Finding a lot on Smith can be overwhelming. On my MLS, there are 444 lots ranging from $14,000 to $1,500,000. The 444 does not include the other MLSs that service the lake. I am going to guess there are over 600 lots available on the lake.
I get a lot of calls about finding a lot to purchase on the lake. It usually goes something like this: client..”what is the best lot you know about?”, me…”depends on what is important to you, is it money, view, flat, deep water, privacy, etc.” As you can imagine, not an easy answer.
Most people want many of the same things: deep water, <50 steps, view, on or close to the main channel. This is considered a very nice lot and a good rule of thumb price for this lot is $1000/frontage foot. Lots prices can have a higher price/frontage ft than this but they must have special features. Anything higher than this is usually priced too high. There are many lots available in the $750/frontage foot range but anything lower will require some sort of compromise (e.g. seasonal, steep, in slough).
Another thing about lots, waterfront is the primary driver. A 5 acre lot with 100′ of waterfront is not worth a whole lot more than a 1 acre lot with 100′. Unless you really want the 5 acres it has very little value.
When looking for a lot, think through what you want or do not want so that your realtor can quickly narrow the search. Unless you are willing to pay top dollar, be ready to compromise, be open-minded and be ready to exercise your creativity muscle.
This is a tough question as there are a lot of variables: house, lot, dock, convenience, water location, view, steps, etc. In general, most clients start looking for a newer house, on gradual lot with less than 40 steps, with at least a 1 slip dock, on the side of the lake closest to their permanent home, close to friends/marina/grocery, with a long range view, and yearround water.
If you assume the above, a good rule of thumb is that you can generally find this property for about $125,000 a bedroom. Be sure and read the “Do we all want the same thing?” article as it talks about the challenges of finding this property. If you are interested in renting the property and making income then read the “Can rental income pay for a lake house?”