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

As we pass the mid point of 2009, the Deep Creek Lake and Garrett County real estate market continues to feel the impact of the national economy and global recession. Not because we have an abundance of short sales and foreclosures - because we really don’t - the biggest impact right now is the national media and the negative perception of real estate in general.

This perception continues to widen the gap between what buyers are willing to pay and what sellers are willing to accept for their properties in our market. This fact along with tightening credit standards has resulted in less sales - a trend that started about mid-way thru 2006 in our market.

Almost every buyer today wants a “good deal” or is waiting for the bottom - and who can blame them after listening to the national media? However, most of the current real estate listings in Garrett County could be characterized as being “non-distressed” - i.e. the owners would like to sell but they aren’t willing to dramatically take less than what they are asking for in price.  There are some desperate sellers out there right now that need to sell - and they very well may have a property match for what you’re looking for. However, in general,  this is not a market like Las Vegas, or in other parts of the country like Florida, where 50-75% of all current sales are distress sales.

Real Estate Market Snapshot - Deep Creek Lake

June 30 ,2008                   June 30,2009

#               $ Vol                     #         $ Vol

Res              72         $44.4M                   54         $27.4M

Lots             33          $6.3M                    25          $5.7M

Comml          1           $0.5M                      2          $0.7M

Clearly, the number of sales and transactions continues to decline. The only bright spot continues to be the average sold price. According our MLS, the average sold price for a residential property thru the first 6 months of 2009 in the Deep Creek area was $507,942. The average sold price at the end of 2008 was  $583,230 - or a correction of about 13% - not bad considering most other areas of the country - primary home and resort areas - have seen corrections between 25-50% and have seen property values revert back to pre-boom days! In fact this is the first time the average residential sold price in the Deep Creek Lake area has recently declined - even in our softer real estate markets of 2007 and 2008.

However, please take these numbers with a grain of salt - this number includes a wide variety of different types of residential homes sold - from million dollar lakefront homes with a private boat docks - to less expensive lake access condos and town homes - to a modest cabin in the woods with no lake access. If more less expensive property types sell the average sold price will decline. This does not mean the value of a newer lakefront home with Type A dock went down 13%. It just means on average, the different properties that did sell, sold for 13% less than at the end of 2008.

What’s a Seller To Do?

Right now the best thing you can do is realistically price your property to sell based on the last comparable sold and make sure the condition of the property is in tip-top shape. Realistically priced properties in good condition are currently selling - unrealistically priced properties are not! By pricing your property correctly up front you can avoid all the small price reductions later which help keep the buyers on the sidelines waiting for the next price drop.

As a seller the value of your home is NOT based on what you paid for the house, NOT based on how much you have it insured for, NOT based on how much your neighbor’s house is currently sitting on the market for, and NOT based on how much you mortgage balance is - pure and simple your current value is based on what a ready, willing, and able buyer is willing to pay for it - and most buyers right now aren’t going to pay more than what the last comparable sold for.

What’s a Buyer to Do?

Quite simply now is a great time to buy!! A few communities and subdivisions in the lake area have seen values come down making some properties now within reach. Plus interest rates on second homes and investment properties are still low and their is an abundance of properties on the market right now. Now is a great time to negotiate an excellent deal. This situation along with low interest rates won’t last forever.

Overall the Deep Creek Lake real estate market has generally been a safe harbor to weather economic pressures like these throughout the years. Why? Owning property here is more than just a financial investment - it’s an investment in lifestyle as well. We have four seasons of recreation and activities - including Deep Creek Lake and the Wisp Ski Resort - we  have a comfortable year round climate suitable for numerous outdoor activities - including boating, hiking, snow skiing, biking, fishing, golf, and the Garrett Lakes Arts Festival - just to name a few. Along with our close proximity to Pittsburgh, Baltimore, and Washinton D.C. - Garrett County is a great area to reconnect with friends, family, and loved ones.  All markets go up and down - this opportunity may not last very long - give us a call or shoot us an e-mail - we’ll help you seize the opportunity and buy a property today!

