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: DebraSavage dsavage@railey.com 301-616-4085 June 11th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Fractional Ownership, Garrett County Real Estate, Wisp Real Estate

People seem to be tightening their belts and looking for the best, most reasonable and smart way to enjoy second home ownership - especially here at Deep Creek Lake. This new economy does not require complete sacrifice, but it may require smarter spending and use of our resources.

This is where Fractional Home Ownership comes into play. Typical Deep Creek Lake vacation homes are often vacant for weeks or months on end while racking up the expenses such as: electric, heat, mortgage, home insurance; all the while gathering dust and needing maintenance. And even if you rent them out you probably are experiencing the frustrations that sometimes exist with maintenance issues of accelerated wear and tear on the home and furnishings.

With Fractional Home Ownership your expenses are shared with other home owners who care about the property just the way you care for your own home. The home is fully occupied by owners and maintained each week upon the exit of the current owner.

You receive an undivided deeded interest in the property. These Fractional Homes are top of the line. So instead of paying 1.2 million to 1.5 million for a gorgeous lakefront home, that you will probably only use a very few times a year, you still get your use at a Fraction of the cost while sharing the home with other owners who care and respect their ownership. Second Homes at Deep Creek Lake currently offer a 5 Bedroom Lakefront Fractional Ownership for just $349,000.

Second Homes at Deep Creek Lake also offers that top of the mountain feel with their Fractional Overlook Villas home for 269,900. This property sits atop Wisp Ski Resort mountain with stunning water views of Deep Creek Lake Maryland.

So in these challenging economic times, having a premier Deep Creek lakefront home with Fractional Home Ownership, offers you the right to “Have Your Dream Home at a Fraction of the Cost”. Isn’t it great when you can have your cake and eat it too!!!!!!

Give us a call or drop us an e-mail if you are interested in learning about the only fractional ownership opportunities in western Maryland’s four season resort - Deep Creek Lake and Garrett County.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 May 1st, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, Wisp Real Estate

Almost daily I get asked the question “How is the real estate market doing at Deep Creek Lake?” - and then most times the discussion eventually turns towards the national economy.

I certainly don’t claim to be an expert on the national economy but like most people I try to educate myself and learn as much as I can. Recently I ran across an article in the Pittsburgh Post-Gazette that is very well written, easy to understand, and seems to suggest we may have just “hit the bottom” from a national economic perspective and how we might be turning the corner towards a recovery.

As for the real estate market here at Deep Creek Lake and the rest of Garrett County most of the buyers we work with these days seem to waiting until someone in the national media proclaims that we’ve “hit the bottom”. I can tell you over the past month things have picked up in our market. As of today there are 45 residential properties currently under contract. A few months ago that number was in the teens!  Now does this mean sales activity will pick back up again to the 2001-2005 real estate boom levels?  I doubt it - but this is a nice subtle, positive trend to see right now.  And maybe it’s a trend that we’ll be able to look back on in a year or two and say - “that was the bottom”??

If you are an investor or someone buying long-term for lifestyle purposes there are some good deals and great properties very much available right now at Deep Creek Lake. That may change if the pace of sales continues to improve like it has recently.  As history has shown those people and investors that buy near the bottom usually do much better than those who wait until the media proclaims we’re in a recovery. By time the media reports we’re in a recovery it’s usually too late to still get a good deal!

If you’re thinking about buying a vacation home in the Deep Creek Lake area and want to work with the area’s most experienced and knowledgeable Realtors give us a call at (800) 544-2425 or drop us an e-mail at info@railey.com. We can expertly guide you through the vacation home buying process.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 January 15th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Wisp Real Estate

The Deep Creek Lake area real estate market continued to show steady performance in 2008. As you can see from the chart below the total of number of sales continued to decline but the average sold price continued to go up.  All data was obtained from our local mls and these are residential properties only - consisting of lakefront, lake access, Wisp Ski Resort, and lake area homes, condos, townhomes.

