By: BrianHomberg bhomberg@railey.com 301-501-0131 October 4th, 2011 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, Interest Rates and Loans

There has been some recent good news in the Deep Creek Lake and Garrett County real estate market. In August 2011 there were 44 new pending sales which represented a 15% increase compared to the previous 5 year average. In fact, pending sales in August were at their second highest level since the height of the market in 2006. Other highlights of the local real estate market include;

In August 2011, 14 residential Deep Creek Lake water oriented (lake front, lake view, or lake access) properties sold with an average sales price of $426,711 and spent 277 days on the market. There are currently 36 Deep Creek Lake water oriented pending sales (35 residential sales and 1 lot/land).

36 lakefront homes have sold thus far in 2011, already equaling the total number of lakefront homes sold in all of 2010. There are currently 11 lakefront homes under contract. Those 36 lakefronts homes sold had an average sales price of approximately $819,000 and spent 228 days on the market. The average list price to sales price ratio of those homes sold was 81%.

Away from the lake in other areas of Garrett County, 16 residential homes sold in August 2011 with an average sale price of $170,341 and spent 142 days on the market.  There are currently 47 non-lake area pending sales (40 residential sales and 7 lot/land).

Buyers take note that summer followed by fall is typically the strongest selling season in Garrett County.  Sellers are generally more motivated this time of year with the prospect of having to carry their property through winter.  There are some very good values out there right now with a good selection of inventory to choose from. Also helping are low interest rates which incredibly ended last week under 4%.

Garrett County is a very unique market.  It is a beautiful, centrally located four season resort area.  Six of the wealthiest counties in the country are located within less than a gas tank away.

Railey Realty continues to the leader in the Deep Creek Lake and Garrett County real estate market with 57% of total dollar market share in Garrett County and 64% of the Deep Creek Lake market.

As a full time salesperson at Railey Realty I can send you new listings as they hit the market that will show status changes from active listings to pending and closed sales in real time via email market updates.  This is a state-of-the industry computer technology that I offer free of charge to you to follow and immediately see buying opportunities as they hit our resort market. I will be happy to let you know about “must see” properties and “great values.”  Please contact me for all of your real estate needs as I promise to guide you through a smooth real estate transaction.

By: DebraSavage dsavage@railey.com 301-616-4085 June 30th, 2011 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Fractional Ownership

Why not own a home at Deep Creek Lake that you can use throughout the year at our four-season resort while only paying for a portion of the expense?  No, this is not a timeshare.  This is the “green” alternative to second home ownership.   This is a way for you to own a magnificent lakefront home on Deep Creek Lake. It is called fractional ownership, and you receive a deed just like any other home you own.  You have the option of meeting the other owners or not; your ownership is legally separate.  You are not responsible for the normal chores required with second home ownership, allowing you to relax and enjoy each time you visit your home.  Your use as an owner is spread throughout the year, during every season, and provides you with maximum flexibility to get away with friends and family. The benefits of owning this type of real estate at Deep Creek Lake includes;

• All maintenance, bill payment and reservations are handled by professional management.
• You pay just your share of the budgeted expenses each quarter.
• Dedicated housekeepers ensure that your home is in pristine condition upon your arrival.
• Enjoy boating, water skiing, fishing, hiking, parks, waterfalls, white water rafting, snow skiing, snowboarding, tubing, cross-country skiing, and golfing at several available courses, including our Signature Hale Irwin course.
• Or just relax with a cup of coffee and a book on your lakefront deck or patio

Visit www.secondhomesatdcl.com to view the inventory of spectacular fractional homes at Deep Creek Lake, or give me a call at 301-616-4085.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 February 18th, 2011 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, Interest Rates and Loans

For the first time in several years the total number of real estate sales in the Deep Creek Lake and Garrett County market increased from the previous year. The current year is also getting off to a better start than the last few as the total number of residential sales thus far in 2011 is slightly higher.

Overall, there were 381 total real estate sales in 2010 with $118,847,832 in total dollar volume sold (according to our MLS). Total sales include all residential, building lots/land, commercial and multi-family properties. Total real estate sales in Garrett County improved about 10% in 2010 and total dollar volume sold increased 14% from the previous year.

In the Deep Creek Lake market, there were 154 residential sales in 2010 compared to 143 the previous year. Total dollar volume sold increased 19% as well in the lake area. A significant part of this increase in the lake market was due to additional higher end lakefront residential sales in 2010. Lower interest rates and price reductions also boosted the entire market.

