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Smith Mountain Lake Home Sites, Land Sell for $2.54 Million in Woltz Auction


April 13, 2011 - Roanoke, VA

Home sites and land on Virginia's Smith Mountain Lake sold for $2.54 million Saturday in a real estate auction that attracted a strong field of bidders. One waterfront home site brought $252,000 per acre, according to Jim Woltz, president of Woltz & Associates, which managed the sale.

"Until very recently, people had been saying you just can't sell waterfront lots in this economy, but obviously that's not the case. We had solid demand and sold all 25 waterfront lots, as well as some land parcels," said Woltz.

The properties were part of the lake's popular Waterside development. The five non-waterfront properties, making up 164 acres, adjoined the waterfront lots and also generated considerable interest and bidding.

"We had a packed house the day of the auction, with more than 170 people attending from seven states. We had 72 registered bidders, and at the end of the bidding, we had about 18 different buyers, which demonstrates that we drew a nice, diverse field of bidders. The resulting competition led to a successful outcome for everybody involved," said Woltz.

Woltz & Associates is a leading auctioneer of developments, commercial properties, land, estate homes and other high-value real estate throughout the United States. Upcoming sales include land and homes in Virginia, Tennessee and Colorado. Information on those and other sales is available at www.woltz.com or by calling 800.551.3588. More auction information.

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For more information:
Carl Carter
(205) 378-9290

Lindsay Fernandes
(205) 909-3705

MarketWire

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