Jay has successfully blended his background in web design and internet marketing / consulting to propel his real estate sales career and grow his business. He has worked with hundreds of clients throughout the years and has assisted many first time home buyers and friends in the dream of home ownership. Ferguson says, “I was born and raised in Oakland & at the lake, and it’s incredibly exciting to introduce new residents to everything that Garrett County has to offer. I’m very proud of how much our area has grown throughout the years and the many new businesses & attractions that make our home even more special.”

Ferguson has specialized in Southern Garrett County homes/land & Deep Creek Lake vacation home/building lot sales, though he has vast experience in all other areas of the county, as well. Jay has sold and marketed everything from small recreational lots, to farms, single family homes and vacation homes at Deep Creek Lake and Wisp Resort. “I greatly appreciate the opportunities and the people that I have worked with through my years in the real estate business. I have learned a lot from some truly great friends, colleagues, and real estate professionals. I look forward to a new challenge in my life and adding my sales experience and web marketing to the area’s #1 real estate agency. I am always eager to learn more from some of the greatest Realtors the county has to offer, as well as working with a locally owned real estate company.”

Railey broker and owner Kevin Liller had this to say about Jay. “We are really excited to have Jay join the Railey Realty team. Jay is a quality person who brings a vast knowledge of real estate and internet marketing as well as a very loyal customer and client base.”

Jay and his family live in Mitchell Manor in Oakland. He and his wife Jessica have two young children, Kayleah, 10, and Noah, 2. Jay is the son of Jerry & Sherry Ferguson, both Garrett County natives.

While the locals have been complaining about the snow it’s been an absolute boon to vacationers, tourists, and skiers. Ski conditions at the Wisp Ski Resort have been excellent the past few weeks - along with cross country skiing! The Wisp has been extremely busy the past few weeks and expects to have another busy weekend. The strangest thing is that it’s been too much snow for snowmobiles - many of the snowmobiles are getting stuck in the fields and on Deep Creek Lake needing to be dug out.

If you do travel to the area, the main roads, such as Interstate 68, Route 219, and most of the county roads are fine. However, most roads still have snow cover and aren’t fully widened yet. In fact some of the more remote country roads are still closed as of today. Most driveways have been plowed but you should be advised to bring a 4WD or AWD vehicle if you do travel to the area.

The snow record will probably be broken soon as another major storm is expected to hit early next week! Once again, the weather is proving why Deep Creek Lake is such a wonderful, true four season resort area. If you would like to explore purchasing real estate in the Deep Creek area - please contact us - we’ll be more than happy to show you all their is to do in this winter wonderland!

The proposed revisions would affect the following ordinances;

• Deep Creek Watershed Zoning Ordinance
• Garrett County Subdivision Ordinance
• Garrett County Sensitive Areas Ordinance

An in-depth look at these revisions and how they may affect Deep Creek Lake and Garrett County real estate can be found in this previous post. As always, we strongly urge you to become familiar with these changes, ask questions, and register your comments.

Fractionals - A “Green” Alternative

Fractional ownership is a smart, sustainable, “green” way to own a second home. A legally defined alternative popular in many resort areas, multiple like-minded owners share initial costs and ongoing expenses, balancing the buyer’s investment with actual usage and enjoyment of their home. While the average vacation property in the US is used less than 30 days per year, it is generally kept heated and cooled concurrently with the owner’s primary residence.  According to the Live Green, Live Smart Institute, this, along with travel, maintenance and hot water usage, generates about 31 tons of CO2 per vacation property per year.   The shared carbon footprint created by fractional ownership spreads the resources over multiple families or individuals, and does not duplicate the resources required in construction and land usage.

Luxurious Amenities

Being practical and socially responsible does not mean sacrificing when it comes to fractional properties developed by Second Homes at Deep Creek Lake.  While the level of luxury offered in these homes might seem excessive for a single owner, it is easily justified for multiple owners.  Geared toward the total comfort and enjoyment of owners and their families, amenities in these truly unique homes include home theaters, whole house audio, chef-ready kitchens, espresso makers, hand-painted murals, wireless internet, libraries, kayaks, canoes and bicycles. Professional management ensures that owners can truly relax on each of their visits throughout the year, and not have to worry about maintenance and other issues when they’re not in residence.

Frequently Asked Questions About Fractional Ownership

Click Here for All Currently Available Fractional Homes For Sale at Deep Creek Lake

There are currently two premier fractional real estate opportunities available at Deep Creek Lake, with a third on its way in June 2010 - The Lodge at North Shore - a deeded 1/7th fractional ownership lakefront home from the low to mid $400,000s.  For additional information, check out www.secondhomesatdcl.com or give us a call to schedule your personal tour.

Second & Vacation Home Loans

A second home by definition is located in a resort area and farther than 60 miles from the borrower’s primary residence. There are some exceptions but this is done on a case by case basis.

