Smith Mountain Lake Real Estate Market

Visit the Lake on us!

2008-05-31T00:19:00.001-04:00

If you are itching to explore the endless possibilities in lake investments but caught up in the worry of gas prices, here is a great solution! Give us a call and arrange to look at property exclusively with us, and we will give you a free night stay at Lovestone Inn on Smith Mountain Lake.

Lovestone Inn is a stone Bed & Breakfast with beautiful lake and mountain views. The inn has great amenities including gardens, acreage to explore, cozy lakeside deck, a boat dock for swimming and boating & a beach area perfect to enjoy an afternoon cocktail and discuss all the great lake homes we visited. Lovestone Inn will give you the feel of living on the lake while you visit.

A little background on the Inn. Lovestone Inn was purchased by one of our many happy customers. When Dawn Spencer and Tom Zirkelbach were ready to retire to the lake from their Chicago home, they called us explaining their need for a property that would be feasible to expand into a Bed and Breakfast. We found the perfect place, the beautiful stone manor home with acreage to give it a private setting on Smith Mountain Lake and bed & breakfast allowable under county regulations. With their total trust in us and our guidance and extensive digital photos, they quickly purchased Lovestone sight unseen, from Chicago. They have added many of their special decorating touches and unique ideas over the years to turn this into a very special lakeside retreat. Dawn and Tom added the renovations of a stone garage, which Keith converted into the beautiful guest cottage named Pebblestone. The Inn is a lovely place to relax and get the true feeling of lake living. Voted best place to stay on Smith Mountain Lake, Lovestone Inn lives up to it’s reputation.

As investments go, Smith Mountain Lake can’t be beat. Prices are still lower than other regional lakes and there area many great deals to be found. Brisk activity in the lower price ranges for lake homes ($350,000 to $500,000) has the inventory a little picked over as we move out of Spring and into Summer. There are new homes coming on every week, with savvy buyers and their agents snatching them up pretty quickly. We keep our buyers informed of the great deals as soon as they hit the MLS through our Great Deals Email List (go to www.SeeTheLake.com to be added to the list). On the lighter side, the condo market is going strong with great deals to be found too. Condos are starting at $139,000. Lake building lots have remained high, with only slight reductions, as investors are holding on to them for future years. I do have two nice lots listed that are in the $270,000 range, a really good buy!

The best price range to be looking in right now is the $500,000 to $700,000 listing price for lake homes. Don’t be put off by these listing prices. Big reductions can be negotiated off the asking prices when we represent you. Prices have bottomed out, but the inventory in this range is fantastic. You will be able to find a breathtaking lake home with all the big pluses… big lake views, beautiful dock, elegant upscale home, and a sound investment that will grow in the future, when you look in this range.

What ever price range you are in, lets get started finding your perfect lake get-away. Call or email me today! Looking forward to hearing from you.

Carol Myers, Owner/Broker 540-420-1327 cell

Email SeeTheLake@msn.com

See The Lake, Realtors, Inc. 540-721-1726 office

Let your IRA build BIG time in the real estate market

2008-02-24T03:19:00.000-05:00

Is your investment taking a beating in the stock market? Do you have an IRA that you need a better return on? Now is a great time to turn that low-growth IRA into some big bucks for your retirement. Buying real estate with your IRA is easy & now you can take advantage of those great deals at Smith Mountain Lake. Our inventory is high & some sellers are reducing their properties for a quick sale. Buying an investment property with your IRA lets you earn monthly income straight to your IRA account and also builds for your future retirement, as your property goes up in value over the years you hold the IRA. When the time is right to retire and use that retirement income– your home will be ready for you, purchased at today’s low prices. What a great deal!

From start to finish, we help you get the best investment property for your IRA account. From searching the MSL for those great deals on the lake, to referring you to the right companies to correctly set up your real estate IRA account, to using local closing attorneys that are experienced in handling our customers real estate IRA closings– we are here for you every step of the way. When you close on the investment property, we are still here for you. With our experienced property management team, we can make sure your investment is handled properly and according to the tax guidelines, to keep your investment safe, profitable & growing.

Give us a call today. We would be happy to tell you how we have helped others turn their decreasing stock market investments into healthy, growing real estate retirement accounts. We can get started making your investment in the future as strong as it can be. Call us today to get started. Looking forward to working with you.

Carol Myers, Owner/Broker

See The Lake, Realtors, Inc.

