Search The Waters Edge Homes

The Waters Edge Homes for Sale

The Waters Edge in Penhook is one of the largest and most sought-after communities on Smith Mountain Lake. It is known for luxury waterfront homes and townhomes along streets like Waters Edge Drive, Bridleridge Road, Saddleridge Drive, Shoreline Circle and Grande Villa Drive, plus building lots.

The Waters Edge Market Snapshot

As of November 2026, there are about 30 properties for sale in The Waters Edge, from lots around $20,000 to homes near $3 million. In the past two years, about 46 properties have sold here, more than in any other Penhook community, with an average asking price close to $1.45 million. Homes average about four bedrooms and 4,000 square feet, and recent sales include new homes built as late as 2025. Figures come from live MLS data, change daily and are rounded.

Buying in The Waters Edge

  • Values swing widely with frontage, views and water depth. Compare homes on those points, not just square footage.
  • Lower-priced lots are typically interior. Confirm water access and the community's building guidelines.
  • Ask about HOA fees and amenities for the section you are buying in.

Selling in The Waters Edge

With steady luxury sales, there is good data to price your home precisely. Get a free home valuation or contact The Lee Team at (540) 529-4294.

Back to Penhook lake homes or the Smith Mountain Lake waterfront guide.

The Waters Edge Homes for Sale

51 Island View Dr, Penhook
$2,950,000
5 Beds ⋅ 6 Baths ⋅ 929958 MLS
Experience exceptional Smith Mountain Lake living in this stunning new construction waterfront home in The Water's Edge. Offering 5 bedrooms, 5.5 baths and 5,880 finished sq. ft. across three beautifully appointed levels, the home features a private master suite on each floor. The open-concept main level showcases hardwood floors, custom built-ins, multiple fireplaces and a gourmet kitchen with Wolf, Sub-Zero and Cove appliances, quartz countertops, custom maple cabinetry and a 10-foot island. Enjoy a screened porch with fireplace overlooking the lake, lake-level kitchenette, heated tile floors, exceptional storage and an EV-ready two-car garage. Professionally landscaped grounds feature irrigation, lighting, paver patios, firepit and a private dock with boat and PWC lifts. Luxury, craftsmanship and lake living come together beautifully in this exceptional new home.

51 Island View Dr, Penhook
315 Upland Shores Dr, Penhook
$2,895,500
5 Beds ⋅ 6 Baths ⋅ 928284 MLS
Experience timeless English Country in this custom built home with stunning water and mountain views, including the cove, main channel, and Peaks of Otter. Features hand-hewn beams, stacked-stone fireplace, custom cabinetry and floor-to-ceiling windows. Recent updates by Tim Rutrough include renovated primary and half bath with quartz, new cabinetry, lighting, sconces and heated flooring in primary with walk-in curbless shower. New oak hardwood flooring added to primary bedroom with custom closets and shelving. LED downlights and updated switches throughout the home. Kitchen offers newer 2021 appliances-KitchenAid dishwasher along with farm and prep sinks, plus Quartzite counters, Sub-Zero refrigerator and Thermador 5-burner gas range. Relax outdoors on the open patio or unwind quietly on the screened porch overlooking the water. New remote-controlled gas logs in living, primary, and lower level guest bedroom. Lower level includes custom wet bar, family/game room with stone fireplace, and large flex space ideal for workshop, studio or future sleeping/media room. Mechanical updates: main level HVAC with gas backup (2020) and upper level 14 SEER HVAC (2021). Exterior features include another patio, new dock addition and sandy beach. Active Water's Edge Country Club membership conveys, allowing buyers to join within 30 days for reduced $35000 initiation fee. Amenities include golf, tennis/pickleball, Jr Olympic and kiddie pool, snack shack, equestrian facility, exercise and dining.

