By: Al Rohrbaugh arohrbaugh@railey.com 301-616-9748 February 28th, 2009 Category: Community Profiles, Deep Creek Lake Buyer Info

Exploring Deep Creek Lake - Trader’s Landing

Deep Creek Lake has a number of unique communities, but it is safe to say none offer the amenities of Roman Ridge at Trader’s Landing.  For years the area was known for the Pink building known as the old Trading Post.  Since then the nostalgic or (should I say nauseating) building has been replaced with a variety of shops, all offering services that compliment the Deep Creek and Garrett County experience.

Start the day at Trader’s Coffee House for the finest brews and pastries, (with wireless internet access your laptop is optional), lunch at the very convenient Subway (try the fresh cookies), and make it a point to do lunch or dinner at Brenda’s Pizzeria for the finest New York Style Pizza on the lake.

Between meals, check out High Mountain Sports. Steve or Bryan will hook you up with the very latest clothing, equipment, and the best deals, for all of your adventure sports needs.  You can buy or rent pretty much anything you need to enjoy the lakes, slopes, rivers or mountains of Garrett County. Mountain bike, kayaks, wakeboards, and water ski sales and rentals - you name it they have it. Other helpful businesses are Mountainside Technologies (computers) and Grand Central (furniture).

Often overlooked are the very affordable condominiums in the community. Some call the units Roman Ridge some call them Trader’s Landing.   You will find town homes ranging from single family to quad units, prices ranging from $199,000 - $499,000 (depending on size and age).  This will buy you a very comfortable, lake view home within a short walking distance to the above shops.  You will also have the opportunity to rent a dock slip just across the street, and with the Wisp Resort ski area in sight, you will be able to enjoy most of the amenities of Deep Creek Lake from your front door step (It’s like owning a lakefront home without paying lakefront prices!)

Come by land, or come by boat, but whatever you do, come check out Roman Ridge at Trader’s Landing!

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: Mike Kennedy mkennedy@railey.com 301-616-6106 February 19th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate

In 2008 Railey Realty was once again the leader in market share for the Deep Creek Lake and Garrett County Maryland areas.  In fact, we sold more real estate in 2008 than all other area brokerages combined! Below is a chart showing the number of transaction sides and total dollar volume for 2008. These statistics include all residential, lot and land, commercial, and multi-family transactions tracked by our MLS.

Railey Realty has been the number one ranked real estate company in the Deep Creek area since 1995 - a streak that now stands at 13 years!  So if you are thinking about buying or selling property at Deep Creek Lake or in Garrett County please give us a call or shoot us an e-mail - you can be assured you will be working one of the area’s most productive and knowledgeable Realtors who will expertly guide and advise you each step of the way.

 Deep Creek Lake Market Statistics

Garrett County Maryland Market Statistics (Includes Deep Creek Lake Area)

*All data obtained by MRIS. Figures are believed to be accurate but not guaranteed.

By: JonBell jbell@railey.com 301-501-0735 February 11th, 2009 Category: Deep Creek Lake Buyer Info, Vacation Rentals

Did you know that a pool table / game room in a vacation rental home brings in an additional $225+/- in rental income per week?

If you are in the market to buy a vacation home in the Deep Creek Lake area you should know that renting to vacationers can offset some of the expenses of owning a second home. Because of the area’s four season activities and close proximity to several major metropolitan areas, the Deep Creek Lake vacation rental market is alive and growing rapidly. Renting your home to vacationers can be a fairly easy process with the help of our sister company, Railey Mountain Lake Vacations - the largest full service vacation rental agency  in the Deep Creek Lake area.

So, what should you consider when buying a vacation rental home?

A recent Penn State Study by Jon Nelson examines the rent premiums for prime Deep Creek Lake locations. You can read a summary of his report on Jon Bell’s Deep Creek Lake Real Estate blog or email Jon Nelson at jpn@psu.edu for a complete copy.

Buying the right property is very important. Working with your real estate agent, you will need to do some homework before you decide which property to purchase. If a property had previously been on the rental market, your agent should be able to provide a copy of the rental history, showing an exact income statement for the house. If the property has no rental history, a rental projection from the rental company of your choice showing a high and a low projected rental income can be made available.