By: BrianHomberg bhomberg@railey.com 301-501-0131 July 22nd, 2009 Category: Deep Creek Lake Activities, Deep Creek Lake Area Things To Do, Deep Creek Lake Events

Spotlight:  The Youghiogheny River, The ASCI Whitewater Course, & Upcoming Summer 2009 Whitewater Events

Looking for an unforgettable Deep Creek Lake area and western Maryland experience?  Try the exhilarating sport of whitewater paddling and experience the world class whitewater found right here in Garrett County - just a few hours from Pittsburgh, Baltimore, and Washington D.C.  Rushing water and adrenaline race together in the mountains… Been there, done that?  Consider revisiting the thrill, energy and physical and mental challenge of working as a team or individually to navigate a boat on turbulent whitewater.  When you do this, you learn something about life…and yourself.  Water is a life force - and a teacher.  It fully absorbs you for awhile. Try it and learn what you can do!

It’s no secret among whitewater enthusiasts that Garrett County and it’s spectacular rivers make it one of the premier whitewater sport destination areas in the country.  Local residents warmly and skillfully hosted the 1989 World Canoe/Kayak Championships on the Savage River (first time held in U.S.) for an incredible event that many remember.

The real “gem” in the Garrett County whitewater collection is the Youghiogheny River. (pronounced: Yock like rock)

Upper Yough Rafting

It was designated as Maryland’s first Wild and Scenic River in 1976 which protects a 21 mile long segment from just north of Oakland Maryland to the town of Friendsville. This corridor is managed by the State Forest and Park Service to preserve the river’s wild and natural scenic, geologic, historic, ecologic, recreational, fish, wildlife, and cultural resources.  To learn more about the river and access points visit: Maryland DNR - Youghiogheny River

Whitewater rafting or kayaking on the 10 mile section from Sang Run to Friendsville  is an amazing experience also known as the “The Upper Yough“.  This section is world renowned for continuous whitewater, impressive gradient averaging over 100 ft per mile, and huge boulder strewn, tight and technical passages.  This is a physical run with non-stop intensity and adrenaline pumping action through a rugged, beautiful gorge right here in our backyard. Precision Rafting is the most experienced outfitter, located at the take-out point in the quaint town of Friendsville, MD.  Owner, Roger Zbel is an expert kayaking legend and winner of many, many  Upper Yough races and entrepreneur who pioneered commercial rafting here in 1981 with whitewater legend Phil Coleman.

Upper Yough video clip

Whitewater releases are guaranteed from Deep Creek Lake.  Go to www.deepcreekhydro.com for the recreational release schedule and current Deep Creek Lake water levels.  Mellow float (kids) trips are also available on the easy sections of the river.   You can monitor local Garrett County river levels at:  http://waterdata.usgs.gov/md/nwis/rt

The Adventure Sports Center International (ASCI) WHITEWATER COURSE

Brian Homberg Racing At ASCI

Garrett County’s newest, most interesting and beautiful spectator park - and  engineering marvel!  Have a picnic and scout the 1,700 foot twisting, foaming  course and watch participants up close.  Like what you see? Get in and test your timing, reflexes and teamwork on the world’s only adjustable mountaintop whitewater park that offers class I - IV whitewater in a “controlled” environment without typical river hazards such as downed trees, undercut rocks and places for foot entrapment.  Perfect for first-time family, friends, groups and younger ones.  Experience the swirling rapids with ASCI’s expert guide staff.  An effortless conveyor takes you from bottom to top while taking in spectacular panoramic views.  Take it to the next level by paddling an inflatable kayak (ducky) or learning how whitewater kayak.  Whether you are a participant or spectator, the ASCI Whitewater Park is a really cool place to visit in Garrett County on hot summer day.  Location:  On Top of Wisp Ski Resort. Great practice for the Upper Yough River.

