SML Neighborhood Sees Life After Economic Slump - WSLS 10 NBC in Roanoke/Lynchburg Va

SML Neighborhood Sees Life After Economic Slump

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When you enter Lakewatch Plantation you'll notice restaurants, a bank, The Smith Mountain Lake YMCA, and several patio homes. You will also notice roads and cul-de-sacs lined with empty lots and plenty of "FOR SALE" signs.

"It's four hundred fifty acres. That's a big piece of land," says Remax Realtor, Tim Basham.

He grew up on the property when it used to be farm land.

"My father was the manager of the farm," explains Basham.

If you turn off of Booker T. Washington onto First Watch Drive into Lake Watch Plantation there are some restaurants and stores. Other parts of the property that have been divided up are bare.

An overall real estate number check shows:

Waterfront sales went from high to low in a matter of years all around Smith Mountain Lake.

2001 639

2003 734

2005 804

2007 292

2009 231

2011 244

2013 316

Basham takes us through Lakewatch Plantation. It is a property that has seen slow times since it began about ten years ago.

There is no question you will see a lot of for sale signs in the development. It is about four hundred fifty acres. Basham believes it has a lot of potential and the activity is starting to pick up

Traci Goad and her family moved to Lakewatch back in 2012 from Galax when things were slow.

"That didn't deter us at all because we love the area. We loved it being a wooded area, very dense wooded area with a lot of privacy," says Goad.

A couple just moved into the newly built home next door a week ago.  The new neighbors are a sign of progress.

For the Goad family the location worked out sooner than they were expecting.

"We found this neighborhood and this house and we just fell in love with it," explains Goad.

Lakewatch plantation a real estate treasure that some have yet to find.

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