By: Mike Kennedy mkennedy@railey.com 301-616-6106 April 23rd, 2013 Category: Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News

Railey Realty is proud to announce the addition of long-time Deep Creek Lake REALTOR ® and Associate Broker Lisa Goodfellow and her team of professionals to their real estate brokerage. In addition to Lisa, the Goodfellow Group includes licensed salespersons Nancy Geisler, Cindy Sanders, Cindy Mahoney, Jim Wilmot, Susanne Roszell, and Kevin Heselbach.  Lisa has been selling real estate for 26 years and has won many prestigious sales awards throughout her career.

Railey Realty co-owner Mike Kennedy commented “We are extremely excited to add the Goodfellow Group to our existing team of top producing real estate agents. They are a natural fit at Railey Realty with their many years of experience, high sales volume, and attention to customer service.” Lisa Goodfellow says “This merger allows me to continue to work with the part of real estate that I love best, which is working with sellers and buyers. With Railey Realty taking over our administration, management and marketing, it allows me to focus on sales.   Our group of terrific agents will continue to do business in the same location enhanced by Railey’s systems which has made them the area’s top real estate company in market share.  Railey’s excellent marketing and hard-working, experienced agents combined with the Goodfellow Group will result in better service to our clients and all consumers.”

Garrett County’s largest real estate brokerage now has two offices to better serve their clients. In addition to their main sales office located at 2 Vacation Way in McHenry, the Railey group purchased the former Goodfellow Real Estate Services building near the Dry Dock Plaza.  The Goodfellow Group will continue to operate out of their existing location at 19567 Garrett Highway in Thayerville which is now a Railey Realty branch office.

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 January 31st, 2013 Category: Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News

The Garrett County Commissioners have adopted a program whereby the County will grant to Deep Creek lakefront property owners a $1600 incentive for new completed shore erosion projects in fiscal year 2013. The program is designed to help property and real estate owners with the costs of construction of shore erosion structures along the lake shoreline. The funding applies to both structural (e.g. rip-rap) and nonstructural (e.g. vegetative) control measures.

DNR estimates that there are 8 to 10 projects that might be eligible for the funds. The project must be completed and inspected by both DNR and MDE in order for the property owner to be eligible for the incentive.

The program is part of a broader package of policies that the county is looking at for the protection of the watershed. This is a pilot year for the program and no decision has been made as to if it will be made available in the next county fiscal year.

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: Mike Kennedy mkennedy@railey.com 301-616-6106 October 5th, 2012 Category: Deep Creek Lake Real Estate, Garrett County Real Estate, News

DNR Secretary John Griffin has confirmed that he and DNR staff will be presenting a report to the Garrett County, Maryland commissioners on November 14, 2012 on “the state of Deep Creek Lake”. The presentation will be similar to one made last year by DNR. The presentation is open to the public and will be at 4:30 PM at the St. Peter’s Roman Catholic Church hall, just across 4th street from the county courthouse.

All interested Deep Creek Lake real estate and vacation homeowners are encouraged to attend.

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 June 1st, 2012 Category: Deep Creek Lake Real Estate, Garrett County Real Estate

Effective June 1^st the withholding rate for non-Maryland residents who sell property in the state of Maryland is increasing 0.25% to 7.00%. This withholding does not apply to Maryland residents.

Garrett County has numerous property owners who aren’t full time residents of Maryland that own vacation homes and real estate on or around Deep Creek Lake. Some owners are full time residents from northern Virginia, Washington D.C, and Pennsylvania that will be affected by this law change.

It’s important to note this is not a new tax. It’s simply a withholding. The withholding is calculated as follows at settlement;

The net amount of the purchase price of the house being sold less closing costs less any mortgage balance x 7%.

The closing attorney will withhold this amount at closing for any non-resident seller. It’s then up to the seller to file a Maryland Income tax return to determine whether more is owed for Maryland capital gains tax or if the seller is owed some type of refund.

Give us a call if you are thinking about selling your Deep Creek Lake or Garrett County property. As the area’s largest real estate company we can help you with all your selling needs.

