By: Mike Kennedy mkennedy@railey.com 301-616-6106 June 24th, 2009 Category: Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News, Wisp Real Estate, Wisp Ski Resort

Yesterday we had a meeting with Karen Myers, one of the owners and developers of the Wisp Ski Resort. She gave us an update on the Wisp Ski Resort, the new Hale Irwin Lodestone Golf Course, and other real estate developments atop Wisp mountain. Here are the highlights of the meeting;

Contrary to any rumors the Wisp Ski Resort is NOT in any type of financial trouble! And they don’t intend to get in any financial trouble in the future by utilizing a plan to be fiscally responsible going forward. This plan includes delaying some of the proposed projects until economic conditions improve and expansion is feasible. The Wisp finished this past ski season (2008-2009) with about 185,000 skier visits - which was slightly ahead of the previous winter season - even with a slumping economy and an unusually warm March which forced them to close earlier than normal for the season. Some in the ski industry have heard reports that most of the other mid-Atlantic ski areas were down significantly in skier visits - if that is true this once again shows the overall strength of the Deep Creek Lake area as four season resort area that can still draw people and tourists even in tough economic times!

Hale Irwin Lodestone Golf Course

First and foremost the Wisp plans on finishing the Hale Irwin Lodestone Golf Club. The first 10 holes have already been “plated” and their is some additional rock blasting to be done on the final 8 holes. Hale Irwin toured the site last week and the course is on target to be done and playable by September 2009. The Wisp is currently pre-selling memberships - full memberships are $40,000 for non-lot owners and $20,000 for a sport membership for those who plan on playing less golf. This golf course will be a private, membership only course and won’t be open to public play.

Wisp Lakeside Club

Second on the priority list is to complete and open the Lakeside Club on Deep Creek Drive with a temporary building. The permanent $7 million building has been put on hold until the economy improves. The location is 1077 Deep Creek Drive which is the site of the old S&H Marina on Deep Creek Lake. The temporary location will have a bar, lounge, pool, TV’s locker rooms, and game rooms.  This club is targeted for property owners in some of the neighborhoods atop Wisp Ski Resort - such as Kendall Camp, North Camp, or Highline - that don’t have access to Deep Creek Lake. The target date for opening the Lakeside Club is July of 2009.

North Camp Ski Slope Expansion

Eventually, as economic conditions improve, the Wisp plans on constructing another Chair Lift and increasing the number of ski trails and ski-able terrain in the North Camp area of the ski slopes. The new Chair will be #8 and will meet at the top of North Camp near Chair #7.

Wisp Mountaintop Village

Lastly, the proposed Mountain Top Village near the ASCI White Water course will be developed. Proposed is a 100 unit residential building that will be ski-in/ski-out along with various retail and food shops. The mountaintop village already has ASCI (Adventure Sports Center International), The Pumphouse Cafe, and the Wisp Outdoors Center.

If you are interested in any real estate opportunities at Wisp Ski Resort or in the Deep Creek Lake area please give us a call or drop us an e-mail. We’ll be more than happy to show you any building lots, residential homes, or townhomes atop Wisp mountain and provide more details about all the happenings at Wisp.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 June 22nd, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Garrett County Real Estate

Click on the link below for new real estate listings and homes for sale in the Deep Creek Lake and Garrett County Maryland area offered by Railey Realty last week - Deep Creek’s leading real estate brokerage. The link below is Google Map with additional information about each new residential, lot/land, and commercial real estate listing.

New Deep Creek Lake, Garrett County, and nearby West Virginia real estate listings - the week of June 15-June 21, 2009

The residential properties are denoted with a push pin and the building lots and acreage are denoted with the balloon graphic. Clicking on the property marker will give you a brief description and a link to additional information and pictures.

Two new lakefront homes for sale on Deep Creek Lake - 88 Silver Tree Lane and 2053 Marsh Hill Road.

88 Silver Tree Lane is offered for sale at $1,100,000 -  comes with a assigned boat slip, and has excellent vacation rental income - $64,000 in gross bookings.

2053 Marsh Hill Road is offered for sale at $1,250,000 - 190 feet of lakefront and less than 1 mile to the Wisp Ski Resort.

