Lake Real Estate
Smith Mountain Lake Real Estate
Smith Mountain Lake Realtor Noreen
lake offers a wide range of housing types and real estate
prices. Lakefront one-bedroom condominium resales start at $150K
-- while extraordinary single-family homes, on large level lots
with Smith Mountain Lake's best views, can top $7 million, and a
little known fact is that there are homes on the lake that have
been tax-assessed (which is typically below or just at retail
market value) for over $20 million! They're just not on the
With 500 miles of
shoreline, you can find a first or second home in a quiet cove
with just a few neighbors in sight -- or retire to a well-planned
community with shared amenities that include swimming pools, boat
slips and lifts, and private golf courses.
Smith Mountain Lake real estate
is diverse, and the slower 2008 real estate market has
produced some attractive bargains around the lake. You can find an
older lakefront home on a gentle lot for less than $600K. You can
spend as little as $30K for an undeveloped off-lake lot with no
water access, $75K-$100K- for an undeveloped off-lake lot with
water access or a $100K-$170K
deeded boat slip, $300K-$1 million for an
undeveloped lakefront lot, $275K for a new off-water single-family
3-bedroom home, $400K for a recently-constructed lakefront 2
bedroom condominium with boat lift, $900K-$5 Million for a
lakefront home with a mountain view, $750K for a 3000-square-foot
lakefront retirement home in a premium development with its own
golf course -- or $2+ million for one of the lake's finest
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Access To Smith Mountain Lake Real Estate
If you're planning to buy a
condo or house then offer it as a vacation rental to help pay the
mortgage, be sure to first check county, subdivision, and
homeowner association rules and regulations. SML "vacation
rental" restrictions and prohibitions are increasing as the
popularity of those vacation rentals grows.
In addition, if you are going to
build, you want to protect yourself by hiring a licensed
surveyor and making sure that your idea of home-placement is equal
to the lake setbacks as well as, the ACTUAL location of the
100-year flood plain. Many of the old plats mark the
"approximate location of the 100-year flood plain".
Most homes on the lake were
built above the "100 Year Flood Plain" above the 803'
contour. The lake is said to be at "full pond" at 795'
above sea level.
In addition, there is a wide
variety of Smith
Mountain Lake Commercial Building sites available, from
condominium, condotel sites, to waterfront restaurants and
marinas, and even just off-water, commercial restaurant pads
available in Westlake and the surrounding areas.
If you have any other questions
about the lake, be sure to visit me on the web at: http://smithmountainlakefronthomes.com/