By: DebraSavage dsavage@railey.com 301-616-4085 June 11th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Real Estate, Fractional Ownership, Garrett County Real Estate, Wisp Real Estate

People seem to be tightening their belts and looking for the best, most reasonable and smart way to enjoy second home ownership - especially here at Deep Creek Lake. This new economy does not require complete sacrifice, but it may require smarter spending and use of our resources.

This is where Fractional Home Ownership comes into play. Typical Deep Creek Lake vacation homes are often vacant for weeks or months on end while racking up the expenses such as: electric, heat, mortgage, home insurance; all the while gathering dust and needing maintenance. And even if you rent them out you probably are experiencing the frustrations that sometimes exist with maintenance issues of accelerated wear and tear on the home and furnishings.

With Fractional Home Ownership your expenses are shared with other home owners who care about the property just the way you care for your own home. The home is fully occupied by owners and maintained each week upon the exit of the current owner.

You receive an undivided deeded interest in the property. These Fractional Homes are top of the line. So instead of paying 1.2 million to 1.5 million for a gorgeous lakefront home, that you will probably only use a very few times a year, you still get your use at a Fraction of the cost while sharing the home with other owners who care and respect their ownership. Second Homes at Deep Creek Lake currently offer a 5 Bedroom Lakefront Fractional Ownership for just $349,000.

Second Homes at Deep Creek Lake also offers that top of the mountain feel with their Fractional Overlook Villas home for 269,900. This property sits atop Wisp Ski Resort mountain with stunning water views of Deep Creek Lake Maryland.

So in these challenging economic times, having a premier Deep Creek lakefront home with Fractional Home Ownership, offers you the right to “Have Your Dream Home at a Fraction of the Cost”. Isn’t it great when you can have your cake and eat it too!!!!!!

Give us a call or drop us an e-mail if you are interested in learning about the only fractional ownership opportunities in western Maryland’s four season resort - Deep Creek Lake and Garrett County.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 October 9th, 2008 Category: Deep Creek Lake Real Estate, Wisp Real Estate

Just this past week we listed one of the few ‘Green’ construction houses found in the Deep Creek Lake and Garrett County areas. This house sits atop Wisp Ski Resort and is located at 2317 Shingle Camp Road. It has wonderful views of Deep Creek Lake and is offered for sale at $728,000. Here are some of the ‘Green’ features found in this house;

• Architecturally designed to blend into the Wisp Mountain setting, yet stand out from other properties.
• Deep overhangs and radiant heat provides energy efficiency.
• The center Ventilation Stack provides a passive cooling system where hot air rises to the 3^rd level and escapes through the sunroom.
• Clerestory windows provide additional ventilation as well as more natural light without increasing undue heat gain.

If you would like a set up a time to tour this vacation house for sale, please call 800-544-2425 or e-mail us at info@railey.com. Click here for more details and pictures on this latest real estate offering.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 July 8th, 2008 Category: Deep Creek Lake Market Update, Wisp Real Estate

At the mid-point of 2008, once again the Deep Creek Lake Maryland real estate market is sending out mixed signals. However, the message is mostly the same - the number of sales continues to trend downward but the average sold price continues to climb. 

Residential Market Segment

Thru the first 6 months of 2008, 72 residential properties sold in the Deep Creek Lake area - this includes lakefront, lake access, lake view, and lake area residential houses and town homes/condos sold. These figures also include residential real estate at Wisp Ski Resort. This compares to 103 residential sales that occurred thru the first 6 months of 2007 - which is a decline of 31 properties sold.

On the bright side, the average sold price thru the first 6 months of 2008 for these 72 residential properties was $616,428 - this compares to an average sold price of $540,390 in 2007 at this point. On a wider level, Garrett County is one of only 3 counties in the entire state of Maryland where residential real estate values went up thus far in 2008. Other counties in the state are experiencing both decreases in the number of sales and prices upwards of 25-40%.

Lakefront Homes Still Going Strong

Clearly, the driver of the Deep Creek Lake market is once again the lakefront home segment. This segment clearly continues to outperform our other market segments. The values of many lakefront homes continue climb - albeit at a much more normalized rate than what we experienced earlier this decade. Even during what most consider a soft real estate market, the lakefront homes with good settings and quality features can still command a premium price. Interestingly enough, from a historical perspective the lakefront segment has always performed well. Many old time real estate professionals from the area will tell you that the lakefront homes have always held their value or even went up during other tough national economic times experienced in past - such as those in the 1970s and 1980s.