Please feel free to email me at jbell@railey.com if you have any questions or if you would like to schedule an appointment to meet and take a look at any property that sparks your interest.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 February 10th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Interest Rates and Loans, Obtaining a Mortgage, Uncategorized

This afternoon I had a conversation with local mortgage lender Jerry Merrick of BB&T Bank.  He had mentioned that refinance interest rates in the Deep Creek Lake and Garrett County areas are actually higher than purchase rates and no one seems to be noticing this. Conforming mortgage rates on a home  purchase are still below 5%! I questioned why the discrepancy in rates and below is his response.

While interest rates remain historically low some lenders are raising their rates to control the flow of refinance applications. The typical 30 year fixed rate refinance loan is priced at 5.125% today on any loan amount under $417,000. The matter is simply supply and demand, meaning that lenders are offering very low rates but they are typically understaffed and lack the support necessary to get these deals to closing prior to the rate lock expiration dates.

Consumers should be leary of using lenders that they are unfamiliar with who may be offering lower than market rates. The first item to address is how long is my rate guaranteed to be locked in for, and what are my options if the rate does expire prior to settlement? Ask yourself the question what good is a below market rate if you never go to settlement. At BB&T our clients are locked in for 60 days in order to ensure the integrity of their lock. Those terms are disclosed upfront in the form of a signed rate lock disclosure.

The flipside represents the purchase market which finds lenders still very aggressively priced. Purchase loans are priced today at 4.875% on 30 year fixed rate products. That’s a solid .250% below what the refinance transaction costs. The difference is purchase money transactions are moving faster and have priority in underwriting, because unlike the refinance these loans are new loans for the lender and the refinance transactions are already homeowners.

 With so many variables affecting the market, it’s more important than ever to have an advise -based strategy when structuring your loan, I appreciate you trusting me with this role. 

Jerry Merrick

Deep Creek Lake’s #1 Lender

Vice President

BB&T Mortgage

Mortgage Loan Consultant

301-387-3219 Phone

301-387-5393 Fax

301-616-0037 Mobile

21287 Garrett Hwy suite 500

Oakland, MD  21550

www.bbt.com/mlo/jmerrick

By: Mike Kennedy mkennedy@railey.com 301-616-6106 February 5th, 2009 Category: Garrett County Real Estate

$15,000 Tax Credit

Last evening, the United States Senate passed the Isakson-Lieberman amendment to the pending economic stimulus bill that would create a $15,000 tax credit to any homebuyer that purchases a home in the next year. Purchases must be made within 1 year of enactment and unlike the $7,500 tax credit passed last year this credit will not have to be repaid.

Primary Residences Only

However, this credit is only for individuals purchasing a primary residence - it does not apply to someone buying a vacation home or rental property at Deep Creek Lake. And if the house is sold within the first two years the tax credit will be recaptured. Final details are still being worked out.

This is really good news for those individuals or couples looking to buy a principal residence or house for sale in Garrett County within the next year. This credit essentially puts an extra $15,000 in your pocket - money that could help with home repairs or renovations that may be needed or help out with closing costs.

Please give us a call or contact us if you thinking about buying a house or real estate for sale in the areas of Oakland Maryland, McHenry, Mountain Lake Park, Grantsville, Accident, or Friendsville. This pending legislation could make this a very advantageous time to buy a house. It may be a good time to start the home buying process. As the area’s market leader in real estate, we not only help clients looking to buy vacation and second homes, we also work with individuals buying their primary residences throughout Garrett County as well.

Follow Up - As of February 12, 2009 it appears that when the stimulus bill is finally signed into law that their will be an $8,000 credit for homebuyers purchasing a home between January 1, 2009 and December 31, 2009 - not $15,000. This $8,000 will not have to be repaid - it will be a true tax credit. Eventhough it’s not $15,000 - an $8,000 credit will certainly help anyone looking to purchase a primary residence this year.

By: JonBell jbell@railey.com 301-501-0735 February 3rd, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate

Real Estate mogul, Barbara Corcoran, appeared on the Today Show earlier this week to discuss the “Five Biggest Real Estate Myths” in the current real estate market. She explains each of the following myths in detail:

#1 Sellers Today Are Desperate

#2 Don’t Buy Before Prices Have Bottomed

#3 You Can’t Buy A Home With Less Than 20% Down

#4 Now’s The Absolute Worst Time To Sell

#5 Before You Refinance Shop Around

This is a very informative perspective on the national real estate market. The interview is just a little over 4 minutes and I suggest all prospective Deep Creek Lake, MD area buyers and sellers watch. You can find the video at: http://today.msnbc.msn.com/id/28818023/

Click Here to Read Jon Bell’s Deep Creek Lake Real Estate Blog