Conforming mortgage loan limits for second homes at Deep Creek Lake and in Garrett County are $417,000 and below - which is the same as primary residences. Typically borrowers will pay 0 points on a conforming loan with acceptable credit scores. Any loan over $417,000 is considered to be a jumbo loan.

Interest Rates for second homes under $417,000 are the same as those for a primary residence, there are no differences. These rates are currently in the high 4% to low 5% range which are historical lows! Rates for second home loans over $417,000 are typically 1% higher.

The down payment requirement for second homes with loan amounts under $650,000 are currently at 20%. The down payment and credit score requirements change as the loan amount increases over $650,000. For any loan amount between $650,000 - $1,000,000 the down payment increases to 25% and the minimum credit score required is 740. Any loan amounts between $1,000,000 - $2,000,000 the down payment requirement increases to 35% and the minimum credit score required remains at 740. There are no private mortgage insurance companies approving second homes at this time. This is why the down payment requirement for a second home is currently at 20% and more. This is expected to change as time progresses and guidelines loosen up a bit. At some point in the future lenders will return to a 10% down payment option for second homes.

Investment Properties

Most of the full time vacation rental homes at Deep Creek Lake are considered to be investment properties. Depending on how many days you personally use the property and how you treat it on your tax return will also determine whether the property is to be treated as a second home or investment property.

The same loan limits apply to investment properties as the primary and second homes - $417,000 and below are conforming and loan amounts above $417,000 are considered to be a jumbo loan.

Interest rates for investment property loans at Deep Creek Lake less than $417,000 are the same as primary residences and second homes and typically 1% higher for loans greater than $417,000. The crucial difference is that the point structure is exponentially higher. The minimum point structure for both conforming and jumbo investment property loans is 1.75 points regardless of credit score and down payment.

The down payment requirement for a conforming investment property loan is 25% and the minimum credit score is 720. If the borrower’s down payment is more than 25% then the minimum credit score requirement is reduced to 620. The down payment requirement increases to 35% with a 740 minimum credit score for investment property loan greater than $417,000. The maximum financing for a jumbo investment property is $1,000,000.

Rental income for a new purchase can not be used in qualifying for an investment loan! You must be able to qualify based on your current income and wages - not the existing income of the vacation rental. On a slightly related note - a rental property that has a two year history of rental income can be used on a refinance transaction.

Primary Residences

As with second homes and investment properties, the conforming loan limits for a primary residence in Garrett County is $417,000. Any loan for a primary residence greater than $417,000 is a jumbo loan.

Conforming fixed interest rates are usually priced 1 % less than jumbo fixed rates. These rates have recently been bouncing between the high 4% to low 5% range. This may end up being a once in a lifetime opportunity to lock in an interest rate this low! Also, borrowers  typically pay 0 points based on credit scores.

Down payments for a primary residence vary based on the borrower’s qualifications such as credit score and debt to income ratio. A borrower with a 680 credit score and a debt to income ratio of less than 41% can borrower 95% of the purchase price with private mortgage insurance. For loans greater than $417,000 the minimum down payment on a primary residence purchase is 20% because there are no private mortgage insurance companies available to insure these loans. The minimum credit score required increases to 700 on these jumbo loan but the borrowers still typically pay 0 points depending upon credit score.

Right now the CHIPS loan is by far the best available program for principal residence home buyers in Garrett County or people looking to relocate to this area. The CHIPS loan will allow 100% financing with a maximum borrower investment of $500 plus 2 months reserves of principal, interest, taxes and insurance. The borrower can not own any other real estate at the time of application. The minimum credit score for 100% financing is 660 with a maximum debt to income ratio of 41%. CHIPS will work for any property not located in census tract 5 (Deep Creek Residential). There are no income limits, so if a high net worth person is purchasing a primary residence and is looking for 100% financing this program could work. Sellers can pay all closing costs and all funds with the exception of $500.00 which can be a gift from a family member.

As you can see there are many products and options available to consumers today. Now more than ever it is important to choose a lender who is experienced and knowledgeable to help you with an advice. For more information about these loan guidelines or to get pre-qualified call Jerry at (301)387-3219 or email him at JMerrick@BBandT.com.

BOULDER RIDGE

A small gated community of single family residential homes adjacent to the Eye Opener ski slope, Main Street slope, and Chair lift #4. Great ski slope access from this community! Plus most of the building sites and homes have stunning views of Deep Creek Lake and the mountains of Garrett County. Easy walk to the ASCI Whitewater Course and Wisp Mountain Village.

• Ski-In/Ski-Out - Yes
• Lake Access - No
• Lake Views - Yes, most with stunning views!

Click here for real estate and homes for sale in Boulder Ridge at Wisp

KENDALL CAMP

A small gated community of duplex style residential townhomes that also have easy ski slope access. Each unit features 4 bedrooms, 1 car garage, and a log home architectural appearance.  Located very close to the top of the Main Street ski slope and Chair lift #4. Easy walk to ASCI and Wisp Mountain Village.