Lots and Land

The most disappointing segment of our current market continues to be the lot/land market. Only 33 lots in the Deep Creek Lake area have sold thru the first 6 months of 2008. This compares to 53 lots sold thru the first 6 months of 2007 - a decrease of 20 lots sold. The average sold price of a lake area lot is $191,226 thus far in 2008, which compares to $238,577 at this point in 2007. This is primarily due to an incredibly high inventory of lots for sale and decreased demand for these types of properties.

Impact on Buyers

If you are a potential buyer - now may be a good time to explore purchasing opportunities in this current market. With less buyers and demand in the overall market, your chances of obtaining more favorable terms (i.e. price) are greater than in the recent past. Plus the cost of borrowing money is still relatively low by historical standards. There are some pretty good “buys” out their right now.

Impact on Sellers

If you are a seller in this current market it all depends on your situation - if you are trying to sell a good, quality lakefront home with a good setting you’ll probably end up getting your offering price - assuming it’s priced correctly. If your setting or house is marginal you may need to further examine your current pricing strategy - or put some resources into boosting the “curb appeal” of your house. If you are trying to sell a lot - it will be tough for sure unless it’s priced at a very attractive level. It all depends though - we just sold a very unique lakefront building lot on Stockslager Road for $1,200,000. There are real estate buyers out their right now and they are willing to pay for quality- however most are now waiting to purchase until they find that exact house or lot they have been seeking out.

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By: Mike Kennedy mkennedy@railey.com 301-616-6106 February 28th, 2008 Category: Deep Creek Lake Activities, Deep Creek Lake Area Things To Do, Wisp Ski Resort

Deep Creek Lake and Wisp Ski Resort were featured this morning in this short video segment that aired on WBAL Channel 11’s newscast. WBAL is Baltimore’s NBC affiliate.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 February 12th, 2008 Category: Wisp Real Estate, Wisp Ski Resort

We had a meeting with one of the main real estate developers at Wisp Ski Resort this morning. Here are some of the notes from that meeting and what we can expect to take shape over the next few years;

Signature Hale Irwin Lodestone Golf Course

Construction is underway on the golf course and a projected finish date is late 2008 or mid-2009.

• After completion they are also planning on building an outdoor swimming pool and indoor fitness center.
• For a limited time existing Villages of Wisp owners and property owners in the other subdivisions atop Wisp - like Boulder Ridge, Deep Creek Highlands, and North Camp - can purchase a Lodestone Golf Membership. It’s not cheap….a full Lodestone Golf Membership is $40,000 - one half is due now and the other half will be due when the facilities are complete. However, there are options should someone want to transfer their membership in the future.

Why should think about buying one if you already own a property at Wisp? Well, in a nutshell, at some point in the future they will stop offering these memberships AND their will be options to transfer these memberships to a future purchaser. It may make your property more appealing should you ever decide to sell.

Wisp Mountain Village

• In late 2008 or early 2009 they plan to start their next residential building phase. It was reported it will consist of about 130 single family units - probably town homes of some sort.
• In 2009 they also plan to start construction on an Alpine Club and Skier Services building.
• This will be followed by additional residential buildings, a spa, general store, boutique retail, and other restaurants.

Ridge Run Town Homes

• These units are nearly identical to the Kendall Camp town homes.
• Two units per building - all are end units.
• They will be located next to Chair #7 right beside the new slopes in North Camp.
• Non-binding reservations are being accepted now and they will probably release the units for sale at the end of March, 2008.

Skiing in 2007/08

• The new Polecat snowmaking machines were placed on Squirrel Cage which allows them to make snow at a higher temperature than in years past.
• There is a 5 year plan to replace all snowmaking equipment on the mountain.
• Wisp Resort is officially “green” now. Recycling bins are everywhere.
• Inter-connecting trails will be built after the golf courses are completed.

For how warm this winter has been thus far, the Wisp has done an incredible job making snow and keeping their entire mountain open. While other eastern resorts such as 7-Springs and even Killington have had trouble holding events their have been no such problems at Wisp. This is due primarily to the Wisp’s ability to draw water out of Deep Creek Lake to make snow and also investing in the latest and greatest snowmaking equipment.

Remember we can assist you with any property currently for sale at Wisp - whether it’s one of their new projects and releases like the ones mentioned above or a resale property. Please don’t hesitate to contact us about any property for sale at Wisp. We invest quite a bit of time staying abreast of the current happenings atop the mountain to better assist our clients.