Real Estate Market Snapshot - Deep Creek Lake

Dec 31, 2009                   Dec 31, 2010

#               $ Vol                     #         $ Vol

Res              143         $72.9M                 154         $86.0M

Lots              46          $9.3M                    25          $8.3M

Comml          3           $1.1M                      2          $0.4M

As a buyer, there are many options and properties to choose from in this market. Inventory continues to be higher than normal in most of our market segments. Plus, interest rates on second homes and investment properties are still low but have risen slightly in the past few months. A strategy of waiting for price corrections can sometimes result in more overall costs if rates continue to rise. A good portion of our sales normally occur later in the year so purchasing now before demand increases usually results in more favorable conditions for a buyer.

Correctly pricing your property within the market continues to be critical if you are selling your lake house or lot. An over-priced listing will sit on the market and not get much activity, showings, or even get any web inquiries. As a seller it is imperative to base your price on recent comparable sales! Buyers are able to review recent sale prices and most will then determine how much they are willing to pay from that information. Property condition features, and amenities also play an important part of a successful real estate sale. If you are thinking about selling please contact us for a free competitive market analysis that will help determine the value of your property.

Whether you are buying are selling, working with an experienced Realtor is critical. We continue to be Garrett County and Deep Creek Lake’s leading real estate company in properties sold and have the biggest selection of homes for sale. Contact us if you would like to schedule a showing for any property listed for sale in the Garrett County or the Deep Creek Lake area. As a cooperating broker we can assist and show you properties listed for sale with other real estate companies as well.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 January 14th, 2011 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, News, Wisp Real Estate

The Wall Street Journal recently reported that vacation home markets are on the rise. While the article does not mention the Deep Creek Lake real estate market, it does mention other resort markets and reports some similar things that have recently happened in our market.

• Sales are up slightly
• A few record sales - Deep Creek experienced a record lakefront house sale at Holy Cross for $3.5 in 2010.
• Cash buyers who are getting good deals
• More accurate pricing by sellers

Now is still a great time to purchase a second or vacation home in the Deep Creek Lake area. Interest rates are still low, good deals can be had with plenty of properties to choose from, and unlike other resorts we do have year round activities with the lake and Wisp Ski area.  Contact us for a complete list of all available properties - or a list of the current “best buys” in our market.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 October 21st, 2010 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate

Leading indicators and trends in the Deep Creek Lake and Garrett County real estate markets continue to strengthen. Thru the first nine months of 2010;

• Lakefront residential sales are up 31% - 47 total sales thus far in 2010 with an average sold price of $822,179 - versus 36 sales in 2009 with an average sold price of $711,315.
• Total number of sales in Garrett County is up 10%.
• Total dollar volume sold in Garrett County is up 22%.
• Total residential dollar volume sold in the Deep Creek Lake area is up 26%.
• The average residential sold price in Garrett County is up 9%.

(All data collected from Metropolitan Residential Information Systems (MRIS). All data is believed to be accurate but not guaranteed.)

A few key factors have contributed to the strengthening of our market. First, there have been a greater number of higher end lakefront residential sales in 2010 which has boosted the entire market. Second, historically low interest rates have created more buying opportunities. Lastly, some price reductions and corrections in certain segments of our market have enticed buyers to purchase their next home, vacation home, or rental property.

Higher inventory levels and inflated list prices continue to be a problem. Over priced listings are being ignored as buyers have a healthy selection of properly priced homes, condominiums, townhomes, and vacant land to choose from. If you are selling it is more critical now than ever before to competitively price your property in the market. If you are unsure of the value of your property please contact us for a free, no obligation, competitive market evaluation.

If you are actively buying, it’s still a great time to evaluate your purchasing options. The Deep Creek Lake area is a true four season resort that offers historical stability and more importantly activities and attractions the whole family can enjoy. Those factors plus low interest rates and a large selection of properties to choose from right now provides buyers an ideal environment to purchase a vacation or second home.