Why does the average sold price keep going up in this market? This certainly goes against conventional thinking when most other real markets are showing declining values. The reason is probably due to the nature and financial make-up of the majority of sellers and property owners we currently have in the Deep Creek area. Most of our sellers “want” to sell but don’t necessarily “need” to sell.  What we hear most when approached to help an owner sell their Deep Creek Lake property is “We don’t use the property that much anymore. We can’t justify owning it anymore.” That is a “want” but not “need” type of motivation level. In fact, the motivation level of most sellers in our market is probably much lower when compared to other markets.  Every seller has their own unique reason for selling and, yes, there are distress selling situations in our area such as divorces, property owners in financial trouble, short sales, and foreclosures - but those are few and far between in this market.  Maybe we’ll see more distress situations in 2009 that could put downward pressure on values? We certainly saw more distress situations in 2008 than in 2007- but those types of transactions still make up just a small part of our entire market.

Why does the number of sales continue to decline? Like most other real estate markets across the country  it’s a large collection of many things  - it’s much harder to get a bank loan now, the equity in many people’s primary residence has probably gone done in value, job losses, and it was finally revealed that the country is in a recession causing much fear and anxiety.  Our resort market certainly isn’t immune to these types of things. We certainly lost those buyers who got caught up in the real estate boom earlier this decade, the flippers, speculators, and those that may have been stretching themselves financially to buy a second home. Not many of those people are around anymore looking to buy. The types of loans those buyers were using to purchase a few years have dried up as well and are all but gone - probably for good.  But what our market hasn’t lost is the buyer who wants to purchase a vacation or second home and has the financial means to do so. Those buyers are still very much around.

Is there a value correction coming to Deep Creek Lake? No one can predict the future one way or the other. But the numbers have shown that demand has decreased as evidenced by fewer sales - but average sold prices have gone up. How many other real estate markets can say this over the past two years!?!?

If you are looking for advice on what to do in this current market - that’s easy. If you are a potential buyer - take your time, study the market, find out what is currently available, how much has sold, what are current inventory levels compared to the past, ask about any new factors or developments  that could affect your value should you need to sell, ask many, many questions!  -  find a knowledgeable, experienced real estate agent who can provide this information and one who can educate you about the Deep Creek Lake market. Then once you find a property you may want to purchase - have that real agent show you similar properties that have sold and find out when they sold and for how much they sold for. A good real agent should be able to educate you enough and provide the necessary information for you to make an informed decision! When you are ready, give us a call, or shoot us an e-mail - we have the most knowledgeable and experienced real estate agents in the Deep Creek Lake area.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 December 19th, 2008 Category: Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Wisp Real Estate

The time period between Thanksgiving and Christmas is historically a slow period for the Deep Creek Lake and Garrett County real estate market. Most potential buyers are usually focused on the upcoming holidays and not purchasing a vacation home. However, the past few weeks has seen the following higher priced properties go under contract.

1038 South Blakeslee Drive - listed for $1,149,000. 5 bedroom lakefront house located in the Blakeslee subdivision on the southern end of the lake. Boat slip is located adjacent to and in front of this property.

1088 Thousand Acres Road - listed for $875,000. 3 bedroom lakefront log home with a private Type A boat dock.

86 Moorings Way - listed for $665,000. This house is a custom 3 bedroom lake access house built in 2004 with wonderful views of the southern end of the lake. Plus, the deeded boat slip is within walking distance of the house - which is located in the neighborhood known as Hickory Ridge.

123 Kendall Camp at Wisp - listed for $999,000. Four bedroom ski-in/ski-out town home built in 2006. True ski slope access at the top of the Main Street slope and easy access to chairlift 4.

Will this level of dollar volume continue into the New Year? No one knows for sure but it is a positive sign. This market has certainly experienced a drop in activity over the past few years - no one will argue that - but the important thing is that real estate values have held their ground (no pun intended) around Deep Creek Lake during this national economic slowdown. Once again our lakefront and lake access markets continue to show their strength when other areas are experiencing significant decreases in values.

Coincidentally, Railey Realty is representing the buyer on 3 of the 4 properties listed above - plus 3 of the 4 properties were Railey Realty listings. If you are thinking about selling your Garrett County or Deep Creek Lake vacation property please contact us - our marketing program and sales team has proven themselves to be the most effective in the area - usually resulting in our brokerage selling about 60% of all homes and lots in the Deep Creek Lake area year after year.