315 Upland Shores Dr, Penhook
197 Mountain Shore Dr, Penhook
$2,435,000
4 Beds ⋅ 5 Baths ⋅ 929297 MLS
Imagine waking up to a beautiful sunrise over Smith Mountain and lake views, then unwinding in the afternoon shade on your covered porch. This custom-built home by Sole Source solution delivers luxury craftsmanship at every turn, framed by spectacular mountain views from every level. Designed for comfort and efficiency, the home features 9 ft ceilings on the main and upper levels and 10ft ceilings on the lower level, filling each space with natural light. Built with 2 x 6 exterior walls and fully insulated from rafters to ceiling, the home offers exceptional year-round comfort. An inground propane tank supports the on-demand hot water heater, gas fireplace, Cafe range, and a standby emergency generator with automatic switchgear-ensuring uninterrupted lake living and peace of mind. High-efficiency windows and doors, along with solid interior doors, reinforce the home's quality. Enjoy true main-floor living with a convenient laundry area and a spacious primary ensuite. The lower level is an entertainer's dream, complete with a custom wet bar, built-in cabinetry, and walkout access to beautiful outdoor living spaces. A freshly custom built dock offers maintenance-fee composite decking, powder-coated aluminum handrails, aluminum step ladder, dock-level storage and a gated diving area. Deep water ensures ideal conditions for a tritoon boat slip and swimming. The professionally designed and landscaped yard showcases a stamped concrete driveway, lush plantings maintained by an automatic irrigation system, and extensive hardscaping. Lighted pathways lead to a welcoming lower-level firepit area, perfect for evening gatherings. Every detail of this home has been thoughfully crafted to elevate lake living. Come experience the quality, comfort and beauty that defines this exceptional property. (Taxes estimated)

197 Mountain Shore Dr, Penhook
25 Findlay Cir, Penhook
$2,395,000
4 Beds ⋅ 4 Baths ⋅ 926888 MLS
Step into this immaculate home and immediately unwind as you take in the expansive wide-water views framed by the beauty of Smith Mountain. The main level primary suite offers comfort and convenience, complemented by updated bath and kitchen renovations completed in 2014. The new outdoor living spaces elevate the experience even further, featuring an elevated bird's-eye view of the mountain with desirable eastern exposure-perfect for peaceful morning sunrises, gentle approach to the spacious dock with a party deck, ideal for lakeside gatherings. A firepit area provides the perfect setting to enjoy late-day relaxation by the water. An active club membership is available for purchase by the Purchasers for $35000 within 30 days of closing. Club amenities include, golf, tennis/pickleball, equestrian, jr olympic and kiddie pool, dining, and exercise facility.

25 Findlay Cir, Penhook
255 Upland Shores Dr, Penhook
$2,295,000
5 Beds ⋅ 5 Baths ⋅ 932249 MLS
Custom built by Charles Lynch, this exceptional lake home showcases quality craftsmanship and thoughtful updates throughout. A major renovation completed in 2007 included the expansion of the kitchen to incorporate the former porch area, creating a spacious and inviting gathering space. The lower level was also enhanced with additional work and living areas. Numerous improvements have been completed within the last four years, including marble countertops and backsplash in the laundry room, epoxy-coated garage floors, a new garage door, white oak white brushed engineered hardwood flooring in the lower level, new carpeting, and a beautiful stackstone fireplace. Additional upgrades include a new dock floater, propane water heater (2024), electric water heater (2017, and water softener system. The primary suite offers exceptional comfort with dual-zone climate control, heated tile floors in the primary bath, and a luxurious steam shower. The home is served by gas heat, with additional HVAC system added for the kitchen expansion. This property may be purchased turnkey, including most furnishings and accessories for an additional 50K Separate Bill of Sale with only a limited number of seller exclusions to be provided upon request. An active club membership may be purchased within 30 days of closing. Purchasers are responsible for the 35K initiation fee

