New construction luxury homes located Penhooks, VA, which is bordered on the north by Smith Mountain Lake 

Battling stress isn’t the only reason why you should move lakeside. Let’s count all the reasons why you and your family should settle down in the gorgeous Smith Mountain Lake!

SMITH MOUNTAIN LAKE: AN OVERVIEW FOR FAMILIES

Welcome to Smith Mountain Lake – Virginia’s second-largest body of freshwater, the Jewel of the Blue Ridge Mountains, and the site of your future home. The lake was created in 1966 when Appalachian Power started the Smith Mountain Pumped Storage Project to build a dam on the Roanoke River, generating hydroelectricity in the area.

Before taking a deep dive into the housing market, there are three things you need to know about Smith Mountain Lake:

1. The Lake and the surrounding mountains are beautiful. Ask the 22,000 residents of the area!
2. There are plenty of recreational opportunities at the Lake. The whole family can enjoy water activities from boating, sailing, swimming, floating, fishing, and jet skiing. And other than hanging out at the lake, you can hike, golf, dine, drink, party, work out, and go camping and sightseeing as well.
3. Smith Mountain Lake has all the facilities and amenities of modern city living. You can find dozens of restaurants, shopping centers, grocery stores, public libraries, public and private schools, medical facilities, fitness centers, vacation accommodations, festivals, and cultural activities!

SMITH MOUNTAIN LAKE REAL ESTATE

The real estate market at Smith Mountain Lake is diverse, robust, and thriving. The median listing home price in the area was around $500,000 in April 2023, while the average price per square foot was $265. Meanwhile, the average sold home price was  $590,000. Real estate in the area represented by Jane Sullvan Horne, Smith Mountain Lake’s esteemed and multi-awarded Realtor, were priced at $15,000 for a 0.75-acre lot in a gated community with water access to $3.99 million for a 5-bed, 5.5-bath waterfront home with mountain views, along with an array of price points in between. View featured properties here.

Homes for sale in Smith Mountain Lake, VA, count as investment properties as well. Aside from lake homes and land, investors are spoiled for choice. There are cottages, bungalows, townhomes, condos, and sprawling estates – the possibilities are endless! Single-family and townhouses typically follow a Colonial style, but properties with a more modern look are also available

Average single-family homes and townhouses for sale cost anywhere from $300,000 to $700,000 and typically have 2-3 bedrooms, up to 3 baths, 2-car garages, and a lot size of at least half an acre.

If you have a budget of $700,000 and up, you can get a lakefront home with more than 3,000 square feet of living space, a dock with boat slips and powered lifts, an acre of land, and a couple hundred feet of waterfront.

For those looking to purchase an investment property, home prices have been on an upward trend, increasing by as much as 19% in the last 12 months. Most homes sell for approximately the asking price on average, with the sale-to-list price ratio at 99.3%.

If you plan on purchasing a home in the area, prompt action is key because the homes for sale in Smith Mountain Lake, VA stay on the market for approximately 58 days. As of April 2023, the real estate market in the area favors buyers so make sure to check out all the available properties for sale to make sure you get the best deals.

WHICH SMITH MOUNTAIN LAKE COMMUNITY IS RIGHT FOR YOU?

With dozens of communities at Smith Mountain Lake, it can get overwhelming to choose the right one for you and your family. Here’s a quick rundown of the features, pros, and cons of different community and development types in Smith Mountain Lake.

Beachfront and resort-style communities

Resort-style communities come in many shapes and sizes and in different styles, but what’s common among all of them is their beautiful homes and sceneries, and their commitment to providing amenities for their residents’ rest and relaxation.

Pros

• Master-planned resort-style communities have a wide variety of properties for sale at different price points
• Enjoy plenty of amenities and benefits as a resident
• You’re part of a large community with many social activities and festivities
• Plenty of shopping activities, as well as entertainment and recreational opportunities
• Provide direct access to the water

Cons

• The cost of living is higher
• Depending on the location of the community, weather can affect certain activities and the availability of amenities
• Many resort-style communities have several restrictions from landscaping to exterior paint colors

Waterfront country club communities

Waterfront country club communities are typically gated residential areas with easy access to golfing amenities. This type of community also has state-of-the-art facilities, fine dining, pools, fitness, and recreational facilities.

