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 2nd, 2009 Category: Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News

The Garrett County Planning Commission is still deliberating the proposed changes to the Deep Creek Lake Zoning Ordinance, the Subdivision Ordinance, and the Sensitive Areas Ordinance.

After the last Planning Commission meeting on November 12^th, it appears the language for the standards in the proposed Scenic Protection Overlay Districts will be significantly relaxed. This should be extremely good news for current and future lot owners in those districts who have yet to build a house. This expected change in standards should allow lot owners in these districts the right to keep their entire view of Deep Creek Lake. The original language in this recent proposal had called for a certain amount of tree screening - up to 80% in some instances - in front of houses built in one of the 12 Scenic Protection Districts that overlook Deep Creek Lake. While the exact language has yet to be officially released, a majority of the Planning Commission members at their last meeting recommended that the only tree screening required should be on the sides and rear of these houses - no screening will be required in front of these houses, which would have essentially blocked the lake views from these properties if enacted.

Public hearings on the proposals are expected to occur sometime in early 2010. This proposal and the others could have a lasting impact on real estate in the Garrett County and Deep Creek Lake areas. We highly urge that all property owners get familiar with these proposals, ask questions, and register your comments with the Garrett County Maryland Department of Planning and Land Development.

Please subscribe to this blog (on the right hand side as you scroll down) as we will keep updating the progression of these zoning changes.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 November 9th, 2009 Category: Garrett County Real Estate

Last week both houses of Congress overwhelmingly passed and the President signed legislation that extends the $8,000 Homebuyer Tax Credit. The credit, which was set to expire on November 30, 2009,  has now been extended until April 30, 2010.  A quick summary of the credit is as follows;

• First-time Buyer amount of credit is still $8,000.
• A First-time Buyer is defined as someone who has not had an interest in a primary residence for 3 years prior to purchase. (Note - you still qualify if you have previously owned a house more than 3 years ago.)
• Current Homeowner amount of credit is still $6,500.
• For the purposes of this credit a Current Homeowner must have used the home sold (or being sold) as a principal residence consecutively for 5 of the previous 8 years.
• The limitation on the cost of a home purchased is $800,000.

This is an incredible opportunity for an individual or a couple looking to purchase a primary residence anywhere in Garrett County. For a married couple it is essentially an $8,000 gift from Uncle Sam. For example, if you and a spouse buy a home in Oakland Maryland between now and April 30th and it’s your primary residence, and your income qualifies, you’ll either get an extra $8,000 as part of your refund when you file your taxes or owe $8,000 less in taxes. It’s like getting a loan you don’t have to pay back! If you would like to take advantage of this credit, give us a call or shoot us an e-mail - there are many good real estate deals all over Garrett County right now - this credit in conjunction with currently low interest rates increases affordability and makes this a great time to buy a house.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 October 22nd, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Garrett County Real Estate

Buying a vacation or second home in the Deep Creek Lake or Garrett County area can be the attainment of a life’s goal and it’s often a rather sizable investment as well. A strategy to protect this investment should be incorporated into your real estate buying process. One strategy often overlooked and misunderstood is title insurance which can help protect your real estate purchase.

What is Title?

Title is the legal evidence, of right, that a person has to the ownership and possession of land. Since it is possible that someone other than the seller could have legal right to the property you are buying - undisclosed problems could remain even after a careful title search in the public records. These hidden defects can sometimes be found months or even years later in some cases.

A Lender’s Title Insurance Policy Does Not Protect You

If you are borrowing money from a bank to complete your real estate purchase the lender will only require that you purchase a lender’s policy - which only protects the lender and their lien. A lender’s policy does not protect the property owner! Make sure you ask your  settlement attorney or title company for a quote on an Owner’s Policy as well.

Title Insurance Costs

The one time premium for an Owner’s Title Policy is related to the value of the property so it can vary widely in the Deep Creek area. It’s typically on a scale of $1,000 for a $300,000 purchase - and around $3,000 for a real estate purchase of $1,000,000. It is a one time expense that you pay at settlement but it provides coverage for as long as you or your heirs own the property.

Basic Title Insurance Coverage Protects Against

• someone claiming an ownership interest in your title.
• leases, contracts, or options affecting your title.
• someone claiming to have rights affecting your title due to forgery, impersonation, or fraud.
• someone having a right to limit your use of the land.
• unmarketability of your title.
• a defective title.

In addition, a newer enhanced Owner’s Policy provides coverages against  losses caused by zoning violations, subdivision violations, and building permit violations to name a few.

