March 2015 – Page 3 – Jay's Real Estate Blog

Inaccurate Zillow 'Zestimates' a source of conflict over home prices

When “CBS This Morning” co-host Norah O’Donnell asked the chief executive of Zillow recently about the accuracy of the website’s automated property value estimates — known as Zestimates — she touched on one of the most sensitive perception gaps in American real estate.

Zillow is the most popular online real estate information site, with 73 million unique visitors in December. Along with active listings of properties for sale, it also provides information on houses that are not on the market. You can enter the address or general location in a database of millions of homes and probably pull up key information — square footage, lot size, number of bedrooms and baths, photos, taxes — plus a Zestimate.

Shoppers, sellers and buyers routinely quote Zestimates to realty agents — and to one another — as gauges of market value. If a house for sale has a Zestimate of $350,000, a buyer might challenge the sellers’ list price of $425,000. Or a seller might demand to know from potential listing brokers why they say a property should sell for just $595,000 when Zillow has it at $685,000.

Famous Travelers: Edison, Ford, Firestone Travel Through Allegany County

By Francis Champ Zumbrun

“I like to get out in the woods and live close to nature. Every man does. It is in his blood. It is his feeble protest against civilization.’’ – -Thomas Edison at Muddy Creek Falls, 1921

In the summer of 1921, Thomas Edison, world famous inventor; Henry Ford, automobile manufacturer; and Harvey Firestone, tire magnate; camped out at two different locations in Western Maryland. Traveling on Route 40 from one campsite to the other took these well-known men from east to west through the entire width of Allegany County.

From July 21 to 27, they camped in Washington County on a 200-acre farm located along Licking Creek, about six miles east of Hancock. From July 27 to 31, they camped in Garrett County along Muddy Creek, at present-day Swallow Falls State Park.

Edison, Ford and Firestone were business partners and knew each other from working together on various business projects over the years. Their working relationship transformed into a bond of great friendship through the experiences they shared camping together about two weeks each summer from 1915 through 1924. On these camping trips, these wealthy captains of industry called themselves “vagabonds” as they roughed it together in the great outdoors away from civilizati Henry Ford, driver; John Burroughs (front seat) and Thomas Edison (back seat) in a Model T. on.

The publicity that followed these celebrated men on their summer adventures helped to introduce to the general public the pleasure of motorized recreational touring, outdoor recreation and camping. Historians have noted that these camping trips were “the first notable linking of the automobile and outdoor recreation.”

The loud sounds of the motor caravan breaking the quiet of the rural countryside would have certainly drawn the attention of anyone within hearing distance. An Allegany County citizen standing at the right place at the right time along the National Road on the afternoon of July 27, 1921 would have certainly noticed the long caravan of vehicles passing through the area.

Defendant Found Not Competent for Md. Bank Fraud Trial

BALTIMORE — A federal judge says a Garrett County developer is not competent to stand trial on charges he bilked banks out of $3.7 million in fraudulent real-estate schemes.

The order pertaining to Samuel VanSickle was unsealed this week in U.S. District Court in Baltimore. His trial was to have begun Monday.

VanSickle will be evaluated at a Bureau of Prisons medical facility for up to four months to determine if he is likely to become fit for trial.

100+ Maryland businesses call for fracking moratorium

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More than 100 businesses in western Maryland have come out in support of a bill that would establish a moratorium on oil and gas exploration via hydraulic fracturing, citing concerns over pollution, health and tourism consequences.

Lawmakers in Maryland are currently considering bills that would either place an eight-year moratorium on fracking or ban the practice completely, much like New York did late last year.

However, state Gov. Larry Hogan believes the time is right to allow the practice – which involves blasting highly pressurized water, sand and other chemicals into layers of rock to free up oil and gas – as long as strict regulations are in place. According to the Baltimore Sun, the Maryland Environmental Department is considering regulations that would pave the way for fracking to begin in the state.

Bill Seeks to Impose Moratorium on Fracking Until 2023

March 12th, 2015 by WCBC Radio

Efforts to see that hydraulic fracturing won’t be considered in Maryland for at least another eight years continue in Annapolis as a hearing in the House Environmental and Transportation placing a moratorium on banning fracking was held Wednesday. The bill would impose a moratorium on fracking until 2023. Local residents and officials planned to testify on both sides of the bill. Members of Don’t Frack Maryland also planned to present a petition supporting the moratorium to the legislators. Supporters of fracking say that the bill may have an adverse impact on small businesses engaged in providing services related to hydraulic fracturing, and that the region is missing out on a potential revenue stream of hundreds of millions of dollars annually. Delegate Wendell Beitzel, who represents Garrett County, is frustrated with the opposition. He says a moratorium may not even be required given the potential strictest in the nation regulations being considered…..

– See more at: http://www.wcbcradio.com/?news=bill-seeks-to-impose-moratorium-on-fracking-until-2023#sthash.qrLPP5yI.dpuf

Delaney Applauds Head Start Grant to Garrett County Community Action Committee

WASHINGTON – March 12, 2015 – (RealEstateRama) — The Department of Health and Human Services (HHS) has announced a $818,182 grant to the Garrett County Community Action Committee for Head Start. Head Start is a federal program that promotes school readiness for children under five. –

See more at: http://maryland.realestaterama.com/2015/03/12/delaney-applauds-head-start-grant-to-garrett-county-community-action-committee-ID0564.html#sthash.7UGDgoFS.dpuf

JUST SOLD!

Garrett Realtors back anti-fracking legislation

OAKLAND — Two bills in the Maryland legislature dealing with studying the health impacts of fracking have received the support of the Garrett County Board of Realtors.

House Bill 449 and Senate Bill 409 both call for a statewide moratorium on natural gas development that uses hydraulic fracturing, commonly known as fracking, until certain studies are completed to determine the health effects that the technology poses to communities.

The Board of Realtors notes that property values are negatively impacted for homes in proximity to gas well development. The stigma from the possibility of health-related water well contamination contributes to upwards of 20 percent or more negative impact on home values, according to the board.

Western Md. Realtors support fracking moratorium bills

Posted: Mar 10, 2015 2:58 PM EDT Updated: Mar 10, 2015 2:58 PM EDT

OAKLAND, Md. (AP) – Real-estate brokers in far western Maryland are supporting a proposal in the Maryland General Assembly for an eight-year moratorium on hydraulic fracturing for natural gas pending further study.

The Garrett County Board of Realtors expressed concern Tuesday about the possible impact of fracking on public health. They say fears of health problems from well-water contamination can reduce home values by at least 20 percent.

Garrett County contains most of Maryland’s share of the gas-rich Marcellus shale.

More here.

February 2015 Market Stats – Garrett County

The official February market stats are now online & available for download. Keep up to date with ALL of the relevant Garrett County market stats here on the blog.

The good news: the total number of sold properties increased over last February, there are less active listings available (meaning that we are burning through extra inventory), and new pending sales (under contract) have increased dramatically.

The bad news: The average sales price for February has decreased and the average days on market (DOM) is up dramatically.

More statistics here – if you want something specific or are looking for more information about YOUR property, call me anytime to discuss 301-501-0420:

The Last Year of Market Stats for Garrett County, Maryland

Average LIST Price versus SOLD Price over the last 12 months:

Month: March 2015