By: DebraSavage dsavage@railey.com 301-616-4085 May 4th, 2012 Category: Deep Creek Lake Real Estate, Fractional Ownership

Here’s a new and exciting concept in buying a second home; buy a million dollar luxuriously furnished lakefront home on beautiful Deep Creek Lake in Garrett Country, MD for one-eight the price, and get a new top of the line 24′ Bennington Lake Cruiser on your own private dock, thrown in?

Located on beautiful Deep Creek Lake in Garrett County - Maryland’s largest freshwater lake and four-season playground -  is a unique fractional real estate opportunity waiting for you. Now you can spend the upcoming summer weekends relaxing on the deck of an elegantly furnished home overlooking the lake, with the ‘Mercedes of Lake Cruiser’ on your private dock, waiting to be taken out for a spin.

The Creekside Club, a fractional private residence club, a growing trend for those looking for a carefree vacation home offers an exclusive ownership of a $1 million luxury Deep Creek lakefront home and a luxury 24′ decked-out lake cruiser, all for only a fraction of the cost.

This is no ordinary lakefront home, and no ordinary boat. It’s part of a growing trend in luxury vacation homes - where like-minded people share the costs of private home while reaping the benefits of the perfect family retreat.

What makes this second home real estate opportunity so extraordinary, aside from your totally carefree enjoyment is the added bonus of the boat ownership. It can be said that the best way to spend time on the water is to have a friend with a boat. Now the Creekside Club offers boat ownership with its private residence club home yet without the hassles or maintenance and a fraction of the upkeep cost; all the fun, none of the headaches. All you do is show up to your lakefront home, your groceries are in the fridge, the drinks are on the boat, and you are off enjoying the blue waters of Deep Creek Lake.

The inclusion of a $50,000+ top-of-the-line Bennington Cruiser comes just as Garrett County is gearing up for their busy summer season. But for owners of this vacation home, a boat comes privately docked right outside your back door. You no longer have to experience the hassle of boat rentals or the annoyance or costs of boat maintenance. Perfect for a leisurely cruise on the lake’s clear blue waters, you can also speed things up with waterskiing and wakeboarding. The Cruiser comes fully equipped with comfortable lounge seating, a great sound system and space enough for ten.

If you only plan to use your Deep Creek vacation home 6 or 7 times per year, this is the smarter way to own a luxury home on the lake. A one-eighth deeded share starts at only $139,000, giving you an impressive four-bedroom villa, your personal 24′ Inboard/Outboard Lake Cruiser, complete with a private dock, and the freedom to use this home as much as you want based only availability. Without any of the financial or maintenance headaches involved with most second homes, ownership at The Creekside Club allows owners to take full advantage of all the amenities the gorgeous villa and all that the Deep Creek Lake area has to offer, at a price you wouldn’t think possible.

For most Owners of a fractional private residence club, like The Creekside Club, the ease of ownership is just as appealing as the cost. A club staff cares for the property and provides boutique hotel-like services. Fair and equitable club reservation policies dictate use - which is unlimited, subject to use by other owners. So, instead of spending a small fortune on a home you’d only use two or three times a year, you’ll be spending a fraction of that price and be able to use it as much as Owners want. Residence Club Partners of Asheville, NC, has masterfully set an attainable goal for families who want to enjoy a vacation home that is affordable as well as indulgent.

If you’re interested in learning more about becoming a second homebuyer with The Creekside Club on Deep Creek Lake, visit www.creeksideclub.com.

By: DebraSavage dsavage@railey.com 301-616-4085 June 30th, 2011 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Fractional Ownership

Why not own a home at Deep Creek Lake that you can use throughout the year at our four-season resort while only paying for a portion of the expense?  No, this is not a timeshare.  This is the “green” alternative to second home ownership.   This is a way for you to own a magnificent lakefront home on Deep Creek Lake. It is called fractional ownership, and you receive a deed just like any other home you own.  You have the option of meeting the other owners or not; your ownership is legally separate.  You are not responsible for the normal chores required with second home ownership, allowing you to relax and enjoy each time you visit your home.  Your use as an owner is spread throughout the year, during every season, and provides you with maximum flexibility to get away with friends and family. The benefits of owning this type of real estate at Deep Creek Lake includes;

• All maintenance, bill payment and reservations are handled by professional management.
• You pay just your share of the budgeted expenses each quarter.
• Dedicated housekeepers ensure that your home is in pristine condition upon your arrival.
• Enjoy boating, water skiing, fishing, hiking, parks, waterfalls, white water rafting, snow skiing, snowboarding, tubing, cross-country skiing, and golfing at several available courses, including our Signature Hale Irwin course.
• Or just relax with a cup of coffee and a book on your lakefront deck or patio

Visit www.secondhomesatdcl.com to view the inventory of spectacular fractional homes at Deep Creek Lake, or give me a call at 301-616-4085.

