The overall interest rate environment for buyers looking to finance a real estate purchase in the Deep Creek Lake second home resort market continues to improve as Jumbo Loan Rates have recently decreased as well. Current Jumbo Loan rates for loans over $417,000 are now in the the 5.25%-5.375% range. These rates are the lowest we’ve experienced since 2003 and may not last long! Last year at this time Jumbo Rates were on average about 1.00%-1.50% higher. The down payment requirement for a second home loan between $417,000-$650,000 is 20%. Loan amounts between $650,000-$1,000,000 requires 25% down and any loan amount over $1,000,000 requires 35% down.
Lower Jumbo Rates can have significant benefits for a vacation home buyer. First, the monthly payment is much lower resulting in substantial savings over the life of the loan. Secondly, it also allows a buyer to have more purchasing power allowing for other alternatives that may be more desirable to them. For example, last year at this time someone borrowing $480,000 at 6.5% for a $600,000 Deep Creek Lake home would have a monthly payment around $3,034. Right now with the lower Jumbo Rates, the payment on the same loan would be approximately $2,650 a month - or a savings of about $138,240 over the life of the loan.
In addition, if the same buyer decided to purchase something a little more expensive now - they could borrow approximately $550,000 - or $70,000 more - with the same monthly payment as last year at this time. This allows a buyer to consider other options that may be more desirable to them. In this market it could mean the difference between buying a lakefront house versus another type of setting. Or it could mean the difference between purchasing a bigger house with more features regardless of the setting.
These lower rates may not last long. This is a great opportunity to save a significant amount of money or to increase your purchasing power. If you are buying or selling Deep Creek Lake real estate contact us. We can be your trusted advisor and guide you through the entire process. Please contact Jerry Merrick of BB&T Bank at (301) 387-3219 or John Simson of MLend at (301) 501-0676 for more information on vacation or second home loans at Deep Creek Lake.
Tags: Jumbo Interest Rates, Mortgage Loans, Mortgages
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Conforming interest rates on 30 year fixed mortgage loans under $417,000 are near all time historical lows. As of today, the current interest rate is 4.50%.
Even though the federal government’s $8,000 tax credit has expired, this low interest rate is a great opportunity for a buyer to save a substantial amount of money over the life of their loan. In addition, this lower interest rate also gives a buyer more purchasing power. If you are planning on buying a house or real estate sometime this year it may benefit you in the long run to buy sooner than later by taking advantage of this extremely low rate. This is also a great opportunity to refinance your existing mortgage as well depending on your situation and future plans to buy or sell. Here are a few professional mortgage lenders in Garrett County you can contact to get more information about financing your primary residence or vacation home at Deep Creek Lake.
- MLend - John Simson (301) 501-0676
- BB&T Bank - Jerry Merrick (301) 616-0037
- Brinsfield Mortgage - Alan Brinsfield (301) 707-3431
As always, ask lots of questions and become very familiar with the lending process before making any decisions. Give us a call if you would like to see any home or building lot for sale in Garrett County or Deep Creek Lake. Please note, we can show you any listed property for sale - even those listed with other real estate companies.
Tags: Interest Rates, Mortgage Loans, Mortgages
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The newest craze in transportation and touring, offered at Deep Creek Lake’s Wisp Resort are Segway Tours. The Segway is an upright, self balancing people mover. The movie “Paul Blart Mall Cop” featured the Segway and so did the movie “10 MPH”. In the movie 10 MPH, two guys quit their corporate jobs to take a road trip across America on a Segway traveling 10 mph.
My husband Ted has been exploring Deep Creek Lake since 2008, at 12 1/2 mph on a Segway - and folks on the
mountain call him the Segway Man. Ted has logged over 3,000 miles on his 2 personal Segways.
He has been a local consultant for the tours and is in his second year of giving tours each Saturday at Wisp Resort.
What a fun way to explore Deep Creek Lake and support going green!
Basic Tour $39.00 for 1 hour
Advanced Tour $79.00 for 2 hours
For more information call 301-387-4911
www.deepcreeklake360.com highlights places to explore when visiting Deep Creek Lake including lodging, restaurants, shopping, places to hang out and of course the latest in real estate news.
Tags: Segway Tours, WISP, Wisp Ski Resort
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One of the great benefits of owning a vacation home and real estate at Deep Creek Lake are all the great activities you and family members can experience. Wakesurfing is fast becoming one of the most popular water sports activities to do on the lake. Wakesurfing is essentially surfing in the wake created by the boat. A wakesurf board is basically a smaller version of a regular ocean surfboard and does not have bindings for your feet. 
To get up, you start in the water behind the boat in a seated position with your heels on top of the board. While holding a specially designed wakesurf rope the boat then pulls you up. After you are up, you can then pull yourself towards the front of the boat’s wake. After you “catch the wake” and start surfing you can then throw the rope into the back of the boat. The wake created by the boat mimics the look and feel of an actual ocean wave.
Personally, I’ve found wakesurfing to be a great all around family activity for Deep Creek Lake for two reasons. Most importantly, wakesurfing falls are very gentle in nature - sort of like just jumping in the water - very different from the more violent “face plant” falls you can experience while water skiing and wakeboarding. 