It’s important to ask your settlement attorney or title company what you are covered against and whether or not they are quoting a basic Owner’s Policy or an expanded “enhanced” Owner’s Policy. If you need help, give us a call or send us an e-mail - we’ll get you in contact with one of the local title companies.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 October 5th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News, Wisp Real Estate

Garrett County Officials recently unveiled a number of zoning and subdivision ordinance proposals representing some of the most significant changes in county history. A Public Information Meeting is planned for the evening of October 14 - 7:00 pm at Garrett College - where county officials will roll out the draft ordinances for public review. Further details on the proposed zoning and land use changes can be found on the county’s web site by clicking here.

Scenic Protection Overlay District

The county is proposing sweeping new restrictions in the Deep Creek lake watershed zoning area designed to minimize the visibility of hillside homes from the lake. A “Scenic Protection District” will be applied to twelve areas that exhibit certain slope and view characteristics. People who build homes in these areas may need to plant trees to obscure the visibility of the home from the lake and restricting the view from the new home by up to 80%. The Deep Creek Lake Scenic Protection Overlay District map can be found here.

Expansion of Rural Agricultural and Resource Areas

The county will reclassify a large part of the land in Garrett County into these two categories and provide additional subdivision standards that foster agricultural and natural resource preservation. Some of the more controversial provisions are a mandatory 66% to 80% open space set aside and mandatory clustering of new housing development. According to county officials, provisions will also be made to facilitate estate planning and to assist landowners to do some minor subdivision for economic reasons.

New Commercial Building Design Standards

New standards regarding materials, roof styles and other aspects of building design will be codified and applied to new commercial construction in the lake watershed. Questions have been posed as to the applicability of these standards to other non-residential buildings and there may be action to extend the standards to all non- residential buildings. New home construction will not be affected by this change.

Reclassification of the LR-Lake Residential District

The existing LR district will be split into LR-1 and LR-2. The LR-1 will retain the existing Lake Residential standards and includes all areas bordering the lake or which will be served by county sewer service. The LR-2 will have the minimum lot size increased to two acres with septic systems. A map of the affected areas is available through the county’s web site.

The proposed changes will have a lasting impact on real estate in the Deep Creek Lake area and throughout Garrett County including unzoned areas. Some of these changes will restrict property owner’s rights and potentially impact values. We highly recommend that property owners familiarize themselves with the changes, ask questions, and register your comments!

By: Mike Kennedy mkennedy@railey.com 301-616-6106 September 30th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Garrett County Real Estate, Interest Rates and Loans, Obtaining a Mortgage

Two of the leading mortgage lenders in our area recently announced new loan programs that require less money down for real estate purchases financed in the Deep Creek Lake area and throughout Garrett County, Maryland.

John Simson, of MLend, announced a new second home loan program available for properties in the Deep Creek Lake area. This particular program will lend up to $417,000 with only 10% down for a single family vacation home. Borrowers must have a minimum 720 credit score and with only 10% down there is still PMI. This is quite a change from the past year or so when most banks were requiring at least 25%-35% down on a second home loan.  The recent tightening of credit standards requiring much more money down on a second home purchase have greatly contributed to the slowdown in the number of sales in the Deep Creek area over the past two years - especially in our $300,000 to $750,000 market segment. For more info contact John Simson at (866) 501-5625 or e-mail him at jsimson@pennswoods.net.

Another great new loan program is being offered by Jerry Merrick of BB&T Bank. This program is for anyone looking to purchase a primary residence in Garrett County that is NOT located in the Deep Creek Lake area.  So anyone seeking to buy a home in the areas of Oakland, Mt. Lake Park, Loch Lynn, Grantsville, Accident, or Friendsville should take note of this great new program. The program is called the Community Homeownership Incentive Program (CHIP) and is maintained and serviced by BB&T Bank. The program is for principal residences only and you can not own any other real estate at the time of closing.

This loan program offers tremendous benefits to buyers who don’t have the typical down payment needed for most conventional loan programs. Some of the benefits include 100% financing (no money down!) with a credit score of 660, no PMI, and all the closing costs can be in the form of a gift of paid by the seller. If your credit score is below 660 you may still qualify for the CHIP loan but your down payment requirement will be increased to 3%. The maximum loan amount is $417,000 and there are no income limit restrictions. Geographically most of Garrett County qualifies with the exception of the Deep Creek Lake area. For more info call Jerry Merrick at (301) 387-3219 or e-mail him at jmerrick@BBandT.com.

Hopefully these new programs are a sign of things to come. Loan programs like these that require less money down will certainly help spur on new real estate sales in the area.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 August 21st, 2009 Category: Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News, Wisp Real Estate

The recent update to the Garrett County Comprehensive Plan calls for proposed changes and revisions to various land use, zoning, and the Deep Creek Watershed Zoning Ordinances. The biggest changes that could affect real estate, property owners, and ultimately property values in the Deep Creek Lake and Wisp Ski Resort areas are as follows:

Scenic Vistas - the proposals include establishing several scenic protection areas around Deep Creek Lake. This may include future setback requirements that would push construction of new houses farther back from the edge of the slope atop certain mountains surrounding the lake that would essentially decrease views of the lake from that new house.

