By: Mike Kennedy mkennedy@railey.com 301-616-6106 December 3rd, 2012 Category: Deep Creek Lake, Garrett County News, News, Uncategorized

Maryland DNR Secretary John Griffin visited Garrett County on November 14 and presented a “State of the Lake” report to the County Commissioners and members of the public in attendance. Overall the Deep Creek Lake water quality was described to be in “good shape”. Below are some high points of the DNR presentation.

• Deep Creek Lake continues to be a healthy reservoir and it meets Federal and State Clean Water Act Standards. Secretary Griffin said that “the water quality is in good shape and we want to keep it that way.”
• The lake has recovered from the 2010 fish kill which was caused by heat stress. A summer of unnaturally high air temperatures probably caused the problem. Recent fishery studies now show good reproductive rates in fish and there has been a remedial bass stocking to build that population back up.
• Overall algae levels are limited by low phosphorous levels and this helps to keep the lake under thresholds. Oxygen levels in the upper layers of the lake are good.
• No toxic compounds or other contaminants have been found in any sampled bottom sediments.
• Some coves have experienced sedimentation. DNR is studying how that sedimentation occurred, and when, before recommending any solutions. In 2013 DNR hopes to have some cost estimates for dredging should it be feasible to do so.
• Submerged vegetation (SAVs) are an indicator of a healthy lake environment but are perceived to be a problem for recreational boaters. In 2013 DNR will be doing some test eradication projects to see what techniques work best in the lake.
• Some chemical indicators show the impact of increased land development in the watershed but are not considered to have an impact on overall lake water quality at this time.

By: Jay Ferguson jferguson@railey.com 301-501-0420 August 31st, 2012 Category: Deep Creek Lake Activities, Deep Creek Lake Area Things To Do, Uncategorized

This weekend’s (and slightly beyond) list of fun things to do:

Aug 31 - Sep 3 Wisp Outdoors Used Equipment Sale
Wisp Resort will be selling rental and demo kayaks,
canoes, stand up paddleboards and mountain bikes.
Arrive early for the best selection and savings.
Date: August 31, 2012
Website: http://www.wispresort.com
Location: Wisp Outdoors Adventure Park Building
Contact: 301.387.4000
EMail: info@wispresort.com
Date/Time Details: 8/31/12 - 9/3/12 - 9am - 5pm
Fees/Admission: Prices Vary
Aug 31 - Sep 3 Rudy’s Labor Day Weekend Sale
Celebrate the official kickoff to the 2012 ski and board season at the 42nd annual Rudy’s Labor Day Sale! The area’s largest snowsports sale offering an extensive selection of ski & snowboard equipment, apparel, & accessories at discount warehouse prices.

Date: August 31, 2012
Website: http://www.wispresort.com
Location: Wisp Resort Main Lodge
Contact: 301.387-4640
EMail: info@wispresort.com
 Date/Time Details: 8/31/12 - 9/3/12

Aug 31 Little Yough Summer Music Festival

Little Yough Summer Music Festival
2012 Program Schedule
August 31st The Remedy
Date: August 31, 2012
Time: 7:00 PM - 9:00 PM
Website: http://www.oaklandmd.com
Location: Town Parking Lot
EMail: townofoak@gmail.com
Fees/Admission: Free Admission. Concessions will be available beginning at 6pm until after intermission.

Aug 31 - Sep 3 Rudy’s Labor Day Weekend Sale
Celebrate the official kickoff to the 2012 ski and board season at the 42nd annual Rudy’s Labor Day Sale! The area’s largest snowsports sale offering an extensive selection of ski & snowboard equipment, apparel, & accessories at discount warehouse prices.

