By: Mike Kennedy mkennedy@railey.com 301-616-6106 April 23rd, 2013 Category: Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News

Railey Realty is proud to announce the addition of long-time Deep Creek Lake REALTOR ® and Associate Broker Lisa Goodfellow and her team of professionals to their real estate brokerage. In addition to Lisa, the Goodfellow Group includes licensed salespersons Nancy Geisler, Cindy Sanders, Cindy Mahoney, Jim Wilmot, Susanne Roszell, and Kevin Heselbach.  Lisa has been selling real estate for 26 years and has won many prestigious sales awards throughout her career.

Railey Realty co-owner Mike Kennedy commented “We are extremely excited to add the Goodfellow Group to our existing team of top producing real estate agents. They are a natural fit at Railey Realty with their many years of experience, high sales volume, and attention to customer service.” Lisa Goodfellow says “This merger allows me to continue to work with the part of real estate that I love best, which is working with sellers and buyers. With Railey Realty taking over our administration, management and marketing, it allows me to focus on sales.   Our group of terrific agents will continue to do business in the same location enhanced by Railey’s systems which has made them the area’s top real estate company in market share.  Railey’s excellent marketing and hard-working, experienced agents combined with the Goodfellow Group will result in better service to our clients and all consumers.”

Garrett County’s largest real estate brokerage now has two offices to better serve their clients. In addition to their main sales office located at 2 Vacation Way in McHenry, the Railey group purchased the former Goodfellow Real Estate Services building near the Dry Dock Plaza.  The Goodfellow Group will continue to operate out of their existing location at 19567 Garrett Highway in Thayerville which is now a Railey Realty branch office.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 March 29th, 2013 Category: Garrett County News, News

Installation of the water line on Glendale Road is scheduled to recommence on Monday, April 1, 2013 from 7:00 a.m. to 5:00 p.m., weather permitting.

The roadway will be closed to thru traffic and only school buses and emergency vehicles will be allowed to enter the work zone and cross Glendale Bridge.  All other traffic will be redirected to detours.  Access will be permitted to residences and businesses located in the work zone but delays may be experienced.

Daily updates will be posted on the Department of Public Utilities web site at www.co.garrett.md.us/public-utilities.  Questions may be directed to the Department of Public Utilities at 301-334-6983.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 March 15th, 2013 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate

Continued stabilization characterized the overall Deep Creek Lake and Garrett County real estate market in 2012. Both total sales and dollar volume sold in the Deep Creek area increased 10% last year with most of the growth concentrated in the $250,000-$500,000 market segment. Both indicators have now increased for 3 consecutive years. The upward trend in sales can be attributed to the improving national economy, low interest rates, and the lowest prices experienced in the past several years. However, a few market segments, including the higher-end properties continued to experience corrections. Some trends we are seeing include;

• Total Deep Creek Lake area residential sales were up 15% - 205 in 2012 versus 178 in 2011.
• In the $250,000-$500,000 market segment dollar volume sold grew by 41% last year and sales increased 37%.
• The average lakefront sold price decreased approximately 10% in 2012.
• There were 6 fractional sales in 2012 versus x in 2011. Fractional properties are relatively new to the area but very popular in other resort markets. They are expected grow in our market.
• Eight (8) sales over $1 million in 2012 versus seventeen (17) in 2011.
• Current total sales for the first few months of 2013 are tracking nearly the same as the first few months of 2012.

The problem of excessive inventory and the uncertainty surrounding the future of Wisp Ski Resort both dissipated near the end of 2012. Current inventory is about 30% lower now than last year at this time. In December, 2012 the Wisp Ski Resort was bought by a publicly traded real estate investment trust that operates other ski resorts. This will put to rest any doubt about one of the area’s largest recreational amenities.

If you are a prospective buyer, interest rates have remained very low but may increase slightly in the upcoming months. While values continued to soften and correct last year in a few segments, this trend may reverse as overall sales continue to show improvement. Now is a good opportunity to take advantage of the lowest prices seen in several years as the current buyer’s market seems to be losing steam. Property values appreciated in other parts of the county last year and are predicted to start appreciating here in the northeast again in 2013.

As a seller it is still imperative to accurately price your property based on recent comparable sales. Buyer interest remains steady in our market for well maintained, quality lake properties in good condition. Prospective buyers are still searching for values but are becoming more realistic with values as they correct closer to pre-bubble levels. Inventory in certain segments is currently at the lowest levels experienced in several years. Now is a good opportunity to list your property for sale with overall less active properties on the market for sale. If you would like an opinion of the current value of your property please contact us for a free, no obligation market evaluation.

The professional assistance of a REALTOR is still very critical in today’s market whether you are buying or selling. Railey Ralty has the area’s most professional and experienced team of sales agents. As Deep Creek’s leading brokerage we have the largest selection of properties for sale. Our agents list and sell nearly 70% of all Deep Creek Lake properties and look forward to assisting you with all your real estate needs.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 January 31st, 2013 Category: Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News

The Garrett County Commissioners have adopted a program whereby the County will grant to Deep Creek lakefront property owners a $1600 incentive for new completed shore erosion projects in fiscal year 2013. The program is designed to help property and real estate owners with the costs of construction of shore erosion structures along the lake shoreline. The funding applies to both structural (e.g. rip-rap) and nonstructural (e.g. vegetative) control measures.

DNR estimates that there are 8 to 10 projects that might be eligible for the funds. The project must be completed and inspected by both DNR and MDE in order for the property owner to be eligible for the incentive.

