419 Summit Trail, Banner Elk, NC

High Country architecture finds a distinct expression in this multi-structure mountain compound, situated on nearly two acres in Banner Elk. Constructed in 1995, the property represents a versatile configuration of living spaces totaling 2,982 square feet, divided between a four-bedroom primary lodge and a sophisticated two-bedroom accessory dwelling unit. The arrangement is complemented by a climate-controlled pavilion dedicated to recreation, offering a rare level of utility for multi-generational use or high-yield tenancy. In the current Banner Elk submarket, assets that provide separate, fully-equipped guest quarters alongside established income performance are increasingly scarce, particularly those offered in turnkey condition. With six bedrooms and six bathrooms across the estate, the residence balances private retreats with expansive gathering areas, including a sunroom oriented toward long-range views. This offering provides a strategic entry into a region where inventory for expansive, compound-style estates remains constrained. Private consultations and viewings are available by appointment through Peters & Associates.

About the home

Perched on approximately 1.92 acres with breathtaking long-range mountain views, The Elk Lodge is a rare High Country retreat and a proven, high-performing short-term rental with established income history. Offered fully furnished and turnkey, this income-generating vacation rental delivers immediate cash flow potential for investors or a luxury mountain escape for buyers who want it all. The property is designed as a true mountain compound: a spacious 4-bedroom main lodge, a fully finished 2-bedroom accessory dwelling unit (ADU) above the garage, and a massive detached climate-controlled game and entertainment building. The main lodge features multiple inviting living spaces including a sunroom with panoramic mountain views, loft, family room, chef's kitchen with premium appliances and coffee bar, and a finished walkout basement with an additional lounge/media area, two bedrooms, a full bathroom, and laundry. The finished ADU functions as a true second residence with its own full kitchen, family room, laundry, two en suite bedrooms, queen sleeper sofa, and spectacular mountain views, perfect for guests, extended family, or additional short-term rental accommodations. The standout feature is an expansive climate-controlled recreation building built for year-round entertainment with a 70-inch Smart TV, pool table, shuffleboard, poker and game table, classic arcade games, comfortable lounge seating, and a half bathroom. Outdoors, guests rave about the hot tub, expansive stone patio, and large fire pit positioned to capture sweeping mountain scenery, unforgettable sunsets, and star-filled skies. Located just minutes from downtown Banner Elk, Sugar Mountain Resort, Beech Mountain Resort, the Elk River, and endless hiking, fishing, and skiing, the property balances privacy with unbeatable convenience. With proven short-term rental performance, a fully turnkey offering, an exceptional finished ADU, and extensive entertainment amenities, The Elk Lodge is a rare income-generating opportunity in one of North Carolina's most sought-after mountain destinations.

Price in context

• Asking $704 per square foot.
• That is in line with the $704 median across 17 active $1.5M+ homes in Banner Elk.
• 10th highest asking price of 17 active $1.5M+ homes in Banner Elk.
• 11th largest by living area of the 15 with a recorded size.
• Reduced $300,000 (12.5%) from the original $2,399,000 asking price.
• 77 days on the market, listed 2026-07-30.
• County tax assessment $917,000; the asking price is 2.29× the assessed value.
• HOA dues $500 (annually).

Location

Neighborhood: Mountain Meadows, Avery County, ZIP 28604.

Features

Levels

Two

Construction

Wood

Roof

Metal

Bathrooms

5 full, 1 half

Basement

Full, Walk-Out Access

Fireplace

Yes

Kitchen & appliances

Dishwasher, Dryer, Freezer, Indoor Grill, Microwave, Refrigerator, Washer, Washer/Dryer

Heating

Heat Pump

Cooling

Ceiling Fan(s), Central Air

Garage

3 spaces

Parking

Driveway, Detached Garage

Exterior

Fire Pit, Hot Tub

View

Long Range, Mountain(s), Winter

County

Avery

Comparable homes on the market

• 35 Peach Knob Drive, Asheville — $3,495,000, 4 bd, 7,297 sq ft, also in Mountain Meadows
• 100 Big Spring Drive, Asheville — $3,295,000, 5 bd, 5,155 sq ft, also in Mountain Meadows
• 5 Meadow Ridge Drive, Asheville — $1,999,900, 4 bd, 3,616 sq ft, also in Mountain Meadows
• 4968 Hickory Nut Gap Road, Banner Elk — $1,200,000, 3 bd, 4,253 sq ft, 0.4 mi away
• 301 Highland Circle, Sugar Mountain — $1,475,000, 4 bd, 4,473 sq ft, 2.2 mi away
• 1226 Grouse Moor Drive, Sugar Mountain — $1,950,000, 4 bd, 5,185 sq ft, 2.3 mi away

See it privately

Nicholas and Miriam Peters show every home personally. Peters & Associates, 4401 Barclay Downs Dr #132, Charlotte, NC 28209. Office 704-264-4572. Request a private showing.