Date: August 31, 2012
Website: http://www.wispresort.com
Location: Wisp Resort Main Lodge
Contact: 301.387-4640
EMail: info@wispresort.com
Date/Time Details: 8/31/12 - 9/3/12

Sep 1 Grantsville Volunteer Fire Department Chicken/Rib BBQ
Date: September 1, 2012
Location: Grantsville Volunteer Fire Department - Springs Rd., Grantsville, MD

Sep 1 Springs Historical Society Farmers Market
The Springs Historical Society sponsors the two story Springs Museum, collection of life of settlers of the Casselman Valley and the Springs Farmers’ Market with Amish produce, antiques and flea market items, adjacent to the Museum. Market open Saturdays May 26-Sept 15. The Society hosts monthly programs free and open to the public and publishes historical journals of the area. Also on the same premises is the Alta Schrock Nature Trail, a self-guided 4/10 mile easy walk and the Springs Folk Festival to be held Oct. 5 & 6, 2012. **Out-of-County Regional Event**
Date: September 1, 2012
Time: 8:00 AM - 1:00 PM
Website: http://www.springspa.org
Location: 1711 Springs Rd., Springs, PA 15562
Contact: 814-442-4594
EMail: daheberg2@aol.com
Date/Time Details: Springs Museum - May 26 - Oct. 6, Wed-Fri 1:00-5:00, Sat. 9:00-2:00
Springs Farmers’ Market -Saturdays May 26-Sept 15, 8:00 - 1:00
Alta Schrock Nature Trail open year round
Fees/Admission: No admission fee
Museum on donation basis

Sep 1 Mountain Fresh Farmers Market
Visit the Mountain Fresh Farmers Markets to find locally produced fresh vegetables, fruits, berries, home-baked goods, jams & jellies, plants, personal care items, and crafts.
Date: September 1, 2012
Time: 10:00 AM - 1:00 PM
Website: http://www.MountainFresh.org
Location: Mt. Fresh Pavilion
2nd Street & Town Park Lane
Oakland, MD 21550
Contact: 301-334-6960 or info@mountainfresh.org
EMail: info@MountainFresh.org
Date/Time Details: Wednesdays & Saturdays
10:00 am to 1:00 pm
Fees/Admission: Free

Sep 2 LEGO Robotics: SuGO Sunday.
Come and build Sumo Wrestling Robots using LEGO MINDSTORMS.

SuGO teams form at 1:00pm, and build until 3:30pm. Teams can be families or friends and No experience is necessary. All equipment is provided, and help is available for rookie teams. At 3:30, teams move to the arena and the SuGO bots battle it out tournament style.

This is a great activity for LEGO lovers of all ages.
Experience the latest LEGO Robotics hardware and push your creativity to the limit..

Light refreshments are available for purchase.
Date: September 2, 2012
Time: 1:00 PM - 5:00 PM
Website: http://www.SuGObot.com
Location: GEARS Center: 116 Industrial Dr, Accident MD, 21520
Look for the yellow pickup.
Contact: Contact Phil Malone: 301 387-2331
EMail: sugomaster@gearsinc.org
Date/Time Details: First Sunday of every month: Team registration at 1:00pm
Fees/Admission: Free for GEARS Members, otherwise $10 per team.

Sep 5 Mountain Fresh Farmers Market
Visit the Mountain Fresh Farmers Markets to find locally produced fresh vegetables, fruits, berries, home-baked goods, jams & jellies, plants, personal care items, and crafts.
Date: September 5, 2012
Time: 10:00 AM - 1:00 PM
Website: http://www.MountainFresh.org
Location: Mt. Fresh Pavilion
2nd Street & Town Park Lane
Oakland, MD 21550
Contact: 301-334-6960 or info@mountainfresh.org
EMail: info@MountainFresh.org
Date/Time Details: Wednesdays & Saturdays
10:00 am to 1:00 pm
Fees/Admission: Free

Sep 7 - Sep 9 Deep Creek Lake Art & Wine Festival

Benefiting the American Red Cross, the festival includes wine, regional artists, children’s area, silent auction, live music and lots more!

Friday, September 7: Wine Pairing Dinners at Participating Restaurants

Saturday, September 8: Art & Wine Festival Noon - 6 pm. Rain or Shine. Garrett County Fairgrounds McHenry, MD

Sunday, September 9: Sunday brunch at area restaurants
Date: September 7, 2012
Website: http://www.deepcreekwinefest.com
Location: Garrett County Fairgrounds
Date/Time Details: September 7 - 9, 2012

Sep 8 - Sep 9 Deep Creek Open and US Nationals in Canoe Slalom
The Deep Creek Open is a dual Canoe Slalom event. It will be an Open race for competitors from around the world, including those from the London Olympics and also serve as the U.S. National Championships.