By: DebraSavage dsavage@railey.com 301-616-4085 February 10th, 2010 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Fractional Ownership

The current economic climate has forced many of us to realign our priorities.  Conspicuous consumption is clearly out; sustainable, “green” living with smaller carbon footprints a growing awareness. So how does one reconcile the desire to own a second home or vacation real estate at Deep Creek Lake with the need to be socially responsible?  There is a way.

Fractionals - A “Green” Alternative

Fractional ownership is a smart, sustainable, “green” way to own a second home. A legally defined alternative popular in many resort areas, multiple like-minded owners share initial costs and ongoing expenses, balancing the buyer’s investment with actual usage and enjoyment of their home. While the average vacation property in the US is used less than 30 days per year, it is generally kept heated and cooled concurrently with the owner’s primary residence.  According to the Live Green, Live Smart Institute, this, along with travel, maintenance and hot water usage, generates about 31 tons of CO2 per vacation property per year.   The shared carbon footprint created by fractional ownership spreads the resources over multiple families or individuals, and does not duplicate the resources required in construction and land usage.

Luxurious Amenities

Being practical and socially responsible does not mean sacrificing when it comes to fractional properties developed by Second Homes at Deep Creek Lake.  While the level of luxury offered in these homes might seem excessive for a single owner, it is easily justified for multiple owners.  Geared toward the total comfort and enjoyment of owners and their families, amenities in these truly unique homes include home theaters, whole house audio, chef-ready kitchens, espresso makers, hand-painted murals, wireless internet, libraries, kayaks, canoes and bicycles. Professional management ensures that owners can truly relax on each of their visits throughout the year, and not have to worry about maintenance and other issues when they’re not in residence.

Frequently Asked Questions About Fractional Ownership

Click Here for All Currently Available Fractional Homes For Sale at Deep Creek Lake

There are currently two premier fractional real estate opportunities available at Deep Creek Lake, with a third on its way in June 2010 - The Lodge at North Shore - a deeded 1/7th fractional ownership lakefront home from the low to mid $400,000s.  For additional information, check out www.secondhomesatdcl.com or give us a call to schedule your personal tour.

By: DebraSavage dsavage@railey.com 301-616-4085 September 3rd, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate

Well to give an answer this question it takes further explanation of two trends we have seen - 1.  the number of units sold has dramatically fallen - but  2. Deep Creek lakefront properties have still continued to hold their value. Let’s walk-thru this in greater detail;

Deep Creek Lakefront Residential Homes Sold

Year # of Homes Sold # of Homes over $1,000,000

2000          97                                     4

2001          79                                     6

2002         115                                     5

2003          70                                      7

2004          82                                     13

2005          94                                     21

2006          79                                     26

2007          61                                     21

2008          54                                     20

2009 YTD    19                                      5

These numbers are based upon information obtained from MRIS, our local MLS System, showing homes listed as fee simple lakefront residential homes at Deep Creek Lake.

As you can see the number of transactions has fallen starting in 2006 - but please note that until this year (2009) the number of lakefront homes sold with a list price over $1 Million has been a strong and upcoming market.

Deep Creek Lakefront Values have Remained Steady

I took a completely random sampling of properties, both single family and condominium lakefront properties, which are currently listed for sale to establish value.  I reviewed the sales history of these properties from the time we started to track sold prices in our public records and here are the results:

Area of the Lake - Southern

Sold Price                   Transfer Date

$350,000                      April 04

$435,000                       Dec 04

$630,000                       June 05

Current List Price         $ 1,199,000

Thayerville Area of Lake (near Uno’s)

Sold Price                   Transfer Date

$217,000                         Dec 81

$421,250                         Sept 02

Current List Price         $699,000

McHenry Condominium

$125,100                         May 88

$145,500                         April 97

Current List Price      $409,999

Southern Lake  Condominium

$164,750                          Jan 90

Current List Price      $ 375,000

McHenry Condominium

$117,000                          May 92

$160,000                          May 04

$210,000                          Sept 05

Current List Price      $ 217,000

So what does all this say?

The number of homes sold has decreased this year, but we are holding value.  Now I know we are all talking about and hearing about all these price adjustments and decreases.  Yes, we are seeing sellers drop prices, BUT, we are holding value. Home owners are not making as much on the re-sale of their property but they still have not dipped below the value they paid originally.

Remember buyers turn into owners and potentially one day they turn into a seller. That is when everyone wants to know that they made a purchase that has held value.   Deep Creek Lake has historically proven over and over again that it’s a great value purchase.  Considering the conditions the real estate market has seen nationally isn’t it great to know that there is somewhere in this great country that when you buy property, even in huge downturn markets, that you can and will hold value!

