Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, May 16, 1993 TAG: 9305180194
SECTION: AMERICAN HOME WEEK PAGE: 11 EDITION: METRO
SOURCE: BY ANNE PIEDMONT
DATELINE: LENGTH: Medium
"The lake has really matured," says Don Constable, a lake area REALTOR and resident. Most of the homes there are year-round homes and most are less than 20 years old, with many less than 10. A lot of the homes are part of new, upscale communities such as Waverly and Waters Edge.
Constable said the lake has become known as one of the premier retirement destinations in the country. In fact, we are told by many people who retired to Florida from the northeast that they quickly became disenchanted by the heat, humidity, crime and distance from family and friends.
At Smith Mountain Lake, they find "a change of seasons, a moderate climate, low taxes, low crime, and they're only eight hours from New York." Also people aren't giving up any standard of luxury they are looking for when they move into a lake community.
He's also seen the lake get high praise for the quality of its homes and communities. One of his clients remarked that he's never seen a lake with such a high level of investment which includes the homes, the subdivisions and the golf courses.
The lake has attracted people who like to keep active, adds Constable. The area now features civic and professional clubs, a theatre group, a choral group and such everyday necessities as supermarkets, video stores and a state ABC store.
Constable has lived at the lake since 1972 and remembers having to drive into Rocky Mount for a loaf of bread. The change, he said, "has been wonderful to watch. There's something new to see every day."
Not surprisingly, as the lake matures into a year-round community, the second-home market has become less important. Constable said the so called second-home market is found mostly in multi-family homes such as Bernard's Landing.
There are a number of lake businesses that originally were intended to operate only during the summer months or for only part of the year but which, due to the number of year-round residents, are now open throughout the year.
More surprising is the fact that there is not much of a market for the lake in the rest of the Roanoke Valley, or in Virginia. The lake is the best-kept secret in Virginia to Virginians," he said. "Outside Virginia, it's very well known." He said northeasterners moving into the lake area don't bat an eye at a 35-minute commute, while valley residents, used to living a lot closer to the office, think it's a bit of a drive.
Where does Constable see the lake going from here? "It's not done yet," he says. "things will only get better."
He noted that because of tough economic times in the northeast, the lake has seen a slowdown in sales for the last couple of years, but, through it all, he hasn't see a decline in property values. "the boom started in the early 1980s" he said, and even now, he seeing "a tremendous amount of new construction - custom homes, not spec houses."
Smith Mountain Lake property continues to be a good investment for those interested in living on or near the water all year long.
by CNB