Penn Yan development begins construction

PENN YAN--Construction has begun on what local developer Chris Iverson plans to be a $25 million, 42 residence pocket neighborhood in Penn Yan. The Moorings on Keuka project has received all permitting to move forward and is now in the process of selling homes to prospective buyers.
"We are creating a wonderfully unique neighborhood with 42 homes and a clubhouse on the water," said Iverson, who is handling both the development and construction of the project. "I call it a pocket neighborhood because it is a walking neighborhood with walking trails throughout connecting to the Hampton Inn, downtown, the park and other trails. There will also be boat docks for quick and easy access to Keuka Lake."
Construction on a home will begin once it is sold, meaning that the entire neighborhood will not be finished all at once. As it stands, work has begun on the clubhouse, which will contain a kitchen and multiple party rooms, but no residences.
"We will sell and build simultaneously, and we don't expect to sell out the neighborhood for three to five years," Iverson stated.
The homes themselves will range from two to three bedrooms and one to two stories. Most will be built in a duplex style. They will vary in price from $600,000 to $800,000 and homeowners will be members of the condominium association, which Iverson said will not only remove maintenance issues for homeowners but also reduce property tax.
"When you say condominium many people imagine big buildings in Florida," Iverson mentioned. "That is not what this is... These will be built mostly as duplexes so you will have a side-by-side house with a private entrance...These are high-level luxury accommodations paying low property taxes."
As a result of the condominium association, Iverson said it is estimated the property tax will be one-third of what it would have been without a condo association annually.
"Having a condo association will make it easier for snowbirds to leave in the winter," Iverson said. "But we don't think that is the only interest we are going to get. A lot of people who already live on the lake might be interested in downsizing, not to mention families looking to move into the area."
The homes and neighborhood itself will be built with an eye towards enhancing and enjoying the natural aesthetic of the area.
"The walking trails will be by raised flower beds and the residences will be geared towards that and the lake," Iverson added.
Efforts to begin selling the residences have just begun with Select Sotheby's International Realty, meaning construction on the actual homes should begin soon.
"We expect to start the first duplex unit shortly... This is absolutely the right time to be doing this. Market value for lakefront homes is through the roof and supply is limited so this is the perfect time for us to be coming to the market with these," Iverson said.