The risk of getting hurt is very, very low. Also, this activity can be done on days and during times while boat traffic is heavy on the lake. You do not need early morning calm, glassy lake conditions to wakesurf. Unlike the other watersports, you can enjoy this activity all day long.
It’s very important to note that you should only use an inboard ski boat to safely wakesurf!! This is because the propellers on inboards are located underneath the boat thus keeping you out of harm’s way. 
A special thanks to Scott Lohr of Lohr Distributors and Bill’s Marine Service for providing this boat. This boat is a brand new 2010 Correct Craft Crossover Nautique 226 and is currently for sale at Bill’s Marine. This boat is a perfect family boat that can be used to water ski, wakeboard, wakesurf, and cruising Deep Creek Lake. It’s loaded with every feature imaginable - all the latest electronics, automatic ballast tanks, and sound system. It can seat 15 comfortably. For a demo of this incredible boat or any others contact Bill’s Marine Service.
Tags: Deep Creek Lake Activities, Wakesurfing
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It is no secret that the local real estate market experienced a challenging year in 2009, but as we move closer to the 2010 summer selling season there are signs of increasing momentum and improvement. 
If the current trends continue, we can hopefully look back and note that 2009 was the bottom. Some trends we are seeing include:
- Buyer interest and activity is well ahead of last year’s pace. Lakefront residential transactions are up 70% from the same period last year.
- There have been five (5) $1 million dollar plus sales this year compared to only three (3) last year at this time.
- A lakefront property in The Reserve at Holy Cross just sold for a record $3.5 million. Railey Realty was the listing broker for this sale. This is the first reported $3 million plus lakefront residential sale.
- The number of pending contracts is greater now than it was last year at this time.
- New residential construction and housing starts have stabilized. Through May, total building permits issued for new single family home starts in Garrett County is nearly at the same level experienced for all of 2009.
- Distress sales, short sales, foreclosures, and bank owned properties in Garrett County and the Deep Creek Lake area are still few and far between in this market.
The area continues to add amenities such as the under construction Community Athletic Recreation Center, just opened Lodestone and Thousand Acres golf courses, and a new Zip Line Canopy Tour Ride at Wisp Ski Resort. The Deep Creek area offers an abundance of activities and attractions families can enjoy year round.
If you are a prospective buyer, now may be the perfect time to purchase. Interest rates remain low, and there is a great selection of properties to choose from. Right now is a great time to take advantage of these benefits and capitalize on the historical strength found in this four season resort market.
If you are in the selling process it is very important to not over-price your property. “Testing the market” in this environment is not the best path to take. Today’s buyer is well informed and will not make offers on obviously overpriced properties. As a result, the over-priced properties do not sell, and as other owners market their property, inventory increases. This ultimately drives prices down. Our advice is to offer your property for sale when the time is right for you and price your property competitively. One simple fact has remained true - properly priced homes in good condition are selling in this market.
If you are considering selling and would like to know the value of your property, Railey Realty will provide you with a free, no obligation, competitive market evaluation. Please contact your agent or call us at 301-387-2000 for details. As Deep Creek’s leading brokerage we look forward to helping you with all your real estate needs.
Tags: Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Market
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Railey Realty is proud to announce its participation as the listing broker in the highest lakefront residential sale recorded at Deep Creek Lake. The upscale, nearly 14,000 square foot home when finished, was recently sold for $3.5 million. The home was built in 2007 and is located in the Reserve at Holy Cross which is a private lakefront/lake access community. The property features stunning, unobstructed views of Deep Creek Lake from most rooms, 4 bedrooms, 3 full baths, nearly every upgrade you could imagine in a high-end home, and a boat dock permitted for 3 power boats. The couple who purchased this home is from the Pittsburgh area and plan on using it as a vacation home.
This is the first sale over $3 million at Deep Creek Lake and is the highest sold price for a residential property since 2007, when another lakefront house in The Reserve at Holy Cross sold for $2.8 million.
If you are thinking about buying or selling lakefront property on Deep Creek Lake, give us a call or send us an e-mail. As Deep Creek’s leading real estate brokerage, we can assist you with all your real estate needs.
Tags: Lakefront Property, Lakefront Real Estate, Reserve at Holy Cross
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There is no new progress to report on the proposed changes to the lake regulations dealing with how many personal watercraft may be moored at private Type A and common boat docks. This proposed regulation would essentially get rid of all the PWCs stands that can found along the shoreline. Deep Creek Lake Manager Carolyn Mathews has stated that during the public comment period the DNR received several very detailed comments and concerns against the proposed changes to the lake regulations
Ms. Mathews also reported that the Superintendent of the Park Service, Nita Settina, found the comments to be of merit and is giving them due consideration before moving forward with any changes. Ms. Settina plans to visit Deep Creek Lake this summer and will weigh the points brought forth in the comments against the proposed regulation changes and may suggest an alternative to the proposal.
The public comments on the changes are posted on the Deep Creek Lake website at…
http://www.dnr.state.md.us/publiclands/western/deepcreeknrma.asp
Updates will be posted on this website as they are made available. This is the new DNR website for information about the lake. This site is separate from the state park website and will have more lake specific information posted over time.
