New purchasers of Lake James property praise the pristine nature of Lake James, the striking views of the Pisgah National Forest and Linville Gorge Wilderness area, and the close proximity to several charming small towns. As the secret gem of lakefront property, Lake James is being discovered by more and more city folk. Purchasing Lake James real estate takes careful thought and decisive action.
What will be best for you? Is it a beautiful Lake James waterfront lot and the chance to build, or an existing Lake James home? Several factors will drive your choice of Lake James real estate. Considerations include timing, availability, price, future costs, location, and your family’s needs.
How about timing? Lots are not always available when and where you want them. If you have only a summer window before school starts again, try to start looking at least a year or two ahead of time. Crescent Communities recently released a mere five lots in Dry Creek at Southpointe. “This is the first release of new home sites in Dry Creek since the last phase unveiled in late summer 2005 which sold out within 60 days of release.”
What is available? Due to the limited development, residential listings also continue to be somewhat limited. The majority of the homes are custom, vested with the owners’ desire to be here in the first place, and do not readily come on the market.
Existing homes are not on the market very long so you have to be ready to submit your contract. There are still some older and smaller existing homes that come on the market for under $500,000 and they are plucked up quickly. Even upscale homes approaching $2 million move fast.
Price is definitely a consideration. Lots now range in size from ½ acre to 9 or 10 acres. Of course, larger lots mean higher prices. Lot prices in newer subdivisions may go for $175,000 with many pushing $400,000 to $500,000 and lately moving into the $600,000 and $700,000 range. At least two lots have sold for more than $1,000,000! The law of supply and demand is very much at work, and the demand is high. Though you may be easily approved for the $500,000 lot loan, the cost of construction is rising daily. The longer you wait to build, the higher the cost of your new home.
Lot sizes vary. Some of the Lake James homes in the neighborhoods from the 1980’s were built in condensed neighborhoods. The present-day trend is to leave more of the pristine environment intact. This has meant more upscale developments that allow multi-structure family estates on environmentally sensitive larger lots. It has also meant more sharing and more community amenities such as picnic areas, nature trails, overlooks and other features.
To preserve the pristine quality, county governments, citizens' groups, and developers have created regulations to protect the watershed and views in any new communities around the lake. The Protection Ordinance has expanded natural vegetative buffers from 55 feet from full pond in older subdivisions to 125 feet in newer communities. Shoreline stabilization requirements and other regulations, such as location and construction of docks, protect the lake environment and property owners. The measures needed to follow current guidelines can add to your budget.
Many people insist on lakefront property, but do you actually need to be right on the shoreline? Could your lot be a few hundred yards away? Some good deals with lake and mountain views can be found on what is known as interior lots.
Harris Realty, historically, has been a leader in the listing and selling of waterfront properties. Our experienced staff possesses intimate market knowledge of the lake’s real estate and history. We will assist you in finding just the right existing home or keep you posted about new lots and developments as they are announced or offered.
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