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.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 May 26th, 2010 Category: Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News

Yesterday morning, the County Commissioners approved the proposed revisions to the three main county land use and development ordinances - the Deep Creek Lake watershed zoning ordinance, the county subdivision ordinance, and the county sensitive areas ordinance. This completes a process that began in May 2009.

The Planning Commission proposed the final revisions following a public hearing in March. The Garrett County Commissioners accepted the proposal without any changes and approved it as drafted by the Planning Commission.

The changes become effective June 1, 2010. They will soon be available on the county web site at http://www.garrettcounty.org/PlanningLand/Main.aspx?tabid=1

The major changes from the original proposals include;

• A major reduction in the size of the Scenic Protection Overlay districts along with new construction in these districts are now NOT required to retain or plant tress in front of the house - new construction must now have trees planted or retained on the sides and rear of the house. The original proposal would have blocked and obstructed views of the lake from these houses.
• Mandatory clustering is NOT required in lands classified either AR (Agricultural Resource) and RR (Rural Resource). The original proposal called for mandatory clustering and the creation of a resource parcel. Mandatory clustering could have restricted or limited a property owner’s ability to subdivide in the future.

The County Commissioners and Planning Commission should be commended for listening to public comment and taking into consideration the many concerns from owners of real estate throughout Garrett County and the Deep Creek Lake area.

By: Jay Ferguson jferguson@railey.com 301-501-0420 April 23rd, 2010 Category: Community Profiles, Deep Creek Lake, Deep Creek Lake Real Estate, Wisp Ski Resort

Ski Harbor is a lakefront condo & townhouse community at Deep Creek Lake. One of the coolest features of this community is the land it sits on - a 1,200+ feet peninsula on the shores of Deep Creek Lake. You can always find a quiet spot to sit and read, picnic or just think. Lots of different amenities: indoor swimming pool, sauna, tennis court, beach volleyball, basketball court (I’ve even witnessed street hockey!), swing sets, benches, canoe & kayak racks and more. There are dock slips available, lake views from almost anywhere on the property, 2 no-wake zones (great for kayaking & fishing), and acres of grassy, level lakefront common area. You have MEGA views of Wisp Ski Resort & the Bear Claw tubing park, as well as wide body views of McHenry cove from the point of the peninsula.

There are 2-4 bedroom condo’s & townhomes available for sale or for vacation rentals. Its location near Wisp & on the water offers a ‘rental friendly’ location that is sure to impress your visitors, family & friends. You can get a 2 bedroom condo in the low $200k’s!

Another great perk is a front row seat to fireworks. The Wisp always sets off the 4th of July fireworks from the Bear Claw tubing park, and I as I mentioned, the view is AMAZING! McHenry cove fills up with hundreds of boats, all lit up at night, and it’s quite a sight to behold.

If you are in the market for a great lakefront vacation home or centrally located condo, Ski Harbor is one place that you will definitely want to explore!

Properties for Sale in Ski Harbor

Railey Realty Real Estate Blog - Ski Harbor

Ski Harbor News, Updates, Rentals

By: Mike Kennedy mkennedy@railey.com 301-616-6106 April 23rd, 2010 Category: Deep Creek Lake Activities, Deep Creek Lake Area Things To Do, Deep Creek Lake Real Estate, Garrett County News, News, Wisp Real Estate, Wisp Ski Resort

The Wisp Ski Resort at Deep Creek Lake recently announced a new attraction. Construction of a Zip-line ride near the Bear Claw Tubing Park is expected to begin shortly and should be open to the public in the summer of 2010. The new attraction is going to be named the Flying Squirrel Canopy Tour.  A Zip-line is basically a pulley on a cable that allows a rider to traverse down an incline using gravity while holding on to a pulley. The riders are attached to the pulley and cable with a safety harness. The new Zip-line, which is very popular in other resort areas, will add to the area’s many other diverse activities and continue to make Wisp a popular year round destination.

Hale Irwin Lodestone Golf Course & Wisp Real Estate Update

All 18 holes are now complete. The front 9 opened last fall to play and will re-open again May 1^st of this year. The back 9 holes are scheduled to open in June 2010.  Reviews from golfers who have played the course say its “spectacular”.  The scenery is incredible as some holes feature breathtaking views of Deep Creek Lake. A temporary clubhouse will be set up this summer and Hale Irwin himself will be here on July 10^th for a reception and to play the course. Lodestone is also offering a Trial Use Membership for 2010 (pdf).

All roads are now complete in the Greenbrier subdivisions at Lodestone.  Construction of two new residential houses fronting the golf course is expected to begin shortly.

Including the new golf course home sites, DC Development has developed 540 building lots atop Wisp Mountain since 1994. There is a potential for a total of 2,301 home sites atop Wisp.

Other recent Wisp news and updates;

• The 2009/2010 ski season was very good. The Deep Creek Lake and Garrett County area received record amounts of natural snow. The Wisp reported that skier visits were up about 2% over of the previous winter season. The ski area closed for the season on April 4^th of this year.
• The Mountain Coaster continues to be very popular with tourists and visitors.
• The Wisp plans to continue its annual Easter Sunrise Service. Visitors can ride the chair lifts to the top of the mountain for free and watch the sunrise as Easter services are conducted.