The program is part of a broader package of policies that the county is looking at for the protection of the watershed. This is a pilot year for the program and no decision has been made as to if it will be made available in the next county fiscal year.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 January 17th, 2013 Category: Deep Creek Lake Area Things To Do, Garrett County News, News

At the end of December, EPR Properties finalized their purchase of the Wisp Ski Resort. EPR Properties is a real estate investment trust (REIT) that owns several other ski areas. EPR has partnered with Everbright Pacific, an affiliate of Pacific Group, to run and manage the entire resort.

Wisp General Manager Tim Prather and his team will remain in their current positions which will provide successful and experienced management to the resort going forward. Pacific Group will bring its operations and development experience from ski and golf resorts in New England, Canada, and throughout the West to help Wisp as it expands its on-mountain services and associated amenities.

Several improvements are planned to the resort over the next several years with most of the concentration being focused at the mountain’s base.

An unrelated real estate company purchased most of the other undeveloped land atop Marsh Mountain including the Lodestone Golf Course and some of the existing subdivisions.

This news is good for all real estate owners in the Deep Creek Lake and Wisp area as questions of the resort’s future are now answered in a most positive way. As the area’s leading real estate company we can assist with all your real estate needs.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 December 15th, 2012 Category: Deep Creek Lake Activities, Deep Creek Lake Area Things To Do, Garrett County News, News

Wisp Ski Resort opened for the season on Saturday, December 15, 2012. Here is the report for opening weekend.

Saturday, December 15, 2012

9am - 9pm:  Chair 3 & Belly Flop Carpet

2 Trails:  Belly Flop & Wisp Trail

Sunday, December 16, 2012

9am - 5pm:  Chair 3 & Belly Flop Carpet

2 Trails:  Belly Flop & Wisp Trail

Extended Day Lift Ticket (Sat or Sun)

Adult:  $35

Junior 6 - 12:  $29

By: Mike Kennedy mkennedy@railey.com 301-616-6106 December 3rd, 2012 Category: Deep Creek Lake, Garrett County News, News, Uncategorized

Maryland DNR Secretary John Griffin visited Garrett County on November 14 and presented a “State of the Lake” report to the County Commissioners and members of the public in attendance. Overall the Deep Creek Lake water quality was described to be in “good shape”. Below are some high points of the DNR presentation.

• Deep Creek Lake continues to be a healthy reservoir and it meets Federal and State Clean Water Act Standards. Secretary Griffin said that “the water quality is in good shape and we want to keep it that way.”
• The lake has recovered from the 2010 fish kill which was caused by heat stress. A summer of unnaturally high air temperatures probably caused the problem. Recent fishery studies now show good reproductive rates in fish and there has been a remedial bass stocking to build that population back up.
• Overall algae levels are limited by low phosphorous levels and this helps to keep the lake under thresholds. Oxygen levels in the upper layers of the lake are good.
• No toxic compounds or other contaminants have been found in any sampled bottom sediments.
• Some coves have experienced sedimentation. DNR is studying how that sedimentation occurred, and when, before recommending any solutions. In 2013 DNR hopes to have some cost estimates for dredging should it be feasible to do so.
• Submerged vegetation (SAVs) are an indicator of a healthy lake environment but are perceived to be a problem for recreational boaters. In 2013 DNR will be doing some test eradication projects to see what techniques work best in the lake.
• Some chemical indicators show the impact of increased land development in the watershed but are not considered to have an impact on overall lake water quality at this time.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 November 10th, 2012 Category: Garrett County News, News, Wisp Real Estate, Wisp Ski Resort

On Friday the owner of Wisp Ski Resort asked the bankruptcy court to approve the sale of the ski area to Entertainment Properties Trust, a Kansas City based real estate trust. Entertainment Properties made a bid of $20.5 million for just the ski area that includes 600 acres. Another bidder can still come along and make a higher bid. An approval hearing has been set for December 4th for the proposed transaction.

The bid does not include the Lodestone Golf Club.

The Wisp plans to open as normal for the 2012-2013 ski season on November 23rd.

Entertainment Properties owns 11 other ski resorts in the mid-west along with Pennsylvania and Vermont.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 October 29th, 2012 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate

September’s residential transactions in Garrett County and the Deep Creek Lake area totaled 36, which is the same number as last year. Year to date residential transactions have increased 9% in 2012 over 2011.

The dollar volume in September decreased to $10,243,000 which is down 21% from 2011. This is mainly due to a larger number of transactions this September that had a sales price $400,000 and below.

High end properties were slightly slower this September with 3 sales over $700,000, compared to 5 sales over $700,000 in September 2011.

Year to date Garrett County real estate is up 9% in transactions over 2011 but down 2.4% in dollar volume.

September 2012 Highlights;

-          The sale of two higher grossing lakefront rental homes - 104 Lakefront Links in Waterfront Greens and 98 Bee Tree Lane off of Lakeshore Drive. Railey Realty represented the seller and buyer on both transactions.

-          The closing of 4 of the Creekside fractional units

Please call us if you would like more information, if you have any questions about the Deep Creek Lake and Garrett County market, or if we can help with any of your real estate needs.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 October 5th, 2012 Category: Deep Creek Lake Real Estate, Garrett County Real Estate, News

DNR Secretary John Griffin has confirmed that he and DNR staff will be presenting a report to the Garrett County, Maryland commissioners on November 14, 2012 on “the state of Deep Creek Lake”. The presentation will be similar to one made last year by DNR. The presentation is open to the public and will be at 4:30 PM at the St. Peter’s Roman Catholic Church hall, just across 4th street from the county courthouse.

All interested Deep Creek Lake real estate and vacation homeowners are encouraged to attend.