Rafters Enjoying ASCI

Learn more about ASCI Guided Family Raft Trips at: www.adventuresportscenter.com

ASCI VIDEO CLIP

The real showcase is the public awareness side of preserving and conserving our free flowing rivers and streams as recreation areas.  Get involved at:  http://www.americanwhitewater.org/

Upcoming Summer Whitewater Events in Garrett County

July 25^th , 2009 - 4:00 p.m. start, 1 minute intervals, approx. 30 min. race

Upper Yough Extreme Race (great event to watch - for experts only) - some of the best paddlers in the country will be racing, and the hike into the gorge is fantastic. Details at:  http://www.immersionresearch.com/upperyoughrace/

August 15^th-16^th

U.S. Whitewater Rafting National Championships - this will be held at ASCI on Saturday and on the Lower Yough on Sunday (details at www.adventuresportscenter.com). There will be a Junior class, and no equipment is necessary. I had a great chance to become a National Champion at an early age, and these raft races will grow over time.

Brian Homberg - Expert real estate consultant - whitewater pro/guide/instruction.

Get on the cutting edge of the Deep Creek Lake area real estate market - Cabin in the woods by a stream, a lake house, your gateway to adventure.

Request a consultation and receive auto email updates with property photos and the latest market conditions direct from MRIS, Deep Creek Lake’s multiple listing service, and see all available property listings.

If your considering acquiring your piece of Garrett County and/or learning more about whitewater sport, call me 301-501-0131 or email bhomberg@railey.com.

Brian Homberg, an expert whitewater kayaker for over 30 years and a former National Team Member, narrowly missed both the 1992 and 1996 Olympic Teams.  He enjoyed competing in international races in Europe while on the team.  He loves Garrett County and has been his home for the last 12 years.

For Brian’s bio click here.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 July 13th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Events, News

The staff of the Deep Creek Lake Natural Resource Management Area (NRMA) will hold a class this Saturday, July 18th, 2009 at 9:30 a.m.  at the Deep Creek Lake Discovery Center.

The class will cover what special permits are required when a lakefront property owner wants to improve or alter the state owned buffer strip or privately owned buy-down area that is encumbered with a conservation easement. The buffer strip is the small area of land between the lake and a lakefront owner’s rear property line.

This class is worthwhile to property owners who already own lakefront real estate at Deep Creek or those thinking about buying.

Topics will include buffer strip pavilions, decks, pathways, lighting (electrical improvements, fire pits, play areas, clearing, tree and shrub removal, sea walls, & shoreline erosion control.

More information can be found at the Deep Creek Lake Management Office website or by calling (301) 387-4111.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 July 10th, 2009 Category: Garrett County News, News

The Appalachian Regional Commission (ARC) has awarded Garrett County approximately $875,000 in grant money to improve Glendale Road at U.S. Rt. 219 in the Deep Creek Lake area. Other funding sources are contributing an additional $325,000 - which brings the total funding to approximately $1.2 million.

These improvements to the intersection and re-alignment of Glendale Road will improve safety, ease congestion - especially during peak tourist and vacation seasons - and will more than likely result in additional private investment in the undeveloped parcels of land surrounding the intersection. The potential for a new restaurant, retail shops, and other tourist related businesses in the Thayerville area will increase greatly after the road improvements are made. The Thayerville area of Deep Creek already has Uno’s Restaurant, the Honi-Honi Bar, Arrowhead Market, Garrett 8 Cinemas, and the old Alpine Village Motel.

This is great news to current or future property owners as any new restaurants, tourist related businesses, or amenities to the area will certainly continue to create growth and stability in the Deep Creek Lake and Garrett County real estate market.

From what I know there had been previous plans to build a Bonefish Grill seafood restaurant in front of the Alpine Village Motel. That project was put on hold a year or so ago when the road improvements were delayed for more review time. Now that the road improvement money has finally been awarded  maybe plans for the new restaurant will start again?

If you are interested in any commerical real estate opportunity near this intersection at Deep Creek Lake or anywhere else in Garrett County Maryalnd please give us a call or shoot us an e-mail!

By: Mike Kennedy mkennedy@railey.com 301-616-6106 July 9th, 2009 Category: Deep Creek Lake Real Estate, Garrett County Real Estate, Uncategorized

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. 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 29-July 5, 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.

