e k a L k e e r C p e e D e ThRESORT REPORT Volume 8 Issue 1, Spring 2015
In This Issue... Deep Creek Lake Real Estate Market Update New Home Sprinkler System
Requirements Precision Rafting Expeditions Spring Creek
Outfitters Mountaintop River Brings Smiles to Faces Introducing Deep Creek Lake.com Introducing Deep Creek Lodging Company Drone Photography Video Tours Local Happenings and News…
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Deep Creek Lake Real Estate Market Update Deep Creek Lake and Garrett County real estate markets had another encouraging year as 2014 came to a close. Last year ended on a very positive note, as total home sales in the fourth quarter were more than 40% compared to the previous year. For the entire year, total dollar volume and closed transactions once again improved, making it five straight years these leading indicators have increased. The upward trend in sales can mostly be attributed to the improving economy, lower interest rates, and lower prices. Excessive inventory in our residential sector has also gone down recently. That factor, coupled with the continued growth and planned improvements at Wisp Ski Resort, could lead to more favorable conditions for sellers as we head into the 2015 selling season. However, building lot inventory and demand still remain a problem. More than likely, they will stay soft for quite some time. A summary and highlights of our local real estate market include: • Total Deep Creek Lake area residential sales were up 14% in 2014. Total Garrett County residential sales were up 13%. • Total sales over $1 million doubled in 2014 to 16, up from eight the year before. However, the $1.5 to $2 million segment only had one sale last year. • There were three lake front sales over $2 million in 2014 with one of those being over $3 million. • The average residential sales price in the Deep Creek area was $450,734 for 2014, which was up a little over 4%. However, without the higher sales above, values overall remained relatively flat and continue to be soft.
Photo by Marcia Warnick
Experts predict interest rates will increase by the end of 2015. If you are actively buying, now is a great time to consider your options and lock in a rate. Waiting for prices to drop further can be risky, and could potentially lead to more costs later if rates rise. New construction housing continues to remain slow, and has been for the past several years now. This has limited newer house options for buyers. If you are considering or actively trying to sell now, houses that are newer or updated have a definite advantage. Painting or updating your house can give your property a distinct advantage in the current market. Whether you are buying or selling, the professional assistance of an experienced REALTOR is still very important. Railey Realty agents are the most experienced and productive in the area, involved in nearly 70% of all Deep Creek Lake area sales. Please contact us for a free market appraisal of your property or a free tour of homes for sale. We look forward to assisting you with all your real estate needs.
New Home Sprinkler System Requirements Starting June 30, 2015, any new house constructed in Garrett County, Maryland, will be required to have a sprinkler system. Initial estimates of adding a full sprinkler system on a new home with public water can add approximately $10,000 to the overall construction costs. Properties on a well can cost several times that amount. Those systems will require special pressure equipment and a holding tank that will substantially increase the costs. If you’ve purchased a building lot in
301.387.2000 • Main Office
Garrett County, and are considering building a new home soon, you will not be required to add a sprinkler system if you obtain an approved building permit before June 30, 2015. It is anticipated that the local permit office will be busy during that time, so, if at all possible, it would be a good idea to start the permitting process at least two months before the deadline. Building permits are good for one year from issuance and are non-transferrable.
301.387.5472 • Branch Office
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