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

By: Jay Ferguson jferguson@railey.com 301-501-0420 March 23rd, 2010 Category: Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate

Residential Market Stats that Matter - Railey Realty Still #1

In a sales meeting this morning, our manager Nancy Trotta went over the latest residential market statistics for the Garrett County area. The numbers are amazing, and I wanted to share some of the highlights:

There are currently 33 properties currently under contract between $55,900-$1,989,000. Of those contracts, Railey Realty has 18 of those homes under contract - 55% of the market!

Our next 3 closest competitors have 8 contracts COMBINED. Their individual market share ranges from 6%-9%, respectively. I believe that this demonstrates why I chose to make the move to Railey Realty last month - more market share and the ability to still sell homes even in the current market conditions. Our results speak for themselves!

And it’s not just contracts - our listing inventory is nearly double that of the next closest competing broker. We have 239 homes currently listed and more on the way! For the best selection of real estate listings, again, we are #1 in Garrett County & Deep Creek Lake!

Deep Creek Lake & Garrett County Real Estate Sales

By: Mike Kennedy mkennedy@railey.com 301-616-6106 March 6th, 2010 Category: Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County News, News

Yesterday the historic Alpine Village Inn, on the shores of Deep Creek Lake, went to auction. The bidding started at $550,000 and quickly escalated up to $900,000. The winning bid ended up being $900,000 and it appears a non-local developer was the winning bidder. The previous owners had paid $750,000 for the motel back in 2003. It is not immediately known what plans the new owner has for the once thriving 29 room hotel/motel.  The State of Maryland Highway Administration does have plans at some point in the future to widen the intersection of Rt. 219 (Garrett Highway) and Glendale Road which could potentially increase the value of all commercial real estate at Deep Creek Lake in that area. The interesting point here is that the Alpine Village sold for more than what it did just 7 years earlier - once again demonstrating the underlying strength and stability of real estate values here at Deep Creek Lake - values that are holding fairly steady even during one of the worst real estate slowdowns and economic downturns in our country’s history.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 February 12th, 2010 Category: Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News

Due to last weekend’s winter storm, the Garrett County Planning Commission has rescheduled their public hearing concerning revisions to three principal land development ordinances. The new date and time of the hearing is Saturday, March 6, 2010, at 10 am to be held in the auditorium of Garrett College. If inclement weather forces the cancellation of this hearing the make-up date will be March 11, 2010.

The proposed revisions would affect the following ordinances;

• Deep Creek Watershed Zoning Ordinance
• Garrett County Subdivision Ordinance
• Garrett County Sensitive Areas Ordinance

An in-depth look at these revisions and how they may affect Deep Creek Lake and Garrett County real estate can be found in this previous post. As always, we strongly urge you to become familiar with these changes, ask questions, and register your comments.

By: DebraSavage dsavage@railey.com 301-616-4085 February 10th, 2010 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Fractional Ownership

The current economic climate has forced many of us to realign our priorities.  Conspicuous consumption is clearly out; sustainable, “green” living with smaller carbon footprints a growing awareness. So how does one reconcile the desire to own a second home or vacation real estate at Deep Creek Lake with the need to be socially responsible?  There is a way.

Fractionals - A “Green” Alternative

Fractional ownership is a smart, sustainable, “green” way to own a second home. A legally defined alternative popular in many resort areas, multiple like-minded owners share initial costs and ongoing expenses, balancing the buyer’s investment with actual usage and enjoyment of their home. While the average vacation property in the US is used less than 30 days per year, it is generally kept heated and cooled concurrently with the owner’s primary residence.  According to the Live Green, Live Smart Institute, this, along with travel, maintenance and hot water usage, generates about 31 tons of CO2 per vacation property per year.   The shared carbon footprint created by fractional ownership spreads the resources over multiple families or individuals, and does not duplicate the resources required in construction and land usage.

Luxurious Amenities

Being practical and socially responsible does not mean sacrificing when it comes to fractional properties developed by Second Homes at Deep Creek Lake.  While the level of luxury offered in these homes might seem excessive for a single owner, it is easily justified for multiple owners.  Geared toward the total comfort and enjoyment of owners and their families, amenities in these truly unique homes include home theaters, whole house audio, chef-ready kitchens, espresso makers, hand-painted murals, wireless internet, libraries, kayaks, canoes and bicycles. Professional management ensures that owners can truly relax on each of their visits throughout the year, and not have to worry about maintenance and other issues when they’re not in residence.