• Ski-in/Ski-Out - Yes
• Lake Access - No
• Lake Views - Generally No

Click here for real estate and town homes for sale in Kendall Camp at Wisp

NORTH CAMP AT WISP

A larger ski-in/ski-out community of single family homes and building lots located adjacent to Wisp’s North Camp ski slope expansion. From North Camp it’s a pretty easy walk to ASCI and Wisp Mountain Village. Most home sites and homes have expansive mountain views.  Neighborhood also includes the smaller community of Ridge Run - duplex style townhomes similar to Kendall Camp.

• Ski-in/Ski-Out - Yes
• Lake Access - No
• Lake Views - No, but expansive mountain views that go on forever!

Click here for real estate and homes for sale in North Camp atop Wisp

HIGHLINE AND HIGHLINE II

Smaller, non-gated communities of residential single family homes with ski slope access. Highline is located adjacent to the Main Street ski slope. Most of the homes in Highline have stunning views of Deep Creek Lake and McHenry Cove! Highline II is located across Wisp Mountain Road but still has slope access. A few homes in Highline II have lake views - most of have pretty good mountain views. A little farther walk to ASCI and Wisp Mountain from Highline. ASCI is probably too far of a walk from Highline II.

• Ski-In/Ski-Out - Yes
• Lake Access - No
• Lake Views - Some with really good lake views!

Click here for real estate and homes for sale in Highline and Highline II atop Wisp

DEEP CREEK HIGHLANDS

A larger, gated premier community of single family homes - many with stunning views of Deep Creek Lake. Community features an outdoor swimming pool, tennis court, pavilion, lockers, paths, trails, and unique rock outcroppings.

• Ski-in/Ski-Out - No, you’ll have to get in your car and drive to the lodge at Wisp.
• Lake Access - Yes, a dedicated area on Marsh Hill Road - some boat slips available
• Lake Views - A good many of the homes and lots have great views of Deep Creek!

Click here for real estate and homes for sale in Deep Creek Highlands atop Wisp

OVERLOOK MOUNTAIN VILLAS

A town home development that is part of the Deep Creek Highlands association but not located within its neighborhood boundaries. Owners at Overlook Villas can use the outdoor swimming pool in the Highlands but are not allowed to use the lake access area. Many of the townhomes have great views of Deep Creek Lake.

• Ski-in/Ski-Out - No, you’ll have to get in your car and drive to the lodge at Wisp
• Lake Access - No
• Lake Views - Most have really good views of Deep Creek Lake!

Click here for real estate and town homes for sale in Overlook Mountain Villas atop Wisp

VILLAGES OF WISP

The original and first ski-in/ski-out development at Wisp Ski Resort. Most of the buildings were built in the late 80’s and early 90’s. All units have slope access, some have year round lake views, and all have lake access at a lakeside park along Marsh Hill Road. Some transient boat docks are available.

• Ski-in/Ski-Out - Yes
• Lake Access - Yes
• Lake Views - Some with year round views

Click here for real estate and town homes for sale at Villages of Wisp

You are probably still confused! That’s ok. That’s why we are here - to help you! If you would like to see any real estate, townhome, or building site for sale atop Wisp Ski Resort - give us a call or drop us an e-mail. We are experts on these communities and neighborhoods atop the mountain. We’ll help you find that perfect vacation home, townhome, or condo. Remember, we can show you any listed property for sale in the Deep Creek Lake area - even those listed with other real estate companies.

When it was reported last fall that such legislation would be pursued by the county government many of the local rental agencies - including Railey Mountain Lake Vacations - vehemently opposed on behalf of their homeowners. The reasoning was that in this soft economy many homeowners are having to discount their nightly rental rates just to attract the same amount of renters. The renters pay the accommodation tax when staying overnight in a vacation rental home or motel/hotel - and any increase in this tax could potentially keep tourists from visiting Deep Creek Lake and staying overnight. Or the increase in the tax could have led to further rental discounting - which could have further eroded a homeowners net rental income and potentially the value of their Deep Creek Lake real estate.

Alpine Lake Real Estate & Homes For Sale

The community has its own sewer and water system and currently serves over 490 homes with capacity for future development.  Current prices range from $3,900-$45,000 for building lots and $79,000- $599,000 for homes - however, most homes for sale currently average in the mid $200,000 range. All property owners have access to the lake, lodge, and discounted green fees for the 18 hole golf course.

Click here for real estate and homes for sale in Alpine Lake West Virginia

I am licensed in both Maryland and West Virginia and have helped numerous second home buyers purchase vacation properties in Alpine Lake over the last several years. If you are interested give me a call or shoot me an e-mail for a FREE tour of Alpine Lake Resort. I am very familiar with nearly all of the properties for sale in the community. A  vacation home buyer in today’s economy needs to consider Alpine Lake WV - a much less expensive resort alternative with nearly all of the same benefits!

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.