The Deep Creek LakeRESORT REPORT

Volume 7 Issue 1, Fall 2014/Winter 2015 301.387.2000 301.387.5472 www.Railey.com www.DeepCreekLake.com

REALTOR®

MULTIPLE LISTING SERVICE

Total sales and dollar volume through the first 9 months of 2014 show improvement from 2013 during the same reporting period. In the Deep Creek Lake area, there were 217 sales, which is an increase of 34 from 2013. Total dollar volume increased to a little over $83.4 million compared to $69.6 million last year. If this trend continues, it will mark the 5th straight year that both total sales and dollar volume have increased in our market.

The average residential sales price in the lake area through the first 3 quarters of 2014 was up about 4% to $445,846. This is not necessarily an indication that prices are rebounding. The primary reason for the increase is due to 11 sales over $1 million this year compared to only 5 last year at this time.One of the sales closed at $2.35 million and the other closed at over $3 million. All in all, values remain flat.

One promising trend to the market is listing inventory, which is down compared to previous years. If this trend continues, values could improve as supply and demand fundamentals will eventually come into play.

Understanding the market, along with staying informed on the various trends, makes it more important than ever to work with a REALTOR. While websites and apps like Zillow and Trulia have certainly made

it easier for consumers to access information, these sites are usually limited in the data they provide for specific market features. Even the best multi-list system available often leaves out important data that an informed REALTOR will likely know through experience and local knowledge.

If you are considering the sale of your property, it is more important than ever to price your property competitively from the start. The term ‘days on market’ is not a Seller’s friend, and can easily be accessed by any Buyer or agent. In fact, it is often used by Buyers to determine how realistic the Seller’s list price is. Furthermore, relying on what a neighbor’s house sold for or a bank appraisal from more than a year ago will almost never impact what a Buyer will pay for your property. What matters most is making sure your property is properly valued when compared to competing properties and

similar recently sold properties. Recent means a sale within the past 6 months. In addition, it is important to make sure your property is offered in the best condition possible. Things like painting, new floor coverings, and removing clutter can have a dramatic impact on how your property will show and be perceived. In the end, a property in good condition that is competitively priced will almost always sell.

As the area’s market leader for nearly 20 years, Railey Realty continues to dominate the Deep Creek Lake market. We have been a part of nearly 70% of all closed transactions over the past 12 months. Our proven web presence and extensive referral network continue to attract highly qualified Buyer prospects. The Railey inventory of properties is the most comprehensive in the area, making it easy for many Buyers and Sellers to complete the entire transaction with one real estate firm.

Deep Creek Lake Real Estate Market Update

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301.387.2000 • Main Office 301.387.5472 • Branch Office

301.387.2000 • Main Office

Your 1st Choice in Real Estate

A World of Success - Deep Creek 2014 Recap

USARA Adventure Race National Championship

www.DeepCreekLake.com

The 2014 IFC Canoe Slalom World Championships were recently held in Garrett County at the ASCI whitewater course atop Wisp Mountain. The Deep Creek Lake resort area hosted an audience from all over the world and received international exposure as 42 nations participated in this canoe and whitewater event. Over 11,000 people attended the 4 day event, and Railey Realty was proud to be a major sponsor. The competition showcased the skills of professional kayakers and had a real Olympic feel, which included opening, closing, and medal ceremonies. Many of the participants stayed in local rental homes at Deep Creek Lake. London will host the 2015 event next year.

Highlights of the event included Team USA member Fabien Lefevre

winning the gold medal in the Men’s Canoe 1 division on home waters. Jessica Fox of Team Australia made history by becoming the first female to win both the Female Canoe 1 and Kayak 1 divisions. Jessica’s parents were both gold medalists the last time this event was held in the United States, which was 25 years ago on the Savage River here in Garrett County.

This event was a great platform for Garrett County and the Deep Creek Lake area to be viewed not only nationally, but also internationally, as a premiere action sports destination. During the event, European television channels and online platforms streamed the competitions. NBC Sports aired highlights of the event in October, where Garrett County was on display for the world to see!

With Washington, D.C., vying for the Olympic bid in 2024 to host the Summer Games, these World Championships were closely watched. If D.C. were to win the 2024 Summer Games bid, Deep Creek Lake and ASCI would be the venue for Canoe Slalom, Mountain Biking, and BMX competitions.

For complete results visit www.deepcreek2014.com.

Garrett County also recently hosted the 2014 Adventure Race National Championship. The race took place the first weekend of October and Wisp Resort served as the race headquarters. For this Adventure Race, teams of 3 were required to navigate a series of checkpoints throughout Garrett County using only a map and compass to guide them while transitioning between several disciplines, such as: Trail Running and Trekking, Mountain Biking, Paddling, and Orienteering. Racers could be seen throughout

the weekend, both day and night, paddling on Deep Creek Lake and biking on our local roads. This was the first time our resort area hosted this event, and was chosen because of our many recreational areas, state parks, diverse terrain, and reputation as a premiere adventure sports destination.

Team Tecnu came out on top, with a time of 29 hours, 10 minutes, and 33 seconds, on what most consider the most challenging course ever. The Collegiate Division winners

were Adventure Sports Institute of Garrett College with 19 checkpoints. This was our local team’s second Adventure Race and first overnight race. Much respect to these guys for persevering through a tough course and congratulations to all the finishers!