255 Upland Shores Dr, Penhook
75 Grande Villa Dr, Penhook
$2,050,000
4 Beds ⋅ 5 Baths ⋅ 926044 MLS
Experience Luxury Lifestyle at the Grande Villas! Spacious lakefront townhouse offers superior quality & complete with a private elevator for easy access to both levels. Great room with cathedral ceiling, built-in bookshelves, & masonry brick fireplace. The gourmet kitchen is a chef's dream w/custom hand glazed cabinets, quartz counters,Wolf & Sub-Zero appliances. A formal dining room provides ample seating for gatherings. Large main level primary bedroom w/luxurious bath w/lighted MakeUp Mirror/Vanity. Masonry FP's. Large covered porch w/beautiful lake views. Main level guest room/office & guest full bath. Two ensuite guest bedrooms & Media room/bedroom on lower level. Spacious lower level family room w/stone FP & wet bar. 2 car garage & covered dock w/cabana, boat slip, & jet ski lift. Seller will convey all bedroom suites and lower level family room furniture. There are many extras in this townhome such as heated bathroom floors, 2 x 6 interior & exterior walls, R27 insulation walls, R38 in the ceiling, Two propane tankless water heaters, Whole home central vac, main level laundry w/Electrolux W/D and 1800 Seer HVAC units. Kitchen has granite countertops and window seat. Wet bar in the family room has lots of cabinets, wine cooler and microwave. There is a media room on the lower decorated as a bedroom. Plantation shutters and ceiling fans throughout. One of the owners is a Retired Decorator. Sellers are members of the Clubhouse and buyers can join for $35,000. initiation fee within 30 days after closing. It is a very easy walk to the boathouse. Beautiful front courtyard. Paved driveway. Some furniture for sale.

75 Grande Villa Dr, Penhook
6 Low Country Dr, Penhook
$1,499,000
4 Beds ⋅ 5 Baths ⋅ 932758 MLS
A rare blend of luxury, privacy, and effortless lakefront living. Nestled on 1.7 secluded acres in The Waters Edge, this beautifully renovated 4BR, 4.5 Bath, waterfront retreat offers the perfect setting to relax, entertain, and create lasting memories. Soaring vaulted ceilings, floor-to-ceiling finishes, and an open, light-filled floor plan create a warm yet sophisticated atmosphere. Step outside to expansive outdoor living spaces overlooking a quiet cove with 260 feet of shoreline and an easy walk to the lake. The oversized three-car garage and double-lift boat dock for a boat and 2 jet skis make lake life convenient with the option to purchase fully furnished for a turn key experience for additional $25K. Barletta Aria 2024 200 HP Mercury (20 hrs) $50K and 2 Jetskis 2016 and 2017 GTI 130's with single trailer 9K. Active club membership available for $35K to be paid by Purchasers within 30 days of closing, allowing you to enjoy all the exceptional amenities this community has to offer. Furnishings, boat, jet skis and/or trailer to be on separate bill of sale.

6 Low Country Dr, Penhook
76 Lake Front Cir, Penhook
$1,249,500
6 Beds ⋅ 5 Baths ⋅ 930789 MLS
Southern Living Cottage Meets Lake and Golf Views!!! Enjoy overlooking SML and the fabulous 11th hole golf green. Deeded boat slip available with an acceptable offer. Relax on the spacious covered back porch while taking in the beautiful water views and spectacular sunsets. The large screened-in porch offers a cozy retreat with the soothing sounds of the nearby fountain--perfect for morning coffee or evening relaxation. Enjoy cooking in the beautiful updated kitchen with Shaker-style cabinetry and updated appliances while looking out at your lake views. The large theater room on the lower walkout level is perfect for movies, sports, and entertaining. The home combines timeless character with comfortable, updated living.Membership available at The Water's Edge Golf & Country Club. Golf, Tennis, Pickleball, Pool, Restaurant, equestrian center.

76 Lake Front Cir, Penhook
18 Flagstick Ct, Penhook
$1,195,000
4 Beds ⋅ 4 Baths ⋅ 931173 MLS
Experience the best of lake and golf course living in this beautiful custom-built 4 bedroom, 3.5 bath home by Willard Construction, ideally situated on a flat corner lot in a cul-de-sac highly sought-after Waters Edge community. This exceptional property includes a deeded, assigned boat slip which is within walking distance of the Marina Bay marina, clubhouse, and community amenities. Enjoy breathtaking tee-to-green views overlooking #2 fairway, with horses peacefully roaming in the distance, all from the comfort of the expansive screened back porch. Inside, you'll find quality craftsmanship throughout, including a stunning coffered ceiling in the great room, extensive crown molding, custom built-in cabinet, beautiful hardwood flooring, updated interior and exterior outdoor lighting, invisible fencing and fresh interior and exterior paint. The main level features a spacious primary suite, along with two guest bedrooms. Upstairs offers a versatile office space, an additional bedroom, and a full bath, storage and providing plenty of room for family and guests. Residents enjoy access to an impressive array of amenities in The Waters Edge Owned by McConnell Golf Group including Private golf, fitness center, swimming pool, restaurant, tennis courts, pickleball courts, equestrian center and a vibrant calendar of social activities for all ages. An active club membership is available for $35,000, payable by the purchaser within 30 days of closing. (Sellers will remove the chandelier in dining area and master bedroom and the sconces and mirror in the half bath. They will provide a lighting & mirror allowance for replacements).

