We always knew there were certain inexorable qualities in a waterfront home and, by nature, those qualities certainly call for a higher margin on the resell of our waterfront homes. New York Times author Vivian Marino “puts her thumb on the pulse” of where and why these one-of-a-kind properties gain, and keep, their financial stability, even in trying economic times. In a quote from her March 31 New York Times article, “Water, Water Anywhere”:
“Even as the rest of the residential market is cooling, second-home sales in many parts of the country — especially near the water — continue to thrive, real estate specialists say. The reasons, they say, include still-low mortgage rates and continued demand from recreation-minded baby boomers, who are flush with cash or equity in their primary residences.”
As we are aware just by browsing our local real estate publications here at Smith Mountain Lake, these real estate realizations are seen by any water-based community.
From tropical oceanfront listings all the way to our “Gem of the Blue Ridge” inland lake community and everywhere in between. But in the same turn, we also need to be aware that the actual climb of value is slowing… while waterfront homes certainly are maintaining their value, according to financial analysts, we can also count on the demise of 20% – 30% annual value property rises, which can actually be good for any waterfront community’s financial stability.
So, in summary, look forward to seeing our investment in this community prosper as we continue to enjoy one of Virginia’s truly great natural resources, Smith Mountain Lake.