Canoe Slalom is the sport of racing closed deck boats through a gated course in a whitewater venue. It will feature both canoeing where the athlete kneels in the boat and uses a single bladed paddle and kayaking where the athlete sits in the boat and uses a doubled bladed paddle. There will be men’s and women’s categories.
Date: September 8, 2012
Website: http://www.adventuresportscenter.com
Location: ASCI - Adventure Sports Center International
Contact: Suzanne Nicolas
EMail: snicolas@adventuresportscenter.com
Date/Time Details: September 8-9, 2012 Competition begins at 9:00 a.m on Saturday
Fees/Admission: No Charge

Sep 8 Town Wide Yard Sale
Clean out your garages, basements, and attics and join us for the Fall Town Wide Yard Sale. All town residents are invited to participate in selling their treasures. The Grantsville Lions Club will be selling BBQ Chicken at the Grantsville Community Park.
Date: September 8, 2012
Location: Town of Grantsville
EMail: rjones1968@verizon.net
Sep 8 Springs Historical Society Farmers Market
The Springs Historical Society sponsors the two story Springs Museum, collection of life of settlers of the Casselman Valley and the Springs Farmers’ Market with Amish produce, antiques and flea market items, adjacent to the Museum. Market open Saturdays May 26-Sept 15. The Society hosts monthly programs free and open to the public and publishes historical journals of the area. Also on the same premises is the Alta Schrock Nature Trail, a self-guided 4/10 mile easy walk and the Springs Folk Festival to be held Oct. 5 & 6, 2012. **Out-of-County Regional Event**
Date: September 8, 2012
Time: 8:00 AM - 1:00 PM
Website: http://www.springspa.org
Location: 1711 Springs Rd., Springs, PA 15562
Contact: 814-442-4594
EMail: daheberg2@aol.com
Date/Time Details: Springs Museum - May 26 - Oct. 6, Wed-Fri 1:00-5:00, Sat. 9:00-2:00
Springs Farmers’ Market -Saturdays May 26-Sept 15, 8:00 - 1:00
Alta Schrock Nature Trail open year round
Fees/Admission: No admission fee
Museum on donation basis

Sep 8 Mountain Fresh Farmers Market
Visit the Mountain Fresh Farmers Markets to find locally produced fresh vegetables, fruits, berries, home-baked goods, jams & jellies, plants, personal care items, and crafts.
Date: September 8, 2012
Time: 10:00 AM - 1:00 PM
Website: http://www.MountainFresh.org
Location: Mt. Fresh Pavilion
2nd Street & Town Park Lane
Oakland, MD 21550
Contact: 301-334-6960 or info@mountainfresh.org
EMail: info@MountainFresh.org
Date/Time Details: Wednesdays & Saturdays
10:00 am to 1:00 pm
Fees/Admission: Free

Sep 9 Dogsledding Presentation and Kennel Visit

Enjoy an educational and entertaining dogsledding presentation. Grill mushers; see equipment; hug gorgeous and friendly HUSKIES; watch an exciting film of them working/pulling (or see a real team run if it’s cold enough) and learn a lot! No reservations required this day. It is a two hour program starting at 10 am. Price: $20 each.

Note: We offer this same tour (but by reservation only and with a minimum price) almost every day. Please see our website for more info: “Tours” page.
Date: September 9, 2012
Time: 10:00 AM - 12:00 PM
Website: http://www.HuskyPowerDogsledding.com
Location: Husky Power Dogsledding at Mountain MD Kennels, LLC
Address: 2008 Bumble Bee Road, Accident, MD 21520 — Three Miles from Wisp – near the Airport in McHenry
Contact: 301-746-7200
Date/Time Details: 10 am - noon
Fees/Admission: $20

Sep 12 Mountain Fresh Farmers Market
Visit the Mountain Fresh Farmers Markets to find locally produced fresh vegetables, fruits, berries, home-baked goods, jams & jellies, plants, personal care items, and crafts.
Date: September 12, 2012
Time: 10:00 AM - 1:00 PM
Website: http://www.MountainFresh.org
Location: Mt. Fresh Pavilion
2nd Street & Town Park Lane
Oakland, MD 21550
Contact: 301-334-6960 or info@mountainfresh.org
EMail: info@MountainFresh.org
Date/Time Details: Wednesdays & Saturdays
10:00 am to 1:00 pm
Fees/Admission: Free