18 Flagstick Ct, Penhook
30 Island Green Cir Unit 22, Penhook
$1,185,000
4 Beds ⋅ 4 Baths ⋅ 918287 MLS
Townhome Living at Its Best -- Lakefront, Golf & Resort-Style Amenities Enjoy the best of lakefront living in this beautifully maintained four-bedroom, 3.1-bath townhome in the desirable Island Green neighborhood of The Water's Edge Country Club. With beautiful lake views, a peaceful setting, and a boat dock and slip just a short walk away, this home offers an exceptional opportunity to enjoy the lake, golf, and country club lifestyle. The home is ideally situated on a large, quiet cove within an expansive cove, creating a wonderful setting for swimming, kayaking, paddleboarding, and spending time on the water with family and friends. The protected location provides added peace of mind when children and grandchildren are enjoying the lake, while still offering easy access for boating. Inside, the open and inviting floor plan provides plenty of room for family and guests. The kitchen features beautiful cherry cabinetry, while the lower level has been enhanced with new LVT flooring and an updated bar area, creating a comfortable space for entertaining or relaxing after a day on the lake or golf course. The flexible floor plan is currently a four-bedroom home. The spacious upper-level loft provides additional versatility and could easily serve as an office, craft room, reading area, or children's play space. The lower level includes two bedrooms, a comfortable family room, and the inviting bar area. Multiple outdoor living spaces take full advantage of the beautiful lake setting. The large enclosed upper porch, complete with sliding glass doors and screens, provides a comfortable space to enjoy the outdoors in a variety of seasons. An additional open upper porch and spacious lower deck with ceiling fans offer plenty of room for entertaining, relaxing, and enjoying peaceful evenings overlooking the water. Golf enthusiasts will appreciate the home's convenient location near the #7 signature hole, while the nearby boat dock makes getting out on the lake quick and easy. Perhaps best of all, Island Green Property (IGP) takes care of the exterior maintenance, including the mowing and outdoor upkeep, allowing you to spend less time working around the house and more time enjoying everything The Water's Edge has to offer. Imagine simply arriving, relaxing, and enjoying the lifestyle--with golf, dining, swimming, tennis, pickleball, the equestrian center, and the lake all at your fingertips. This is more than a townhome--it is an opportunity to embrace a carefree lake and country club lifestyle in a beautiful, peaceful setting. Simply bring your boat, family, and friends and start enjoying all that Smith Mountain Lake and The Water's Edge have to offer.

30 Island Green Cir Unit 22, Penhook
75 Milestone Ln, Penhook
$997,000
4 Beds ⋅ 5 Baths ⋅ 924590 MLS
Discover the charm and elegance of this beautiful Nantucket-style Spindrift model, ideally situated in the sought-after Golfers Crossing area of The Waters Edge Country Club community. From the home and its two spacious, covered porches--one on each level--enjoy breathtaking views of the 18th fairway, country club, and surrounding Blue Ridge Mountains. The inviting interior features a cozy fireplace with gas logs, beautiful hardwood floors, and granite countertops, creating a warm and sophisticated setting for both everyday living and entertaining. One of the home's most unique features--and something not typically found in other models--is the exceptionally large unfinished area beneath the garage. This versatile space offers endless possibilities and could easily be transformed into a workshop, exercise or fitness room, children's play area, hobby space, or craft studio. The property also includes deeded boat slip #15 and PWC lifts #3 and #4, providing convenient access to Smith Mountain Lake and making this an ideal home for those who enjoy both golf and lake living. Membership at The Waters Edge Country Club is available within 30 days of closing and offers an impressive array of amenities, including golf, pickleball, tennis, fine dining, social events and activities, and an equestrian center. This exceptional property offers the perfect blend of golf, lake, mountain views, country club amenities, and comfortable resort-style living--all in one beautiful setting.

