 Thornton Rd, Cherry Creek , Chautauqua County Dig out your bell bottoms and neon/spandex and join us for a Retro weekend celebration. Cost is N/A. , More Info. at: cockaigne.com. 3528

4/11/2007 - Alpine Classic sponsored by Pepsi , 1493 Thornton Rd, Cherry Creek , Chautauqua County 11 a.m. Cost is $6 race fee , lift ticket additional charge. , More Info. at: cockaigne.com. 3531

5/18/2007 - David Mallett Folk Music , 1891 Fredonia Opera House, 9 Church St., Fredonia , Chautauqua County 8 p.m. The award-winning folk singer/songwriter from Maine "has the warmth of a flannel shirt, the comfort of a quilt and the heart of a poet." Cost is $15 general Admission . , More Info. at: 716-679-1891, www.fredopera.org. 3356

6/9/2007 - Relay For Life of Falconer/Jamestown , Falconer Central School Track, Falconer , Chautauqua County 12:00 pm - 5:00 am. The American Cancer Society Relay for Life is a celebration of hope and survivorship. Team members take turns walking or running around a track for 18 hours to fight cancer. The event opens with a Survivor Lap, as the community, family and friends honor survivors of all forms of cancer. At nightfall, hundreds of luminaries are lit, each bag dedicated to a loved one who either won the battle with cancer, or remembering those who have been lost to the disease. Cost is $10 registraion fee per person. Community is welcome to stop by to show their support.. , More Info. at: 1-800-ACS-2345 , www.acsevents.org/relay/ny/jamestown. 3589

6/9/2007 - Relay For Life of Dunkirk/Fredonia , SUNY Fredonia Outdoor Track, Fredonia , Chautauqua County 12:00 p.m. - 7:00 a.m. The American Cancer Society Relay for Life is a celebration of hope and survivorship. Team members take turns walking or running around a track to fight cancer. The event opens with a Survivor Lap, as the community, family and friends honor survivors of all forms of cancer. At nightfall, hundreds of luminaries are lit, each bag dedicated to a loved one who either won the battle with cancer, or remembering those who have been lost to the disease. Cost is $10 registration fee per person. Community is welcome to come and show their support.. , More Info. at: 1-800-ACS-2345 , www.acsevents.org/relay/ny/fredonia. 3591

6/23/2007 - Old Home Week Parade , Main Street, Allegany NY, Allegany , Cattaraugus County This is the final night of Allegany's Old Home week which runs from Tues 6/19 - Sat 6/23. Following the parade, there will be carnival rides, refreshments available at the food and beer tents and a band at the carnival lot pavilion. Anyone interested in participating in the parade can contact the parade committee at PO Box 95, Allegany, NY 14706. Cost is FREE. , More Info. at: www.allegany.org. 3582

7/26/2007 - 2007 Summer Frolic Festival , Tune Town Concert Grounds, Titusville , Warren County Summer Frolic is a 5-day camping festival featuring daily workshops, potlucks, lectures, book signings, activism presentations, children's activities and games. Each night is filled with musical performances and drum circles. Pre-registration prefered, see website for details. Cost is $35 per adult, $20 per child, under 5 free. , More Info. at: www.frolicproductions.org/SummerFrolic.html. 3572

8/18/2007 - Operation Equip India - 10th Anniversary Celebration , Midway Park, Jamestown , Chautauqua County 10th Anniversary Celebration of the ministry of Operation Equip India, a disability ministry of Joni and Friends reaching India's disabled. The ministry was founded by Jamestown native Tim Swauger and his wife Aruna and is supported by many churches and individuals in the Chautauqua County area. Contact Dave Rishell for more details. Cost is FREE , bring dish to pass. , More Info. at: 716-665-6517.

For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Buying your Chautauqua Home

TAX PLANNING FOR LIFE'S EVENTS

Buying a Second Home

January 2007

Replublished from Kiplinger Newsletter/magazine

Believe it or not, a change in the tax law gets a lot of credit for a recent boom in the number of Americans buying second homes. The change allows most home sellers to take up to $500,000 of profit tax free. Before 1997, sellers generally had to buy a more expensive home to avoid being taxed on profit from a sale. Now you can trade down to a less expensive house and use profit from the sale of the big place as a down payment on a second home.

A recent study found that more than one in five second-home buyers were using equity from the sale of a primary residence to finance their purchase. There's no doubt that many baby boomers are in their peak-earning years and therefore more able to afford a second home. And, rapid price appreciation of homes in many areas has certainly stoked demand for second homes as terrific investments. Here's a quick look at the tax rules for second homes.

Mortgage interest. If you use the place as a second home -- rather than renting it out as a business property -- interest on the mortgage is deductible just as interest on the mortgage on your first home is. You can write off 100% of the interest you pay on up to $1 million of debt secured by your first and second homes and used to acquire or improve the properties. (That's a total of $1 million of debt, not $1 million on each home.) The rules that apply if you rent the place out are discussed later.

