Lake Lure, North Carolina, is a beautiful tourist destination that has become increasingly popular over the years. The area is known for its stunning mountain scenery, crystal clear lake waters, and a variety of outdoor recreational activities, making it an ideal place to invest in short-term rental real estate. In this blog post, we will discuss some of the main tourism drivers to Lake Lure, NC, as well as the real estate market in the area. Tourism Drivers to Lake Lure One of the main attractions of Lake Lure is the natural beauty of the area. The town is located in the heart of the Blue Ridge Mountains, surrounded by lush forests and hiking trails. Visitors come from all over to enjoy the scenic drives, waterfalls, and stunning views of the surrounding mountains. Another major draw to Lake Lure is the lake itself. The crystal clear waters of Lake Lure offer a wide range of water activities, including fishing, swimming, and boating. The lake is also home to a beach area and a water park, making it a popular destination for families.  The town of Lake Lure also offers a variety of cultural attractions and events throughout the year. From the annual Dirty Dancing Festival (inspired by the iconic movie filmed in the area) to the local farmers' market and live music performances, there is always something to see and do in Lake Lure. Real Estate Market in Lake Lure The real estate market in Lake Lure is currently thriving. The area's popularity has led to an increase in demand for short-term rental properties, and many investors are taking advantage of this opportunity. The median home value in Lake Lure is $315,000, with homes ranging from cozy cabins to spacious luxury properties. Many of these homes offer stunning views of the surrounding mountains or lake, making them even more attractive to renters. Investing in short-term rental properties in Lake Lure can be a lucrative opportunity for investors. The area's popularity as a tourist destination means that there is a high demand for short-term rentals, and investors can earn significant rental income during peak season. Additionally, Lake Lure's location in the Blue Ridge Mountains means that the area attracts tourists throughout the year, offering investors the opportunity to earn rental income year-round. Conclusion In conclusion, Lake Lure, North Carolina, is an excellent area to invest in short-term rental real estate. The area's natural beauty, range of outdoor activities, and cultural attractions make it a popular destination for tourists, driving demand for short-term rental properties. The thriving real estate market and potential for high rental income make Lake Lure a smart investment for those looking to invest in short-term rental real estate. Tyler Coon 828-620-2541 tyler@savvy.realty Book a Call

There are many reasons why tourists come to Western North Carolina. Some of the most popular attractions in the region include: Great Smoky Mountains National Park: This popular national park is located in the western part of the state and is known for its stunning mountain vistas, hiking trails, and abundant wildlife. Outdoor recreation: Western North Carolina is a paradise for outdoor enthusiasts, with an abundance of opportunities for activities such as hiking, mountain biking, fishing, and white-water rafting. Scenic drives: The Blue Ridge Parkway and the Great Smoky Mountains Scenic Highway offer breathtaking views of the mountains and are popular with tourists. Small towns and villages: The region is home to many charming small towns and villages, such as Waynesville, Boone, and Brevard, that offer a taste of the region's history, culture, and arts. Breweries and wineries: Western North Carolina is home to a thriving craft brewery and winery scene, with many tasting rooms and tours available for visitors. Food and dining: The region is known for its delicious Southern cuisine, and there are many farm-to-table restaurants, farmers' markets, and local food events for tourists to enjoy. Arts and culture: The region is home to a vibrant arts scene, with many galleries, theaters, and music venues offering performances and exhibits. Golf: Western North Carolina is home to many golf courses that offer beautiful mountain views and challenging play. Spas and wellness: The region is known for its natural beauty and abundance of spas and wellness centers that offer relaxation and rejuvenation. Special events and festivals: There are many special events and festivals held throughout the year in western North Carolina, such as the Folkmoot Festival and the LEAF Festival. Do you want to capatlize on the growing vacation rental industry in Western North Carolina? Tyler Coon at the Savvy Realty team specializes in selling vacation rentals in Asheville and the surrounding Western NC mountains. To book a call to learn more, go to calendly.com/TylerCoon

How to Buy a Vacation Rental in Western North Carolina Mountains Vacation rentals have become a popular investment asset class in recent years. They offer owners flexibility and high returns in areas that were historically not looked at for investments. But what exactly qualifies as a vacation rental? A vacation rental is a privately owned home, most single-family residences, which are being rented out on a short-term basis. Vacation rentals on the market are being seen as in properties ranging from high-end luxury homes to creative experiences such glamping and yurts, replacing traditional hotel stays. Consumers can find vacation rentals on websites such as Vrbo, AirBNB, and even Booking.com. These sites make it easy for private investors and property managers to market and rent properties. Why have vacation rentals become so popular? While some travelers do prefer hotels, many are now looking to stretch their experiences beyond traditional accommodation. Vacation rentals usually offer more competitive rates, especially for larger groups and families, along with the ability to cook and socialize in common spaces. With the rise of AirBnb and VBRO, consumers are now starting to trust their vacation rental experience and even prefer them over hotels. Reviews from previous guests provide the