Contracts being accepted on Bridgewater Pointe condos

Photo by Jeff Reid: On Saturday, the condos at Bridgewater Pointe went on the market again at 65-percent less than the original asking price.

Bridgewater Pointe, a waterfront condominium complex with 48 units at Smith Mountain Lake, is being marketed by The Willard Companies and Prudential Waterfront Properties.

The marketing of the condos comes about two years after BB&T Bank foreclosed on the project in April 2008. A foreclosure agreement was worked out between the condo investors and the bank. The agreement called for BB&T to become the owner and forgive about a $21 million debt. 

Work on the project was halted at that time when Bridgewater Pointe LLC filed Chapter 11 bankruptcy just hours before BB&T was scheduled to hold a foreclosure auction on the property. 

The project has since been completed, except for a swimming pool and a pavilion, which will be finished later this summer. 

Prudential Waterfront Properties is accepting contracts through Saturday, June 26 from 10 a.m. through 5 p.m. 

All acceptable contracts will be entered into a lottery sale with a drawing and brunch on Sunday, June 27 at the Waterfront Country Club. 

Contracts will require a $5,000 deposit with special BB&T financing options available for qualified buyers. 

Prices start at $199,500. The condos range from 1,685 square feet to 2,294 square feet. 

“This will truly be a once-in-a-lifetime opportunity to own a luxury waterfront condo at Smith Mountain lake,” said Ron Willard, president of the Willard Companies. “The timing is perfect with such attractive pricing on a top-of-the-line quality product.” 

Purchasers of the condos can join The Waterfront Country Club with no initiation feed, he added. The country club features include tennis courts, swimming pool, fitness center, driving range, pro shop and dining facilities. 

The Waterfront Country Club also features an 18-hole PGA championship golf course. 

Prudential Waterfront Properties has an onsite sales office at Bridgewater Pointe with sales advisors available to answer questions and provide tours from 10 a.m. to 6 p.m., seven days a week. 

The six-story condo project is believed to be the tallest building in Franklin County. 

For more information about Bridge Pointe, call 1-800-858-4653 or visit www.smithmtnlake.com.