A Rare Opportunity in the Heart of Western New York
Located in the peaceful village of Panama, New York, this early-20th-century farmhouse offers an incredible opportunity for restoration enthusiasts, investors, and history lovers alike. This 4-bedroom country home and spacious barn sit on a quiet street surrounded by rolling hills, open farmland, and the charm of small-town America.
The property will be sold “AS IS, WHERE IS” through an online auction managed by Peterson Auction, a trusted name in real estate and estate sales across Western New York. Bidding will open November 11, 2025, and close November 13, 2025, giving buyers a limited window to secure this unique piece of rural history.
Classic Architecture with Endless Potential
With approximately 1,728 square feet of living space, this two-story residence reflects the beauty and craftsmanship of an era when homes were built to last. The property includes a 30′ x 36′ barn—ideal for a workshop, storage, or creative studio—and a covered front porch that invites relaxation and reflection.
Though the home requires significant renovation, it remains structurally sound and full of character. Many original details, such as the wood framing, porch columns, and interior layout, still evoke the charm of early-1900s design.
This is the kind of project property that allows buyers to bring their own vision to life—whether as a country retreat, Airbnb rental, family homestead, or artist’s workshop.
Inside the Home
First Floor
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Kitchen: Once the heart of daily life, the kitchen includes two small storage rooms that could serve as modern pantries. With renovation, it could easily be transformed into a bright, open farmhouse kitchen with room for a breakfast nook or island.
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Dining Room: A natural gathering place, this room sits adjacent to the kitchen and would make a perfect space for family dinners or entertaining once restored.
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Living Room: Spacious and inviting, the living room retains the potential for a cozy atmosphere—ideal for adding a wood stove or fireplace.
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Den/Office: A smaller flexible room suitable for use as a study, guest room, or hobby area.
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Bedrooms: Two bedrooms are located on the main level, offering flexibility for a master suite or guest accommodations.
Second Floor
The upstairs includes two additional bedrooms and a partial attic, ideal for storage or conversion into a studio, playroom, or office. The traditional layout is simple but functional, providing plenty of space for modern updates.
Basement & Utilities
The home rests on a stone foundation with a partial concrete-floor basement. A natural gas furnace is installed but may require servicing or replacement. Electricity is supplied through a 60-amp fuse panel, and upgrading to a modern system will be necessary.
Please note: there is currently no indoor plumbing or bathroom, and no active water or sewer connections. An outhouse remains on-site, preserving the property’s authentic historical feel. Future owners can explore options for installing a well and septic system to bring modern comfort to the home.
Exterior Features
The exterior is finished in painted wood siding with a shingle roof, both showing signs of age but offering timeless rural charm. The barn is a major highlight — its large footprint and sturdy frame make it suitable for hobby farming, equipment storage, creative workshops, or renovation into additional living or event space (subject to local zoning).
The surrounding yard provides space for gardening, outdoor gatherings, or raising small livestock, blending classic country living with modern potential.
Restoration & Investment Potential
This property is being sold AS IS, WHERE IS, meaning no repairs or warranties are provided. However, it’s exactly that “blank canvas” nature that makes it so appealing. Buyers have the freedom to restore, redesign, or repurpose the home as they see fit.
Potential uses include:
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Full restoration into a classic farmhouse or Airbnb-style retreat.
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Investment project with long-term appreciation after renovation.
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Artist or craftsman’s studio, utilizing the home and barn together.
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Heritage preservation project, keeping original details while upgrading systems.
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Rural workshop or home business, thanks to ample space and structure flexibility.
For buyers who appreciate old-world charm and hands-on craftsmanship, this property offers both challenge and reward — a chance to breathe new life into a historic home.
Auction Information
This sale is conducted by Peterson Auction, a well-respected auction company known for transparent, fair, and professional real estate transactions.
Online Bidding:
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Opens: Tuesday, November 11, 2025
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Closes: Thursday, November 13, 2025
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Website: www.petersonauction.com
Open House:
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Date: Monday, November 10, 2025
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Time: 3:00 PM – 5:00 PM
(No private showings; all inspections must be completed during this time.)
Full auction terms and property details can be viewed at:
https://petersonauction.hibid.com/catalog/688430/24-south-st–panama–ny-real-estate
About Panama, New York
Nestled in Chautauqua County, Panama is a charming rural village known for its welcoming community, scenic countryside, and proximity to some of Western New York’s best outdoor attractions.
Local highlights include:
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Panama Rocks Scenic Park, a stunning natural area with hiking trails and ancient rock formations.
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Chautauqua Lake, offering boating, fishing, and lakeside recreation.
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Chautauqua Institution, a world-renowned center for culture, education, and the arts.
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Quaint local shops and diners that preserve small-town charm.
Panama provides the peaceful lifestyle of country living while still being just a short drive from Jamestown, Lakewood, and other regional centers.
Final Thoughts
The property at 24 South Street, Panama, NY, is more than just an auction listing—it’s an opportunity to own a piece of local history. Though it requires a full renovation, its vintage architecture, spacious barn, and authentic character make it a standout for anyone who sees beauty in restoration projects.
Bring your creativity, craftsmanship, and vision, and turn this timeless country home into something truly special.
Don’t miss your chance to bid in this exclusive online auction — November 11–13, 2025 — only at Peterson Auction.
All sales are final and offered strictly AS IS, WHERE IS. Buyers are encouraged to inspect, research, and bid with confidence.
Listed on Zillow