Frequently Asked Questions About Fractional Ownership

Click Here for All Currently Available Fractional Homes For Sale at Deep Creek Lake

There are currently two premier fractional real estate opportunities available at Deep Creek Lake, with a third on its way in June 2010 - The Lodge at North Shore - a deeded 1/7th fractional ownership lakefront home from the low to mid $400,000s.  For additional information, check out www.secondhomesatdcl.com or give us a call to schedule your personal tour.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 February 9th, 2010 Category: Deep Creek Lake Buyer Info, Garrett County Real Estate, Obtaining a Mortgage

Jerry Merrick, of BB&T Mortgage, has provided these guidelines about the current requirements of mortgage loans in the Deep Creek Lake and Garrett County Maryland areas.

Second & Vacation Home Loans

A second home by definition is located in a resort area and farther than 60 miles from the borrower’s primary residence. There are some exceptions but this is done on a case by case basis.

Conforming mortgage loan limits for second homes at Deep Creek Lake and in Garrett County are $417,000 and below - which is the same as primary residences. Typically borrowers will pay 0 points on a conforming loan with acceptable credit scores. Any loan over $417,000 is considered to be a jumbo loan.

Interest Rates for second homes under $417,000 are the same as those for a primary residence, there are no differences. These rates are currently in the high 4% to low 5% range which are historical lows! Rates for second home loans over $417,000 are typically 1% higher.

The down payment requirement for second homes with loan amounts under $650,000 are currently at 20%. The down payment and credit score requirements change as the loan amount increases over $650,000. For any loan amount between $650,000 - $1,000,000 the down payment increases to 25% and the minimum credit score required is 740. Any loan amounts between $1,000,000 - $2,000,000 the down payment requirement increases to 35% and the minimum credit score required remains at 740. There are no private mortgage insurance companies approving second homes at this time. This is why the down payment requirement for a second home is currently at 20% and more. This is expected to change as time progresses and guidelines loosen up a bit. At some point in the future lenders will return to a 10% down payment option for second homes.

Investment Properties

Most of the full time vacation rental homes at Deep Creek Lake are considered to be investment properties. Depending on how many days you personally use the property and how you treat it on your tax return will also determine whether the property is to be treated as a second home or investment property.

The same loan limits apply to investment properties as the primary and second homes - $417,000 and below are conforming and loan amounts above $417,000 are considered to be a jumbo loan.

Interest rates for investment property loans at Deep Creek Lake less than $417,000 are the same as primary residences and second homes and typically 1% higher for loans greater than $417,000. The crucial difference is that the point structure is exponentially higher. The minimum point structure for both conforming and jumbo investment property loans is 1.75 points regardless of credit score and down payment.

The down payment requirement for a conforming investment property loan is 25% and the minimum credit score is 720. If the borrower’s down payment is more than 25% then the minimum credit score requirement is reduced to 620. The down payment requirement increases to 35% with a 740 minimum credit score for investment property loan greater than $417,000. The maximum financing for a jumbo investment property is $1,000,000.

Rental income for a new purchase can not be used in qualifying for an investment loan! You must be able to qualify based on your current income and wages - not the existing income of the vacation rental. On a slightly related note - a rental property that has a two year history of rental income can be used on a refinance transaction.

Primary Residences

As with second homes and investment properties, the conforming loan limits for a primary residence in Garrett County is $417,000. Any loan for a primary residence greater than $417,000 is a jumbo loan.

Conforming fixed interest rates are usually priced 1 % less than jumbo fixed rates. These rates have recently been bouncing between the high 4% to low 5% range. This may end up being a once in a lifetime opportunity to lock in an interest rate this low! Also, borrowers  typically pay 0 points based on credit scores.

Down payments for a primary residence vary based on the borrower’s qualifications such as credit score and debt to income ratio. A borrower with a 680 credit score and a debt to income ratio of less than 41% can borrower 95% of the purchase price with private mortgage insurance. For loans greater than $417,000 the minimum down payment on a primary residence purchase is 20% because there are no private mortgage insurance companies available to insure these loans. The minimum credit score required increases to 700 on these jumbo loan but the borrowers still typically pay 0 points depending upon credit score.

Right now the CHIPS loan is by far the best available program for principal residence home buyers in Garrett County or people looking to relocate to this area. The CHIPS loan will allow 100% financing with a maximum borrower investment of $500 plus 2 months reserves of principal, interest, taxes and insurance. The borrower can not own any other real estate at the time of application. The minimum credit score for 100% financing is 660 with a maximum debt to income ratio of 41%. CHIPS will work for any property not located in census tract 5 (Deep Creek Residential). There are no income limits, so if a high net worth person is purchasing a primary residence and is looking for 100% financing this program could work. Sellers can pay all closing costs and all funds with the exception of $500.00 which can be a gift from a family member.

