I first wrote this piece in 2015 because we were having a feeding frenzy on old trailer and double-wide properties on the water 5 years ago……NOW IN 2020, we have virtually no double-wide or trailer inventory—and those that we do have, 5 years later, are now in the mid-to-upper $300,000’s. The problem is, I still get contacted all of the time to scoop up an old deal, which folks have been scooping up already for almost a decade.
The problem with these trailers is this—they have also aged another decade and most banks, depending on the trailer’s age, have become reluctant to finance them. That requires creativity on your part–home equity lines of credit on your primary home, or just cold hard cash to make a deal work….
Since the original writing of this post, simple 2BR Cottages range from the low to mid-400K’s now, and that is, if you can find one, and a basic 3/2 is in the $500K’s on Smith Mountain Lake.
At the time of this Update (2/24/2020) There are only 87 Single Family, detached, waterfront homes on Smith Mountain Lake up to $1M with the median price range on the lake soaring to a new high of $750K.
If you compare us to other states, Smith Mountain Lake, Virginia is still an incredible bargain—lakes in NJ and NY for instance have had lakehomes in the $1-$2million range for the better part of 30 years——-
Smith Mountain Lake no longer allows singlewides (unless grandfathered on campground lots) or travel trailers on the water in over 90% of it’s subdivisions so gone are the days of buying a lot and being a gypsy—
Still, it’s still possible to own the American Dream and shop for your Smith Mountain Lake home by getting those listings while you sleep.
Click here now for Lake Listings it’s 100% FREE and NO OBLIGATION.
Original 2015 Article appears below:
Most buyers are under the impression that the owner of a doublewide or
singlewide on the lake should be handing it over for almost nothing….
Here’s the problem…they are typically on some of the flattest lots
which means that the waterfront land is worth $200K-$350K alone…
AND most sellers KNOW what they have….
Herein lies the problem with that—FINANCING!
Singlewides cannot obtain any financing any longer….
Doublewides require finding a lender which is like finding
a drop of water in the middle of the lake….
So, your options are:
Grab a Home Equity Line of Credit on Your Existing Home,
sell stocks, or dip into your savings—
Cash is King/Queen on these deals because, even
though Sellers know what they have, they are also
becoming painfully aware that most people can’t
buy what they have even if they wanted to….
Pooling cash with family and friends has been a very common
model here, and last year there were about 20 of these deals,
now there are only 8. Buyers are staying in the double and singlewides
for a while then knocking them down and putting cottages and homes
in their places….
Why? In most cases “grandfathered” docks are in place and views
are pretty nice….Of course you would have to get permits for all
of those things and still find out if you could construct as closely to
the lake as the existing home, etc…..
But, don’t be fooled….a bank would require you to take
a waterfront lot loan for these properties and interest
rates are much higher on those…..
But that’s how you do it! Cash is the best bet
at this point…………Think of it as buying a cleared
lot with a well and septic and dock and they are
throwing the trailer in….
To find out more, get “The Smith Mountain Lake Edge” for insider information
CLICK HERE NOW!
All the Best!
Noreen
ABOUT THE AUTHOR: Noreen Hartkern is a well-respected Zillow 5-Star Agent on Smith Mountain Lake, Virginia, with over 26+ Years of Real Estate Expertise. Noreen is an Accomplished Realtor, Real Estate Consultant, New Construction Specialist, Blog Writer & Photographer. In Addition to Listings and Sales, Buyers and Sellers Agency, She has Extensive Experience as a Home Renovator, Rehabber and Flipper, and is a Published Author on That Very Topic.
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