Mariner's Landing to hold auction for SML properties

Eleven condominiums, golf course lots and five waterfront lots at Mariner’s Landing on Smith Mountain Lake will be auctioned off today. The owner is looking to reduce inventory as well as get people interested in the property enough to buy.

By: Justin Faulconer | Lynchburg News and Advance
Published: February 07, 2009

Looking to reduce inventory in a slow market, Mariner’s Landing is holding an auction todayfor more than a dozen waterfront properties at Smith Mountain Lake.

The auction begins at 12:30 p.m. today at the Pointe Conference Center at Mariner’s Landing in Huddleston.
Visit www.marinerslandingauction.com for more information.

The Bedford County resort community is hosting the auction at the Pointe Conference Center, with five waterfront lots, 11 condominiums and a golf course lot. Many of the properties could sell at 60 percent of the previous list price, and for some, even lower.

“It’s a supply-driven market right now,” said Matt White, owner of Mariner’s Landing. “The amount of inventory is high. It’s a great time to get deals if you’re interested in owning at Smith Mountain Lake.”

The 1,000-acre resort has held several auctions in the past, White said, and last March held one that drew 150 people and featured more properties than are part of today’s auction.

“It’s not that we’re desperate to sell the property,” White said. “You have to be more creative these days. We’re trying to get people to think about making offers instead of standing on the sidelines.”

Auctions can serve not only as an inventory-reduction tool, but also as a marketing tool getting people interested in buying, he said.

Previous listing prices for the condominiums in today’s auction range from nearly $155,000 to nearly $420,000.

For the lots, including the golf course, previous listing prices range from about $140,000 to just less than $300,000.

Amenities at the resort include an 18-hole golf course, several pools, tennis and volleyball courts, a restaurant, and fitness facilities and trails.

White said he has found that sales are better just prior to the spring because more people are thinking about lake properties.

Mike Torrence, a partner for Torrence, Read & Forehand Auctions of Lynchburg, said the properties have been open for public viewing for the past month.

The last auction his firm did for Mariner’s Landing, 23 of 24 properties sold during a much better economic climate.

Those up for sale today likely would have sold full price several years ago, Torrence said. Now with inventory growing, he said there is more opportunity for buyers to get better deals.

“The beautiful thing about auctions is you never know what you’re going to get,” White said.