Photos by SAM DEAN The Roanoke Times

After drawing a buyer's number by lottery, Lee Willard hands it to the person presiding over Sunday's sale of Bridgewater Pointe condominiums. The sale was held at Waterfront Country Club near Westlake.

Alex Niderberg (left) was the first Bridgewater Pointe property buyer selected Sunday. He attended on behalf of his parents, who were celebrating their anniversary in Oregon.

Photos by SAM DEAN The Roanoke Times

Barbara (left) and Leslie Vicki celebrate becoming one of the lottery-selected buyers for a Bridgewater Pointe condominium Sunday at Waterfront Country Club.

Lee Willard draws one of the 721 reservations in Sunday's lottery.

No more weekends paying $500 or more for Blacksburg-area hotels during football season.

John and Erin Doyle, who have season tickets for Virginia Tech football games, landed a condominium for what they consider to be a steal at Smith Mountain Lake on Sunday.

The Richmond residents with three young children plan to use their $399,500, four-bedroom condo not only as a vacation spot, but also as a place to sleep on Fridays and Saturdays of Tech home games.

For the Doyles and others, lake living became more attainable Sunday.

All 48 condos at the vacant Bridgewater Pointe midrise on the Franklin County side of Hales Ford Bridge sold during a lottery sale at Waterfront Country Club on Sunday. In 2007, the original listing prices of the units were $570,000 to $910,000.

On Sunday, the three- and four-bedroom condos sold for between $199,500 and $535,500.

The sale ended at 3:25 p.m. with applause and cheering as a couple claimed the last condo. Real estate professionals declared the day a success. Some said they believed that the event was a signal of better times ahead for the lake's sluggish real estate market.

"It's time to heal," said Eric Fansler, a real estate agent for Prudential Waterfront Properties. He described the midrise as an "eyesore" during its vacant years.

For several years, the Bridgewater Pointe condo building has stood as a looming reminder of the troubled lake real estate market.

The developers, Bridgewater Pointe Partners, defaulted on a multimillion-dollar loan from BB&T, and in 2008 they filed for Chapter 11 bankruptcy protection.

Atlas Companies, charged by BB&T to liquidate the condos, hired The Willard Companies to market the units. Willard's real estate division organized the lottery sale and required potential buyers to reserve contracts by Saturday and pay $5,000 deposits. They had the opportunity to tour the property and select their favorite units to buy at Sunday's sale.

Potential buyers had to show up Sunday to wait for their number to be called in order to choose a condo.

There were 721 reservations, though each household could enter up to six numbers in the drawing, said Christopher Finley, Willard's director of marketing.

Willard representatives compiled a waiting list of potential buyers after the sale's end.

BB&T offered financing packages to condo buyers. The sales are scheduled to close within 30 days.

The Doyles said they were surprised to hear their number called during the sale.

"It's exciting but a little stressful," said Erin Doyle, 40, who held a piece of paper on which she marked the available condos.

John Doyle, a partner in a technology company, said the couple would not have been able to afford a condo at 2007's price level.

Other buyers, Nikki and Dan Thorsen, said they plan to sell their $325,000 condo once the real estate market improves. They want to use the investment to help their three daughters pay off college debt.

The Botetourt County couple purchased a four-bedroom furnished condo Sunday. The unit included Nikki Thorsen's favorite kitchen amenities, such as stainless steel appliances.

The Thorsens had only two reservation tickets, and they figured their chances of landing a condo were slim. Theirs was the 13th number called.

"This was definitely a God thing," said Dan Thorsen, an electrical engineer.

Alex and Abbie Niderberg's number was the first called Sunday. The siblings attended the lottery sale for their parents, who were vacationing in Oregon for their anniversary.

They landed the family's first choice, which was a $234,500 furnished condo on Bridgewater Pointe's bottom level. The Niderbergs, from Spotsylvania County, plan to rent the condo and use it for their own vacations.

After the sale, Alex Niderberg tried to reach his parents to tell them the good news. Unfortunately, cellphone service in Oregon is spotty.

"I'm sure they'll be very excited," he said.