Also offered for sale is the Oakland Car Wash just north of the town of Oakland Maryland. The list price is $649,000. Great cash flow with this commercial real estate located on the busiest part of Rt. 219/Garrett Highway. This is a great opportunity to take advantage of the recent permanent closure of the self serve bays at the competing Super Car Wash - which was located behind the Sheetz gas station in downtown Oakland Maryland. Sheetz in Oakland is currently remodeling. For someone looking for business opportunities or an easy to run small business in Garrett County this may be it.

Please contact us if you are interested in any of these new properties - or any others listed for sale in the area. As a member of MRIS, our local MLS, we can assist with any property listed for sale - even those listed with other area real estate brokerages in Garrett County Maryland.

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

Just recently, our local MLS (multiple list service) that serves the Deep Creek Lake and Garrett County Maryland area added the ability to search for foreclosures, potential short sales, and bank owned (REO) properties. These types of properties are often referred to as “distressed properties”.  Most real estate buyers and investors looking for bargains often target these distressed properties first.

As I have wrote about in previous posts - our local real estate market here at Deep Creek Lake doesn’t have a significant amount of these distress sale opportunities - and this is still the case. This is unlike what is happening in other resort markets and is testament to the overall strength of our market!!

As of today here is a summary of the total number of distress sales in Garrett County;

Deep Creek Lake and Garrett County Short Sales

Potential Short Sales - 10 active residential properties. Only 1 of the 10 is currently under contract or sale pending - an Overlook Villas townhome atop Wisp Mountain listed at $649,000. Of these 10 - 5 are located in the general Deep Creek Lake/Wisp Ski Resort area;

• - Red Run lakefront townhome listed for sale at $299,950.
• - Lakeland Estates lake view townhome (across from The Creamery) listed for sale at $220,000.
• - Lake access home on Brenneman Lane in the Summit subdivision listed for $649,000.
• - Lake access home on Glen Cove Road in Swanton listed for $549,000. No boat slip with this one.
• - The Overlook Villas townhome currently under contract.

The other 5 properties are located in the outlying areas of Garrett County - most in the Oakland, Mt. Lake Park and southern Garrett County area.

A short sale is basically a situation where the current homeowner owes more to the bank or lending institution than what the property is currently worth.

Deep Creek Lake and Garrett County Foreclosures

Foreclosures - 12 active residential properties currently for sale in Garrett County. Nearly all have already gone thru the foreclosure process and were bought back by the bank at the public auction. The various banks are now offering these REO (real estate owned) classified assets for sale thru local real estate brokers. Of the 12 foreclosures, 6 are currently under contract. Only 2 of the 12 are located in the Deep Creek Lake area - a split lakefront home on State Park Road with a Type A dock listed for $428,601 and a house located on Route 219 near the Deep Creek Bridge.

As a member of MRIS (the name of our local mls), we at Railey Realty can provide you a complete list of these distressed properties along with additional details and photos - and we can even set you up to receive automatic e-mails when any new distressed properties hit the market. If you are looking for a bargain or a great deal - give us a call or shoot us an e-mail - we’ll be more than happy to help you search for these types of properties or any others that may interest you.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 June 18th, 2009 Category: 1031 Tax Deferred Exchanges, Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Vacation Rentals

Railey Mountain Lake Vacations, Deep Creek’s largest vacation rental company, is reporting that the vacation rental market at Deep Creek Lake is faring much better than other resort areas around the country.  With the slumping economy, vacation rental bookings are down nationwide about 18% from last year. In the Deep Creek Lake area rental bookings are only down about 10% from last year.

Other current happenings in the local vacation rental market include;

• - A positive sign is that 40% of all Railey Mountain Lake homeowners are ahead o f last year’s numbers. Not everyone is feeling the pain of this current slowdown. The other 60% are at the same level or down slightly.
• - On average each rental home is down about a week and a half of bookings this summer season.
• - The larger homes - the 9 bedroom and 8 bedroom homes - are still going strong. The 5 bedroom and 6 bedroom homes are currently lagging.
• - Renters are booking later and willing to sacrifice amenities for a lower price. Price is trumping everything right now to get bookings. If a property is priced properly compared to its competitors it will rent!
• - Some homeowners are being more flexible on restrictions to attract renters as well - such as allowing pets.
• - One of Railey Mountain Lake’s 9 bedroom pool houses set a record and went over $200,000 in gross rental bookings for the year.

In other positive news, future bookings for the 2009 fall season are already up 15% over last year. This may be due to the lower rates in the fall season and the fact the weather at Deep Creek in September and October is still very pleasant although certainly not hot by any means.

