By: Mike Kennedy mkennedy@railey.com 301-616-6106 June 24th, 2009 Category: Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County News, Garrett County Real Estate, News, Wisp Real Estate, Wisp Ski Resort

Yesterday we had a meeting with Karen Myers, one of the owners and developers of the Wisp Ski Resort. She gave us an update on the Wisp Ski Resort, the new Hale Irwin Lodestone Golf Course, and other real estate developments atop Wisp mountain. Here are the highlights of the meeting;

Contrary to any rumors the Wisp Ski Resort is NOT in any type of financial trouble! And they don’t intend to get in any financial trouble in the future by utilizing a plan to be fiscally responsible going forward. This plan includes delaying some of the proposed projects until economic conditions improve and expansion is feasible. The Wisp finished this past ski season (2008-2009) with about 185,000 skier visits - which was slightly ahead of the previous winter season - even with a slumping economy and an unusually warm March which forced them to close earlier than normal for the season. Some in the ski industry have heard reports that most of the other mid-Atlantic ski areas were down significantly in skier visits - if that is true this once again shows the overall strength of the Deep Creek Lake area as four season resort area that can still draw people and tourists even in tough economic times!

Hale Irwin Lodestone Golf Course

First and foremost the Wisp plans on finishing the Hale Irwin Lodestone Golf Club. The first 10 holes have already been “plated” and their is some additional rock blasting to be done on the final 8 holes. Hale Irwin toured the site last week and the course is on target to be done and playable by September 2009. The Wisp is currently pre-selling memberships - full memberships are $40,000 for non-lot owners and $20,000 for a sport membership for those who plan on playing less golf. This golf course will be a private, membership only course and won’t be open to public play.

Wisp Lakeside Club

Second on the priority list is to complete and open the Lakeside Club on Deep Creek Drive with a temporary building. The permanent $7 million building has been put on hold until the economy improves. The location is 1077 Deep Creek Drive which is the site of the old S&H Marina on Deep Creek Lake. The temporary location will have a bar, lounge, pool, TV’s locker rooms, and game rooms.  This club is targeted for property owners in some of the neighborhoods atop Wisp Ski Resort - such as Kendall Camp, North Camp, or Highline - that don’t have access to Deep Creek Lake. The target date for opening the Lakeside Club is July of 2009.

North Camp Ski Slope Expansion

Eventually, as economic conditions improve, the Wisp plans on constructing another Chair Lift and increasing the number of ski trails and ski-able terrain in the North Camp area of the ski slopes. The new Chair will be #8 and will meet at the top of North Camp near Chair #7.

Wisp Mountaintop Village

Lastly, the proposed Mountain Top Village near the ASCI White Water course will be developed. Proposed is a 100 unit residential building that will be ski-in/ski-out along with various retail and food shops. The mountaintop village already has ASCI (Adventure Sports Center International), The Pumphouse Cafe, and the Wisp Outdoors Center.

If you are interested in any real estate opportunities at Wisp Ski Resort or in the Deep Creek Lake area please give us a call or drop us an e-mail. We’ll be more than happy to show you any building lots, residential homes, or townhomes atop Wisp mountain and provide more details about all the happenings at Wisp.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 February 10th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Interest Rates and Loans, Obtaining a Mortgage, Uncategorized

This afternoon I had a conversation with local mortgage lender Jerry Merrick of BB&T Bank.  He had mentioned that refinance interest rates in the Deep Creek Lake and Garrett County areas are actually higher than purchase rates and no one seems to be noticing this. Conforming mortgage rates on a home  purchase are still below 5%! I questioned why the discrepancy in rates and below is his response.

While interest rates remain historically low some lenders are raising their rates to control the flow of refinance applications. The typical 30 year fixed rate refinance loan is priced at 5.125% today on any loan amount under $417,000. The matter is simply supply and demand, meaning that lenders are offering very low rates but they are typically understaffed and lack the support necessary to get these deals to closing prior to the rate lock expiration dates.

Consumers should be leary of using lenders that they are unfamiliar with who may be offering lower than market rates. The first item to address is how long is my rate guaranteed to be locked in for, and what are my options if the rate does expire prior to settlement? Ask yourself the question what good is a below market rate if you never go to settlement. At BB&T our clients are locked in for 60 days in order to ensure the integrity of their lock. Those terms are disclosed upfront in the form of a signed rate lock disclosure.

The flipside represents the purchase market which finds lenders still very aggressively priced. Purchase loans are priced today at 4.875% on 30 year fixed rate products. That’s a solid .250% below what the refinance transaction costs. The difference is purchase money transactions are moving faster and have priority in underwriting, because unlike the refinance these loans are new loans for the lender and the refinance transactions are already homeowners.

 With so many variables affecting the market, it’s more important than ever to have an advise -based strategy when structuring your loan, I appreciate you trusting me with this role. 

Jerry Merrick

Deep Creek Lake’s #1 Lender

Vice President

BB&T Mortgage

Mortgage Loan Consultant

301-387-3219 Phone

301-387-5393 Fax

301-616-0037 Mobile

21287 Garrett Hwy suite 500

Oakland, MD  21550

www.bbt.com/mlo/jmerrick