Photos by DC 2014

Railey Realty is proud to be the main sponsor and present the newly redesigned, user friendly area website - www.DeepCreekLake.com. The site is the leading source and an official guide for all information pertaining to Deep Creek Lake and Garrett County. The site’s many features include:

To advertise your local business for free in the Business Directory, click the “Join” link at the bottom of the home page. Visit www.DeepCreekLake.com for more information.

Business DirectoryThings to DoWhere to Eat Weather

••••

History Real Estate ListingsVacation RentalsArea News

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Introducing DeepCreekLake.com

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The Deep Creek Lake resorT reporT

Local Happenings and News…Moonshadow Café is the newest addition to the local Garrett County restaurant scene. Located just 6 miles north of Deep Creek Lake in Accident, the café/bar features farm fresh organic food, craft beers, art, and live music on the weekends. For more information visit www.moonshadowcafe.com or their Facebook page, facebook.com/moonshadowcafe, for the latest happenings.

In Oakland, the old Par Matt Lanes bowling alley changed ownership, was completely renovated, and has opened back up as The Alley. The Alley is just a short drive from the lake, offering new bowling e q u i p m e n t and lanes, cosmic bowling, video screens, pool tables, video games,

and a new food menu in a bright, family-friendly atmosphere. The owners of The Alley are planning on building a similar new bowling alley/family entertainment facility at Deep Creek Lake next year. For more information and hours, visit www.deepcreeklakebowling.com.

Last June, Deep Creek Lake and Garrett County were chosen as a host city and time station for the Race Across America (RAAM), the world’s toughest bicycle race. The race went through Garrett County along Route 219 and a time station was placed in front of High Mountain Sports where many racers and teams stopped. The race featured a team with Pippa Middleton, sister of Kate Middleton. Pippa wasn’t on the bike when her team came through Deep Creek Lake, but she was in the support van and was able

to tour Garrett County on her way to the race finish in Annapolis.

Railey Realty agent Coelian Green recently completed her first full Ironman Triathlon in Lake Placid, New York. Husband Steve Green, co-owner of High Mountain Sports, also completed the race. Congratulations to both!

The 3rd annual WGW Invitational Golf Tournament was recently held at both Lodestone and Oakland Golf Clubs. The multi-day tournament and silent auction raised over $100,000 for local charities Landon’s Library, Samantha Funding the Arts, and the Andrew Woods Foundation.

The Southern Garrett High Lady Rams basketball team won the Maryland Class A State Championship last spring. Railey Realty co-owner Bill Weissgerber served as assistant coach and his daughter Holly played on the team.

301.387.5472 • Branch Office

Railey Realty is proud to announce an affiliate partnership with Deep Creek Lodging Company, the area’s newest and quickly growing vacation rental company. Deep Creek Lodging already offers a large selection of lake front, lake access, Wisp Ski Resort, and surrounding Garrett County vacation homes for rent. The company’s main goal is to provide exceptional customer service to both renters and vacation homeowners. To ensure these standards are met, the company has hired a dedicated team of reservationists and property managers with many years of vacation rental experience and exceptional customer service skills. The company has far exceeded its goal of managing houses and is projected to be one of the largest and best vacation rental companies at Deep Creek Lake in the next few

years. Their office is located at 22491 Garrett Highway (Route 219) near the Deep Creek bridge, and is open 7 days a week. New distinct signage will be rolled out shortly to go along with new advertising, the latest and best online booking features at www.deepcreeklodging .com, no check-ins, 24/7 property management, and prominently displayed pages on all social media. Commission rates and fees at Deep Creek Lodging are structured to ensure the homeowner isn’t overcharged for services and receives more bookings with a higher overall net monetary benefit, while at the same time making sure renters pay a fair price and have a great vacation. If you would like to speak with someone at Deep Creek Lodging about the benefits of renting your

home, please contact Jennifer Cowgill at 301-387-5717 or jennifer@deepcreeklodging.com. Railey Realty is still a lodging partner with Railey Mountain Lake Vacations, the area’s largest rental company at Deep Creek Lake. We urge you to compare the benefits of each property management program when deciding which company is right for you.

For more information visit www.deepcreeklodging.com or www.deepcreek.com.

Introducing Deep Creek Lodging Company

Your 1st Choice in Real Estate

... The Leader in Deep Creek Real Estate

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The Deep Creek LakeRESORT REPORT

2 Vacation Way, McHenry, MD 21541

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The goal of this newsletter is to keep you informed on the local real estate market, along with keeping you in touch with the issues impacting this market. We will also attempt to bring you interesting stories about the people and heritage that make Deep Creek Lake and Garrett County, Maryland such a special place.It is not our intention to solicit clients from other Brokers or Property Managers with this newsletter. If your property is currently listed for sale or managed with another company, please consult that company.

Fall 2014/Winter 2015

Proven

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Residential Dollar Volume Market Share 1/1/2014 thru 6/30/2014

Top MLS Brokers

Long & Foster®

NationalBrokerage

All Other Brokers

* All data obtained from MRIS for the period 1/1/2014-6/30/2014. All data is believed to be accurate, but not guaranteed.

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301.387.20002 Vacation Way

McHenry, Maryland 21541

301.387.547219567 Garrett Highway

Oakland, Maryland 21550

Now Serving You in Two Great Locations!

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68%Percentage of Residential

Dollar Volume Sold for the Deep Creek Lake Area

75%Percentage of Lake Front

Residential Properties SoldPercentage of Total Lake Front

Residential Properties Sold 1/1/2014 thru 6/30/2014

Top MLS Brokers

Long & Foster®

NationalBrokerage

All Other Brokers