By: Mike Kennedy mkennedy@railey.com 301-616-6106 October 21st, 2010 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate

Leading indicators and trends in the Deep Creek Lake and Garrett County real estate markets continue to strengthen. Thru the first nine months of 2010;

• Lakefront residential sales are up 31% - 47 total sales thus far in 2010 with an average sold price of $822,179 - versus 36 sales in 2009 with an average sold price of $711,315.
• Total number of sales in Garrett County is up 10%.
• Total dollar volume sold in Garrett County is up 22%.
• Total residential dollar volume sold in the Deep Creek Lake area is up 26%.
• The average residential sold price in Garrett County is up 9%.

(All data collected from Metropolitan Residential Information Systems (MRIS). All data is believed to be accurate but not guaranteed.)

A few key factors have contributed to the strengthening of our market. First, there have been a greater number of higher end lakefront residential sales in 2010 which has boosted the entire market. Second, historically low interest rates have created more buying opportunities. Lastly, some price reductions and corrections in certain segments of our market have enticed buyers to purchase their next home, vacation home, or rental property.

Higher inventory levels and inflated list prices continue to be a problem. Over priced listings are being ignored as buyers have a healthy selection of properly priced homes, condominiums, townhomes, and vacant land to choose from. If you are selling it is more critical now than ever before to competitively price your property in the market. If you are unsure of the value of your property please contact us for a free, no obligation, competitive market evaluation.

If you are actively buying, it’s still a great time to evaluate your purchasing options. The Deep Creek Lake area is a true four season resort that offers historical stability and more importantly activities and attractions the whole family can enjoy. Those factors plus low interest rates and a large selection of properties to choose from right now provides buyers an ideal environment to purchase a vacation or second home.

As Deep Creek’s leading brokerage we look forward to helping you with all your real estate needs.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 January 8th, 2010 Category: Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News

The county has released its latest revisions to the Deep Creek Watershed Zoning Ordinance, the Garrett County Subdivision Ordinance, and the Sensitive Areas Ordinance. There has been a lot of language deleted and changes made from the original proposals that were previously released in the fall of 2009. A summary of the major issues are listed below;

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.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 October 22nd, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Garrett County Real Estate

Buying a vacation or second home in the Deep Creek Lake or Garrett County area can be the attainment of a life’s goal and it’s often a rather sizable investment as well. A strategy to protect this investment should be incorporated into your real estate buying process. One strategy often overlooked and misunderstood is title insurance which can help protect your real estate purchase.

What is Title?

Title is the legal evidence, of right, that a person has to the ownership and possession of land. Since it is possible that someone other than the seller could have legal right to the property you are buying - undisclosed problems could remain even after a careful title search in the public records. These hidden defects can sometimes be found months or even years later in some cases.

A Lender’s Title Insurance Policy Does Not Protect You

If you are borrowing money from a bank to complete your real estate purchase the lender will only require that you purchase a lender’s policy - which only protects the lender and their lien. A lender’s policy does not protect the property owner! Make sure you ask your  settlement attorney or title company for a quote on an Owner’s Policy as well.

Title Insurance Costs

The one time premium for an Owner’s Title Policy is related to the value of the property so it can vary widely in the Deep Creek area. It’s typically on a scale of $1,000 for a $300,000 purchase - and around $3,000 for a real estate purchase of $1,000,000. It is a one time expense that you pay at settlement but it provides coverage for as long as you or your heirs own the property.

Basic Title Insurance Coverage Protects Against

• someone claiming an ownership interest in your title.
• leases, contracts, or options affecting your title.
• someone claiming to have rights affecting your title due to forgery, impersonation, or fraud.
• someone having a right to limit your use of the land.
• unmarketability of your title.
• a defective title.

In addition, a newer enhanced Owner’s Policy provides coverages against  losses caused by zoning violations, subdivision violations, and building permit violations to name a few.

It’s important to ask your settlement attorney or title company what you are covered against and whether or not they are quoting a basic Owner’s Policy or an expanded “enhanced” Owner’s Policy. If you need help, give us a call or send us an e-mail - we’ll get you in contact with one of the local title companies.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 July 9th, 2009 Category: Deep Creek Lake Real Estate, Garrett County Real Estate, Uncategorized

Click on the link below for new real estate listings and homes for sale in the Deep Creek Lake and Garrett County Maryland area offered by Railey Realty - Deep Creek’s leading real estate brokerage. The link below is Google Map with additional information about each new residential, lot/land, and commercial real estate listing.

New Deep Creek Lake, Garrett County, and nearby West Virginia real estate listings - the week of June 29-July 5, 2009

The residential properties are denoted with a push pin and the building lots and acreage are denoted with the balloon graphic. Clicking on the property marker will give you a brief description and a link to additional information and pictures.

New Deep Creek lakefront homes for sale;

94 Stilwater Drive is being offered at $1,499,000. 7 bedrooms, Corian countertops, and had gross rental bookings near $60,000 in 2008 - 2009 should be about the same.

94-stilwater-deep-creek

3161 Turkey Neck Road and 3195 Turkey Neck Road on the southern end of Deep Creek Lake - both properties offer incredible lakefront settings and are very close to the Deep Creek Lake Yacht Club.

3161-turkey-neck-deep-creek-lake

3195-turkey-neck-loop

1019 Lake Shore Drive - one of the few craftsman style homes on Deep Creek Lake offered at $989,000 with a private Type A boat dock.

