Packard Mansion Sells For $3 Million

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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 Post-Journal

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hoser48
11-10-09 11:32 PM »Report Abuse	Dang, and my $3.25M just came through this afternoon. :(
FlashBazbo
11-10-09 3:57 PM »Report Abuse	I really need to stop being so amazed at some of the stupid things folks will say on the internet. Where, in our county, would slum apartments sell for three million dollars? This fella obviously has the Packard Manor confused with something else, but the question is what? My first thought was the Packard Estates in Lakewood but those units are all assessed from $60K up. That can't be it. Who knows..maybe it doesn't matter, maybe it's just the thrill of calling someone an idiot on the internet.
CIresident
11-10-09 10:09 AM »Report Abuse	Raddy, are you completely out of touch with reality? This property at 10 Elm Lane in Chautauqua Institution is a single family home owned by Betty Lenna Fairbank and is nearly exactly as it was when it was built. Climb out from under your rock.
Pipelilner
11-10-09 10:04 AM »Report Abuse	Monkey see monkey do.
RADCON
11-10-09 9:49 AM »Report Abuse	idiots destroyed this home by turning it into slum apts. kinda like zoning Lakeview Ave in Jamestown commercial. IDIOTS!!!

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