The oceanfront property became popular decades before lakefront living, so the prices at the ocean skyrocketed to (often) many times that of lakefront homes. In the last few decades, the popularity of lakefront property has exploded. But it is still not as popular as oceanfront…yet. As a result, the appreciation % potential of a lakefront home is greater, in many investors’ opinion, than that near the beach.
One person who helped clarify this for me was the former Senior Vice President of Freddie Mac, and one of the most astute individuals in the nation on real estate trends, especially as to how they affect the financial markets. He had been looking for a second home at the Outer Banks for years and was very pleased with the value of similar homes here at Smith Mountain Lake. He said that the home he purchased here would cost many, many times that on the water in the Outer Banks. After spending several vacations at SML, he also realized that there was more to do here!
-Lake real estate is still less expensive than property at the ocean with just as many amenities.
-There are just as many if not more activities in a large lake community than at the ocean and they are more affordable.
-Salty air at the beach causes huge maintenance/deterioration problems for homes and mechanical equipment such as boats. This is not an issue in a lake property.
-Many coastal towns have heavy traffic and noise where the lake environment is rarely less than peaceful.
-A lake home has year-round community life and residents, whereas many oceanfront homes are more isolated when the tourist season has passed.
-There are very few issues with hurricanes and destructive storms at most lakes, as compared with ocean living.
These are just a few of the many SML Advantages Over Ocean living.