New Deep Creek lakefront homes for sale;

94 Stilwater Drive is being offered at $1,499,000. 7 bedrooms, Corian countertops, and had gross rental bookings near $60,000 in 2008 - 2009 should be about the same.

94-stilwater-deep-creek

3161 Turkey Neck Road and 3195 Turkey Neck Road on the southern end of Deep Creek Lake - both properties offer incredible lakefront settings and are very close to the Deep Creek Lake Yacht Club.

3161-turkey-neck-deep-creek-lake

3195-turkey-neck-loop

1019 Lake Shore Drive - one of the few craftsman style homes on Deep Creek Lake offered at $989,000 with a private Type A boat dock.

1019-lakeshore-drive-deep-creek-lake

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 July 2nd, 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

If you are thinking about buying or selling a house at Deep Creek Lake or in Garrett County Maryland - one real estate statistic you may want to pay attention to now is known as the Absorption Rate - a market indicator that hasn’t been used much locally but should get some consideration to get a better feel for current conditions.

Absorption Rates at Deep Creek Lake and Wisp

What is the Absorption Rate? Basically, it’s the amount of time it will take the current inventory of homes on the market to sell based on the most recent pace of sales. For example, if 5 lakefront homes sold on average per month for the past year - and the current inventory of lake front homes for sale is 100 - then the current absorption rate would be 100/5 - or 20 months. In other words it would take about 20 months to deplete the current inventory based on the recent sales pace. Since we have many specialized segments of real estate in the Deep Creek market - here are the current absorption rates for the most popular segments;

Lakefront homes with private Type A boat docks - 89 currently on the market divided 2.5 average sold per month (30 sold in the past 12 months) = 35.6 months of inventory…or in other words there is around 3 years of inventory on the market at this current pace.

Lakefront homes with single slips -  38 currently on the market divided by .4 average sold per month (5 sold in the past 12 months) = 95 months of inventory.

Lake Access homes with single boat slips - 72 currently on the market divided by 1.33 average sold per month (16 sold in the past 12 months) = 54 months of inventory.

Lake Access homes without boat slips - 39 currently on the market divided by .58 average sold per month (7 sold in the past 12 months) = about 78 month of inventory.

Wisp Real Estate (residential atop Wisp Mountain) - 37 currently on the market divided by 1.25 average sold per month (15 sold in the past 12 months) = 30 months of inventory. Includes Villages of Wisp town homes.

Lake Area homes (meaning not “water oriented” - just homes in the general Deep Creek Lake area) - 71 homes currently on the market divided by 1.66 average sold per month (20 sold in the past 12 months) = 42 months of inventory.

Please keep in mind the absorption rate statistic is somewhat flawed by it’s own nature - it only takes into consideration recent past performance - it only looks backwards. It tends to underestimate the market going forward and the quickness of how fast things can turn around. Use this statistic carefully when evaluating your real estate opportunities.

However, this number does have some significant meaning for both potential buyers and sellers.

For buyers - a higher number means inventory is up and serious sellers will be competing for your business - thus your chances of getting a “better deal” increases.

For sellers - a higher number usually means more competition and you better make sure both the price and condition of your house compare favorably to your competition! - especially if you want to sell your house to sell in a normal marketing time frame.

Selling a house is both science and art. It’s part science because numbers and statistics are used to come up with a value based on recent selling prices of comparable homes, days on market, absorption rates, number of homes currently on the market, etc. It’s partly an art  because in a specialized resort market like Deep Creek each vacation property is unique in it’s own way - whether it’s the topography (steep vs. flat), orientation (northwest for late afternoon sun or east for morning sun), views (filtered lake views or wide open expansive lake views), boat dock (private Type A vs. single slip), condition of the house (newer vs older), etc…the list can go on and on. It’s extremely hard in this market to find two properties that are nearly identical so rarely can your compare apples to apples - except for town homes and condos.

Whether you are buying or selling Garrett County or Deep Creek Lake real estate - give us a call or drop us an e-mail - we are the experts on the local resort and vacation home market - we can guide you thru the entire process. Nobody has helped more buyers and sellers than us over the past 30 years!