The following are various types of properties for Smith Mountain Lake real estate and approximate price ranges for those properties.
- Smith Mountain Lake Waterfront Homes, Condos/Townhouses and Waterfront Lots – For waterfront property, you have three options. First option is waterfront homes. The property is located within 5 vertical feet of the lake and most touch the lake and most have a dock on the lake where you can store your boat and access the lake. Prices start as low as $300,000 and go up to over $3,000,000. Naturally the lower priced homes have some issues, usually shallow water depth at the dock, steeper slopes or an older dwelling in need of repair or a combination of these three issues. Condos/Townhouses can be located on the lake as well as off water. Waterfront prices start below $100,000 for one bedroom units and are priced up over $500,000 for larger units. They vary in that some have deeded covered electric boat lifts while other subdivisions may have community boat slips that you can lease for around $2400/year. Waterfront lots are labeled such if they are located within 5 vertical feet of the lake with most touching the lake. Lots located in the back of coves can actually be within 5 vertical feet of the lake but may be too far up in the cove that they don’t actually touch the lake. You’ll see a lot of really low priced lots listed as waterfront that have this issue. The steepness of slope, depth of water where the dock would be located, view and location on the lake all play a part in the value. Prices for usable lots generally start around $150,000 and go up from there. Some already have a dock built on them. To build a dock, the cost is around $60,000. All docks require a permit to construct or modify one. I do all the permit work for free for my clients and I understand what you can and can not with a dock.
- Smith Mountain Lake Water Access Homes and Water Access Lots – Water access means the property is located in a subdivision that has a boat ramp to access the lake. It may have additional features like a pool or clubhouse but it has to have a boat ramp to be considered water access. A few of the subdivisions have community boat houses and/or dock spaces. Some have covered electric boat lifts that are deeded to the house, some have deeded floating dock space in the water where you can store you boat in the lake and other subdivisions just have the boat ramp. I can easily search by “deeded boat slips” if you would like to see those listings. Most waterfront access homes are relatively new with most built since the mid 80’s with the average age being probably 10 years old or so. Prices will range from a low of around $150,000 up to around $500,000. The average sales price is in the mid to high $200,000 range. Water access lots have taken a huge hit price wise with very few selling each year and vast inventory. Prices for sold lots last year probably averaged $25,000 or so. Very few water access properties have a view of the lake, so please keep that in mind.
- Smith Mountain Lake Area Off-Water Homes and Off-Water Lots – Off water means that the property is not in a subdivision that has access to the lake. Many are really close to the lake and some may have views of the lake. There are several communities close to the lake and it’s amenities while others are further away and closer to Rocky Mount, Bedford, Roanoke or Lynchburg. Being in a mountainous area, some have really beautiful views of the surrounding mountains. The size of the lots vary from a half acre to over a hundred acres. Prices begin around $10,000 per lot and go to over $10,000 per acre depending on the view and location.
There are pre-set searches under the Headers “Waterfront Property” and “Off Water” that you’re welcome to use to make your search easier.