April 10, 2008Is Smith Mountain Lake sinking?A story by Jeff Sturgeon in this morning's paper showcases a large luxury condo project that is headed to the auction block next Wednesday if the developers doesn't make amends with their bank before then. Bridgewater Pointe, the emblem of high-style living at the lake with its planned 96-unit development, and its developers owe BB&T some $21 million. They also owe contractors, sub-contractors and Franklin County. Until some of the bills are paid, the 48 completed units can't be sold and the developers might lose it all. What do you think? Is this a sign of the market slowing? Is this a sign of an overbuilt SML? Are these too nice for our region? Overzealous developers? Chime in. |
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As the U.S. economy struggles to find its footing -- and experts debate daily whether or not we are in a recession, heading toward a recession or neither -- business editor Chris Winston writes this blog to provide local, state and national information to help you make heads or tails of the headlines. .....Advertisement.....
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Comments
[April 15, 2008 11:31 PM]
DonnaSmith Mtn. Lake is definitely NOT over built. There is lots of green space, a small town feel, fresh air, and peaceful style of living. Overzealous developers... I am not sure if that is the appropriate word but in this case, I believe this was a too touristy development. SML is not a place for time shares and condo-hotels. It is a private resort community with a quiet more reserved lifestyle. While things have been a little quiet in real estate this past winter that is not usual for the time of year. Although I don't predict records sales this year, business is picking up even now and will grow into the summer season. As soon as the nation starts turning around and consumers feel more at ease with their cash flow/jobs, SML will be selling for record prices once again. At that time, you will here people saying I wish I had bought back in 2008 when prices came down.
[April 19, 2008 11:26 PM]
Glenn PratherThis particular project is suffering due to bad market timing and location. I believe the prime customers for these units would be aiming to purchase and then rent to vacationers. The location will not attract "fulltime" retirees. The upscale vacation potential is sliding with the economic downturn. The full time retirees will "re-surge" when the babyboomers turn 65 (2011). The lake values will recover in this timeframe but it will be too late for this project.
[April 23, 2008 12:08 PM]
JarrettThe future of SML is in the GAS! Everyone knows the lake is a popular summertime vacation spot. The people that vacation here are the ones that inevitably "fall in love with the lake" and therefore they pick up and move in. The truth of the matter is that the lake IS overpriced and overbuilt. A look at the ridiculous number of waterfront homes for sale around 500,000 is proof. Greedy developers, realtors, builders, investors and home owners have ruined the lake with prices above the means of the average American buyers. Also taxes have nearly doubled at the lake as Franklin County itself sees easy money for their big spending plans. My point, as gas prices rise higher and higher fewer people will see the lake and fewer people will have the money to buy the homes on the water with their inflated price tags.