By: Mike Kennedy mkennedy@railey.com 301-616-6106 December 19th, 2008 Category: Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Wisp Real Estate

The time period between Thanksgiving and Christmas is historically a slow period for the Deep Creek Lake and Garrett County real estate market. Most potential buyers are usually focused on the upcoming holidays and not purchasing a vacation home. However, the past few weeks has seen the following higher priced properties go under contract.

1038 South Blakeslee Drive - listed for $1,149,000. 5 bedroom lakefront house located in the Blakeslee subdivision on the southern end of the lake. Boat slip is located adjacent to and in front of this property.

1088 Thousand Acres Road - listed for $875,000. 3 bedroom lakefront log home with a private Type A boat dock.

86 Moorings Way - listed for $665,000. This house is a custom 3 bedroom lake access house built in 2004 with wonderful views of the southern end of the lake. Plus, the deeded boat slip is within walking distance of the house - which is located in the neighborhood known as Hickory Ridge.

123 Kendall Camp at Wisp - listed for $999,000. Four bedroom ski-in/ski-out town home built in 2006. True ski slope access at the top of the Main Street slope and easy access to chairlift 4.

Will this level of dollar volume continue into the New Year? No one knows for sure but it is a positive sign. This market has certainly experienced a drop in activity over the past few years - no one will argue that - but the important thing is that real estate values have held their ground (no pun intended) around Deep Creek Lake during this national economic slowdown. Once again our lakefront and lake access markets continue to show their strength when other areas are experiencing significant decreases in values.

Coincidentally, Railey Realty is representing the buyer on 3 of the 4 properties listed above - plus 3 of the 4 properties were Railey Realty listings. If you are thinking about selling your Garrett County or Deep Creek Lake vacation property please contact us - our marketing program and sales team has proven themselves to be the most effective in the area - usually resulting in our brokerage selling about 60% of all homes and lots in the Deep Creek Lake area year after year.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 December 17th, 2008 Category: Deep Creek Lake Real Estate, Interest Rates and Loans, Obtaining a Mortgage

John Simson, a local mortgage broker in Garrett County with Sweitzer Simson of Spectra Funding, announced that mortgage rates have come down substantially as of today. Here are some current interest rates you could lock today if you were thinking about possibly buying real estate, a second home, or resort property at Deep Creek Lake or in Garrett County Maryland.

Here is the note from John;

Rates are the best I have seen in a long time possibly ever!!

They are inverse from what they follow typically, but we can do:

Up to $417,000

    15 year fixed  4.75%

    20 year fixed 4.625%

    30 year fixed 4.5%

Above $417,000

    Balloons

        30/15  6.00%

        30/10  5.75%

        30/5    5.5%

        3/1      5.125%

        5/1      6.00%

Pricing is subject to Loan to value, credit scores, & income ratios.

No one can say for sure that interest rates will stay this low or come down any more in the next few days or weeks to come but one thing is for sure - today’s rates on conforming loans (or those loans less than $417,000) are quite possibly the lowest  anyone has seen in decades.  Jumbo rates (or those loans more than $417,000) have improved over the past few weeks but with the spread it still probably makes sense to try and finance $417,000 or less when purchasing a home or piece of land.  It may be an excellent time for those who may be on the fence deciding whether or not to buy real estate right now to take advantage of these low rates. Give us a call or drop us an e-mail - there are certainly some good properties for sale in our market right now.

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.