If you are thinking about renting your house or purchasing a vacation rental as an investment in the Garrett County area - give us a call at (800) 544-2425 or drop us an e-mail - there are some well performing rental houses currently for sale in the Deep Creek Lake area - as well as some houses that could be excellent rentals with some slight modifications. We’ve helped many clients over the years buy rental homes - we’ll be more than happy to get the buying process started for you as well. For those of you considering or in the middle of a 1031 tax deferred exchange this is one of the better performing resort markets in the country. Now is a great time to consider investing in real estate at Deep Creek Lake - inventory is up, interest rates are down, and there are some deals to be had.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 June 17th, 2009 Category: Garrett County News, News

The proposed Community Athletic Recreation Center (CARC) in Garrett County and Deep Creek Lake is still a possibility although things are looking bleak after last week’s meeting between officials from Garrett College and the County Commissioners.

If constructed the Recreation Center would be open to the public and would include indoor swimming pools, indoor tracks, basketball courts, fitness facilities, and physical therapy rooms. It would benefit all full time residents of Garrett County and many second and vacation home owners at Deep Creek Lake as well - especially seniors and families with children. As another amenity to the Deep Creek area this center would also help maintain real estate and property values as well. Garrett County is the only county in the state of Maryland without a public pool and recreation center! We may very well be the only county in the entire United States without a public pool! The center was originally planned to be placed atop Wisp Mountain near ASCI (Adventure Sports Center International) but space concerns in 2006 eventually shifted the plans to the campus of Garrett College in McHenry.

The project was placed on hold last January after bids to build the center on the campus of Garrett College came in well above initial estimates.  However, Garrett College officials would like to start discussions again on the athletic center since the state still has committed around $15 million for the construction of the facility and the fact that Senator George Edwards recently secured another $3 million as well. College officials think that due to the downturn in the economy new construction bids will come in much lower this time as many contractors are now looking for work.

Commissioner Holliday has gone on the record as saying he would vote against the project due to his concerns that the center would eventually become a financial burden on the county after it was up and running due to operating costs - not because he was concerned about the funding needed to get the project built. However at last week’s meeting he did give his ok to continue studying the feasibility of the center. Commissioner Glotfelty is abstaining from this vote since he owns Double G Campground which will be adjacent to the proposed recreation center. With Commissioner Glotfelty abstaining it could create a situation of one yes vote from Commissioner Gregg and one no vote from Holliday which would essentially kill the project.

The center could host numerous swim meets, track meets, and basketball camps and tournaments throughout the year to generate income and offset ongoing operating costs. Due to the tourist nature of Deep Creek Lake and Wisp Ski Resort it should be relatively easy to attract groups and organizations to these types of events!

If you would like to voice your opinion one way or the other you can e-mail Commissioner Holliday at countycommissioners@garettcounty.org.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 June 16th, 2009 Category: Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News

At today’s public meeting, the Garrett County Commissioners approved the county’s 2010 fiscal year budget and real property tax rate.

The real property tax rate will be reduced to $0.99 per $100 of assessed property value - down from the current $1.00 per $100 of assessed value - but significantly higher than the $0.946 constant yield rate.

This means that all Deep Creek Lake and Garrett County property owners will pay an additional $2.6 million combined in real estate and property taxes in the next fiscal year.

The commissioners also approved a budget that is $28 million less than the amended 2009 fiscal year budget. As with most other counties in Maryland, the belt tightening has begun here as well. The local county government is in the process of looking for ways to reduce expenses and delay projects in anticipation of fewer revenues from the state.

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: Mike Kennedy mkennedy@railey.com 301-616-6106 June 9th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Garrett County Real Estate

Click on the link below for new real estate listings and homes for sale in the Deep Creek Lake and Garrett County Maryland area offered by Railey Realty - Deep Creek’s leading real estate brokerage.

New Deep Creek Lake, Garrett County, and nearby West Virginia real estate listings - the week of May 25-June 7, 2009

The residential properties are denoted with a push pin and the building lots and acreage are denoted with the balloon graphic. Clicking on the property marker will give you a brief description and a link to additional information and pictures.