Pros

• Live in an affluent neighborhood with top-rated businesses and schools, high-value properties away from the hustle and bustle of downtown
• Country club communities are generally more secure and ideal to raise a family
• You’ll be surrounded by neighbors who share your interests, allowing you to build your network
• Enjoy a better quality of life and live an active lifestyle
• An opportunity to have direct access to the water

Cons

• Luxury amenities come with steep fees
• Stricter rules and regulations for residents to remain in good standing

Cottage home developments

Cottage home developments provide good housing options for second-home buyers, young families, and older residents. These developments feature homes in a variety of styles and sizes and are typically built at convenient locations near the lake.

Pros

• One of the most affordable options
• Perfect for older residents and young families
• Great location and proximity to community amenities
• Relaxing and easygoing atmosphere
• May provide direct access to the water

Cons

• Steeper maintenance costs
• Cottages need special adaptive features for the winter months

Off-water neighborhoods

As the name suggests, off-water neighborhoods lie farther away from the shores of the lake. However, this type of community can be great for you and your family if you prefer views of the lake rather than direct lake access.

Pros

• Proximity to community amenities
• No need to worry about shoreline management, dock, and boat maintenance and upkeep
• Great views of the lake

Cons

• They are farther away from lake activities

For more information on the available properties in these family-friendly communities, contact Jane Sullivan Horne here.

WHY RAISE A FAMILY IN SMITH MOUNTAIN LAKE?

Why should you and your family move to Smith Mountain Lake? Let’s count the reasons:

Relaxing lakefront living

No matter what side of the Lake you’re on – Franklin, Bedford, or Pittsylvania – you and your family can have a fun and relaxing time on over 500 miles of shoreline.

Here are a couple of fun activities you can do at Smith Mountain Lake:

Rent a boat – or any water vessel!

If you want to experience the lake itself, renting a boat, kayak, canoe, or paddle board at the local marinas is your best option. Most marinas at SML offer  a variety of watercraft that can accommodate up to 12 people. In fact, the Moneta Bridgewater Marina offers everything from ski boats, pontoons, parasailing equipment, wakeboards, food, and fuel.

You can also rent luxury pontoons, wake boats, and personal watercraft like jet skis or Sea-Doos that are good for up to three passengers. To go sightseeing, go on a lunch or dinner excursion aboard the Virginia Dare.

Go fishing

Are you an angler planning to make Smith Mountain Lake your home?  Then, obtain your fishing license at the local Department of Wildlife Resources. The local DWR regularly stocks the lake with striped bass, smallmouth bass, largemouth bass, and blackmouth bass. The lake itself has other fish like crappies, catfish muskellunge, and walleyes. If you don’t know your way around a tackle, you can hire professional fishing guides on half-day or full-day excursions. Half or full-day charters are available at Captain Bert’s Fishing Charters.

Many more attractions and activities

To explore Smith Mountain Lake’s other sights and sounds,  start here:

Golf

Smith Mountain Lake has three 18-hole courses, each with its own distinct architecture, stunning lake views, and high-end amenities.

• Mariner’s Landing Golf Club

  Designed by Robert Trent Jones Sr., the golf course at Mariner’s Landing is open to the public and offers stunning views of the lake. The course also features a restaurant called Bruno’s Clubhouse Bistro which offers a wide variety of cuisines.

• Copper Cove Golf Club (Previously Westlake Golf and Country Club)

  Golfers from all levels are welcome at Copper Cove Country Club. The course features both scenic and challenging holes with views of the lake. The course was designed by Russell Breeden and also features a bar and grill.