Architectural Standards - will try to establish building design standards for commercial developers in the lake area to ensure character compatibility for new commercial buildings.

New Land Classification Map - it includes the new Lake Residential 1 (LR1) and Lake Residential 2 (LR2) categories and also the new Agricultural Resource (AR) and Rural Resource (RR) zones. The preliminary draft of the new Deep Creek Lake Watershed Zoning Map can be found here.

Amendments the Garrett County Subdivision Ordinance that would require clustering in AR and RR zones with a minimum of 1.5 acre lot sizes and open space requirements.

The county will conduct public hearings on these proposed changes in the near future. Many current landowners in Garrett County and Deep Creek Lake watershed will be affected by these changes!! - please give us a call or shoot us an e-mail if you would like more information about how your property may be affected by these changes.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 August 19th, 2009 Category: Garrett County Real Estate, News

Here is the latest update on the new golf course from Bill Franklin, owner and developer of Thousand Acres at Deep Creek Lake.

Play has started on the front nine!

We are allowing limited play on the completed front nine of the Thousand Acres golf course for friends of the project, members of the club, and for marketing purposes. We have had a staggering amount of grass growth this spring and summer.  The tees and greens are in very good condition while the fairways are in good condition…some areas still need growth and fill in.  The course is very playable and we have been getting some very good feedback.

Flags and greens cups are in as are yardage markers.  Our superintendent, Bob Raley, is very pleased with the greens conditions and anticipates lowering the height of cut from .125” to .100” by the end of the season.  The current stimp rating is in the 7 to 8 range.  Bob is targeting a stimp rating of 10 for the course.  We have all the equipment on site for golf course maintenance and there is a regular mowing schedule in place…the greens show excellent striping. We have been paying particular attention to the course tie in along Poland Run on the lower side and the upper woods line on the upper side.  Bob will use different heights of cut in those tie in areas in order to blend in the transition of the course to the surrounding woods. Some of the attached pics show the tie ins.

Four EZGO gas carts are on site at the sales office which is where play begins. Taylor Made has provided us several sets of demo clubs, R9 series…..men’s right and left, women’s, and the flex and regular shaft clubs.

A very popular biannual magazine, Mountain Discoveries, has run a feature story on the Thousand Acres Golf Course.  I have advertised the Thousand Acres lakefront development in Mountain Discoveries since its inception many, many years ago.

Mountain Discoveries has also created a panoramic movie of golf hole #3.  Other golf holes should be posted soon.

The Thousand Acres at Deep Creek Golf website has been revamped with new pictures posted and you can hear our new ad on WTOP radio.  A new rendering of the project, lakefront area, and HOA grounds is posted showing 18 finishing on the pond closer to Deep Creek Lake.

Most of you know that I live on Thousand Acres, as do my mom and dad.  Our family has a very long history with Thousand Acres, and we are not going anywhere; we are staying right here.  I am working everyday, as are many of our longtime employees, to assure that everything that takes place here is done to make this a successful project.

We have opened some new lots along golf hole 7 (Mountain View) and lakefront lots with one slip (South Shore).

Railey Realty - Deep Creek Lake’s leading real estate brokerage,  is one of the exclusive listing partners in the Thousand Acres development. We do have a select few golf course lots for sale at Thousand Acres. Please contact us if you are interested in these exclusive real estate opportunities located in Thousand Acres at Deep Creek Lake.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 July 24th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, Wisp Real Estate

As we pass the mid point of 2009, the Deep Creek Lake and Garrett County real estate market continues to feel the impact of the national economy and global recession. Not because we have an abundance of short sales and foreclosures - because we really don’t - the biggest impact right now is the national media and the negative perception of real estate in general.

This perception continues to widen the gap between what buyers are willing to pay and what sellers are willing to accept for their properties in our market. This fact along with tightening credit standards has resulted in less sales - a trend that started about mid-way thru 2006 in our market.

Almost every buyer today wants a “good deal” or is waiting for the bottom - and who can blame them after listening to the national media? However, most of the current real estate listings in Garrett County could be characterized as being “non-distressed” - i.e. the owners would like to sell but they aren’t willing to dramatically take less than what they are asking for in price.  There are some desperate sellers out there right now that need to sell - and they very well may have a property match for what you’re looking for. However, in general,  this is not a market like Las Vegas, or in other parts of the country like Florida, where 50-75% of all current sales are distress sales.

