By: Mike Kennedy|
March 6th, 2010
Category: Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County News, News
Yesterday the historic Alpine Village Inn, on the shores of Deep Creek Lake, went to auction. The bidding started at $550,000 and quickly escalated up to $900,000. The winning bid ended up being $900,000 and it appears a non-local developer was the winning bidder. The previous owners had paid $750,000 for the motel back in 2003. It is not immediately known what plans the new owner has for the once thriving 29 room hotel/motel. The State of Maryland Highway Administration does have plans at some point in the future to widen the intersection of Rt. 219 (Garrett Highway) and Glendale Road which could potentially increase the value of all commercial real estate at Deep Creek Lake in that area. The interesting point here is that the Alpine Village sold for more than what it did just 7 years earlier - once again demonstrating the underlying strength and stability of real estate values here at Deep Creek Lake - values that are holding fairly steady even during one of the worst real estate slowdowns and economic downturns in our country’s history.