A Little About Bemus Point:
Bemus Point, or Bemus, as us locals know it, was founded in 1806 and boasts some of the most striking homes and views on Chautauqua Lake. The real estate and ambiance of Bemus Point, some of which is located on one of the "gold coasts" (Lakeside Drive) of Chautauqua Lake, is some of the most sought after shoreline around. Bemus is known for being a dynamic lakefront village of restaurants, shopping, nightlife, local entertainment, and four-season recreation all within walking distance to the lake and beach. Other local attractions, such as Chautauqua Institution, are within minutes by car or boat.
Bemus Bay Condominiums on Chautauqua Lake:
Early 2009 thought about some of the first completed sales of the Bemus Bay Condominiums on Chautauqua Lake constructed on Lakeview Avenue in Bemus Point, New York. This intense lakefront condo project consist of two buildings named Browning and Columbia each containing 20 units. These structures were named after hotels that existed on the site back in the early 1900s.
In February 2008, structural work was completed at the Bemus Bay Condos. At that time, residents of Bemus Point and other local communities were able to get their first sense of this development erupting from Lakeview Avenue. By June 2008, impressive new docks were being installed for the owners of the units, which could have been seen by land or lake. The next month saw the final operating permits being issued for the water system, and in October 2008 finishing touches to the interior, exterior, and landscaping were evident. In no time at all, Bemus Point would be welcoming new residents to their community.
The owners of the Bemus Bay Condos are going to have plenty of amenities to enjoy along the gorgeous lake views and fabulous Bemus Point village amenities. In addition to having a private boat slip on the newly installed docks as mentioned above, the owners of the condos will also have the benefit of a private garage, additional reserved parking, secure entry, handicapped accessibility, elevator service, a courtyard with heated swimming pool, a private porch or balcony, and many interior choices such as four different floor plans and upgrades to granite countertops and whirlpool tubs.
2009 Closed Statistics (Bemus & Beyond):
The real estate statistics for the Bemus area for 2009 were completely dominated by the Bemus Bay Condos. There were 10 closed sales ranged from $ 381,072 with 3 beds / 2 baths to $ 516,799 with 3 beds / 3 baths. The average number of days the units were on the market was approximately 2.5. There were three other condominium sales outside of Bemus Point ranging from $ 115,000 with 1 bed / 1bath to $ 377,000 with 3 beds / 2baths.
Single family homes directly on the lake in Bemus Point (4 total) closed anywhere from $ 112,000 for a 2 bed / 1 bath home with 40 feet of frontage on the market for 44 days to $ 620,000 for a 4 bed / 3.5 bath home with 100 feet of frontage on the market for 49 days. Lakefront sales outside of Bemus Point (18 total) ranged anywhere from $ 70,000 for a 2 bed / 1 bath cottage with 40 feet of lakefront in the Loomis Park area to $ 3,000,000 for an 8 bed / 9.5 bath estate with 180 feet of lakefront in Chautauqua Institution .
Properties not directly on the water made slightly less than an impact on the market this year compared to previous years. The lake related or "deeded" properties in Bemus Point (5 total) sold from $ 41,900 for a 1 bed / 1 bath home with an allotment for dock access to $ 232,500 for a 4 bed / 3 bath executive style home with deeded lake rights and a dock. The same types of properties outside of Bemus (7 total) sold from $ 68,000 for a 4 bed / 1bath modest house with lake rights to $ 290,000 for a 3 bed / 1 bath home in the private community of Wooglin with 600 feet of community lakefront.
In Conclusion:
Even with the real estate market in turmoil for much of the United States this year, Chautauqua Lake lakefront sales for 2009 held strong and were down by only about six or seven sales from previous years. Sales of properties that have deteriorated access or rights to the lake were down a bit more substantively by about 20 sales from last year. But the market for condominiums was definitely strong with sales for 2009 surpassing the last two years by four or five sales.
Overall, the total lakefront and lake related sales including canal front, condos, and land was more than the last two years by anywhere between approximately $ 1,800,000 to over $ 5,100,000. But the total number of sales declined from the low 80's to approximately 61 in 2009. Everywhere you look at it, an investment in Chautauqua Lake and the lifestyle that companies are it worth every penny!