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Luxury, Land, and Location in the Heart of Banner Elk Now offered at $1,999,000, 140 Library Lane is an exceptional in-town estate offering historic charm, modern amenities, and nearly 3 private acres"”all just steps from Lees-McRae College and the best of Banner Elk. Set on 2.97 usable in-town acres, this rare property combines walkability with privacy: stroll to Banner Elk's acclaimed dining, boutique shopping, summer concerts, Woolly Worm Festival, holiday events, greenway trails, and the college campus"”yet enjoy the space and serenity of your own park-like retreat. The 4BR/3BA historic main home showcases original character including wood floors, solid wood doors, wide baseboards, wormy chestnut trim, and three stunning stone fireplaces (converted to natural gas), balanced with thoughtful updates throughout. Modern comforts include new appliances, updated siding and windows, and a spacious new deck overlooking the lower acreage"”ideal for entertaining or taking in the wooded views. A separate 1BR/1BA fully furnished apartment above the garage offers incredible flexibility for guests, multi-generational living, or rental income. The oversized two-car garage includes an EV outlet, plus an attached workshop with 220v/45-amp service"”perfect for woodworking, art, or professional use. Outdoors, the property feels like a private park with stone patios, covered porches, blooming gardens, rhododendron groves, a spring-fed pond with swing, and room to expand. Zoned R-2, the land allows for accessory dwellings, home occupations, and more, with possible commercial or institutional rezoning (subject to approval). A truly unique opportunity to own nearly 3 acres of history, character, and versatility right in the heart of Banner Elk and adjacent to Lees-McRae College"”a combination seldom found in today's market.
| DAYS ON MARKET | 168 | LAST UPDATED | 9/25/2025 |
|---|---|---|---|
| TRACT | None | YEAR BUILT | 1897 |
| COMMUNITY | 8-Banner Elk | GARAGE SPACES | 2.0 |
| COUNTY | Avery | STATUS | Active |
| PROPERTY TYPE(S) | Single Family |
| Elementary School | Banner Elk |
|---|---|
| High School | Avery County |
| PRICE HISTORY | |
| Prior to Sep 25, '25 | $2,200,000 |
|---|---|
| Sep 25, '25 - Today | $1,999,000 |
| ADDITIONAL DETAILS | |
| AIR | Central Air, Other, Zoned |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Dishwasher, Dryer, Electric Range, Electric Water Heater, Microwave, Refrigerator, Washer |
| AREA | 8-Banner Elk |
| BASEMENT | Interior Entry, Partial, Unfinished, Yes |
| CONSTRUCTION | Frame, Vinyl Siding, Wood Siding |
| EXTERIOR | Storage |
| FIREPLACE | Yes |
| GARAGE | Attached Garage, Yes |
| HEAT | Electric, Fireplace(s), Forced Air, Hot Water, Natural Gas, Radiant Floor, Wood Stove |
| INTERIOR | High Speed Internet |
| LOT | 2.7 acre(s) |
| LOT DIMENSIONS | 2.7 |
| PARKING | Gravel, Attached, Driveway, Garage, Oversized, Private |
| SEWER | Public Sewer |
| STORIES | 2 |
| STYLE | Traditional |
| SUBDIVISION | None |
| TAXES | 4563.57 |
| UTILITIES | Cable Available |
| VIEW | Yes |
| VIEW DESCRIPTION | Trees/Woods |
| WATER | Public |
| ZONING | R2 |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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Listing provided by Corrinne Loucks, 828 Real Estate, (828) 386-6047
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