As Deep Creek’s leading brokerage we look forward to helping you with all your real estate needs.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 August 24th, 2010 Category: Deep Creek Lake Buyer Info, Vacation Rentals

Vacation rental homeowners in the Deep Creek Lake area often inquire about the tradeoffs between professional property management and self-management like those found on VRBO, HomeAway, and other ‘Vacation Rental By Owner’ websites. Professional property managers cost money but the benefits usually outweigh the costs. Prop­erty owners who rent on their own and self manage often times don’t “save” money - they “earn” it spending much of their own time, energy, and additional money dealing with their property. Not only is the self man­aged “for-rent-by-owner” challenged to find paying guests, they must also take care of all repairs, cleaning, and dealing with guest complaints.

A professional property manage­ment company like Railey Mountain Lake Vacations will eliminate the stress and reduce the liability of your vacation rental by taking care of such things as:

• Promptly responding to emails and inquiries from impatient visitors who are shopping around
• Answering 10 inquiries for every booking
• Negotiating rent with guests who bargain shop
• Dealing with all guest requests including complaints
• Being able to access an alternative cleaner when the regular cleaner isn’t available
• Dealing with lost keys during after hours
• Coordinating plowing, mowing, and landscaping vendors
• Getting prompt responses by an a/c repairman in the middle of summer
• Accepting credit cards on your behalf which is necessary to get reservations in today’s consumer credit society
• Collecting all accommodation taxes
• Utilizing an in-house professional laundry to eliminate health related pathogens in linens and towels
• Using bonded workers covered by worker’s comp for repairs

Simply put, professional prop­erty managers are experts who know what problems arise in putting a non- resident guest into a home owned by another non-resident.

When it comes to reservations and bookings the ‘for rent by owner’ web sites often attract bargain shop­pers who often send dozens of email requests asking for discounts. Railey Mountain Lake Vacations has the area’s largest inventory of rental homes in the Deep Creek Lake area that over the years has created the area’s largest database of guests and visitors who are less interested in bargains and more interested in the quality of the home and rental experience.

Self management can work for an owner who is both motivated and willing to do A LOT of work - how­ever, a professional property manager like Railey Mountain Lake Vacations does ALL the work and more importantly is equipped to do the job right to reduce the homeowner’s liability. If you are interested in property management for your vacation rental please contact Leigh Miller at Railey Mountain Lake Vacations at (800)846-7368 or leigha@deep­creek.com.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 July 20th, 2010 Category: Deep Creek Lake Buyer Info, Interest Rates and Loans, Obtaining a Mortgage

The overall interest rate environment for buyers looking to finance a real estate purchase in the Deep Creek Lake second home resort market continues to improve as Jumbo Loan Rates have recently decreased as well. Current Jumbo Loan rates for loans over $417,000 are now in the the 5.25%-5.375% range. These rates are the lowest we’ve experienced since 2003 and may not last long! Last year at this time Jumbo Rates were on average about 1.00%-1.50% higher. The down payment requirement for a second home loan between $417,000-$650,000 is 20%. Loan amounts between $650,000-$1,000,000 requires 25% down and any loan amount over $1,000,000 requires 35% down.

Lower Jumbo Rates can have significant benefits for a vacation home buyer. First, the monthly payment is much lower resulting in substantial savings over the life of the loan.  Secondly, it also allows a buyer to have more purchasing power allowing for other alternatives that may be more desirable to them. For example, last year at this time someone borrowing $480,000 at 6.5% for a $600,000 Deep Creek Lake home would have a monthly payment around $3,034. Right now with the lower Jumbo Rates, the payment on the same loan would be approximately $2,650 a  month - or a savings of about $138,240 over the life of the loan.

In addition, if the same buyer decided to purchase something a little more expensive now - they could borrow approximately $550,000 - or $70,000 more - with the same monthly payment as last year at this time. This allows a buyer to consider other options that may be more desirable to them. In this market it could mean the difference between buying a lakefront house versus another type of setting.  Or it could mean the difference between purchasing a bigger house with more features regardless of the setting.

These lower rates may not last long. This is a great opportunity to save a significant amount of money  or to increase your purchasing power. If you are buying or selling Deep Creek Lake real estate contact us. We can be your trusted advisor and guide you through the entire process.  Please contact Jerry Merrick of BB&T Bank at (301) 387-3219 or John Simson of MLend at (301) 501-0676 for more information on vacation or second home loans at Deep Creek Lake.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 July 2nd, 2010 Category: Deep Creek Lake Buyer Info, Interest Rates and Loans, Obtaining a Mortgage

Conforming interest rates on 30 year fixed mortgage loans under $417,000 are near all time historical lows. As of today, the current interest rate is 4.50%.