Please contact us if you would like to explore any real estate opportunities at Wisp and the new Lodestone Golf Course - including home sites, building lots, townhomes, or existing houses for sale.

Click Here for all Railey Realty listed Home Sites, Building Lots, Real Estate, and Houses for Sale at Wisp Ski Resort.

(Photo courtesy of D. A. Horchner/Design Workshop)

By: Mike Kennedy mkennedy@railey.com 301-616-6106 April 5th, 2010 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, News

Last fall the Deep Creek Lake Management office sent a letter to all dock permit holders outlining proposed changes concerning the way PWCs (personal watercrafts) will be docked/stored at lakefront sites. These changes to the regulations will essentially get rid of all current PWC racks/stands on the shoreline. The public comment period ended a few months ago and the proposed changes to the regulations are expected to be approved by the State of Maryland in the very near future.

As usual, and until notified otherwise, all Type A dock permit holders will be allowed to dock two (2) power vessels and one (1) non-power vessel (most likely a sailboat) at their dock.  If you posses a Special Permit you WILL be allowed to place a PWC that weighs LESS than 500 pounds on a shoreline rack/stand for the meantime - but you will also receive a letter notifying you of forthcoming changes.  Under current regulations, any PWC that weighs MORE than 500 pounds is NOT permitted on a shoreline rack/stand. Nearly all PWCs manufactured in the last 10 years weigh more than 500 pounds. Most lakefront homeowners currently store their 500 (+) plus pound PWCs on manufactured stands and racks on the shoreline and not tied up to their boat dock.

Early this summer, DNR is expected to take applications from dock permit holders that will allow them to have 1 PWC permitted at their boat dock.  (PWCs are permitted at docks now but since they are more than 500 pounds they are considered a power vessel by definition). If approved, the new permit will then be valid for two (2) power vessels, one (1) PWC, and one (1) non-power vessel. This application will cost an additional $100 on top of the normal $200 paid in the spring. DNR expects to issue these new buffer strip permits for one (1) additional PWC at docks starting sometime later this summer.

It appears that all Type A permits will now have the ability to be granted three (3) power vessels and one (1) non-power vessel at their lakefront home - however, one of the three power vessels will have to be a PWC. This new regulation will benefit the lakefront homeowners who only have 1 power boat at their dock now and 2 PWCs on shoreline stands/racks - or the homeowners who have 2 boats now at their dock and 1 PWC on a stand. This new regulation will basically allow all 3 to be tied up their dock.

However, this new regulation appears to hurt the lakefront homeowner who already has 2 power boats at their dock now -for example, a Cobalt and a pontoon boat - and who also has 2 PWCs stored on shoreline stands/racks. This new regulation is going to force these homeowners to get rid of one of their PWCs - or get rid of one of their power boats. This situation of 2 boats and 2 PWCs is very common around Deep Creek Lake.

Homeowners in lake access communities with common docks may also suffer a bit with these new regulations. For common docks, DNR is going to permit 3 PWCs per every 10 approved boat slips. Therefore, the homeowner who has a power boat in one of the slips in the common dock and a PWC on a shoreline stand may be forced to get rid of either the boat or PWC if there are numerous PWCs in that particular community.

The intent of this change is to get rid of all PWC racks/stands on the shoreline - as DNR viewed these stands as an abuse of the number of power vessels docked/stored at these homeowner sites.

By: Jay Ferguson jferguson@railey.com 301-501-0420 March 24th, 2010 Category: Community Profiles, Deep Creek Lake, Deep Creek Lake Real Estate

Mountainside memories will be yours forever in this lovely wooded lake access community at Deep Creek Lake. Spectacular views are afforded on many lots while others offer that tucked away privacy you are looking for. In fact, one of the best views of Deep Creek Lake can be found atop this towering community. This exquisite neighborhood offers a great location, plus on-site amenities including a lakeside clubhouse, tennis and basketball courts with pavilion, hiking trails and boat dock privileges. You will find the perfect blend of architecture and design, as well. Make Mountainside your home away from home!

Special Features

Lake and mountain views.

Close to all lake activities, including Deep Creek Lake State Park & Wisp Ski & Golf Resort.

Lakeside clubhouse located next to one of Deep Creek Lake’s best attractions- the Lakeside Creamery.

Common areas in the community featuring tennis courts, basketball courts, a covered pavilion, a mountaintop deck showcasing the views of Deep Creek Lake & surrounding mountains, and hiking trails.

Amenities

- Basketball Court
- Hiking Paths
- Lakeside Deck
- Mountain Views
- Pavilion
- Multiple Dockslips- Common
- Tennis Court
- Water Access
- Water Views

More links:

www.DCLinfo.com/Mountainside - search all Deep Creek Lake communities

Here is a link to local news & information about Mountainside.

Search Railey Realty properties for sale at Mountainside subdivision.

Railey Realty Blog - Mountainside Info