Here are some pros and cons of purchasing real estate in Lakewood, New York:

Pros:
1. Beautiful natural scenery: Lakewood is located near the Chautauqua Lake, which means residents can enjoy a beautiful view of the water and surrounding nature.
2. Active community: Lakewood has a small but active community, with plenty of events and activities throughout the year.
3. Access to amenities: Although Lakewood is a small village, it has grocery stores, restaurants, and other amenities easily accessible to residents.
4. Growing economy: The economy in Lakewood is growing, which could mean good prospects for investment property.

Cons:
1. Cold winters: New York can have cold winters, and Lakewood is no exception. If you prefer a warm climate, Lakewood may not be the ideal location for you.
2. Limited employment options: Lakewood's job market is limited, and residents may need to commute to nearby cities for work.
3. High taxes: New York state is known for having high taxes, and Chautauqua County is no exception. Property taxes in Lakewood can be higher than in other parts of the country.
4. Flooding: Although beautiful, Chautauqua Lake can cause flooding in the area during heavy rains or snow melts. It's important to keep this in mind when considering purchasing real estate in Lakewood.