By: DebraSavage dsavage@railey.com 301-616-4085 May 4th, 2012 Category: Deep Creek Lake Real Estate, Fractional Ownership

Here’s a new and exciting concept in buying a second home; buy a million dollar luxuriously furnished lakefront home on beautiful Deep Creek Lake in Garrett Country, MD for one-eight the price, and get a new top of the line 24′ Bennington Lake Cruiser on your own private dock, thrown in?

Located on beautiful Deep Creek Lake in Garrett County - Maryland’s largest freshwater lake and four-season playground -  is a unique fractional real estate opportunity waiting for you. Now you can spend the upcoming summer weekends relaxing on the deck of an elegantly furnished home overlooking the lake, with the ‘Mercedes of Lake Cruiser’ on your private dock, waiting to be taken out for a spin.

The Creekside Club, a fractional private residence club, a growing trend for those looking for a carefree vacation home offers an exclusive ownership of a $1 million luxury Deep Creek lakefront home and a luxury 24′ decked-out lake cruiser, all for only a fraction of the cost.

This is no ordinary lakefront home, and no ordinary boat. It’s part of a growing trend in luxury vacation homes - where like-minded people share the costs of private home while reaping the benefits of the perfect family retreat.

What makes this second home real estate opportunity so extraordinary, aside from your totally carefree enjoyment is the added bonus of the boat ownership. It can be said that the best way to spend time on the water is to have a friend with a boat. Now the Creekside Club offers boat ownership with its private residence club home yet without the hassles or maintenance and a fraction of the upkeep cost; all the fun, none of the headaches. All you do is show up to your lakefront home, your groceries are in the fridge, the drinks are on the boat, and you are off enjoying the blue waters of Deep Creek Lake.

The inclusion of a $50,000+ top-of-the-line Bennington Cruiser comes just as Garrett County is gearing up for their busy summer season. But for owners of this vacation home, a boat comes privately docked right outside your back door. You no longer have to experience the hassle of boat rentals or the annoyance or costs of boat maintenance. Perfect for a leisurely cruise on the lake’s clear blue waters, you can also speed things up with waterskiing and wakeboarding. The Cruiser comes fully equipped with comfortable lounge seating, a great sound system and space enough for ten.

If you only plan to use your Deep Creek vacation home 6 or 7 times per year, this is the smarter way to own a luxury home on the lake. A one-eighth deeded share starts at only $139,000, giving you an impressive four-bedroom villa, your personal 24′ Inboard/Outboard Lake Cruiser, complete with a private dock, and the freedom to use this home as much as you want based only availability. Without any of the financial or maintenance headaches involved with most second homes, ownership at The Creekside Club allows owners to take full advantage of all the amenities the gorgeous villa and all that the Deep Creek Lake area has to offer, at a price you wouldn’t think possible.

For most Owners of a fractional private residence club, like The Creekside Club, the ease of ownership is just as appealing as the cost. A club staff cares for the property and provides boutique hotel-like services. Fair and equitable club reservation policies dictate use - which is unlimited, subject to use by other owners. So, instead of spending a small fortune on a home you’d only use two or three times a year, you’ll be spending a fraction of that price and be able to use it as much as Owners want. Residence Club Partners of Asheville, NC, has masterfully set an attainable goal for families who want to enjoy a vacation home that is affordable as well as indulgent.

If you’re interested in learning more about becoming a second homebuyer with The Creekside Club on Deep Creek Lake, visit www.creeksideclub.com.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 April 25th, 2012 Category: Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News

Good news for Deep Creek Lake and Garrett County property owners. The Garrett County Commissioners have decided to hold the current real estate property tax rate at $0.99. The result of leaving the rate unchanged means the county will receive - and property owners will pay - approximately $2,000,000 in less tax revenue due to reduced property assessments. Unlike previous years, the county plans to reduce expenditures in all Garrett County Government Departments, except for the school system, instead of raising the property tax rate to offset the decline in revenue.

Please feel free to contact us if you would like an opinion on the value of your property or if you have any questions about your property assessment.

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.