Lakefront Home Sells for $3.5 Million at Deep Creek Lake
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. From Carol Wills If you are considering selling and would like to know the value of your property, I will provide you with a free, no obligation, competitive market evaluation. Please email or call me. As Deep Creek's leading brokerage I look forward to helping you with all your real estate needs.
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