Property taxes. You can deduct property taxes on your second home, too. In fact, unlike the mortgage interest rule, you can deduct property taxes paid on any number of homes you own.

If you rent the home. Lots of second-home buyers rent their property part of the year to get others to help pay the bills. Very different tax rules apply depending on the breakdown between personal and rental use. If you rent the place out for 14 or fewer days during the year, you can pocket the cash tax-free. Even if you're charging $5,000 a week, the IRS doesn't want to hear about it. The house is considered a personal residence, so you deduct mortgage interest and property taxes just as you do for your principal home.

Rent for more than 14 days, though, and you must report all rental income. You also get to deduct rental expenses, and that gets complicated because you need to allocate costs between the time the property is used for personal purposes and the time it is rented. If you and your family use a beach house for 30 days during the year and it's rented for 120 days, 80% (120 divided by 150) of your mortgage interest and property taxes, insurance premiums, utilities and other costs would be rental expenses. The entire amount you pay a property manager would be deductible, too. And you could claim depreciation deductions based on 80% of the value of the house. If a house is worth $200,000 (not counting the value of the land) and you're depreciating 80%, a full year's depreciation deduction would be $5,800.

You can always deduct expenses up to the level of rental income you report. But what if costs exceed what you take in? Whether a loss can shelter other income depends on two things: how much you use the property yourself and how high your income is.

If you use the place more than 14 days, or more than 10% of the number of days it is rented -- whichever is more -- it is considered a personal residence and the loss can't be deducted. (But because it is a personal residence, the interest that doesn't count as a rental expense -- 20% in our example -- can be deducted as a personal expense.)

If you limit personal use to 14 days or 10%, the vacation home is considered a business and up to $25,000 in losses might be deductible each year. That's why lots of vacation homeowners hold down leisure use and spend lots of time "maintaining" the property. Fix-up days don't count as personal use. The tax savings from the loss (up to $7,000 a year if you're in the 28% tax bracket) help pay for the vacation home. Unfortunately, holding down personal use means forfeiting the write-off for the portion of mortgage interest that fails to qualify as either a rental or personal-residence expense.

We say such losses might be deductible because real estate losses are considered "passive losses" by the tax law. And, passive losses are generally not deductible. But, there's an exception that might protect you. If your adjusted gross income (AGI) is less than $100,000, up to $25,000 of such losses can be deducted each year to offset income such as your salary. (AGI is basically income before subtracting your exemptions and deductions.) As income rises between $100,000 and $150,000, however, that $25,000 allowance disappears. Passive losses you can't deduct can be stored up and used to offset taxable profit when you ultimately sell the vacation house.

Tax-free profit. Although the rule that allows home owners to take up to $500,000 of profit tax free applies only to your principal residence, there is a way to extend the break to your second home: Make it you principal residence before you sell. That's not as wacky as it might sound. Some retirees, for example, are selling the big family home and moving full time into what had been their vacation home. Once you live in that home for two years, up to $500,000 of profit can be tax free. (Any profit attributable to depreciation while you rented the place, though, would be taxable. Depreciation reduces your tax basis in the property and therefore increase profit dollar for dollar.)

For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Chautauqua County Events

3/13/2007 - Preparation For Flu Pandemic , White Horse Inn, Cassadaga , Chautauqua County Guest speaker Dr. Berke will speak on "Preparation For Flu Pandemic." Come learn what you can do to protect yourself and your family. Send reservations to Martha Burdick, 5206 W. Lake Rd., Dunkirk, NY 14048 or call 672-5546. Cost is $10.00 per person. , More Info. at: www.lwvchautauqua.org. 3622

3/13/2007 - Free Computer Classes , 324 Central Avenue, Suite 11, Dunkirk , Chautauqua County 1-3 p.m. on March 13 Intro to Microsoft Word and March 15 from 10 a.m. to 12 p.m. Learn the basics to get you started. Improve the look of your documents by using program tools. Save and retrieve a document and recognize basic program icons. March 20th from 1 p.m. to 3 p.m. and March 22 from 10 a.m. to 12 p.m. Intro to Microsoft Excel. Learn how to format, enter, edit, copy, protect, retrieve and save files. March 27th from 1 p.m. to 3 p.m. Intro to Microsoft XP. Is Windows a mystery to you? Learn to work comfortably in this environment with "hands on" introductory computer training. March 29th from 1 - 3 p.m. Intro to Internet. The Information Superhighway. This introductoy will focus on World Wide Web. Please call to register as there is limited space. Cost is FREE. , More Info. at: www.everywoman.org. 3639

