ROANOKE, Virginia (July 29, 2015) — LakeWatch Plantation, the huge mixed-use development on Smith Mountain Lake that stalled after the financial downturn, will finally be sold on September 10, when Woltz & Associates auctions all of its remaining properties.
“This was a great project that got caught in the crash, just like many others all over the country, and there wasn’t much that could be done about it. But this one is going to have a happy ending, because the land will soon be in hands of developers, builders and others who will build homes and create businesses that will provide investment returns and feed the local economy,” said Russell Seneff, who is managing the auction for Woltz & Associates.
The auction is structured to enable bidders seeking different quantities of land to compete on an equal footing.
“There are some who may want to build and sell dozens of homes. Others may just need a few, and you probably have some individuals who want to acquire one or two of these lots for their own lake home. They’ll all be able to compete equally, because the property will sell in whatever combination brings the best total price. We could have a single bidder purchasing all the land, or we could have 80 or 85 buyers. You just never know. But it’s almost certain that there will be some real bargains, because these are expected to sell at a fraction of their original price,” said Seneff.
The land includes 29 waterfront lots, 25 estate building lots, 25 carriage house lots, and seven commercial tracts ranging from about 16 to 26 acres.
The auction will begin at 1 p.m. Thursday, Sept. 10, at the LakeWatch YMCA. Woltz personnel will be available to accommodate inspections and provide detailed information from noon to 2 p.m. August 30 and September 6. Individuals seeking additional information may visit www.woltz.com or call 540-342-3560.
Woltz & Associates, headquartered in Roanoke, Virginia markets land, homes, commercial properties and other assets throughout the United States, with an emphasis on the Mid-Atlantic region.