Real Estate Market Snapshot - Deep Creek Lake

June 30 ,2008                   June 30,2009

#               $ Vol                     #         $ Vol

Res              72         $44.4M                   54         $27.4M

Lots             33          $6.3M                    25          $5.7M

Comml          1           $0.5M                      2          $0.7M

Clearly, the number of sales and transactions continues to decline. The only bright spot continues to be the average sold price. According our MLS, the average sold price for a residential property thru the first 6 months of 2009 in the Deep Creek area was $507,942. The average sold price at the end of 2008 was  $583,230 - or a correction of about 13% - not bad considering most other areas of the country - primary home and resort areas - have seen corrections between 25-50% and have seen property values revert back to pre-boom days! In fact this is the first time the average residential sold price in the Deep Creek Lake area has recently declined - even in our softer real estate markets of 2007 and 2008.

However, please take these numbers with a grain of salt - this number includes a wide variety of different types of residential homes sold - from million dollar lakefront homes with a private boat docks - to less expensive lake access condos and town homes - to a modest cabin in the woods with no lake access. If more less expensive property types sell the average sold price will decline. This does not mean the value of a newer lakefront home with Type A dock went down 13%. It just means on average, the different properties that did sell, sold for 13% less than at the end of 2008.

What’s a Seller To Do?

Right now the best thing you can do is realistically price your property to sell based on the last comparable sold and make sure the condition of the property is in tip-top shape. Realistically priced properties in good condition are currently selling - unrealistically priced properties are not! By pricing your property correctly up front you can avoid all the small price reductions later which help keep the buyers on the sidelines waiting for the next price drop.

As a seller the value of your home is NOT based on what you paid for the house, NOT based on how much you have it insured for, NOT based on how much your neighbor’s house is currently sitting on the market for, and NOT based on how much you mortgage balance is - pure and simple your current value is based on what a ready, willing, and able buyer is willing to pay for it - and most buyers right now aren’t going to pay more than what the last comparable sold for.

What’s a Buyer to Do?

Quite simply now is a great time to buy!! A few communities and subdivisions in the lake area have seen values come down making some properties now within reach. Plus interest rates on second homes and investment properties are still low and their is an abundance of properties on the market right now. Now is a great time to negotiate an excellent deal. This situation along with low interest rates won’t last forever.

Overall the Deep Creek Lake real estate market has generally been a safe harbor to weather economic pressures like these throughout the years. Why? Owning property here is more than just a financial investment - it’s an investment in lifestyle as well. We have four seasons of recreation and activities - including Deep Creek Lake and the Wisp Ski Resort - we  have a comfortable year round climate suitable for numerous outdoor activities - including boating, hiking, snow skiing, biking, fishing, golf, and the Garrett Lakes Arts Festival - just to name a few. Along with our close proximity to Pittsburgh, Baltimore, and Washinton D.C. - Garrett County is a great area to reconnect with friends, family, and loved ones.  All markets go up and down - this opportunity may not last very long - give us a call or shoot us an e-mail - we’ll help you seize the opportunity and buy a property today!

By: Mike Kennedy mkennedy@railey.com 301-616-6106 July 9th, 2009 Category: Deep Creek Lake Real Estate, Garrett County Real Estate, Uncategorized

Click on the link below for new real estate listings and homes for sale in the Deep Creek Lake and Garrett County Maryland area offered by Railey Realty - Deep Creek’s leading real estate brokerage. The link below is Google Map with additional information about each new residential, lot/land, and commercial real estate listing.

New Deep Creek Lake, Garrett County, and nearby West Virginia real estate listings - the week of June 29-July 5, 2009

The residential properties are denoted with a push pin and the building lots and acreage are denoted with the balloon graphic. Clicking on the property marker will give you a brief description and a link to additional information and pictures.

New Deep Creek lakefront homes for sale;

94 Stilwater Drive is being offered at $1,499,000. 7 bedrooms, Corian countertops, and had gross rental bookings near $60,000 in 2008 - 2009 should be about the same.

94-stilwater-deep-creek

3161 Turkey Neck Road and 3195 Turkey Neck Road on the southern end of Deep Creek Lake - both properties offer incredible lakefront settings and are very close to the Deep Creek Lake Yacht Club.

3161-turkey-neck-deep-creek-lake

3195-turkey-neck-loop

1019 Lake Shore Drive - one of the few craftsman style homes on Deep Creek Lake offered at $989,000 with a private Type A boat dock.

1019-lakeshore-drive-deep-creek-lake

Please contact us if you are interested in any of these new properties - or any others listed for sale in the area. As a member of MRIS, our local MLS, we can assist with any property listed for sale - even those listed with other area real estate brokerages in Garrett County Maryland.