1019-lakeshore-drive-deep-creek-lake

Please contact us if you are interested in any of these new properties - or any others listed for sale in the area. As a member of MRIS, our local MLS, we can assist with any property listed for sale - even those listed with other area real estate brokerages in Garrett County Maryland.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 June 22nd, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Garrett County Real Estate

Click on the link below for new real estate listings and homes for sale in the Deep Creek Lake and Garrett County Maryland area offered by Railey Realty last week - Deep Creek’s leading real estate brokerage. The link below is Google Map with additional information about each new residential, lot/land, and commercial real estate listing.

New Deep Creek Lake, Garrett County, and nearby West Virginia real estate listings - the week of June 15-June 21, 2009

The residential properties are denoted with a push pin and the building lots and acreage are denoted with the balloon graphic. Clicking on the property marker will give you a brief description and a link to additional information and pictures.

Two new lakefront homes for sale on Deep Creek Lake - 88 Silver Tree Lane and 2053 Marsh Hill Road.

88 Silver Tree Lane is offered for sale at $1,100,000 -  comes with a assigned boat slip, and has excellent vacation rental income - $64,000 in gross bookings.

2053 Marsh Hill Road is offered for sale at $1,250,000 - 190 feet of lakefront and less than 1 mile to the Wisp Ski Resort.

Also offered for sale is the Oakland Car Wash just north of the town of Oakland Maryland. The list price is $649,000. Great cash flow with this commercial real estate located on the busiest part of Rt. 219/Garrett Highway. This is a great opportunity to take advantage of the recent permanent closure of the self serve bays at the competing Super Car Wash - which was located behind the Sheetz gas station in downtown Oakland Maryland. Sheetz in Oakland is currently remodeling. For someone looking for business opportunities or an easy to run small business in Garrett County this may be it.

Please contact us if you are interested in any of these new properties - or any others listed for sale in the area. As a member of MRIS, our local MLS, we can assist with any property listed for sale - even those listed with other area real estate brokerages in Garrett County Maryland.

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: Mike Kennedy mkennedy@railey.com 301-616-6106 May 26th, 2009 Category: Deep Creek Lake Market Update, Garrett County Real Estate, Wisp Ski Resort

Click on the link below for new real estate listings and homes for sale in the Deep Creek Lake and Garrett County Maryland area offered by Railey Realty - Deep Creek’s leading real estate brokerage.

New Deep Creek Lake, Garrett County, and nearby West Virginia real estate listings - the week of May 17-24, 2009

The residential properties are denoted with a push pin and the building lots and acreage are denoted with the balloon graphic. Clicking on the property marker will give you a brief description and a link to additional pictures.

Please contact us if you are interested in any of these new properties - or any others listed for sale in the area. As a member of MRIS, our local MLS, we can assist with any property listed for sale - even those listed with other brokerages.

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: DebraSavage dsavage@railey.com 301-616-4085 April 18th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, Interest Rates and Loans, Obtaining a Mortgage

Why is now a good time to buy a house for sale at Deep Creek Lake or in Garrett County? Whether you are looking to purchase a vacation or second home at Deep Creek Lake, a cabin retreat in the woods, or if you are first time home buyer - there are two reasons that now may be the right time to buy real estate;

• Sellers now understand that we have not only have moved into - but are now lodged in a ‘Buyer’s Market’ and they must now properly and realistically price their home if they desire to sell in this current market.

-and-

• Interest rates are at historically low levels.

EXAMPLE; An $800,000 jumbo loan or mortgage on a vacation property at Deep Creek Lake at 6 percent on a 30 year fixed-rate mortgage will cost you $926,717 in interest over the life of the loan.  If interest rates increase just 1 percent - that same loan will now cost you $1,116,025.  That is an additional $189,308 in interest paid over the life of the loan!

A $400,000 conforming loan for a primary residence at today’s current rate of 4.75 percent on a 30 year fixed-rate mortgage will cost you $351,164 in interest over the life of the loan.  Once again, there is a tremendous amount of additional interest to pay if the rate rises just 1 percent. That 1% rate increase will cost you an additional $89,180.00 in interest over the life of the loan.

So, negotiate your best possible contract price and then take advantage of these historically low interest rates.  The current buyer’s market and low interest rates won’t last forever!

By: Mike Kennedy mkennedy@railey.com 301-616-6106 February 19th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate

In 2008 Railey Realty was once again the leader in market share for the Deep Creek Lake and Garrett County Maryland areas.  In fact, we sold more real estate in 2008 than all other area brokerages combined! Below is a chart showing the number of transaction sides and total dollar volume for 2008. These statistics include all residential, lot and land, commercial, and multi-family transactions tracked by our MLS.

Railey Realty has been the number one ranked real estate company in the Deep Creek area since 1995 - a streak that now stands at 13 years!  So if you are thinking about buying or selling property at Deep Creek Lake or in Garrett County please give us a call or shoot us an e-mail - you can be assured you will be working one of the area’s most productive and knowledgeable Realtors who will expertly guide and advise you each step of the way.

 Deep Creek Lake Market Statistics

Garrett County Maryland Market Statistics (Includes Deep Creek Lake Area)

*All data obtained by MRIS. Figures are believed to be accurate but not guaranteed.