By: JonBell jbell@railey.com 301-501-0735 October 21st, 2008 Category: Deep Creek Lake Real Estate, Fractional Ownership, Wisp Real Estate

Fractional ownership homes at Deep Creek Lake are growing in popularity. The concept of multiple families joining together to purchase a vacation home is not new to the Deep Creek Lake area, but having a management company/developer to design and manage the project is.

Second Homes at Deep Creek Lake is the Deep Creek Lake area’s primary fractional home developer, and according to owner/operator Pam Scott, was the first company to bring fractional ownerships to Maryland. Pam was recently quoted in the Cumberland Times Newspaper explaining the difference between fractional ownership homes and time shares. “With a time share you are getting time,” Pam stated. “But with this [Fractional Ownership] you get a deed. Each of the six owners has a deeded interest. It’s very much legally owned by each of them.” Pam also clarified, “The other differences include the average size of a timeshare versus a fractional property, with the fractional property tending to be much larger and more conducive to entertaining family and friends, as well as the exclusivity of the property, with far fewer owners of each fractional property than for timeshares. In fact, Second Homes properties have a maximum of six owners with a minimum of eight weeks usage of the home per year.”

Second Homes at Deep Creek Lake’s first fractional ownership project was a town home in the Overlook Mountain Villas community of the Wisp Resort. This home was decorated and furnished far beyond anyone’s expectations. The developer included a fully stocked kitchen with top of the line appliances, custom painted rooms, and even a fully equipped home movie theater. Most Deep Creek Lake area realtors will agree with me when I say that this is one of the most outstanding properties at Deep Creek.

The Overlook Villa property was built in 2005 by Don Nemith Builders, Inc. and was purchased by Second Homes at Deep Creek Lake just after completion. Once Pam and her group took ownership of the property, they started the renovations to create their first masterpiece. According to MRIS, the Deep Creek Lake area’s MLS provider, the first fraction was listed for sale Dec 18th, 2006. It did not take long for the news of this unique product to spread. This new fractional ownership concept offered an upscale quality of life product to two different categories of Deep Creek Lake vacation home buyers. The first group consisted of those who could not have afforded this luxury in the past, while the second consisted of busy folks who could have well-afforded whole ownership, but felt they just did not have time to use their home more than 8-10 weeks per year.

After the first two sales of The Overlook property, the fractional market seemed to slow. However, Pam forged ahead to purchase La Maison de Montagne, located at 316 Moonrise Dr. in the Waterfront Greens community of Deep Creek Lake. La Maison de Montagne is a single family, 4,400 square foot, lakefront home that was purchased and upgraded to Pam’s lavish taste and divided into six fractional ownership units.

The end of summer 2008 brought new life into the fractional ownership market at Deep Creek Lake. Not only did the Overlook Villa property sell out in Oct 2008, but three of the six interests at La Maison de Montagne have been purchased.

I was fortunate enough to represent the buyers of Fraction 2 at La Maison de Montagne. The buyers and their family have been renting properties and vacationing in the Deep Creek Lake area for years. Pam Scott sent a follow up email to the buyers after their first stay in the property and forwarded their response to me. Their description of the experience is better stated in the few paragraphs below than any advertisement that could be written.

Hello Pam

First off - we would like to thank you once again for the very nice “Welcome Basket”. It was much appreciated and enjoyed by many.

Second - our first stay “exceeded all expectations”. We had several of Cathy’s family up on Sunday for a Cookout and your name came up repetitively for all of the amenities that “La Maison” has to offer. From using the baby swing for our cousins 3 month old baby, to the bikes that were ridden by several, the Kayak’s, the Croquet, the game room, the hot tub with CD & speakers, etc, etc. Everyone just had a wonderful time because of the Love and Detail that you put into the home.

As far as Cathy & my daughter - they loved cooking in your kitchen. From your selection of the dishes to all of the appliances (we did have great waffles on Monday), they could not think of a single thing they would have done differently. Our friends could not get over how beautifully decorated the home was. By now, I’m probably boring you - I could go on and on.