So, whether you buy now or buy later (as many happy home owners at Deep Creek Lake have done over the years) our history is strong on value oriented lakefront property.

Now there is a reason to purchase lakefront at Deep Creek Lake.  I think we all wish our 401K and IRA stock accounts had held value like Deep Creek Lake!!! Give us a call or drop us an e-mail - we’ll show you how to buy a vacation property in a market that has proven itself over time!

By: DebraSavage dsavage@railey.com 301-616-4085 June 11th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Fractional Ownership, Garrett County Real Estate, Wisp Real Estate

People seem to be tightening their belts and looking for the best, most reasonable and smart way to enjoy second home ownership - especially here at Deep Creek Lake. This new economy does not require complete sacrifice, but it may require smarter spending and use of our resources.

This is where Fractional Home Ownership comes into play. Typical Deep Creek Lake vacation homes are often vacant for weeks or months on end while racking up the expenses such as: electric, heat, mortgage, home insurance; all the while gathering dust and needing maintenance. And even if you rent them out you probably are experiencing the frustrations that sometimes exist with maintenance issues of accelerated wear and tear on the home and furnishings.

With Fractional Home Ownership your expenses are shared with other home owners who care about the property just the way you care for your own home. The home is fully occupied by owners and maintained each week upon the exit of the current owner.

You receive an undivided deeded interest in the property. These Fractional Homes are top of the line. So instead of paying 1.2 million to 1.5 million for a gorgeous lakefront home, that you will probably only use a very few times a year, you still get your use at a Fraction of the cost while sharing the home with other owners who care and respect their ownership. Second Homes at Deep Creek Lake currently offer a 5 Bedroom Lakefront Fractional Ownership for just $349,000.

Second Homes at Deep Creek Lake also offers that top of the mountain feel with their Fractional Overlook Villas home for 269,900. This property sits atop Wisp Ski Resort mountain with stunning water views of Deep Creek Lake Maryland.

So in these challenging economic times, having a premier Deep Creek lakefront home with Fractional Home Ownership, offers you the right to “Have Your Dream Home at a Fraction of the Cost”. Isn’t it great when you can have your cake and eat it too!!!!!!

Give us a call or drop us an e-mail if you are interested in learning about the only fractional ownership opportunities in western Maryland’s four season resort - Deep Creek Lake and Garrett County.

By: DebraSavage dsavage@railey.com 301-616-4085 April 18th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, Interest Rates and Loans, Obtaining a Mortgage

Why is now a good time to buy a house for sale at Deep Creek Lake or in Garrett County? Whether you are looking to purchase a vacation or second home at Deep Creek Lake, a cabin retreat in the woods, or if you are first time home buyer - there are two reasons that now may be the right time to buy real estate;

• Sellers now understand that we have not only have moved into - but are now lodged in a ‘Buyer’s Market’ and they must now properly and realistically price their home if they desire to sell in this current market.

-and-

• Interest rates are at historically low levels.

EXAMPLE; An $800,000 jumbo loan or mortgage on a vacation property at Deep Creek Lake at 6 percent on a 30 year fixed-rate mortgage will cost you $926,717 in interest over the life of the loan.  If interest rates increase just 1 percent - that same loan will now cost you $1,116,025.  That is an additional $189,308 in interest paid over the life of the loan!

A $400,000 conforming loan for a primary residence at today’s current rate of 4.75 percent on a 30 year fixed-rate mortgage will cost you $351,164 in interest over the life of the loan.  Once again, there is a tremendous amount of additional interest to pay if the rate rises just 1 percent. That 1% rate increase will cost you an additional $89,180.00 in interest over the life of the loan.

So, negotiate your best possible contract price and then take advantage of these historically low interest rates.  The current buyer’s market and low interest rates won’t last forever!

By: DebraSavage dsavage@railey.com 301-616-4085 March 10th, 2009 Category: Deep Creek Lake Buyer Info, Interest Rates and Loans, Obtaining a Mortgage

Many potential home buyers here at Deep Creek Lake and in Garrett County frequently ask me - “When is the best time to lock in my interest rate?” I posed this question to one of our local mortgage experts- Jerry Merrick of BB&T Bank and below is his most informative response;

I always advise my clients to lock in their interest rate at the earliest opportunity. Gambling with a client’s interest rate is never advisable. In my business, I have a standardized system in place that we adhere to for all of our clientele.

A mortgage loan cannot be closed without locking in a rate and there are two main elements to take into consideration:

Interest Rate
Length of lock

Locking in a rate does not obligate the client to commit to the loan until the appraisal is ordered and costs are incurred. The lock simply eliminates any risk of the borrower being exposed to market volatility. It provides the security of having time to complete the mortgage and real estate transaction with some sense of order.

