Welcome to Smith Lake Rentals website!
Smith Lake Rentals is part of Smith Lake Rentals and Sales real estate company. We offer vacation rentals of Smith Lake to accommodate from 4-20 guests. You can find condos, cabins, and houses with all of them having a place to park your boat…and most with covered slips. We hope you will come visit the #2 cleanest lake in the country!
To our Guests – Your Vacation is extremely important to you, and we understand that. We will help you find the perfect vacation rental to meet your needs.
Finding a lot on Smith can be overwhelming. On my MLS, there are 444 lots ranging from $14,000 to $1,500,000. The 444 does not include the other MLSs that service the lake. I am going to guess there are over 600 lots available on the lake.
I get a lot of calls about finding a lot to purchase on the lake. It usually goes something like this: client..”what is the best lot you know about?”, me…”depends on what is important to you, is it money, view, flat, deep water, privacy, etc.” As you can imagine, not an easy answer.
Most people want many of the same things: deep water, <50 steps, view, on or close to the main channel. This is considered a very nice lot and a good rule of thumb price for this lot is $1000/frontage foot. Lots prices can have a higher price/frontage ft than this but they must have special features. Anything higher than this is usually priced too high. There are many lots available in the $750/frontage foot range but anything lower will require some sort of compromise (e.g. seasonal, steep, in slough).
Another thing about lots, waterfront is the primary driver. A 5 acre lot with 100′ of waterfront is not worth a whole lot more than a 1 acre lot with 100′. Unless you really want the 5 acres it has very little value.
When looking for a lot, think through what you want or do not want so that your realtor can quickly narrow the search. Unless you are willing to pay top dollar, be ready to compromise, be open-minded and be ready to exercise your creativity muscle.
I get a lot of calls from prospective lake home owners wanting to know whether they can put a home on our rental program and it pay for itself. The short answer is NO! The rental income will definitely help but it will not pay the expenses of the house AND the mortgage. You want to own a lake house and all the enjoyment that goes with it and look to the rental income to help reduce the total cost of ownership.
From an investment point of view, look to appreciation to provide this. Barring another downturn and assuming you purchase a desirable property….values will only go up.
This is a tough question as there are a lot of variables: house, lot, dock, convenience, water location, view, steps, etc. In general, most clients start looking for a newer house, on gradual lot with less than 40 steps, with at least a 1 slip dock, on the side of the lake closest to their permanent home, close to friends/marina/grocery, with a long range view, and yearround water.
If you assume the above, a good rule of thumb is that you can generally find this property for about $125,000 a bedroom. Be sure and read the “Do we all want the same thing?” article below as it talks about the challenges of finding this property. If you are interested in renting the property and making income then read the “Can rental income pay for a lake house?”
|I meet a lot of people going about my daily activities. I am fortunate to live in an area where people desire and can afford to purchase lake property. They want to know what is going on with property prices: are prices rising or falling, are properties moving, and are there any deals. I have an opinion but I went and researched this on my MLS which represent about 80% of all lake homes sold. Here is what I found:
Are prices rising or falling? On average, prices are down. I think it is a buyers market on existing homes. The new homes are commanding closer to asking price as they are typically in desirable areas and have the amenities most are looking for. I ran an analysis of selling prices and two things stuck out:
1) price/sq ft averages $161 with a range from the $80s to the high $200s. These prices include the house, lot, dock, and in many cases furniture/boats/etc. It will cost you $150/sq ft to build a quality house and that does not include a dock, lot. Bottom line, there are deals out there if you are willing to do your homework and be flexible.
2) the selling price averages 9% below listing price. 39% of the houses had a discount of 10% or greater, 15% had a discount of 15% or better and 7% had a discount of 20% or better.
One thing to keep in mind, many second homeowners can afford to carry a house through the tough times. Anyone who was unable to was washed out in the recession. If you are waiting on a deal then you have to be patient and I recommend having a good realtor watching for you.
Smith Lake is suffering along with most other lakes in the south. We are holding our own right now at inches over winter pool (496msl) but with little rain in sight the expectation is that we will continue to drop below 496msl. Below winter pool is when damage will start happening as most plan for levels down to 496 but below that all bets are off. Good news…there is no expectation that the lake will not get back to normal levels in the spring, we just have to deal with the current situation.
Owners…go check your dock, chase the water if you can, ensure your cables are at the proper tension, if shallow get your boat out of the dock, raise your lifts, and make sure your ramp will not be damaged if the water continues down.
Renters…if coming for the holidays or just visiting and having a dock in the water is important to you, be sure to ask about the status of the dock. Ramps can also be very steep this time of year which can be dangerous. Ask about this as well.
Prospective buyers…now is a great time to see the warts of a property. If seasonal water is a concern, come look now. You will see the property at its worst. These situations are why having deep water is so important.
We hope you enjoy our new website. Please let us know if you have any comments or suggestions.
Sit back and relax while we do the work for you. Whether it’s managing your property, or setting up your indiviudal reservation. We’re on top of it!