By: Mike Kennedy mkennedy@railey.com 301-616-6106 March 15th, 2013 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate

Continued stabilization characterized the overall Deep Creek Lake and Garrett County real estate market in 2012. Both total sales and dollar volume sold in the Deep Creek area increased 10% last year with most of the growth concentrated in the $250,000-$500,000 market segment. Both indicators have now increased for 3 consecutive years. The upward trend in sales can be attributed to the improving national economy, low interest rates, and the lowest prices experienced in the past several years. However, a few market segments, including the higher-end properties continued to experience corrections. Some trends we are seeing include;

• Total Deep Creek Lake area residential sales were up 15% - 205 in 2012 versus 178 in 2011.
• In the $250,000-$500,000 market segment dollar volume sold grew by 41% last year and sales increased 37%.
• The average lakefront sold price decreased approximately 10% in 2012.
• There were 6 fractional sales in 2012 versus x in 2011. Fractional properties are relatively new to the area but very popular in other resort markets. They are expected grow in our market.
• Eight (8) sales over $1 million in 2012 versus seventeen (17) in 2011.
• Current total sales for the first few months of 2013 are tracking nearly the same as the first few months of 2012.

The problem of excessive inventory and the uncertainty surrounding the future of Wisp Ski Resort both dissipated near the end of 2012. Current inventory is about 30% lower now than last year at this time. In December, 2012 the Wisp Ski Resort was bought by a publicly traded real estate investment trust that operates other ski resorts. This will put to rest any doubt about one of the area’s largest recreational amenities.

If you are a prospective buyer, interest rates have remained very low but may increase slightly in the upcoming months. While values continued to soften and correct last year in a few segments, this trend may reverse as overall sales continue to show improvement. Now is a good opportunity to take advantage of the lowest prices seen in several years as the current buyer’s market seems to be losing steam. Property values appreciated in other parts of the county last year and are predicted to start appreciating here in the northeast again in 2013.

As a seller it is still imperative to accurately price your property based on recent comparable sales. Buyer interest remains steady in our market for well maintained, quality lake properties in good condition. Prospective buyers are still searching for values but are becoming more realistic with values as they correct closer to pre-bubble levels. Inventory in certain segments is currently at the lowest levels experienced in several years. Now is a good opportunity to list your property for sale with overall less active properties on the market for sale. If you would like an opinion of the current value of your property please contact us for a free, no obligation market evaluation.

The professional assistance of a REALTOR is still very critical in today’s market whether you are buying or selling. Railey Ralty has the area’s most professional and experienced team of sales agents. As Deep Creek’s leading brokerage we have the largest selection of properties for sale. Our agents list and sell nearly 70% of all Deep Creek Lake properties and look forward to assisting you with all your real estate needs.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 October 29th, 2012 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate

September’s residential transactions in Garrett County and the Deep Creek Lake area totaled 36, which is the same number as last year. Year to date residential transactions have increased 9% in 2012 over 2011.

The dollar volume in September decreased to $10,243,000 which is down 21% from 2011. This is mainly due to a larger number of transactions this September that had a sales price $400,000 and below.

High end properties were slightly slower this September with 3 sales over $700,000, compared to 5 sales over $700,000 in September 2011.

Year to date Garrett County real estate is up 9% in transactions over 2011 but down 2.4% in dollar volume.

September 2012 Highlights;

-          The sale of two higher grossing lakefront rental homes - 104 Lakefront Links in Waterfront Greens and 98 Bee Tree Lane off of Lakeshore Drive. Railey Realty represented the seller and buyer on both transactions.

-          The closing of 4 of the Creekside fractional units

Please call us if you would like more information, if you have any questions about the Deep Creek Lake and Garrett County market, or if we can help with any of your real estate needs.

By: Carol Wills cwills@railey.com 571-214-3544 August 10th, 2012 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Garrett County Real Estate, Uncategorized

This is one of the best reports I have seen of how short sales and foreclosed property effects all property for sale.

Garrett County continues to have a very low number of distress sales overall. Out of 142 total sales, there were only 5 short sales and 3 foreclosure (REO) sales in Garrett County, Maryland. In the entire Mid-Atlantic region, Garrett County ranks near the top for the lowest overall percentage of distress sales.

Take a look and let me know if you have any questions or if I can help you with a property that is a short sale or foreclosed sale.

I currently have several short sales and foreclosed properties coming on the market in the next few weeks.

Carol Wills

Cell: 571-214-3544

CWills@railey.com

http://www.DeepCreekLake360.com

By: Jay Ferguson jferguson@railey.com 301-501-0420 June 4th, 2012 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate

Lakefront prices haven’t been this low for quite some time and there are some really great deals out there right now for any price range. Visit my website (i♥DeepCreek.com) or email me (deepcreeklaker@gmail.com) for more info on any of these Railey Realty listings!

Lakeside decking with some of the best views DCL has to offer.

About as close to the water as you can get!