SeeTheLake@msn.com

540-420-1327 cell

540-721-1726 office

Great Deals, Sound Investments at the Lake

2008-01-22T14:25:00.000-05:00

Looking for a great place to put your savings? Looking for a great return on your money over the next few years? It is time to take advantage of our fantastic deals at Smith Mountain Lake. The smart investors I am working with, those that have some cash to invest and are comfortable holding their property investments for the next 4 to 5 years, are setting themselves up to ride the price rebound wave at the lake.
With flexibility on your part, we can find you a sound investment that will weather the current fluctuations in the real estate market and make you look like an investing genius, as your property value rebounds in the upcoming years. In the past eleven years of selling real estate at the lake, while introducing new buyers to our area, I have heard them say repeatedly, “If I had only purchased a lake property back then, I would have made a lot of money.” Now is the time to be that smart investor, buy now & let your investment make that money for you.
Interest rates continue to be at an all time low, with a wide variety of options in lending and lenders eager to work with you. Current lake prices are starting at about $300,000 for a lake condo, and around $400,000 for a lake home. Savvy buyers are getting some fantastic deals right now, as sellers are eager to move on and sell their properties.
One of the main points I tell my buyers is the best way to be a smart investor is to remain flexible, especially if you are in the entry level price ranges. Don’t look for that perfect lake house, look for the great deal. That means purchase a home that has good structure on the best lot you can afford. These are the homes that will increase in value the most.
If your investment allowance will let you purchase in the $600,000 range, our inventory is excellent, with some very beautiful homes available. This range would give you the best flexibility in available homes. The inventory is still good in the $400,000 & $500,000 range, but looking for that great deal will mean looking at a smaller or older home, or a steeper lot in some cases. The key items we look for when finding that great deal is as follows: How long a property has been listed for sale, what price reductions the seller has had, when did the seller acquire the property and at what price, and what mortgages they currently have on the property.
Having this history on the property pinpoints the potential properties that may be obtained at a lower offer. Many “new” purchasers at the lake, those that purchased their properties over the past two to three years, have mortgages that would not allow them to dip to the levels we are looking for. We want to find those that are ready to sell and able to sell at a low price.
A perfect example of a this is a sale I had this week, a lake home that was assessed in 2007 in the mid $600’s, on a very nice lake lot with a dock and plenty of views. We were able to get the home under contract for my purchasers more than $200,000 below the assessed value. Now that is a deal & a sound investment.

A few keys items to keep in mind when buying at a big price reduction:
1. Don’t get caught up in looking for that perfect house. Stay flexible and look for the great deal, or buy a building lot and build your perfect house. There are many building lots to choose from.
2. Preview homes in the price range above & below your comfort level. Only you know what your comfort zone is when it comes to how much you feel you can invest. By relaying this information to me, I can make sure to show you the best homes in that range, to find you the best deal possible. If your top range is $550,000, for example, we would want to look at homes that meet your criteria in the $600’s, looking for the seller that really needs to sell, as well as homes in the $500’s and $400’s.
3. The lay of the land & gentleness of the lake lot is more valuable than the home. Buy your home on the best lot you can afford. You can always update and change the home, you can not change the lot. This will pay off in the future.
4. Be ready to act quickly when a great deal comes up. Living at the lake gives the local investors an advantage. If you are close enough get here quickly and often to look at available homes, you can still take advantage of a quick reduction or a new listing priced low. Have your finances ready so that you can offer a quick closing, and be ready to jump in the car and look at these properties, once you receive my emailed information and pictures. Stay current and active, plan on finding that home as soon as possible, before our prices rebound.

If the time is right for you to invest at the lake, there are sellers who need to sell their homes. Let’s get out and find you a lake home and a sound investment. Give me a call or drop me an email. I would be happy to meet with you and show you what great deals are currently available at the lake. I am ready to help you make that sound investment.

Looking forward to working with you,

Carol Myers, Owner/Broker
See The Lake, Realtors, Inc.
540-420-1327 Cell
Email: SeeTheLake@msn.com

Smith Mountian Lake is a great investment.

2007-11-01T11:57:00.000-04:00

Smith Mountain Lake is a great investment. This area has seen enormous growth in the last few years, and it will continue to grow. There is great diversity in lake property. There are many characteristics that make each property different, such as, how steep or flat a lot is. Whether it is in the back of a cove or on the main channel. Some have great views, where others are more private. Every buyer is different and so is every lake property at Smith Mountain Lake.With the market slower than it has been in past years, you now have more choices. The amount of properties for sale at the lake is the most we have had in a long time. Prices have also come down a great deal. This truly is a "Buyer's Market". Call Today if you would like any information about the area or to set up a time to take a look at what Smith Mountain Lake has to offer.

There is some really good information and statistics about the real estate market in our previous posts.

Ben Myers
See The Lake, REALTORS
(540) 420-4926

Smith Mountain Lake, Invest with Confidence!

2007-10-23T11:00:00.000-04:00

Looking for lake property in the Mid-Atlantic region? Smith Mountain Lake just may be the lake for you. Nestled into the foothills of Virginia, Smith Mountain Lake offers a rural, relaxed lifestyle, surrounded by the beauty of rolling farmland and mountains. Close to the cities of Roanoke, Bedford and Lynchburg, this lake has grown to give the boating enthusiast, and nature lover, a wonderful vacation destination or a relaxing, safe environment to retire in.

