By: Mike Kennedy|
March 6th, 2008
Category: Deep Creek Lake Real Estate
Attention all you investor type buyers. This real estate listing just went back on the market - it’s located at 79 Cedar Shores and is being offered for $1,345,000. It’s a vacation rental home and is professionally managed by Railey Mountain Lake Vacations. The rental name is Cedar Chateau.
It has 8 bedrooms (6 of them being Master Suites), a 27 foot indoor pool, 10 flat screen TV’s, and is fully furnished. The property does have access to Deep Creek Lake but does not come with a deeded boat slip. You have views of the lake and Wisp Ski Resort and the house is complimented with interior finished hardwoods, cathedral ceilings, and 2 native stone fireplaces.
For all you investor types out there - this house generated a little over $107,000 in gross rents for all of 2007. The main reason it did such high rents is (1) because it has an indoor pool and (2) the newer construction/quality of the home’s interior. A good rental house does not have to directly located on Deep Creek Lake. The rental houses with indoor pools can command premium rents and renters will pay extra to have nicer amenities. We Realtors like to refer to these types of houses as the “Pool Houses” - and since their are only a handful in our entire market they usually attract a great deal of attention from our investor type buyers.
Give us a call or shoot us an e-mail - any of our sales agents would be more than happy to explain how the vacation rental program works and the associated costs and expenses of owning a investment property like this.