social proof that a space is as featured and help travelers make their booking decisions. What makes a good vacation rental? Great vacation rentals typically are a combination of location, property, and excellent management. Guests are looking for a space that can become their temporary home away from home while they enjoy their trip. The best vacation rentals are located in areas that offer plenty of activities for guests. Previously, most investors were focused their interest on major cities, often purchasing condos close to the center of the city. After COVID-19 upended the travel space earlier this year, the best places to invest are looking a bit different with some profound new characteristics. Guests are looking for unique spaces that are both comfortable but also remind them that they are no longer home. This means interesting interior design, layout, or exteriors. A great vacation home isn’t just a place to lay your head at night, it’s an accommodation option that offers guests an exciting experience. How do you select a profitable vacation rental? Interestingly, some of the most successful vacation home rentals have comparatively modest values because of their more rural locations. Unlike long-term rental properties, this is not a simple matter of return on investment. With the current economic climate as well as record-low interest rates, vacation rentals have become an accessible option for aspiring investors. When considering where to purchase a short-term rental, there are several property and location characteristics that are important to consider. Some of this information can be gathered independently while some you may have to discuss with a local property management company. We highly recommend reaching out to the team at Bright Host for more information on rental rates and competition. You can also join our Facebook Group “Savvy STR Investors” which focuses on Short Term Vacation Rental properties in Western North Carolina. Here are the basic elements to consider when buying a short term rental as an investment: Rental Demand: How often are vacation rentals in this area booked? Are there other accommodation options such as hotels that are readily available in the nearby vicinity? It’s important to consider your potential competition. Revenue Growth: Will your property have the capacity to earn more this coming year than it did the previous year? This is assessed by using a year-on-year metric. Investability: This metric is calculated by comparing purchase prices with the average income of a short-term rental. Legal Requirements: Not all cities allow short-term rentals. Check with local regulations before making a purchase. Growth Potential of Area: This is a qualitative assessment of the area that takes into consideration planned projects and changes expected in the area you’re considering purchasing. Areas that have recently become popular and highly profitable are categorized as regional drive-to markets; areas where guests can drive from their city or suburban homes to more rural areas with activities and a small-town atmosphere, like Asheville. Asheville Area The stunning Blue Ridge Mountains, part of the Appalachian Mountains, cover most of western North Carolina. The landscape is known for its blue haze and for being some of the most beautiful wilderness in the United States. Asheville is a major city in the Blue Ridge Mountains, famous for its charming town center and for being packed full of culture and activities. It has a downtown Art District with galleries and museums as well as plenty of shopping. The Biltmore Estate, known as America’s Largest Home, is a spectacle with events and activities for everyone. It’s become a popular tourist destination for those visiting the area. Asheville presents an attractive opportunity for investors considering short-term rentals. While privately own vacation homes are not permitted within the city limits, just outside the city boundary there are plenty of options for investors with a wide range of budgets. Short term rental properties that are performing best are unique properties such as cabins or lake houses or those near attractive locations. The Blue Ridge Mountains and Asheville area has both available. Asheville is the perfect ‘home base’ for those exploring the Blue Ridge Mountains at any time of year. Visitors come to hike, bike, fish, tube and just to enjoy the mountain peace. Some of the smaller micro-markets around the Asheville area have seen 30%+ increase in daily rates and occupancy rates. These markets include areas like Maggie Valley, Lake Lure, Mars Hill, Black Mountain, and more. Asheville real estate market appreciating The real estate market in Asheville has been strong in recent years. We are seeing homes sell fast and values continue to appreciate quickly.  Previously, listing volumes were low but now as listing numbers are finally increasing, demand is still keeping up with competition remaining strong. It’s important that investors consider their options, but also act decisively on desirable properties. Buying a vacation rental property in Asheville doesn’t just mean you’re setting yourself up for a higher-than-average investment income, but owners can anticipate that their property will appreciate over time for a longer-term return. How to find a vacation rental investment in the Blue Ridge Mountains When you start looking for you’re an investment property, it is essential to not only engage a professional realtor like Tyler Coon who knows the area but one that has experience in vacation rentals. These agents will know what areas draw out-of-area visitors and which unique properties will have reliably strong rental demand. The team at Savvy Realty go through new listings on MLS every day to select the properties that could be ideal vacation rentals. If you’re ready to get on the path to financial freedom with an investment property, our carefully curated list of properties will provide you with excellent purchase options, so you don’t miss out. That list can be found Here. Get in touch with a member of our team for more information on great vacation rental investments and property management options.