Even though the federal government’s $8,000 tax credit has expired, this low interest rate is a great opportunity for a buyer to save a substantial amount of money over the life of their loan. In addition, this lower interest rate also gives a buyer more purchasing power. If you are planning on buying a house or real estate sometime this year it may benefit you in the long run to buy sooner than later by taking advantage of this extremely low rate. This is also a great opportunity to refinance your existing mortgage as well depending on your situation and future plans to buy or sell. Here are a few professional mortgage lenders in Garrett County you can contact to get more information about financing your primary residence or vacation home at Deep Creek Lake.

• MLend - John Simson (301) 501-0676
• BB&T Bank - Jerry Merrick (301) 616-0037
• Brinsfield Mortgage - Alan Brinsfield (301) 707-3431

As always, ask lots of questions and become very familiar with the lending process before making any decisions.  Give us a call if you would like to see any home or building lot for sale in Garrett County or Deep Creek Lake. Please note, we can show you any listed property for sale - even those listed with other real estate companies.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 June 16th, 2010 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, News

It is no secret that the local real estate market experienced a challenging year in 2009, but as we move closer to the 2010 summer selling season there are signs of increasing momentum and improvement. If the current trends continue, we can hopefully look back and note that 2009 was the bottom. Some trends we are seeing include:

• Buyer interest and activity is well ahead of last year’s pace. Lakefront residential transactions are up 70% from the same period last year.
• There have been five (5) $1 million dollar plus sales this year compared to only three (3) last year at this time.
• A lakefront property in The Reserve at Holy Cross just sold for a record $3.5 million. Railey Realty was the listing broker for this sale. This is the first reported $3 million plus lakefront residential sale.
• The number of pending contracts is greater now than it was last year at this time.
• New residential construction and housing starts have stabilized. Through May, total building permits issued for new single family home starts in Garrett County is nearly at the same level experienced for all of 2009.
• Distress sales, short sales, foreclosures, and bank owned properties in Garrett County and the Deep Creek Lake area are still few and far between in this market.

The area continues to add amenities such as the under construction Community Athletic Recreation Center, just opened Lodestone and Thousand Acres golf courses, and a new Zip Line Canopy Tour Ride at Wisp Ski Resort. The Deep Creek area offers an abundance of activities and attractions families can enjoy year round.

If you are a prospective buyer, now may be the perfect time to purchase.  Interest rates remain low, and there is a great selection of properties to choose from.   Right now is a great time to take advantage of these benefits and capitalize on the historical strength found in this four season resort market.

If you are in the selling process it is very important to not over-price your property.  “Testing the market” in this environment is not the best path to take.  Today’s buyer is well informed and will not make offers on obviously overpriced properties.  As a result, the over-priced properties do not sell, and as other owners market their property, inventory increases.  This ultimately drives prices down.  Our advice is to offer your property for sale when the time is right for you and price your property competitively. One simple fact has remained true - properly priced homes in good condition are selling in this market.

If you are considering selling and would like to know the value of your property, Railey Realty will provide you with a free, no obligation, competitive market evaluation.  Please contact your agent or call us at 301-387-2000 for details.  As Deep Creek’s leading brokerage we look forward to helping you with all your real estate needs.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 June 11th, 2010 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, News

Railey Realty is proud to announce its participation as the listing broker in the highest lakefront residential sale recorded at Deep Creek Lake. The upscale, nearly 14,000 square foot home when finished, was recently sold for $3.5 million. The home was built in 2007 and is located in the Reserve at Holy Cross which is a private lakefront/lake access community. The property features stunning, unobstructed views of Deep Creek Lake from most rooms, 4 bedrooms, 3 full baths, nearly every upgrade you could imagine in a high-end home, and a boat dock permitted for 3 power boats. The couple who purchased this home is from the Pittsburgh area and plan on using it as a vacation home.

This is the first sale over $3 million at Deep Creek Lake and is the highest sold price for a residential property since 2007, when another lakefront house in The Reserve at Holy Cross sold for $2.8 million.

If you are thinking about buying or selling lakefront property on Deep Creek Lake, give us a call or send us an e-mail. As Deep Creek’s leading real estate brokerage, we can assist you with all your real estate needs.