By: Mike Kennedy mkennedy@railey.com 301-616-6106 September 12th, 2008 Category: Community Profiles, Deep Creek Lake Real Estate

Recently, Bill Franklin, developer of the Thousand Acres at Deep Creek Lake community, sent us an update on the progress of the newest planned golf course in Garrett County and real estate subdivision.

• The front nine holes will be completed in fall 2008 and are scheduled to open in the spring of 2009. The back nine holes are scheduled to open later in 2009.
• Holes 3, 4, 5, 6, and 9 have been sodded around the greens, bunkers, and tees.
• Bill also reports they have been very careful not to impact any of the wetland areas - there are 8 small bridges that cross streams and wetlands. The only disturbance of those wetlands is those bridge posts.
• Fairway and rough seeding is ongoing along with clearing and grubbing, moving dirt, installing golf course drainage and irrigation, building roads and storm water structures, building the irrigation pond, and all the other stuff that goes into building a golf course

We are hopeful in the very near future that Railey Realty will have 5 new building lots and home sites for sale in the Thousand Acres at Deep Creek Lake subdivision. For more information on this premier second home and four season mountain retreat community please visit www.thousandacresgolf.com.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 September 9th, 2008 Category: Deep Creek Lake Real Estate, Interest Rates and Loans, Obtaining a Mortgage

Over this past weekend, the federal government announced it would step in and officially take control of both Freddie Mac and Fannie Mae - two of the nation’s largest private agencies that provide loan guarantees on over ½ of all the outstanding mortgage loans in this country. Both agencies have been struggling to stay solvent during this recent national mortgage crisis that started in 2007.

But will this bailout have any effect on the local Deep Creek Lake and Garrett County Maryland real estate markets?

Lower Interest Rates

Most experts are predicting that this government takeover will result in lower mortgage rates. This takeover should result in more government control over the entire mortgage market and interest rates. If the government is truly trying to help the national real estate market slump, lower interest rates may be expected in the near future. Those who are betting on lower rates are saying that we might see rates a full point lower than current rates.

From a historical perspective lower interest rates usually have a positive effect on real estate values in most markets - with lower rates the effective cost of owning a house or piece of real estate is essentially lower. There is no doubt the Deep Creek Lake market has benefited from the historically lower interest rates we have experienced since the start of this decade. Lower rates in the near future may help spur on some additional demand for local real estate.

Current Lending Restrictions

Some experts are even predicting or hopeful that federal control of Fannie Mae and Freddie Mac will result in less restrictive lending guidelines than what we are currently experiencing. No one is advocating returning to the extremely loose lending guidelines that many say caused this current credit crisis. But a little less restrictive than today’s standards and more normal lending guidelines may also help local real estate as well.

Overall, some view this government takeover as an extreme negative - while others will see it as a positive. Certainly, this federal takeover will cost taxpayers billions and billions of dollars in loan losses. Others will argue this takeover was necessary - without it both Fannie and Freddie were certain to fail thus increasing the chances of a national economic depression - and with a depression it may have cost working taxpayers much more money in the long run. Only time will tell if the government made the right decision on this matter.