It used to be that living in the Smith Mountain Lake area required a tradeoff – give up the convenience of having shopping and entertainment options for a beautiful view. Not anymore.

New developments have come to Smith Mountain Lake, bringing modern amenities with new homes. For example, downtown Moneta, with neighborhoods Mayberry Hills and Mayberry Villas, offers a quaint, small-town feel with shops, restaurants and entertainment options around a town square.

“These neighborhoods are only three miles from the lake and the properties are indeed selling, even in these down times,” says Michelle Aznavorian, a developer with NBI Development in Moneta. “Apartments, condos and single-family homes are all moving, and are within walking distances to shops, restaurants and a library. Moneta residents get the Smith Mountain Lake address and are in the middle of everything, plus retain a small-town feel.”

Smith Mountain Lake, nicknamed “Jewel of the Blue Ridge Mountains,” is Virginia's most visited waterway thanks to 500 miles of shoreline. Water sports and recreational activities include an annual ESPN Bass Master tournament and an annual Beach Bash social mixer sponsored by the Bedford Area Chamber of Commerce.

Lakefront Properties

As for real estate, Smith Mountain Lake is diverse – especially along the lakefront itself. A one-bedroom, 500-square-foot condominium can start at $125,000, while an older lakefront single-family home on a shallow cove will go for around $300,000.

In this buyer's market, there are currently about 50 lakefront homes priced near $500,000 and another 50 mansions above $1 million. Six-thousand-square-foot luxury homes are in the $2 million-plus price range.

“During the first half of 2010, my company sold, among other things, three choice waterfront lots, each to cash buyers,” says Jeanette M. Childress, owner and broker with Lake Retreat Properties, Inc. “The three lots total 2.6 acres and the total price for all three was $1.4 million. I look at that as an affirmation that solid investments at the lake are still happening.”

Convenience

Besides the beauty of Smith Mountain Lake, residents are within 30-45 minutes' driving distance of Roanoke and Lynchburg, which provide convenient big-city amenities such as commercial airports. Full-service hospitals – including a regional heart and trauma center – are in Roanoke, Lynchburg and Rocky Mount.

Today, Smith Mountain Lake is home to about 18,000 permanent residents, with a potential for many thousands more. The average air temperatures at the lake are 73 degrees in the summer and 41 degrees in the winter. The annual snowfall average is 10 inches – but the snow usually melts in a day or two.

“Smith Mountain Lake is everything that people want in an investment property,” Childress says. “What it is and who it attracts are the people who have worked hard elsewhere and made their money elsewhere, and are bringing their families to experience an area that is truly wholesome, truly beautiful and the ultimate in relaxation and recreation.”