Archive for the ‘Garrett County Real Estate’ Category

Introducing Deep Creek Lodging Company

Mike Kennedy By: Mike Kennedy
mkennedy@railey.com
301-616-6106
November 17th, 2014
Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News, Vacation Rentals

Railey Realty is proud to announce an affiliate partnership with Deep Creek Lodging Company, the area’s newest and quickly growing vacation rental company.  Deep Creek Lodging already offers a large selection of lakefront, lake access, Wisp Ski Resort, and surrounding Garrett County vacation homes for rent. The company’s main goal is to provide exceptional customer service to both renters and vacation homeowners. To ensure these standards are met, the company has hired a dedicated team of reservationists and property managers with many years of vacation rental experience and exceptional customer service skills. The company has far exceeded its goal of managing houses and projects to be one of the largest and best vacation rental companies at Deep Creek in the next few years. Their office is located at 22491 Garrett Highway (Rt. 219) near the Deep Creek Bridge and is open 7 days a week.  New distinct signage will be rolled out shortly to go along with new advertising, the latest and best online booking features at www.deepcreeklodging.com, no check-ins, 24/7 property management, and prominently displayed pages on all social media.  Commission rates and fees at Deep Creek Lodging are structured to ensure the homeowner isn’t overcharged for services and receives more bookings with a higher overall net monetary benefit, while at the same time making sure renters pay a fair price and have a great vacation.deep-creek-logo-1-big4

If you would like to speak with someone at Deep Creek Lodging about the benefits of renting your home please contact Jennifer Cowgill at 301-387-5717 or jennifer@deepcreeklodging.com. Railey Realty is still a lodging partner with Railey Mountain Lake Vacations, the area’s largest rental company at Deep Creek.  We urge you to compare the benefits of each property management program when deciding which company is right for you.

For more information visit www.deepcreeklodging.com or www.deepcreek.com.

Deep Creek Lake Real Estate Market Update 3rd Quarter 2014

Mike Kennedy By: Mike Kennedy
mkennedy@railey.com
301-616-6106
October 13th, 2014
Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate

Total sales and dollar volume thru the first 9 months of 2014 in our resort market continue to show improvement from the previous year. In the Deep Creek Lake area, total sales were up to 217, which is an increase of 34 sales compared to last year. Total dollar volume increased to a little over $83.4M compared to $69.6M last year.  If this trend continues, it will mark the 5th straight year since 2009 that both total sales and dollar volume have increased slightly in our market. fall-morning-at-dcl22

The average residential sales price in the lake area thru the first 3 quarters of 2014 was up about 4% to $445,846. Even with these positive sales trends, this still does not mean values are appreciating or prices are going up.  The reason for the increase in our average sales price is mainly due to 11 sales over $1 million this year compared to only 5 last year at this time. Certain segments, which include our lakefront and lake access markets, continue to see values that remain flat.

Another trend in our market is that new listing inventory is generally down compared to years past. This has made it more difficult for buyers to find the property they want and more competition for the good deals.  As a buyer it is more important than ever to work with a REALTOR who will keep you informed of new listings that fit your criteria and be ready to act. Even with apps like Zillow and Trulia readily available, the best source of accurate data and new listings is still our MLS. Our agents can easily set you up to receive automatic emails of new listings from our MLS.  This can put you at a real advantage when the good deal or property with the really nice lakefront setting comes along.

If you are a seller, correct pricing and good condition are still critical. What a neighbor’s house sold for last year, or a bank appraisal you got a few years ago does not matter. What matters is making sure your property is in the best condition it can be and making sure it is properly priced compared to other recent comparable sales. Recent means the past few months at most. A property in good condition that is properly priced will sell. We are currently working with many buyers willing to pay a fair market price for your property. But because a vacation home is a discretionary purchase most buyers will wait until they believe a property is correctly priced - or the house and/or setting are just too good to pass up. If the condition of your house or setting do not compare favorably with other properties currently for sale you must adjust your price accordingly.

Whether you are buying or selling, the professional assistance of an experienced REALTOR is still very important. Railey Realty agents are the most experienced and productive in the area involved in nearly 70% of all Deep Creek Lake area sales. Please contact us for a free market appraisal of your property or a free tour of homes for sale. We look forward to assisting you with all your real estate needs.

Deep Creek Lake Real Estate Update 3rd Quarter 2013

Mike Kennedy By: Mike Kennedy
mkennedy@railey.com
301-616-6106
November 8th, 2013
Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, Interest Rates and Loans

What’s trending in the Deep Creek and Garrett County real estate market? Here is what we are seeing as we head out of our busy months and towards the end of this year.

1.      Total Deep Creek and Garrett County sales continue to go up. Thru the first 9 months of 2013 total sales increased by 11% and dollar volume sold in Garrett County increased 10%. If these numbers hold up through the end of the year as expected, these two leading indicators will have trended upwards in our market for 4 consecutive years. Construction starts and lot sales are still down as some buyers are purchasing newer homes instead of building. lake2

2.      Our $250,000-$500,000 residential market continues to grow. This segment is our largest and accounts for most sales. In 2013 there have been 10 more sales in this price range compared to 2012.

3.      Sales over $1 Million. There have been 5 sales over $1M thus far in 2013 with 2 currently under contract. In 2012 there were 8 total sales over $1M.

4.      Values remain flat. While sales are going up, the average sold price in Garrett County declined slightly. The average sold price thus far in 2013 decreased about 2%. However, short sales and foreclosures are still rare in our area, and the type of sales causing small value declines appear to be lessening.

5.      Tourism is growing. Garrett County has collected more local accommodation tax this year. More property owners are making their vacation homes available for rent to help offset holding costs. As more rental houses become available, more visitors are filling them up to enjoy all this area offers.

6.      Big events planned in 2014. The Canoe Slalom World Championships are coming to ASCI and Deep Creek Lake next September. The event organizers are predicting that 20,000 people will attend this event! Also being planned is a series of new events in the spring and summer of 2014 leading up to the World Championships.

As always, the professional assistance of a local, knowledgeable REALTOR is crucial in today’s market. If you are a Buyer, there are still some great purchasing opportunities. Some prices are back down to pre-boom levels and interest rates are low. Please contact us for the largest selection of Deep Creek and Garrett County properties available for sale.

If you are a Seller, pricing is still crucial! Prospective buyers are still cautious and knowledgeable of recent sales. Houses or town homes that are in good condition and updated are selling faster and for better terms. Please contact us for a free, no obligation comparative market analysis and suggestions that will improve the value of your home. Railey Realty agents list and sell nearly 70% of all Deep Creek properties. We look forward to assisting you with all your real estate needs.

Goodfellow Group Joins Railey Realty

Mike Kennedy 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.

Deep Creek Lake Real Estate Market Update

Mike Kennedy 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.

Deep Creek Lake Property Owner Incentives For Shore Erosion Projects

Mike Kennedy 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.

Deep Creek Real Estate Sales Remain Steady in September 2012

Mike Kennedy 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.

Deep Creek Lake Presentation Set For November 14

Mike Kennedy 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.

Distress Sales in Garrett County Remain Low

Carol Wills 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

Increase to Non Resident Withholding Rate on Property Sales

Mike Kennedy By: Mike Kennedy
mkennedy@railey.com
301-616-6106
June 1st, 2012
Category: Deep Creek Lake Real Estate, Garrett County Real Estate

Effective June 1st 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.