75 Milestone Ln, Penhook
31 Flagstick Ct, Penhook
$989,000
4 Beds ⋅ 4 Baths ⋅ 917613 MLS
Price Improvement! Deeded boat slip available for purchase! New Construction overlooking the Third Fairway of The Water's Edge Country Club at Smith Mountain Lake. This brand-new, approximately 2,800 sq ft residence captures sweeping fairway views and offers effortless main-level living enhanced by sophisticated design and next-generation technology. Built by Sole Source Solution, Luxury Homes, with interior selections by Brass Key Design Society, the home showcases exceptional craftsmanship, curated finishes, and meticulous attention to detail. The main level features three spacious bedrooms and a dedicated office, anchored by a serene primary suite with golf course views and a spa-inspired bath with deep soaking tub! Two additional bedrooms share a beautifully designed full bath, while the upper level offers a versatile fourth bedroom or bonus suite with oversized closets and a private half bath, ideal for guests or flexible living. Modern innovation elevates every corner of the home. The chef's kitchen features a high-efficiency induction cooktop with a built-in air fryer, while motion-sensor exterior lighting, a full irrigation system, and a custom motorized pergola add luxury, convenience, and year-round enjoyment outdoors. Vaulted ceilings and expansive Pella windows fill the living spaces with natural light, flowing seamlessly from the kitchen and dining area into the great room and onto the large covered porch. Oversized sliding doors lead to the extended concrete patio, complete with a gas line for a future fire pit or outdoor kitchen, all overlooking the fairway beneath the adjustable shade of the motorized pergola. Constructed with 2x6 exterior walls, spray-foam insulation, and advanced energy-efficient features, this home blends solid construction with high performance and modern comfort. Move-in ready and positioned in a premier golf course setting, it offers an unmatched lifestyle with optional club membership providing access to the clubhouse restaurant, resort-style pool, tennis and pickleball courts, equestrian center, year-round social events, summer camps, and the exclusive McConnell Golf Network of 16 premier clubs across NC, TN, and VA. This exceptional home embodies refined style, modern innovation, and luxury living at The Water's Edge.

31 Flagstick Ct, Penhook
13a-1 Waters Edge Dr, Penhook
$749,500
889645 MLS
Golf views, lake views, privacy, and a covered boat slip! This is one of only 3 properties within The Water's Edge community that allows both a main house and a guest house. Water access with a deeded covered boat slip in the nearby community marina, this is a rare acreage parcel at The Water's Edge AND the $35k initiation fee to TWE CC is waived, buyer to join within 30 days of closing. Membership at The Water's Edge gives access to fine dining, championship golf, tennis, swimming, clubhouse, equestrian center, fitness facilities, and more!

13a-1 Waters Edge Dr, Penhook
145 Golfers Crossing Dr, Penhook
$719,900
3 Beds ⋅ 3 Baths ⋅ 930688 MLS
Turn-Key Lake Living at Waters Edge Experience effortless country club living in this beautifully furnished, turn-key Nantucket-style home in the highly sought-after Waters Edge community. Designed for easy living and entertaining, the home features abundant natural light, vaulted ceilings, and warm hardwood floors throughout the main level. The inviting entry level offers a spacious living room with a gas fireplace, dining area, and well-appointed kitchen featuring rich cherry cabinetry. The main-level primary suite provides a comfortable retreat, while a dedicated office, laundry room, and convenient powder room complete the floor plan. Step outside to the covered back porch and take in peaceful views of the 12th fairway and the scenic Blue Ridge Mountains overlooking Smith Mountain. Upstairs, guests will enjoy two additional bedrooms, a full bath, and a generous entertainment area--ideal for family gatherings, game nights, or relaxing with friends. Additional highlights include an attached two-car garage and a deeded boat slip (#20), making it easy to enjoy all that Smith Mountain Lake has to offer. The Waters Edge POA provides a maintenance-free lifestyle, and the home is protected by a home warranty covering appliances, heat pumps, and the water heater. Buyers are eligible to join The Waters Edge Country Club within 30 days of closing, with access to an exceptional array of amenities including golf, tennis, pickleball, fine dining, and a pool. Come enjoy the best of lake, golf, and country club living--all in one beautifully appointed home.