Tags: DNR, Private Boat Docks, PWC, Type A Boat Dock, Type A Dock
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Yesterday morning, the County Commissioners approved the proposed revisions to the three main county land use and development ordinances - the Deep Creek Lake watershed zoning ordinance, the county subdivision ordinance, and the county sensitive areas ordinance. This completes a process that began in May 2009.
The Planning Commission proposed the final revisions following a public hearing in March. The Garrett County Commissioners accepted the proposal without any changes and approved it as drafted by the Planning Commission.
The changes become effective June 1, 2010. They will soon be available on the county web site at http://www.garrettcounty.org/PlanningLand/Main.aspx?tabid=1
The major changes from the original proposals include;
- A major reduction in the size of the Scenic Protection Overlay districts along with new construction in these districts are now NOT required to retain or plant tress in front of the house - new construction must now have trees planted or retained on the sides and rear of the house. The original proposal would have blocked and obstructed views of the lake from these houses.
- Mandatory clustering is NOT required in lands classified either AR (Agricultural Resource) and RR (Rural Resource). The original proposal called for mandatory clustering and the creation of a resource parcel. Mandatory clustering could have restricted or limited a property owner’s ability to subdivide in the future.
The County Commissioners and Planning Commission should be commended for listening to public comment and taking into consideration the many concerns from owners of real estate throughout Garrett County and the Deep Creek Lake area.
Tags: Deep Creek Lake Watershed Zoning Ordinance, Deep Creek Lake Zoning, Garrett County Zoning, Scenic Protection Overlay District
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In an effort to better manage lake water levels, a local group of property and real estate owners at Deep Creek Lake have established an online petition to extend normal water levels later in the boating season.
The normal boating season at Deep Creek Lake usually runs from mid April thru mid October. However, many property owners located in the shallower coves have recently experienced much shorter boating seasons. This is mainly due to the drawing down of the lake much sooner in the past few years. Because these draw downs are occurring sooner, many property owners in the shallower coves are being forced to take their boats out of the water by September in most cases.
The power company that owns the hydroelectric facility and the Deep Creek dam, Brookfield Power, is currently responsible for lowering the water levels as the boating season progresses. During each month the lake level must fall within a certain elevation range known as the ‘rule bands.’ The rule band requirements and lake level start high each year- in April and May - and then gradually go down until October and November. The draw downs of the lake are based on rainfall, the rule bands, electricity demand, and planned timed releases. The Maryland Department of Environment sets the rule bands. Previous owners of the dam and hydroelectric facility have allowed the lake levels to stay on the high end of the rule bands - which has generally resulted in problem free boating seasons for property owners in the shallower coves until mid October.
This petition is one of the first steps in trying to create a constructive dialogue with Brookfield Power about this issue by making them more aware that the draw downs occurring during the last few years have negatively affected the boating season and property owners in the shallower coves. Attempts to create more dialogue on this issue have also occurred in the most recent Deep Creek Lake Policy and Review Board meetings. If you boat on Deep Creek Lake or own real estate, we would encourage you to sign this petition to help create more awareness that the lake levels should be better managed. Initial responses from Brookfield Power seem positive as representatives have recently indicated they were not aware how many boaters and property owners were affected. Hopefully this petition and continued dialogue will result in more normal water levels in the later parts of the boating season going forward.
Click Here for the Online Petition to Better Manage Deep Creek Lake Water Levels
Tags: Deep Creek Lake, Deep Creek Lake Water Levels, Rule Bands, Save Deep Creek Lake
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Ski Harbor is a lakefront condo & townhouse community at Deep Creek Lake. One of the coolest features of this community is the land it sits on - a 1,200+ feet peninsula on the shores of Deep Creek Lake. You can always find a quiet spot to sit and read, picnic or just think. Lots of different amenities: indoor swimming pool, sauna, tennis court, beach volleyball, basketball court (I’ve even witnessed street hockey!), swing sets, benches, canoe & kayak racks and more. There are dock slips available, lake views from almost anywhere on the property, 2 no-wake zones (great for kayaking & fishing), and acres of grassy, level lakefront common area. You have MEGA views of Wisp Ski Resort & the Bear Claw tubing park, as well as wide body views of McHenry cove from the point of the peninsula.
There are 2-4 bedroom condo’s & townhomes available for sale or for vacation rentals. Its location near Wisp & on the water offers a ‘rental friendly’ location that is sure to impress your visitors, family & friends. You can get a 2 bedroom condo in the low $200k’s!
Another great perk is a front row seat to fireworks. The Wisp always sets off the 4th of July fireworks from the Bear Claw tubing park, and I as I mentioned, the view is AMAZING! McHenry cove fills up with hundreds of boats, all lit up at night, and it’s quite a sight to behold.
If you are in the market for a great lakefront vacation home or centrally located condo, Ski Harbor is one place that you will definitely want to explore!
Properties for Sale in Ski Harbor
Railey Realty Real Estate Blog - Ski Harbor
Ski Harbor News, Updates, Rentals
Tags: Ski Harbor at Deep Creek
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