Lake home prices rose significantly from 2003 to 2005, catching up with other comparable lakes to the North and South, however, we are seeing the anticipated price adjustments. Many of our buyers are taking advantage of the high inventory and purchasing a beautiful lake home at a significantly reduced price, making for a sound investment and home they can enjoy.

With our excellent buyer representation, we are able to sit down with our buyers to find out what type of property suits their needs and their budget. Many different issues effect our buyers, from location on the lake, proximity to different cities, desire to place their home in the rental programs, to the type of property they prefer. We listen to your desires, offer our experience and advice and work together to find the property that suits all your needs.

Searching the internet is an easy way to become familiar with property values at Smith Mountain Lake. Lake home prices generally start in the low $400,000 range, with the most abundant inventory in the $600,000 to $700,000 range. Sellers are looking seriously at most offers, even offers written 15% lower than the asking price. In many of our sales contracts we are asking the sellers to pay incentives to the buyers, making a good deal a better deal for our buyers. Internet access to our local Association of Realtors is available on our website at www.SeeTheLake.com, and will give you access to the full Multiple Listing Service serving the lake. Make sure to search property prices higher than what you feel comfortable paying, to take advantage of the current buyer’s market. When you locate properties that interest you, email or call us with the MLS numbers so that we can bring to your attention any pertinent information about the property, and email you a full detailed report and listing history. We make sure all our buyers are up to date on current market conditions and knowledgeable on property values so they can make the best offer they can.

Purchasing a lake property should be an easy, pleasant experience. We offer our 20+ years of experience to you, to make sure your transaction goes smoothly and you get the best deal you can at Smith Mountain Lake. Call or email us and we can get started today. Looking forward to hearing from you,

Carol

Carol Myers, Owner/Principal Broker

See The Lake, Realtors, Inc.

Market Statistics Through October

2007-10-23T10:27:00.000-04:00

Quick Reference Statistics

$814,012.- Average Asking Price of 3 bedroom Lake Home
$692,336.- Average Sale Price of Sold 3 bedroom Lake Home
Highest Priced Lake Home $5,800,000.-
Lowest Priced Lake Home $174,500.-
266 Lake Homes Available under $1,000,000
65 Lake Homes Available over $1,000,000
171 Available Lake Condos & Townhomes
21 Lake Homes & Condos Currently Under Contract
548 Available Lake Building Lots

Market Statistics From September

2007-10-04T22:17:00.000-04:00

520 Lake Homes, condos & townhouses currently available
152 Lake homes currently available under $650,000
128 Lake Condos currently available
554 Lake Front Building lots currently available
$638,000 is the average price for a 3 bedroom, 2 bath lake home
$5,800,000 currently the highest priced lake home on the the market
$174,500 currently the lowest priced lake home on the market
$699,000 average sale price of a Lake Homes in 2007
Only a 3% drop for a 3 bedroom Lake home from Spring/Summer 2006 to Spring/Summer 2007
72 Homes on the market with an asking price of more than $1,000,000

Word From The Broker- Why the time to buy is Now!

2007-10-04T20:33:00.000-04:00

Are you planning to purchase lake real estate in the next year? If so, don't wait for the bottom to get here. Many national financial advisor's are forecasting a turn in the real estate market and a national real estate market recovery in 2008.

We are urging all of our buyers not to wait until we see the market turn. Being a buyer in today's market is smart for many reasons.

The inventory is very plentiful. The Best it has ever been. That means there are many homes to choose from at great prices. With huge diversity in lake homes, that lets you find a much better home for your money.

Failing prices shouldn't scare you. The national average forecasts that prices will drop an average of 7.7% from their high in late 2005, greater in some cities and lower in others. Smith Mountain Lake property values have already dropped, and at a lower rate than the national average. I am recommending my buyers take that reduction into consideration when they make their offer. In today's *buyer's* market, my buyers are able to purchase a property up to 15% off an asking price that is already reduced considerably from our 2005 prices. These savvy buyers get a wonderful lake home to enjoy at a significantly reduced price. All on their terms, with great inventory to choose from.

When the bottom hits, it will get crazy. The number of buyers waiting for the bottom is phenomenal. We expect a six to nine month return to the buying frenzy we saw in 2005, where sellers are back in the driver's seat and happy to have multiple offers. Those buyers will be paying the premium prices for the most desirable homes.

Over the years, buying a lake house at Smith Mountain Lake has changed from a nice place to retire, to a smart place to invest money. Informed buyers are buying houses just as they invest in the stock market, buying low and selling high. make sure you get the very best investment you can. Buy while inventory is high, at the best price. As long as you hold onto the investment for a few years, you can't go wrong!

- Carol Myers, Principle Broker