As you can see there are many products and options available to consumers today. Now more than ever it is important to choose a lender who is experienced and knowledgeable to help you with an advice. For more information about these loan guidelines or to get pre-qualified call Jerry at (301)387-3219 or email him at JMerrick@BBandT.com.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 January 8th, 2010 Category: Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News

The county has released its latest revisions to the Deep Creek Watershed Zoning Ordinance, the Garrett County Subdivision Ordinance, and the Sensitive Areas Ordinance. There has been a lot of language deleted and changes made from the original proposals that were previously released in the fall of 2009. A summary of the major issues are listed below;

Scenic Protection Overlay Districts

• There is a significant reduction in the size of the Overlay Districts according to the county’s most recent map.
• The current revision applies only on ridges and crests - deleting language referring to slopes and hilltops.
• Applies only in areas where houses create a silhouette on the skyline when viewed from Deep Creek Lake or the shoreline.
• Trees must now be retained or planted on the sides and rear of the house or improvement.
• No trees are required to be planted or retained between the house and the lake.
• If mature trees can be retained on the sides and rear of the structure then no planting is required.

Basically, this new ordinance will now require lot owners in these areas to either plant or retain trees on the sides and rear of the house when built - but not in front of the house - essentially creating a “framing” effect around the entire structure when looking at the house from the lake. The belief is this “framing” effect will help protect some of the scenic quality and character around Deep Creek. However, please note there will probably be no grandfathering in regards to this issue. So if you already own a lot in one of these districts and have yet to build a house - you will be required to plant or retain trees as specified above. The county will enforce these standards as part of the building permit process. So in order to get your final Use and Occupancy permit you will need to demonstrate that you have adhered to these standards.

Agricultural & Rural Resource Parcels

The revised map of the Deep Creek Watershed Zoning District reveals that the county has re-classified some of the parcels near the Dam from AR (Agricultural Resource) and RR (Rural Resource) to LR2 (Lake Residential 2). The current revisions also relax the AR/RR standards for subdividing property and basically provide for either a clustering or non-clustering option. Mandatory clustering and the creation of a resource parcel is NOT required. The 3 options to subdivide AR/RR parcels are as follows;

1. Subdivide with 3 acre minimum lot a size (which is the current standard).
2. For parcels 20 acres or less - or if transferring to children or grandchildren - 1 acre minimum lot sizes are now permitted.
3. There will be an incentive for property owners who choose to do a cluster subdivision. The incentive will be a bonus density of 1 dwelling unit per 2 acres with no minimum lot size, 50% open space required.

The county has also revised the zoning ordinance language dealing with commercial architectural standards, removing the “commercial uses” language making the standards applicable to all non-residential structures - meaning public, institutional, and educational facilities will also have to adhere to these architectural standards which will call for a mandatory Planning Commission review. Other revisions address subdivision along scenic highways, setbacks for the drilling of natural gas, and development on steep slopes.

The Planning Commission has scheduled a public hearing on these proposed changes for Saturday morning, February 6^th, 2010 at 10:00 am in the auditorium of Garrett College. The comment period for the public will probably be open for 30 days thereafter. So even if you can’t attend this hearing you will have the ability to register your comments.

Overall, these changes are a significant departure from the last set of proposals released by the county. However, these changes will have an impact on real estate at Deep Creek Lake and in Garrett County - so as always we urge you to register your comments, ask questions, and familiarize yourself with these proposals.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 December 24th, 2009 Category: Deep Creek Lake Area Things To Do, Deep Creek Lake Real Estate

If you want to take a break from skiing, snowboarding, or any other winter activity this week - please stop by one of our open houses between Christmas and the New Year. Railey Realty, Deep Creek Lake’s leading real estate brokerage, is hosting a few select open houses this upcoming holiday week.

Brand new Cedar Creek townhomes with views and just a minute drive to Wisp Ski Resort. These brand new 3 bedroom, 3 bath townhomes start at $339,900. Great for rentals or a weekend get-a-way for family and friends.

And if you are in the area of Uno’s, the Honi-Honi, or Garrett 8 Cinemas make sure you stop in our open house at Creekside - luxurious lakefront townhomes with 4 bedrooms and incredible frontage on the shore of Deep Creek Lake.

Both of these properties will be open everyday, all week long.

Here is a link to a Google Map for directions to these Deep Creek Lake Area Open Houses.

Here is a link to some additional details about these properties on our web site -dates, times, and property details.

If you are interested in any other real estate opportunities in the Deep Creek Lake and Garrett County area please stop by our main sales office at 2 Vacation Way in McHenry, MD and talk to one of our knowledgeable sales agents. We are located right on Rt. 219 in between the First United Bank and the Garrett County Visitor’s Center. We are open 7 days a week from 8:30 am to 6:00 pm - so stop by, warm up, and learn how you can realize the dream of owning a second home in a fabulous resort area!