Sep 13 - Sep 28 Red Cross Blood Drive
Red Cross Blood Drive at Wisp Resort
Date: September 13, 2012
Time: 12:00 PM - 6:00 PM
Website: http://www.wispresort.com
Location: Timbers Room located on the Lower Level of the Main Lodge
Contact: Lori Epp Wisp Resort Director of Marketing; lepp@wispresort.com 301.387.4000 ext. 2160
EMail: lepp@wispresort.com
Date/Time Details: Thursday, September 13, 2012
Time: 12:00 PM - 06:00 PM

Sep 15 Ridgeview Valley Barn Dance & Silent Auction
Benefitting k-5th grade students (Study Buddies) in Garrett County
Date: September 15, 2012
Website: http://www.garrettmentors.org
Location: Ridgeview Valley
Contact: 301.334.1783
Date/Time Details: Saturday, September 15, 2012

Sep 15 Springs Historical Society Farmers Market
The Springs Historical Society sponsors the two story Springs Museum, collection of life of settlers of the Casselman Valley and the Springs Farmers’ Market with Amish produce, antiques and flea market items, adjacent to the Museum. Market open Saturdays May 26-Sept 15. The Society hosts monthly programs free and open to the public and publishes historical journals of the area. Also on the same premises is the Alta Schrock Nature Trail, a self-guided 4/10 mile easy walk and the Springs Folk Festival to be held Oct. 5 & 6, 2012. **Out-of-County Regional Event**
Date: September 15, 2012
Time: 8:00 AM - 1:00 PM
Website: http://www.springspa.org
Location: 1711 Springs Rd., Springs, PA 15562
Contact: 814-442-4594
EMail: daheberg2@aol.com
Date/Time Details: Springs Museum - May 26 - Oct. 6, Wed-Fri 1:00-5:00, Sat. 9:00-2:00
Springs Farmers’ Market -Saturdays May 26-Sept 15, 8:00 - 1:00
Alta Schrock Nature Trail open year round
Fees/Admission: No admission fee
Museum on donation basis

Sep 15 Mountain Fresh Farmers Market
Visit the Mountain Fresh Farmers Markets to find locally produced fresh vegetables, fruits, berries, home-baked goods, jams & jellies, plants, personal care items, and crafts.
Date: September 15, 2012
Time: 10:00 AM - 1:00 PM
Website: http://www.MountainFresh.org
Location: Mt. Fresh Pavilion
2nd Street & Town Park Lane
Oakland, MD 21550
Contact: 301-334-6960 or info@mountainfresh.org
EMail: info@MountainFresh.org
Date/Time Details: Wednesdays & Saturdays
10:00 am to 1:00 pm
Fees/Admission: Free

More here.

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

By: Mike Kennedy mkennedy@railey.com 301-616-6106 February 9th, 2011 Category: Uncategorized

Many Deep Creek Lake property owners have already received their new property tax assessment. Please note you only have a few more days to appeal. The deadline to appeal is February 11, 2011.

You can go to the following website to appeal your Garrett County tax assessment online.

http://sdatcert4.resiusa.org/Appeals/

Please contact us if you have any questions about your new assessment.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 January 25th, 2011 Category: Uncategorized

Delegate Wendell Beitzel recently proposed two new pieces of legislation that protect Garrett County and Deep Creek Lake property owners.

House Bill 116 gives the Garrett County Commissioners the authority to enact ordinances in Garrett County regarding setbacks and decommissioning of wind turbines. Oddly enough, no such authority currently exists to protect property owners and neighboring properties in Garrett County. There is certainly a need for this type of legislation as more turbines are planned in different parts of the county.

Delegate Beitzel also proposed legislation that increases the penalty for interfering with Deep Creek property monuments that mark the boundary between property lines and the state owned lakefront buffer strip. Many of these monuments have been moved or tampered with over the years. The  bill increases the penalty up to $2,500.

We are actively involved and closely monitor issues that impact Garrett County and Deep Creek Lake property owners. If you have any questions or comments on how this or any other issue may affect your property, please feel free to contact us at (800) 544-2425 or send us an e-mail. We will keep you updated on these issues as they develop.

