We are pleased to offer the opportunity to acquire 27 Single Family Residential (SFR) lots comprising a total of about 17 acres in the hillside subdivision known as Lago Vista.
Located above and adjacent to the historic 1927 Lake Lure Inn and Spa in the mountains of Rutherford County, Lake Lure, North Carolina. Lago Vista is a fully completed and recorded development with paved roads, concrete curbing, public water and sewer services, and underground electric and telephone/internet services. The mountain and lake views offered from almost all of the lots are breath-taking and rarely available in any community.
With this unique Lake Lure real estate, a Buyer can immediately market these approved individual SFR lots or build and sell lot/homes packages. Alternatively, the town of Lake Lure is very much interested in higher density multi-family downtown units; Lago Vista, based on preliminary discussions with local officials, can be repositioned as such with the appropriate regulatory approval, further increasing the ultimate value of Lago Vista. A combination of single family homes and townhomes is of course another possibility.
Priced to sell at $1,250,000 is appreciably below the
current tax assessed value of $1,700,000 + and yields attractive returns for a buyer of the approved 27 SFR home sites or to a Buyer who seeks a plan change to reposition the property for multi-family units.
The Sellers are willing to offer attractive financing to qualified buyers. The Sellers purchased Lago Vista together with a 182-acre residential development in Asheville, North Carolina. The latter requires 100% of the Seller's time allowing this unique opportunity for someone to purchase and develop this rare gem overlooking Lake Lure.
A number of due diligence information and third party documents are available including site plans, Phase I ESA, title policy, etc., all of which are available upon request.
Water & Sewer - Town of Lake Lure*
Electrical - Duke Progress Energy
Telephone - multiple providers
*The development is serviced with municipal gravity sewer, though there are approximately 9 lots requiring the installation of an assist pump and grind system.
LAKE LURE, NC LAND FOR SALE - DEVELOPMENT ON 16.69 ACRES.