SMITH MOUNTAIN LAKE, Virginia – Mariners Landing Resort at Smith Mountain Lake today released a strong real estate report, indicating restructuring operations by the new developer is paying off.
The study was conducted by Blacksburg-based Institute for Service Research (ISR) on behalf of Mariners Landing Development Company (MLDC), which purchased the resort in May. It analyzed volume of real estate transactions, average days on market, list price vs. sales price and sold price per square foot for single-family homes and condominiums for the period June through October 2020 compared to the same period in 2019.
During the five-month window, the report found real estate transactions within Mariners Landing were up 44 percent over the previous year and the average time on the market decreased by 87 days, from 130 to 43. The ISR research highlighted that homes and condos in Mariners Landing sold at $61 per square foot higher (median) in 2020 compared to the same period in 2019.
In the 2019 study time frame cost was $173 per square foot while it climbed to $234 in 2020. Moreover, the gap between asking price and sold price closed by 42 percent between the two-time frames studied.
“We think it is pretty incredible and testament that our hard work and strategy is already producing positive results for the community,” said Waller Perrow, whose management company is overseeing most of the resort’s operations, excluding the restaurant and rental company at The Pointe and the real estate sales office.
Regarding within-region comparisons, the sold properties in Mariners Landing between June – October 2019 falls shy of the November 2020 median in Huddleston which includes Mariners Landing (Mariners Landing = $173; Overall Huddleston = $205). Conversely, the opposite case holds when employing Mariners Landing 2020 data (Mariners Landing = $234; Overall Huddleston = $205).
Perrow said the data indicates Mariners Landing was drawing down Huddleston’s median in 2019 and is now bolstering Huddleston’s median in 2020.
“We attribute much of that boost to restructuring operations and improving the facilities and grounds over the past eight months and anticipate the positive real estate trends will continue with positive improvements,” Perrow said.
Since taking over in May, MLDC consolidated the golf course and resort amenities, designated the club as all-inclusive for property owners and instituted dozens of cleanup and beautification projects of the facilities and grounds, which include a clubhouse, indoor and outdoor pools, beaches, fishing piers, hiking and biking trails, and tennis/pickleball courts in addition to an 18-hole golf course designed by renowned architect Robert Trent Jones, Sr.
Penny Hodges, a real estate professional with RE/MAX Lakefront Realty with nearly 40 years of experience, said the community’s comprehensive amenities package has made Mariners Landing much more appealing for owners.
“It’s not complicated anymore,” she said. “Now every owner in Mariners gets all of the amenities for one minimal monthly fee.”
Hodges added that the community’s central location, scenic mountain and water views and golf course are also hard to beat.
“I believe Mariners Landing is the new sweet spot at Smith Mountain Lake,” she said. “The condos have killer views, especially at The Pointe, and having the golf course is a huge plus for so many residents.”
Perrow added, “The new golf course superintendent has made incredible strides on the course this fall, which will be even more noticeable in the spring when prime playing season tees off. We have many other exciting projects in the works, which we’ll be sharing details about soon.”