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.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 July 2nd, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, Uncategorized, Wisp Real Estate

If you are thinking about buying or selling a house at Deep Creek Lake or in Garrett County Maryland - one real estate statistic you may want to pay attention to now is known as the Absorption Rate - a market indicator that hasn’t been used much locally but should get some consideration to get a better feel for current conditions.

Absorption Rates at Deep Creek Lake and Wisp

What is the Absorption Rate? Basically, it’s the amount of time it will take the current inventory of homes on the market to sell based on the most recent pace of sales. For example, if 5 lakefront homes sold on average per month for the past year - and the current inventory of lake front homes for sale is 100 - then the current absorption rate would be 100/5 - or 20 months. In other words it would take about 20 months to deplete the current inventory based on the recent sales pace. Since we have many specialized segments of real estate in the Deep Creek market - here are the current absorption rates for the most popular segments;

Lakefront homes with private Type A boat docks - 89 currently on the market divided 2.5 average sold per month (30 sold in the past 12 months) = 35.6 months of inventory…or in other words there is around 3 years of inventory on the market at this current pace.

Lakefront homes with single slips -  38 currently on the market divided by .4 average sold per month (5 sold in the past 12 months) = 95 months of inventory.

Lake Access homes with single boat slips - 72 currently on the market divided by 1.33 average sold per month (16 sold in the past 12 months) = 54 months of inventory.

Lake Access homes without boat slips - 39 currently on the market divided by .58 average sold per month (7 sold in the past 12 months) = about 78 month of inventory.

Wisp Real Estate (residential atop Wisp Mountain) - 37 currently on the market divided by 1.25 average sold per month (15 sold in the past 12 months) = 30 months of inventory. Includes Villages of Wisp town homes.

Lake Area homes (meaning not “water oriented” - just homes in the general Deep Creek Lake area) - 71 homes currently on the market divided by 1.66 average sold per month (20 sold in the past 12 months) = 42 months of inventory.

Please keep in mind the absorption rate statistic is somewhat flawed by it’s own nature - it only takes into consideration recent past performance - it only looks backwards. It tends to underestimate the market going forward and the quickness of how fast things can turn around. Use this statistic carefully when evaluating your real estate opportunities.

However, this number does have some significant meaning for both potential buyers and sellers.

For buyers - a higher number means inventory is up and serious sellers will be competing for your business - thus your chances of getting a “better deal” increases.

For sellers - a higher number usually means more competition and you better make sure both the price and condition of your house compare favorably to your competition! - especially if you want to sell your house to sell in a normal marketing time frame.

Selling a house is both science and art. It’s part science because numbers and statistics are used to come up with a value based on recent selling prices of comparable homes, days on market, absorption rates, number of homes currently on the market, etc. It’s partly an art  because in a specialized resort market like Deep Creek each vacation property is unique in it’s own way - whether it’s the topography (steep vs. flat), orientation (northwest for late afternoon sun or east for morning sun), views (filtered lake views or wide open expansive lake views), boat dock (private Type A vs. single slip), condition of the house (newer vs older), etc…the list can go on and on. It’s extremely hard in this market to find two properties that are nearly identical so rarely can your compare apples to apples - except for town homes and condos.

Whether you are buying or selling Garrett County or Deep Creek Lake real estate - give us a call or drop us an e-mail - we are the experts on the local resort and vacation home market - we can guide you thru the entire process. Nobody has helped more buyers and sellers than us over the past 30 years!

By: Mike Kennedy mkennedy@railey.com 301-616-6106 June 19th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, Uncategorized, Wisp Real Estate

Just recently, our local MLS (multiple list service) that serves the Deep Creek Lake and Garrett County Maryland area added the ability to search for foreclosures, potential short sales, and bank owned (REO) properties. These types of properties are often referred to as “distressed properties”.  Most real estate buyers and investors looking for bargains often target these distressed properties first.

As I have wrote about in previous posts - our local real estate market here at Deep Creek Lake doesn’t have a significant amount of these distress sale opportunities - and this is still the case. This is unlike what is happening in other resort markets and is testament to the overall strength of our market!!