3/17/2007 - Irishman's Heart to the Ladies (A Celtic Celebration) , 1891 Fredonia Opera House, 9 Church St., Fredonia , Chautauqua County 8 p.m. In a nod to the famous Irish song, our St. Patrick's Day celebration features a stage full of the finest female Celtic musicians and dancers around. Cost is $15 general Admission , $12 Opera House members. , More Info. at: 716-679-1891, www.fredopera.org. 3357

3/19/2007 - Free Acupuncture and T'ai Chi Seminar , Crowe Commons, Silver Creek High School, Silver Creek , Chautauqua County 7:00 p.m. Donation of non-perishable food for the S.C. Food Pantry greatly appreciated. Cost is FREE. , More Info. at: 716-934-0066. 3629

3/22/2007 - A Couple of Blaguards starring Malachy McCourt , 1891 Fredonia Opera House, 9 Church St., Fredonia , Chautauqua County 8 p.m. This autobiographical comedy by Frank (Angela's Ashes) and Malachy McCourt hilariously tells of the brothers' schooldays in Ireland and young adulthood in America. The Opera House performance stars co-author Malachy McCourt. Cost is $25 for Reserved Seating , $23 for Opera House members. , More Info. at: 716-679-1891, www.fredopera.org. 3355

3/23/2007 - Brides Against Breast Cancer Gown Sale , S 3950 McKinley Parkway, Blasdell, NY, Dunkirk , Chautauqua County Hosted by McKinley's Banquet & Conference Center, Friday March 23rd from 10 a.m. to 8p.m.; and Saturday, March 24th from 10 a.m. to 6 p.m. Thousands of Designer & Name Brand Gowns size 4 to 24 on sale from $89 to $799. All proceeds benefit Making Memories Breast Cancer Foundation, granting wishes to terminally ill breast cancer patients. Cost is FREE. , More Info. at: www.makingmemories.org , 818-6001. 3627

3/24/2007 - 7th Annual Farm Toy Show , Back room of Tractor Supply, Vineyard Dr., Fredonia, NY, Fredonia , Chautauqua County 7th Annual Farm Toy Show, March 24, 2007, from 9 a.m. to 3 p.m., Buy/Sell/Trade Cost is $2 , under 12 free. , More Info. at: 716-679-1602 , toyman@netsync.net. 3632

3/25/2007 - American Legion Band of the Tonawandas , Reg Lenna Civic Center, Jamestown , Chautauqua County 4:00 p.m. Under the direction of William Weikert, this award-winning band will have you on your feet listening to classics, broadway hits, and patriotic songs. Cost is season pass OR $20- adult, $15- sen., children free. , More Info. at: www.jamestownconcertassociation.org , 716-487-1522. 3633

3/31/2007 - Chocolate Walk , Downtown Warren, Warren , Warren County Saturday 10:00 a.m. until 2:00 p.m. Cost is Limited ticket sales. , More Info. at: www.wccbi.com. 3557

5/18/2007 - David Mallett Folk Music , 1891 Fredonia Opera House, 9 Church St., Fredonia , Chautauqua County 8 p.m. The award-winning folk singer/songwriter from Maine "has the warmth of a flannel shirt, the comfort of a quilt and the heart of a poet." Cost is $15 general Admission . , More Info. at: 716-679-1891, www.fredopera.org. 3356

6/23/2007 - Old Home Week Parade , Main Street, Allegany NY, Allegany , Cattaraugus County This is the final night of Allegany's Old Home week which runs from Tues 6/19 - Sat 6/23. Following the parade, there will be carnival rides, refreshments available at the food and beer tents and a band at the carnival lot pavilion. Anyone interested in participating in the parade can contact the parade committee at PO Box 95, Allegany, NY 14706. Cost is FREE. , More Info. at: www.allegany.org. 3582

7/26/2007 - 2007 Summer Frolic Festival , Tune Town Concert Grounds, Titusville , Warren County Summer Frolic is a 5-day camping festival featuring daily workshops, potlucks, lectures, book signings, activism presentations, children's activities and games. Each night is filled with musical performances and drum circles. Pre-registration prefered, see website for details. Cost is $35 per adult, $20 per child, under 5 free. , More Info. at: www.frolicproductions.org/SummerFrolic.html. 3572

8/18/2007 - Operation Equip India - 10th Anniversary Celebration , Midway Park, Jamestown , Chautauqua County 10th Anniversary Celebration of the ministry of Operation Equip India, a disability ministry of Joni and Friends reaching India's disabled. The ministry was founded by Jamestown native Tim Swauger and his wife Aruna and is supported by many churches and individuals in the Chautauqua County area. Contact Dave Rishell for more details. Cost is FREE , bring dish to pass. , More Info. at: 716-665-6517

For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Chautauqua Institution

Clay Aiken Concerts

The first news about Clay Aiken's summer concert has emerged. The Chautauqua Institution in Chautauqua, NY has Clay scheduled to perform on July 20, 2007.