Please also extend our thanks to Lisa for the grand tour on Friday. We also followed her suggestion and stopped by the Fireside Deli for some wine and great sandwiches.

The nicest thing about our first stay was that the home just “feels right” for us at this point in time. We immediately took to home owners from watering the flowers to making sure the sap from the pine tree was not tracked inside. As we left our 2nd home this morning, we put to rest any questions we once may have had if this was the right decision. We are thrilled to be part owners and look forward to the new memories awaiting us at La Maison.

Thanks so very much . . . .

Bill & Cathy

Read Jon Bell’s Deep Creek Lake Real Estate Blog

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By: Mike Kennedy mkennedy@railey.com 301-616-6106 October 9th, 2008 Category: Deep Creek Lake Real Estate, Wisp Real Estate

Just this past week we listed one of the few ‘Green’ construction houses found in the Deep Creek Lake and Garrett County areas. This house sits atop Wisp Ski Resort and is located at 2317 Shingle Camp Road. It has wonderful views of Deep Creek Lake and is offered for sale at $728,000. Here are some of the ‘Green’ features found in this house;

• Architecturally designed to blend into the Wisp Mountain setting, yet stand out from other properties.
• Deep overhangs and radiant heat provides energy efficiency.
• The center Ventilation Stack provides a passive cooling system where hot air rises to the 3^rd level and escapes through the sunroom.
• Clerestory windows provide additional ventilation as well as more natural light without increasing undue heat gain.

If you would like a set up a time to tour this vacation house for sale, please call 800-544-2425 or e-mail us at info@railey.com. Click here for more details and pictures on this latest real estate offering.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 August 7th, 2008 Category: Wisp Real Estate, Wisp Ski Resort

Wisp Resort Real Estate is offering a special Lodestone Founders Club membership for the first Hale Irwin signature golf course in Maryland that boasts the highest elevation in the state. With a layout that moves through stunning rock outcroppings and hilltop terrain with views of Deep Creek Lake - surrounding these large home sites are more than 1,100 acres of land are being transformed into what Irvwin describes as a “natural beauty”. 9 Holes are slated to open in the summer of 2009.

Lodestone Founders Membership Offering

• Only 20 memberships offered
• Introductory Initiation Fee of $32,000 (vs. normal $40,000)
• Reduced dues
• Guest privileges
• 100% refundable
• Extended family golf privileges
• Additional privileges of the current Wisp Golf Course, the Lakeside Club, and the Wisp Alpine Club.

If you would like more information on any available homes or properties for sale atop Wisp Ski Resort or the Lodestone Golf Club please contact us.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 July 8th, 2008 Category: Deep Creek Lake Market Update, Wisp Real Estate

At the mid-point of 2008, once again the Deep Creek Lake Maryland real estate market is sending out mixed signals. However, the message is mostly the same - the number of sales continues to trend downward but the average sold price continues to climb. 

Residential Market Segment

Thru the first 6 months of 2008, 72 residential properties sold in the Deep Creek Lake area - this includes lakefront, lake access, lake view, and lake area residential houses and town homes/condos sold. These figures also include residential real estate at Wisp Ski Resort. This compares to 103 residential sales that occurred thru the first 6 months of 2007 - which is a decline of 31 properties sold.

On the bright side, the average sold price thru the first 6 months of 2008 for these 72 residential properties was $616,428 - this compares to an average sold price of $540,390 in 2007 at this point. On a wider level, Garrett County is one of only 3 counties in the entire state of Maryland where residential real estate values went up thus far in 2008. Other counties in the state are experiencing both decreases in the number of sales and prices upwards of 25-40%.

Lakefront Homes Still Going Strong

Clearly, the driver of the Deep Creek Lake market is once again the lakefront home segment. This segment clearly continues to outperform our other market segments. The values of many lakefront homes continue climb - albeit at a much more normalized rate than what we experienced earlier this decade. Even during what most consider a soft real estate market, the lakefront homes with good settings and quality features can still command a premium price. Interestingly enough, from a historical perspective the lakefront segment has always performed well. Many old time real estate professionals from the area will tell you that the lakefront homes have always held their value or even went up during other tough national economic times experienced in past - such as those in the 1970s and 1980s.