By: Mike Kennedy mkennedy@railey.com 301-616-6106 March 29th, 2012 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate

Following a very positive start to 2012 based on total sales in the month of January, the upward trend of monthly sales in the Deep Creek Lake area market continued into the month of February. Monthly residential sales are a key indicator in the local real estate market. In Garrett County there were 17 residential sales in February 2012 totaling $4,522,000 in total dollar volume. Below is a summary of total sales in the month of February since 2007.

Feb 2012 / 17 residential closings / $4,522,000

Feb 2011 / 9 residential closings / $2,787,000

Feb 2010 / 6 residential closings / $1,860,000

Feb 2009 / 8 residential closings / $3,563,500

Feb 2008 / 18 residential closings / $6,171,475

Feb 2007 / 18 residential closings / $5,979,000

The total number of residential sales in February is almost double from one year ago and the total dollar volume was up 62%. If you are thinking of buying a vacation house at Deep Creek Lake, shopping now as opposed to later may be a good idea. Buyer interest seems to be much higher now that prices have softened and interest rates are low. There have even been a few multiple offer situations the past few weeks on two different lake access homes. Multiple offers have been extremely rare the past few years.

Give us a call for a free tour of homes for sale in the area or a free market analysis if you are considering selling. As the area’s largest and most experienced brokerage we have the largest selection of Deep Creek Lake and Wisp Ski Resort properties for sale. Please note we can show you any property listed for sale, even those listed with other real estate companies. Whether you plan on buying or selling, we look forward to helping you with all your real estate needs.

By: JonBell jbell@railey.com 301-501-0735 March 9th, 2012 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Interest Rates and Loans

The Washington Post recently published an article titled “What Can You Buy For $300,000? Vacation Homes to Escape From the Beltway.” The article noted that mortgage interest rates are still at historical lows, real estate prices are still depressed and many people in the metro area are considering the idea of purchasing a vacation rental home. There are a lot of “Good Deals” out there these days and many of the resort area homes can be rented to vacationers to offset the expense. This is a good time to buy a second home at Deep Creek Lake.

The Post article examined three vacation destinations within driving distance of Washington DC and picked up on the property I have for sale at 1165 Harvey Peninsula Road. This house (pictured above) is a great 3 bedroom plus loft log home located within walking distance to the shoreline of Deep Creek Lake and just several miles from the Wisp Ski and Golf Resort. The house is situated on a half acre wooded lot with a large deck, hot tub, wood burning stove and pool table. The house is priced at $269,000 and has all of the amenities required for the perfect family retreat. Click here to view 28 pictures of the property and the full sales sheet.

The author, Katherine Reynolds Lewis, wrote “For a vacation home that you can use or rent almost year round, many Washingtonians flock to Deep Creek Lake.” She is absolutely correct. The majority of my customers come from the Washington DC, Baltimore and Northern Virginia areas but Deep Creek also attracts second home buyers from Pittsburgh, West Virginia, parts of Ohio and New York. I first visited Deep Creek Lake on a camping trip with my parents around the age of 13. We trailered our boat up from the Chesapeake Bay, launched at the state park and spent the night tied up to the docks at Johnny’s Bait house. We didn’t catch many fish but we had a great time. I moved to Deep Creek full time about 10 years later. The move was a great decision.

Click on the following link to read the full Washington Post article: http://www.washingtonpost.com/realestate/a-year-round-haven-at-deep-creek-lake/2012/02/20/gIQAvRlmTR_story.html

Why Buy at Deep Creek Lake? Click on the following link to read Ten Reasons to Buy a Home at Deep Creek Lake, MD.

What to know more? Click on the following link to read Deep Creek Lake’s Most Frequently Questions.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 February 13th, 2012 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, Wisp Real Estate

Monthly residential sales, which are a key indicator in the local Deep Creek Lake and Garrett County real estate market, experienced its highest number of January sales since 2007. In Garrett County there were 27 residential sales in the first month of 2012 totaling $9,016,297. Below is a summary of total January sales since 2007.

27 residential closings in Jan 2012/ $9,016,297.00

18 residential closings in Jan 2011/ $7,178,025.00

12 residential closings in Jan 2010/ $4,043,000.00

10 residential closings in Jan 2009/ $3,987,000.00

14 residential closings in Jan 2008/ $8,107,750.00

29 residential closings in Jan 2007/ $10,258,100.00

The trends and statistics are starting to confirm that our local real estate market started experiencing it’s slow down in 2008, bottomed out in 2009, and then has experienced slow, steady growth since that point. Even though sales are trending upward and improving, property values have continued to soften the past few years but have recently started to stabilize in most of our various market segments. Now is a great time to think about purchasing a second home at Deep Creek Lake. Prices are down from their peak a few years ago and interest rates are at, or near, their lowest point ever.

Give us a call for a free tour of homes for sale in the area. As the area’s largest and most experienced brokerage we have the largest selection of Deep Creek Lake and Wisp Ski Resort properties for sale. Please note we can show you any property listed for sale, even those listed with other real estate companies. We look forward to helping you with all your real estate needs.

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.