• The Waterfront Country Club

  The Waterfront Country Club is the oldest private club in Smith Mountain Lake. Located near Westlake Corner, the course features beautiful Zoysia grass fairways, fine dining, and events. The place also has swimming pools, tennis and pickleball courts, and a fitness facility.

Hiking

There are many other ways to get in touch with nature at Smith Mountain Lake. Visit the many parks. Hike the numerous trails, most of which allow pet dogs as long as they’re leashed.

• Smith Mountain Lake State Park

  The Smith Mountain Lake State Park has seven hiking trails with varying lengths and  levels of difficulty. Four easy trails range from 1.2 miles to 2.8 miles. The park is open every day, from 8:30 a.m. till dusk.

• Smith Mountain Lake Community Park

  Spread across 37 acres on the Franklin County side of the lake, the Smith Mountain Lake Community Park is open year-round,  from dawn till dusk every day. It features a park 2-mile hike trail, fishing pier, playground, and beach area. Dogs are allowed on the trail but not on the beach.

• Smith Mountain Lake Cooperative Wildlife Trail and Management Area

  There are multiple hiking trails in the area, and you’ll be able to trek on either side of the Smith Mountain Dam. The area is also used for hunting, fishing, and wildlife watching.

Sense of community

Apart from the beautiful views, convenient amenities, and beautiful homes for sale, what makes Smith Mountain Lake stand out is the warm and welcoming community. Here, gatherings and festivals are held to bring the community together.

Here are some of the events, festivals, and celebrations at Smith Mountain Lake for every season:

Spring

If your family is into sporting events, they’ll love the Smith Mountain Lake triathlon (May), the Tom Maynard Memorial Poker Run (third weekend of May), and the SML Golf Invitational. Spring is also a great time to visit historic sites like the Booker T. National Monument 17 miles outside Smith Mountain Lake (and site of the 2023 Juneteenth Celebration) and sample the local food, beer, and wine scene with special discounts during the SML Restaurant Week in April.

In partnership with the Smith Mountain Lake Association and the Tri-County Lakes Administrative Commission, the local Chamber of Commerce also organizes a clean-up drive in May.

Summer

One of the best community activities during summer is the Smith Mountain Lake Pirate Days, a weekend in July filled with pirate-themed festivities in and around the lake. During this weekend, the Chamber of Commerce hosts a family-oriented pancake breakfast, with activities such as balloon animals and face painting.

You can also save the dates to the fundraiser, Beastlake 5K & Obstacle Course (July 1) and the 4th of July celebrations and fireworks.

Fall

Even when the weather cools, the festivities remain red hot  beginning with the Smith Mountain Lake Antique and Classic Boat Show (September), SML’s Annual Wine Festival (September), a tour of eight spectacular waterfront homes during the  Charity Home Tour (October), and the outdoor music festival called Knot-a-Festival.

The annual Chili Festival, happening every first Saturday of November, is not to be missed. Dozens of vendors line up at the Bridgewater Plaza and a team of judges gets to decide who deserves the title “Best Chili.” Fall festivities are capped off during Thanksgiving weekend, when Santa Claus arrives by boat at the Bridgewater Plaza and officially starts the holiday season at the lake.

Winter

Despite the laidback vibe at Smith Mountain Lake during winter, community events and festivities are in full swing, such as the Dickens of a Christmas, Amos Alonzo Stagg Bowl, and the annual Christmas Parade. Keep checking their individual websites or Facebook pages for announcements of the final schedule.

Accessibility

Accessibility is not a problem at Smith Mountain Lake. In fact, traffic is fairly light in the area. You can drive to Smith Mountain Lake, thanks to State Routes 24, 116, and 40. State Route 122 is the only major highway that crosses the lake. You can fly in from another state and disembark at the nearby Smith Mountain Lake Airport, Lynchburg Regional Airport, or the Roanoke-Blacksburg Regional Airport.

Amenities and utilities

There are several public libraries in the area like the Franklin County, Bedford County, and Pittsylvania County Public Libraries. Medical facilities include the Carilion Franklin Memorial Hospital, Centra Bedford Memorial Hospital, and the LewisGale Physicians at Westlake.