Lots and Land

The most disappointing segment of our current market continues to be the lot/land market. Only 33 lots in the Deep Creek Lake area have sold thru the first 6 months of 2008. This compares to 53 lots sold thru the first 6 months of 2007 - a decrease of 20 lots sold. The average sold price of a lake area lot is $191,226 thus far in 2008, which compares to $238,577 at this point in 2007. This is primarily due to an incredibly high inventory of lots for sale and decreased demand for these types of properties.

Impact on Buyers

If you are a potential buyer - now may be a good time to explore purchasing opportunities in this current market. With less buyers and demand in the overall market, your chances of obtaining more favorable terms (i.e. price) are greater than in the recent past. Plus the cost of borrowing money is still relatively low by historical standards. There are some pretty good “buys” out their right now.

Impact on Sellers

If you are a seller in this current market it all depends on your situation - if you are trying to sell a good, quality lakefront home with a good setting you’ll probably end up getting your offering price - assuming it’s priced correctly. If your setting or house is marginal you may need to further examine your current pricing strategy - or put some resources into boosting the “curb appeal” of your house. If you are trying to sell a lot - it will be tough for sure unless it’s priced at a very attractive level. It all depends though - we just sold a very unique lakefront building lot on Stockslager Road for $1,200,000. There are real estate buyers out their right now and they are willing to pay for quality- however most are now waiting to purchase until they find that exact house or lot they have been seeking out.

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By: Mike Kennedy mkennedy@railey.com 301-616-6106 February 12th, 2008 Category: Wisp Real Estate, Wisp Ski Resort

We had a meeting with one of the main real estate developers at Wisp Ski Resort this morning. Here are some of the notes from that meeting and what we can expect to take shape over the next few years;

Signature Hale Irwin Lodestone Golf Course

Construction is underway on the golf course and a projected finish date is late 2008 or mid-2009.

• After completion they are also planning on building an outdoor swimming pool and indoor fitness center.
• For a limited time existing Villages of Wisp owners and property owners in the other subdivisions atop Wisp - like Boulder Ridge, Deep Creek Highlands, and North Camp - can purchase a Lodestone Golf Membership. It’s not cheap….a full Lodestone Golf Membership is $40,000 - one half is due now and the other half will be due when the facilities are complete. However, there are options should someone want to transfer their membership in the future.

Why should think about buying one if you already own a property at Wisp? Well, in a nutshell, at some point in the future they will stop offering these memberships AND their will be options to transfer these memberships to a future purchaser. It may make your property more appealing should you ever decide to sell.

Wisp Mountain Village

• In late 2008 or early 2009 they plan to start their next residential building phase. It was reported it will consist of about 130 single family units - probably town homes of some sort.
• In 2009 they also plan to start construction on an Alpine Club and Skier Services building.
• This will be followed by additional residential buildings, a spa, general store, boutique retail, and other restaurants.

Ridge Run Town Homes

• These units are nearly identical to the Kendall Camp town homes.
• Two units per building - all are end units.
• They will be located next to Chair #7 right beside the new slopes in North Camp.
• Non-binding reservations are being accepted now and they will probably release the units for sale at the end of March, 2008.

Skiing in 2007/08

• The new Polecat snowmaking machines were placed on Squirrel Cage which allows them to make snow at a higher temperature than in years past.
• There is a 5 year plan to replace all snowmaking equipment on the mountain.
• Wisp Resort is officially “green” now. Recycling bins are everywhere.
• Inter-connecting trails will be built after the golf courses are completed.

For how warm this winter has been thus far, the Wisp has done an incredible job making snow and keeping their entire mountain open. While other eastern resorts such as 7-Springs and even Killington have had trouble holding events their have been no such problems at Wisp. This is due primarily to the Wisp’s ability to draw water out of Deep Creek Lake to make snow and also investing in the latest and greatest snowmaking equipment.

Remember we can assist you with any property currently for sale at Wisp - whether it’s one of their new projects and releases like the ones mentioned above or a resale property. Please don’t hesitate to contact us about any property for sale at Wisp. We invest quite a bit of time staying abreast of the current happenings atop the mountain to better assist our clients.