Please contact us if you are interested in any of these new properties - or any others listed for sale in the area. As a member of MRIS, our local MLS, we can assist with any property listed for sale - even those listed with other area real estate brokerages in Garrett County Maryland.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 June 4th, 2009 Category: Garrett County News, Garrett County Real Estate

Natural Gas Rights in Garrett County

If you currently own or are possibly considering buying real estate, raw land, or a large acreage tract in Garrett County Maryland you may be interested in a public meeting set for June 23, 2009 at Frostburg State University concerning gas rights and the drilling of natural gas in the area. This was a real hot topic in Garrett County last year as natural gas prices were extremely high. National energy companies started approaching many local property owners to either purchase or lease their gas rights. Some land owners joined together and formed large groups in order to negotiate better deals with these companies. Interest started to die down at the end of last year when natural gas prices started to decrease.

Marcellus Shale in Western Maryland

The Marcellus Shale is a sedimentary rock formation extending from southern New York across Pennsylvania, western Maryland, West Virginia, and eastern Ohio extending to 9,000 feet deep in some sections, containing significant quantities of natural gas.  Extraction of the natural gas will have an extensive economic impact on the region and landowners in Garrett County.  New developments in drilling technology, along with increasing wellhead prices, have made the Marcellus Shale an important natural gas resource. The production of commercial quantities of gas from this shale requires large volumes of water to drill and hydraulically fracture the rock.  Balancing the positive economic impact of natural gas extraction from the Marcellus Shale are concerns about the availability of water supplies and questions about wastewater disposal.

An information program for the public on tapping this domestic energy source is scheduled on Tuesday, June 23, 11:30 am–1:30 pm in Compton Hall, Frostburg State University. In addition to Frostburg State University, this program is being sponsored by the Allegany & Garrett Chambers of Commerce as well as The Greater Cumberland Committee.  The information session will include presentations by Lou D’Amico with the Independent Oil & Gas Association of Pennsylvania, Stephen Trujillo, Operations Manager/Government Affairs at Samson Oil & Gas Co., Senator George Edwards, Maryland District 1, and Ed Larrimore, Program Manager with the Maryland Department of the Environment.

The cost of this program is $20 per person, which includes lunch.  Seating is limited; reservations must be made by June 16 by contacting Linda Steele at lsteele@frostburg.edu or 301-687-4137.

(Paul Durham contributed to this report)

By: coeliangreen cgreen@railey.com 301-501-4122 June 3rd, 2009 Category: Deep Creek Lake Activities, News, Wisp Ski Resort

Yes - you heard correctly, the Wisp Ski Resort in western Maryland hosted its 3rd annual ski and snowboard Tom Wallisch Rail Jam on Saturday, May 23rd 2009.

Wisp Ski Area - May 23, 2009

Despite 80 degree weather, the Wisp was able to maintain a strip of snow for this awesome event.  With over 50 competitors, a live band, and plenty of food and drink a great time was had by spectators and competitors alike.  Competitors were each given three runs to show off their skills on a course set with plenty of jumps, rails and boxes.  Judges scored the competitors, and age group awards were given to the top competitors.

Local competitor, Colin Lynch, winner of the male under 18 snowboard category

Local competitor, Elizabeth Green, winner of the female under 18 ski category

The event is named for local freestyle competitor Tom Wallisch who grew up skiing at Wisp and was a member of the local Deep Creek Winter Sports Team.  Tom has gone on to successfully compete on the national and international level.  This past winter Tom won the  Tahoe Winter Mountain Dew Tour Slopestyle event - an incredible feat for a seasoned pro much less an up and comer!   Tom has also been featured in numerous videos and magazines.  The event’s name sake was on hand to help set up, judge the event and support our local freestyle skiers and boarders.

For more information on Tom Wallisch check out one of his many video clips on Youtube.   See why Tom is considered one of the best slopestyle skiers in the world!   http://www.youtube.com/watch?v=oceLxuO8fLc

Tom Wallisch doing what he does best!

In conjunction with Wisp Ski Area and the Deep Creek Winter Sports Team, Tom Wallisch announced this week that he will be sponsoring a scholarship program.  The scholarship will provide an upcoming junior freestyle skier or snowboarder an opportunity to train and compete as a member of the local Deep Creek Winter Sports Team.    The scholarship will include a ski pass at Wisp and membership in the local Deep Creek Winter Sports Team Freestyle training program.  For information on the Deep Creek Winter Sports team, or to apply for the scholarship, contact Kellyann Green cgreen@railey.com or 301-501-4122.