For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com

Chautauqua Home Estate Planning

Estate Planning for the Family Vacation Home Providing for Generations to Come by Jay Abramson, Esq. REAL ESTATE agents develop close relationships with buyers of vacation properties and often gain an understanding of their client's desire to create a family retreat with the purchase of a second home. You can be very helpful to them by asking the right questions and perhaps suggesting they consult with their estate planning attorney after the contract to purchase is signed but before the closing is held. Planning before the property title is transferred is easier and saves costs in drafting new deeds for estate planning purposes. In preparing the purchase and sales contract, ask if they have a revocable living trust. See if they want title to the property in the name of the trust. See if a short consultation with their estate planning attorney may be helpful to answer these questions. Talking with the estate planning attorney about these considerations will be a real service to your clients and make you look good in the process. Passing ownership of a vacation home to children or grandchildren can take many forms. Deciding among the options must take into account a variety of considerations – ownership, management, gift taxes, estate taxes, and eventually capital gains tax. Making sure children "inherit" a vacation home may be as easy as signing a deed that will make children joint owners "with rights of survivorship". Typically these deeds are gifts to children and will often result in the filing of a gift tax return (although no gift tax is paid if cumulative lifetime gifts are under $1 million dollars). In this way, ownership is transferred upon death with no paperwork other than the filing of a death certificate in the land records. However, this ignores gift tax, estate tax, possible capital gains issues and more generally, management of the property over the long haul. For example, if the child(ren) choose to sell the vacation home after acquiring ownership by a gift deed, they will pay significant capital gains tax if the property has increased in value from the date of purchase. In addition, if some financial catastrophe happens to the child(ren) the vacation home may be vulnerable to creditors - an unintended disaster that is avoidable with estate planning. A Last Will and Testament controls the passing of legal title to property at death, including a vacation home. As part of a Will there should be some designation of who will inherit the vacation home. In order to take effect and transfer the property after death, the Will must be filed in the probate court and an estate opened up in the state of residence of the deceased person. Keep in mind that if a vacation home is in another state, the Executor (named in the Will) will have to open up an estate both in the state of residence and in the state where the vacation home is located. This can be costly and time consuming. A Revocable Living Trust (RLT) is a basic estate planning tool that allows for the management of property during lifetime and controls the distribution of an estate after death. A properly drafted, executed and funded RLT can avoid probate court altogether. RLTs name Trustees who are the person or persons in charge of the assets. The RLT also names the beneficiaries of the trust assets. Often an individual is both the trustee and beneficiary. The Trust will also designate who will be the trustee(s) after death or during periods of incompetence so there is continued management and control of property. The RLT can have special provisions for the vacation home. The plan of distribution in a RLT will have the named beneficiaries for the vacation home. You can also allocate a portion of your liquid estate to help beneficiaries with the expenses of the vacation home. If you would want your grandchildren to enjoy the vacation home, the RLT could name them as beneficiaries, keeping the vacation home in the trust until the grandchildren reach a certain age. After they reach that age the vacation home can be deeded to them by the Trustee. No court involvement at any level. The terms included in a trust are the directions that the trustee will follow. After a trust is drafted according to a desired plan and the trust agreement is signed, it is important to have a deed transferring the property into the trust signed and recorded in the land records, making the RLT the legal owner of the property. Use of a RLT to transfer the ownership after death has tax advantages as well. Often the vacation home has increased significantly in value from the date of purchase. The trust beneficiary(ies) takes the basis in the property equal to the fair market value of the property on the date of death. If the beneficiary(ies) now sells the property the capital gain is measured against the fair market value at date of death. Some people want to keep the vacation home in the family for generations to come and choose to establish a stand alone trust just for the vacation home. Provisions are made for management of the property. The trust can continue to benefit several generations. Depending upon the number of families using the vacation home you may want provisions for determining who can use the property, annual expense contributions and related provisions for the continued operating expenses. Another form of vacation home ownership becoming more popular is the Limited Liability Company. A company is set up solely for the purpose of owning and managing the vacation property. By-Laws are drafted that help to outline the management of the property. Limitations on the transfer of the shares of the LLC can be in place to make sure that owners of shares of the company are family members. The LLC can continue ownership for years without interruption. As with any type of formal LLC there are requirements that states impose upon them such as annual reports and tax filing that become additional costs. Keeping the vacation home in the family can be important to a client's overall estate plan. Often the vacation home is a gathering place that holds many memories for your clients, their children and grandchildren. When purchasing that home ask your client about how they want the ownership of the property, in their names, in a trust, with their children of perhaps a limited liability company. Suggest that they tell their estate planner they are purchasing a second home and want to know how best to deal with the ownership. For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com