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By: DebraSavage dsavage@railey.com 301-616-4085 September 3rd, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate |
Well to give an answer this question it takes further explanation of two trends we have seen - 1. the number of units sold has dramatically fallen - but 2. Deep Creek lakefront properties have still continued to hold their value. Let’s walk-thru this in greater detail;
Deep Creek Lakefront Residential Homes Sold
Year # of Homes Sold # of Homes over $1,000,000
2000 97 4
2001 79 6
2002 115 5
2003 70 7
2004 82 13
2005 94 21
2006 79 26
2007 61 21
2008 54 20
2009 YTD 19 5
These numbers are based upon information obtained from MRIS, our local MLS System, showing homes listed as fee simple lakefront residential homes at Deep Creek Lake.
As you can see the number of transactions has fallen starting in 2006 - but please note that until this year (2009) the number of lakefront homes sold with a list price over $1 Million has been a strong and upcoming market.
Deep Creek Lakefront Values have Remained Steady
I took a completely random sampling of properties, both single family and condominium lakefront properties, which are currently listed for sale to establish value. I reviewed the sales history of these properties from the time we started to track sold prices in our public records and here are the results:
Area of the Lake - Southern
Sold Price Transfer Date
$350,000 April 04
$435,000 Dec 04
$630,000 June 05
Current List Price $ 1,199,000
Thayerville Area of Lake (near Uno’s)
Sold Price Transfer Date
$217,000 Dec 81
$421,250 Sept 02
Current List Price $699,000
McHenry Condominium
$125,100 May 88
$145,500 April 97
Current List Price $409,999
Southern Lake Condominium
$164,750 Jan 90
Current List Price $ 375,000
McHenry Condominium
$117,000 May 92
$160,000 May 04
$210,000 Sept 05
Current List Price $ 217,000
So what does all this say?
The number of homes sold has decreased this year, but we are holding value. Now I know we are all talking about and hearing about all these price adjustments and decreases. Yes, we are seeing sellers drop prices, BUT, we are holding value. Home owners are not making as much on the re-sale of their property but they still have not dipped below the value they paid originally.
Remember buyers turn into owners and potentially one day they turn into a seller. That is when everyone wants to know that they made a purchase that has held value. Deep Creek Lake has historically proven over and over again that it’s a great value purchase. Considering the conditions the real estate market has seen nationally isn’t it great to know that there is somewhere in this great country that when you buy property, even in huge downturn markets, that you can and will hold value!
So, whether you buy now or buy later (as many happy home owners at Deep Creek Lake have done over the years) our history is strong on value oriented lakefront property.
Now there is a reason to purchase lakefront at Deep Creek Lake. I think we all wish our 401K and IRA stock accounts had held value like Deep Creek Lake!!! Give us a call or drop us an e-mail - we’ll show you how to buy a vacation property in a market that has proven itself over time!
Tags: Deep Creek Lake Market Update, Deep Creek Lake Real Estate