My team and I let our clients know that interest rates fluctuate daily and do not want them to fall victim to, I wish I would have locked and now I’m stuck with the higher rate. We try to lock in a rate when we receive the application to minimize excessive volatility and allow the borrower to focus on paint colors and not interest rates.

We advise our clients to lock rates that are conducive with their transaction. For instance a 30 day lock is less expensive than a 45 day lock. There are lenders out there that compete on price alone and do not disclose the difference in the rate is because of the shorter lock period.

So there you have it - as with most things in life - the answer in a nutshell is it all depends on your situation and comfort level. I highly urge and recommend anyone looking to borrow money to purchase a house that they consult at least 2 or 3 of our local lenders to get all your questions answered.

By: DebraSavage dsavage@railey.com 301-616-4085 February 27th, 2009 Category: Deep Creek Lake Buyer Info, Vacation Rentals

How are some vacation rental homes at Deep Creek Lake doing?

Just like most things in life, “some have it and some don’t”, or so the saying goes.

With today’s tightening lending market many wonder; are there homes for sale at Deep Creek Lake that have great rental income that you can purchase to help offset the expense of second home ownership?

One such example would be 335 Waterfront Greens Drive (GA6806172). This 5 bedroom/5 bath home offers abundant vacation opportunities and great rental history. This home produced over $55,000 in gross rental income in 2008

This home offers lake access, indoor swimming pool and use of the Waterfront Greens: Par 3 Nine Hole Golf Course, tennis courts, mini golf course, club house for get-togethers or card games by the fireplace, canoe and kayak racks, winter sled riding hill and lots of walking paths and open space.

With the indoor swimming pool and all the amenities offered within the Waterfront Greens Community this is a renter’s or owner’s paradise. All these fun activities await you right outside the door. All this tucked in the quiet, relaxing and sunny cove of Beckman’s Peninsula.

Let’s run some numbers - but first things first - if you are going to finance part of your purchase locking in your interest rate now while rates are currently low will help secure your payment.

Purchase Price=$799,000
Mortgage Principal after 20% Down= $639,200
Monthly Payment=$ 4040.18
(Based upon APR of 6.5% for a 30 year mortgage on $639,200.00)

Annual (Principal and Interest) Mortgage Payment= $ 48,482.16
Annual Rental Income in 2008=$55,000+

Cha Ching!!!!! You now own a second home and real estate at beautiful Deep Creek Lake, use it for your families personal enjoyment, according to your schedule, allow guests to use the home the remainder of the time and your mortgage gets paid. Now that’s what it is all about!

Of course like anything in life, nothing is guaranteed so take into consideration that rental bookings can either increase or decrease. But locking in your mortgage rate makes one less variable you will need to deal with while owning a second home at Deep Creek Lake!

By: DebraSavage dsavage@railey.com 301-616-4085 December 4th, 2008 Category: Garrett County News, News

The Lodges at Aqua Mountain Resort will look back on 2008 with a feeling of real estate success.  There are currently 24 cabins under reservation. “This is a certain testament to the quality of the product and the terrific work of the sales staff at Railey Realty”, said developer Jonathan Kessler.

A flurry of activity was recorded this past summer and fall at The Cabins at Aqua Mountain Resort.  Things are on target to have completion of the first group of cabins by May 2009 with rentals to begin by Memorial Day weekend.

There are currently 14 cabins under construction that will provide 21 hotel suites.  The beautifully appointed Adirondack-style cabins will offer a variety of floor plans that accommodate up to ten and offer amenities such as: jetted tubs, kitchenettes, flat screen TV’s and fireplaces.  The project also offers a central location next to the Garrett County Maryland Fairgrounds, restaurants, amusements, attractions, shopping and Deep Creek Lake marinas.

The new entrance from Route 219 was nearly completed before falling victim to the early snowfall in Garrett County.  The final resurfacing of the entrance is projected to be completed in early April.   The project now has public sewer, public water and utilities on site.  A projected hotel office and Sales Center Log Cabin will be started in spring 2009 where guest of the Lodges will check in for their stay and this cabin will also accommodate two model suites on the lower level for buyers to view the finished product.

Upon settlement of the first phase of The Cabins at Aqua Mountain Resort, developer Jonathan Kessler, will begin another phase of 15 cabins in the summer of 2009 and continue to release new phases until the proposed 60 cabins and been completed. 

The much anticipated and still proposed Aqua Mountain Resort Water Park is currently in architectural design phase with details being addressed for state of the art amenities to allow expansion phases, if necessary, so the water park can grow and accommodate any number of new water technologies available for indoor water park facilities.   

Visit the Aqua Mountain web site at www.aquamountainresort.com for more details or contact one of the Railey Realty sales staff for more information or a tour of the project. Below are some pictures of the interior of one of the completed cabins.