145 Golfers Crossing Dr, Penhook
474 Southwood Dr, Penhook
$699,000
912548 MLS
This beautiful waterfront lot on Smith Mountain Lake has it all! Almost 2 acres, view of Smith Mountain, adjoining 4 acres of open space, two locations for drainfields that will accommodate a seven bedroom house, part open and part wooded, and located in the prestigious Water's Edge Golf Course & Country Club community with an active membership.

474 Southwood Dr, Penhook
Morgans Mill Dr, Penhook
$499,900
806383 MLS
Active club membership ($35K fee to join club, paid by purchaser). Dock ( See attached dock plans, and photos) featuring Azek Composite Decking, Storage Building, and Floating Dock., zoned RPD Owner/Realtor. buyer responsible for installing septic and water hook-up

Morgans Mill Dr, Penhook
74 Village Green Dr, Penhook
$399,000
2 Beds ⋅ 2 Baths ⋅ 925638 MLS
Maintenance-free, single-level living with spectacular views of the #9 green and stunning mountain sunrises. This immaculate home has been beautifully updated over the last five years-hardwood floors, fresh paint, and a stylish kitchen with quartz countertops and newer appliances, including a 4-burner propane range with griddle, refrigerator, dishwasher, washer/dryer, and wine fridge. The guest bath has been renovated with a comfort height water closet and a walk-in tile shower, primary bath includes comfort height water closet, HVAC 2022 and roof 2024. Relax on the covered porch as golfers finish the hole, or stroll across the street to the clubhouse for swimming, golf, pickleball, basket ball, fitness and dining. An equestrian center is nearby for trail riding or boarding your horses. Club membership is $35,000 within 30 days of closing, paid by the purchasers. This pristine home is ready and waiting for your enjoyment.

74 Village Green Dr, Penhook
126 Lands End Rd, Penhook
$129,900
918130 MLS
Beautiful Flat Lot with Smith Mountain Lake Views. Located in Private Golf Community ( The Waters Edge ). Active Club Membership. Purchaser to Pay Club Initiation Fee. Owner/Realtor.

126 Lands End Rd, Penhook
LOT 29 Waters Edge, Penhook
$99,900
912547 MLS
Rare find with water views from every direction on this level, water access lot at Smith Mountain Lake. Located in the beautiful community of The Water's Edge Golf Course and Country club with an active membership.

LOT 29 Waters Edge, Penhook
113 Cross Harbour Dr, Penhook
$95,000
925885 MLS
The Waters Edge - Enjoy building your beautiful home on the homesite over looking #14 fairway with seasonal views of the water. Septic and water hook up fees are the responsibility of the Purchasers.

113 Cross Harbour Dr, Penhook
Lot 12 Birdie, Penhook
$80,000
904828 MLS
The Waters Edge-This captivating corner lot boasts an impressive .41 acres with breathtaking views of sparkling waters and Smith Mountain views. The level terrain provides a solid foundation for your future home. With a community water system readily available, you'll benefit from the convenience of public water access. However, please note that the purchaser will be responsible for the septic tank installation and water hookup fees.

Lot 12 Birdie, Penhook
473 Southwood Dr, Penhook
$79,000
928318 MLS
The Waters Edge-This beautiful homesite is perfectly positioned along peaceful greenspace with stunning views of the #3 green and fairway. Enjoy spectacular sunsets from your future home in one of the community's most desirable settings. Septic system installation and water hook-up fees are the responsibility of the purchasers. Come experience all that this exceptional community has to offer.

473 Southwood Dr, Penhook
Lot 96 Sand Wedge, Penhook
$59,900
912715 MLS
Beautiful partially wooded golf course lot with views of the 16th green and fairway. Also views of mountains including Smith Mountain. Convenient location with a short walk to the clubhouse (pool, tennis, fitness center, restaurant).

Lot 96 Sand Wedge, Penhook
377 Morgans Mill Dr, Penhook
$49,900
912546 MLS
Beautiful wooded lot with water access to Smith Mountain Lake. Located in one of the most desirable neighborhoods, The Water's Edge Golf Course and Country Club with an active membership. Sellers have the plans for a Lindal Cedar home that would complement the property nicely!

377 Morgans Mill Dr, Penhook
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