$6,500,000
905 Cold Mountain Road, Lake Toxaway, North Carolina 28747, United States
2.89 acres of private Lake Toxaway shoreline and panoramic mountain views
7
Beds
6.5
Baths
2,000
Sq Ft
1977
Built
2.89 acres
Lot
attached carport
Garage
Perched on 2.89 acres of coveted Lake Toxaway shoreline, 905 Cold Mountain Road is a mountain-lake retreat where mornings arrive slowly and the water answers the day. Step onto the lake-facing deck at sunrise and feel the clean, cool air off North Carolina’s largest private lake; the Blue Ridge ridgeline frames the horizon and the surface of the water shifts from pewter to gold. The main home—built in 1977 and meticulously maintained—offers a comfortable single-story layout with four bedrooms, four baths and classic hardwood floors that catch the morning light. A welcoming fireplace anchors a living area oriented toward the lake, and multiple decks extend daily life outdoors where you’ll soak up sweeping views and evenings of quiet reflection.
A fully renovated guest house expands the estate’s possibilities: three bedrooms, 2.5 baths, a bright sunroom and a large covered porch create an independent, turnkey living space for guests, extended family or rental use. Inside both structures you’ll find thoughtfully maintained finishes, central heating and cooling, and the ease of one-level living paired with the charm of a true mountain hideaway. Practical systems—propane gas, private water, septic and Duke Energy electric—support comfortable year-round use.
Outside, the property reads like a private club. A well-maintained cleared lawn slopes gently toward a private boathouse and multiple boat slips, giving immediate, direct access to the lake. A basketball court and expansive outdoor gathering areas invite both play and quiet; three additional buildable lots on the parcel present rare development or retreat-expansion potential, whether you envision a multi-generational compound or separate homes for friends and family.
Located in the exclusive Lake Toxaway Estates community, the house is minutes from the Lake Toxaway Country Club and the storied Greystone Inn—easy access for golf, tennis, dining and social life—while Gorges State Park and miles of hiking lie a short drive away. This property balances the privacy of a mountain lakefront sanctuary with proximity to the social, recreational and hospitality anchors that define Lake Toxaway living. Whether you’re seeking a legacy estate, a seasonal escape, or an investment with development upside, this offering invites you to imagine summers on the dock, snow-capped ridgelines in winter, and a lifetime of moments framed by water and mountain.
Lake Toxaway Estates is an exclusive, low-density mountain community prized for its private-lake lifestyle and scenic Blue Ridge views. Residents enjoy membership-adjacent amenities at the Lake Toxaway Country Club—golf, tennis and dining—and proximity to the historic Greystone Inn. Outdoor recreation is a short drive away at Gorges State Park, with hiking, waterfalls and rugged trails. The neighborhood trades like a private retreat: tranquil, social when you want it, and firmly connected to the regional offerings of the Asheville MSA.
Lake Toxaway’s luxury lakefront market is currently favoring buyers: inventory sits near six months and the average property takes roughly 141 days to sell. Median sale prices in the broader area are approximately $1,250,000, with luxury comps in this pocket recently closing between $6.2M and $6.8M—figures that guided an estimated value midpoint here of $6.5M. Over the past year appreciation has been modest (about +4.6%), and five-year gains are stronger (+25%), reflecting long-term demand for amenity-rich mountain lake properties. Single-family lakefront estates tend to trade less frequently and require specialized marketing; when inventory rises, well-positioned properties with turnkey guest accommodations, boathouse access and development potential—like this one—can attract buyers seeking both lifestyle and value. For motivated buyers, current conditions offer negotiating room; for sellers, emphasizing the property’s unique combination of private docks, renovated guest house and three buildable lots will be essential to command top pricing.
T.C. Henderson Elementary
Elementary
Rosman Middle School
Middle
Rosman High School
High
Excellent lake and country-club access with private boathouse and slips on Lake Toxaway, golf and dining at the nearby country club, and Gorges State Park hiking within about 5 miles.
**905 Cold Mountain Road** is an exceptional **lakefront estate** situated on **2.89 acres** in the prestigious **Lake Toxaway Estates** community. This property encompasses a **4-bedroom, 4-bathroom main home** and a **3-bedroom, 2.5-bathroom guest house**, both offering **panoramic views** of **Lake Toxaway** and the surrounding **Blue Ridge Mountains**. The estate features a **private boathouse**, multiple **boat slips**, and expansive **lake-facing decks**, providing unparalleled access to North Carolina's largest private lake. ([ncliving.com](https://www.ncliving.com/listing/1001104/905-cold-mountain-road-lake-toxaway-nc-28747/?utm_source=openai))
The main residence, built in **1977**, has been meticulously maintained and offers **2,000 square feet** of living space. The guest house has been fully renovated, featuring **hardwood floors**, a **spacious sunroom**, and a **large covered porch**. The property also includes a **cleared lawn**, a **basketball court**, and three additional **buildable lots**, presenting opportunities for expansion or the creation of a multi-generational compound. ([ncliving.com](https://www.ncliving.com/listing/1001104/905-cold-mountain-road-lake-toxaway-nc-28747/?utm_source=openai))
From a **valuation perspective**, recent comparable sales in the Lake Toxaway area suggest a current market value range between **$6,200,000 and $6,800,000**, with a midpoint estimate of **$6,500,000**. This valuation reflects the property's unique features, including its extensive lake frontage, private boathouse, and additional buildable lots. The current assessed value aligns with this estimate, indicating a well-priced offering in the luxury market segment. ([ncliving.com](https://www.ncliving.com/listing/1001104/905-cold-mountain-road-lake-toxaway-nc-28747/?utm_source=openai))
**Lake Toxaway** is renowned for its **tranquil waters**, **exclusive atmosphere**, and **recreational amenities**. Residents have access to the **Lake Toxaway Country Club**, offering **golf**, **tennis**, and **fine dining**, as well as the historic **Greystone Inn**. The area is also in proximity to **Gorges State Park**, providing opportunities for **hiking** and **outdoor activities**. The local real estate market has experienced a **4.6% appreciation** over the past year, with a median sale price of **$1,250,000** and an average of **141 days on market**, indicating a buyer's market with selective inventory. ([realtor.com](https://www.realtor.com/local/market/north-carolina/transylvania-county/lake-toxaway?utm_source=openai))
Overall, **905 Cold Mountain Road** represents a rare opportunity to acquire a **luxury lakefront estate** with **significant development potential** in one of North Carolina's most coveted communities. The combination of existing residences, additional buildable lots, and exclusive amenities makes this property an ideal choice for discerning buyers seeking a **private retreat** or a **legacy investment**.
Unique lakefront estate with development potential in a prestigious community; offers luxury living and investment upside through additional buildable lots.
Buyers should conduct independent due diligence before making any purchase decisions.
Low
$6200K
Midpoint
$6500K
High
$6800K
$3250/SF estimated price per square foot
Sales comparison approach using recent high-end lakefront sales in Lake Toxaway; adjusted for unique features and lot size.
As of 2026-03-03
This is a computer-generated estimate for informational purposes only and is not an appraisal or professional valuation.
Stable population with high median income; area known for luxury estates and vacation homes.
Proximity to Lake Toxaway Country Club offering golf and dining; near The Greystone Inn; access to Gorges State Park for hiking and outdoor activities.
Market data is based on aggregated public records and may not reflect real-time conditions.
Allowed Uses
$3250/SF
Arm's length transaction
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