As of today here is a summary of the total number of distress sales in Garrett County;

Deep Creek Lake and Garrett County Short Sales

Potential Short Sales - 10 active residential properties. Only 1 of the 10 is currently under contract or sale pending - an Overlook Villas townhome atop Wisp Mountain listed at $649,000. Of these 10 - 5 are located in the general Deep Creek Lake/Wisp Ski Resort area;

• - Red Run lakefront townhome listed for sale at $299,950.
• - Lakeland Estates lake view townhome (across from The Creamery) listed for sale at $220,000.
• - Lake access home on Brenneman Lane in the Summit subdivision listed for $649,000.
• - Lake access home on Glen Cove Road in Swanton listed for $549,000. No boat slip with this one.
• - The Overlook Villas townhome currently under contract.

The other 5 properties are located in the outlying areas of Garrett County - most in the Oakland, Mt. Lake Park and southern Garrett County area.

A short sale is basically a situation where the current homeowner owes more to the bank or lending institution than what the property is currently worth.

Deep Creek Lake and Garrett County Foreclosures

Foreclosures - 12 active residential properties currently for sale in Garrett County. Nearly all have already gone thru the foreclosure process and were bought back by the bank at the public auction. The various banks are now offering these REO (real estate owned) classified assets for sale thru local real estate brokers. Of the 12 foreclosures, 6 are currently under contract. Only 2 of the 12 are located in the Deep Creek Lake area - a split lakefront home on State Park Road with a Type A dock listed for $428,601 and a house located on Route 219 near the Deep Creek Bridge.

As a member of MRIS (the name of our local mls), we at Railey Realty can provide you a complete list of these distressed properties along with additional details and photos - and we can even set you up to receive automatic e-mails when any new distressed properties hit the market. If you are looking for a bargain or a great deal - give us a call or shoot us an e-mail - we’ll be more than happy to help you search for these types of properties or any others that may interest you.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 March 13th, 2009 Category: Open Houses, Uncategorized

Just one open house this upcoming weekend in the Deep Creek Lake and Garrett County areas. This house is a new construction, split lakefront home in McHenry, Maryland just off Deep Creek Drive in Walton’s Landing. This house is very close to all lake activities and only a minute or so away from the  Wisp Ski Resort. This house also has a deeded boat slip.

Click the link below for a map, directions, and more information about this house.

Deep Creek Lake Open House

The house is noted with a red push pin - click on the push pin for more information.

If for some reason you’d like to see this house but can’t make it this weekend, give us a call at (800) 544-2425 and we can set up a private showing.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 February 10th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Interest Rates and Loans, Obtaining a Mortgage, Uncategorized

This afternoon I had a conversation with local mortgage lender Jerry Merrick of BB&T Bank.  He had mentioned that refinance interest rates in the Deep Creek Lake and Garrett County areas are actually higher than purchase rates and no one seems to be noticing this. Conforming mortgage rates on a home  purchase are still below 5%! I questioned why the discrepancy in rates and below is his response.

While interest rates remain historically low some lenders are raising their rates to control the flow of refinance applications. The typical 30 year fixed rate refinance loan is priced at 5.125% today on any loan amount under $417,000. The matter is simply supply and demand, meaning that lenders are offering very low rates but they are typically understaffed and lack the support necessary to get these deals to closing prior to the rate lock expiration dates.

Consumers should be leary of using lenders that they are unfamiliar with who may be offering lower than market rates. The first item to address is how long is my rate guaranteed to be locked in for, and what are my options if the rate does expire prior to settlement? Ask yourself the question what good is a below market rate if you never go to settlement. At BB&T our clients are locked in for 60 days in order to ensure the integrity of their lock. Those terms are disclosed upfront in the form of a signed rate lock disclosure.

The flipside represents the purchase market which finds lenders still very aggressively priced. Purchase loans are priced today at 4.875% on 30 year fixed rate products. That’s a solid .250% below what the refinance transaction costs. The difference is purchase money transactions are moving faster and have priority in underwriting, because unlike the refinance these loans are new loans for the lender and the refinance transactions are already homeowners.

 With so many variables affecting the market, it’s more important than ever to have an advise -based strategy when structuring your loan, I appreciate you trusting me with this role. 

Jerry Merrick

Deep Creek Lake’s #1 Lender

Vice President

BB&T Mortgage

Mortgage Loan Consultant

301-387-3219 Phone

301-387-5393 Fax

301-616-0037 Mobile

21287 Garrett Hwy suite 500

Oakland, MD  21550

www.bbt.com/mlo/jmerrick