There are places of worship for Baptists, Catholics, Episcopalians, Orthodox Christians, Methodists, and more. Synagogues and mosques are within driving distance of Smith Mountain Lake.

With multiple internet service providers in the area, it’s advisable to shop around for the best deals and fastest connections.  Cell phone reception is good in most areas of the lake, but may be spotty in others.

To contact the local government, look for the county office in your specific part of the lake, whether you’re in Bedford County, Franklin County, or Pittsylvania County. For more information about businesses, amenities, and utilities in the area, check out the Smith Mountain Lake Guide by the local Chamber of Commerce.

BEST COMMUNITIES FOR FAMILIES NEAR SMITH MOUNTAIN LAKE

Planning to move to Smith Mountain Lake? It’s important to choose the community that suits your family’s needs and lifestyle.

Here are our top 3 recommended family-friendly communities at Smith Mountain Lake:

1. Mariner’s Landing

   Mariner’s Landing is a 1,000-acre community and country club in Smith Mountain Lake. The community provides a wide range of properties for sale, such as single-family homes, townhomes, and condominium units. There are also several empty lots ready to be developed into your dream home.

   The area was originally farmland until it was purchased by Jim Wray. The community and the golf course were built in the 1980s. Both were designed by the well-known team of Lewis Clark, Robert Trent Jones Sr., and Joe Sonderman. The property changed hands again in the early 1990s, at which time it  was called Mariners Landing.

   Rental accommodations and high-end resort amenities were also built on the property. In 2020, the community was purchased by and put under the stewardship of commercial developers Waller Perrow and Tom Branch. Since then, even more improvements were added, including the remodeling of the fitness center, clubhouse, and pro shop.

2. The Waterfront

   The Waterfront is a luxury private community sprawled across 750 acres and boasting 8.5 miles of shoreline. Properties available for sale in the community include custom-built single-family homes, townhomes, and condominiums at different price points. Single-family homes at The Waterfront typically have multiple beds and baths, multiple car garages and parking spaces, and covered decks. Townhomes and condominiums have similar features. If you want to build your own dream house, there are lots for sale as well.

   The Waterfront features a 22,000-square-foot clubhouse with a fitness center, pro shop, and bar room lounge. The community also has its own golf course designed by George Dillon, a PGA golf professional, and features two outdoor tennis courts and a Junior Olympic swimming pool.

3. The Town of Moneta

   Moneta is one of the many unincorporated communities overlooking Smith Mountain Lake. It is located on both sides of the lake – in Bedford and Franklin Counties. You can find an even wider selection of homes in different sizes and styles in this area. For example, you can purchase a 3-bed, 2-bath, 1,725-square-foot house on a lot that’s a little over an acre for $229,500. Or, if you want more space for your family, there’s a 4-bed, 3-bath, 2,160-square-foot home with a similar lot size as well. Available condominiums in Moneta include a 1,175-square-foot unit with 2 beds and 2 baths for under $230,000.

   Single-family homes in Moneta are typically Colonial in style and feature beautiful brickwork. You’ll also find townhomes and waterfront properties in this area.

For more information on the available properties in these family-friendly communities, contact Jane Sullivan Horne here.

SETTLE INTO YOUR NEW FAMILY HOME HERE AT SMITH MOUNTAIN LAKE

The best place to settle down as a family is a place where you can enjoy the perfect balance of life and leisure, and Smith Mountain Lake has all that and more.

For more information on Smith Mountain Lake homes for sale, you can reach me, Jane Sullivan Horne. I have over 28 years of professional experience in real estate in Smith Mountain Lake. I am deeply committed to helping homebuyers like you find the perfect family home or second residence in the beautiful community I call home. I can’t wait to meet you soon!

Call me, Jane Sullivan Horne, at 540.493.1690 or 800.858.4653. You can also send me a message here to get started.