New Lot-Land listings – 1-13-10 – Buyer Client Update

Only one new lot/land listing in the last 24 hours. You can see the .pdf here, contact me for more info, plats, permits or details.

GA7235541 0.86 AC RT 219 $50,000 Oakland 37,462 .860 RES

(source: MRIS January 13, 2010, other brokers listings may be included. This market update posting is intended solely for buyer clients of Jay Ferguson & Long & Foster Real Estate)

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

New Home Listings – 1-13-10 – Buyer Client Update

A few new residential listings were added over the last 24 hours. For more information, feel free to check out this .pdf file or contact me directly.

GA7235955 952 HIGH ST E $189,000 Oakland Rancher 3BR 1BA

GA7235773 257 MARSH HILL RD #3 $289,900 Mc Henry DEEP CREEK VILLAGE 2BR 3BA

GA7235557 228 STILWATER DR $1,690,000 Swanton STILWATER 6BR 5BA

(source: MRIS January 13, 2010, other brokers listings may be included. This market update posting is intended solely for buyer clients of Jay Ferguson & Long & Foster Real Estate)

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

Pending Home Sales Down from Surge but Higher than a Year Ago

Press Release Realtor.org

Washington, January 05, 2010

Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit but remains comfortably above a year ago, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in November, fell 16.0 percent to 96.0 from an upwardly revised 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.

Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”

Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30, 2010, to finalize the transaction to qualify for the tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

The PHSI in the Northeast dropped 25.7 percent to 74.4 in November but is 14.7 percent above a year ago. In the Midwest the index fell 25.7 percent to 82.0 but is 9.2 percent higher than November 2008. Pending home sales in the South fell 15.0 percent to an index of 97.8, but are 14.7 percent higher than a year ago. In the West the index declined 2.7 percent to 124.6 but is 21.4 percent above November 2008.

Yun projects an additional 900,000 first-time buyers will qualify for the extended tax credit in addition to about 2 million who have already purchased; 1.5 million repeat buyers also are expected to benefit from the credit.

“Many trade-up buyers, who have historically timed their purchase based on school-year considerations, will have to accelerate their buying plans if they need the tax credit to make a trade,” Yun said. Repeat buyers do not have to sell their existing home to qualify for the credit, but they must occupy the home they buy as their primary residence.

Yun added that mortgage interest rates cannot remain at rock-bottom levels for a sustained period and will likely inch higher in 2010. But the tax credit impact in the first half of the year and expected job growth impact in the second half will support home buying activity and absorb enough inventory to bring a rough balance between buyers and sellers. Home prices are expected to stabilize or even modestly rise as a result in 2010.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

Existing-home sales for December will be reported January 25 and the next Pending Home Sales Index will be on February 2; release times are 10 a.m. EST.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

Craig Ingram, Real Estate Attorney

Located in scenic Garrett County, Maryland, the office of Craig Ingram provides legal and accounting services. Serving the Oakland, Deep Creek Lake and surrounding area, the legal practice concentration is in real estate transactions. Other services include business organization and estate planning, taxation, and administration. The accounting practice primarily serves those clients requiring assistance with federal and state income tax compliance.

322 Alder Street
Oakland, MD 21550
Telephone: (301) 334-3724
Fax: (301) 334-1028
http://www.cingram.com/

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

Craig Ingram, Real Estate Attorney

Located in scenic Garrett County, Maryland, the office of Craig Ingram provides legal and accounting services. Serving the Oakland, Deep Creek Lake and surrounding area, the legal practice concentration is in real estate transactions. Other services include business organization and estate planning, taxation, and administration. The accounting practice primarily serves those clients requiring assistance with federal and state income tax compliance.

322 Alder Street
Oakland, MD 21550
Telephone: (301) 334-3724
Fax: (301) 334-1028
http://www.cingram.com/

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

Pending Home Sales Down from Surge but Higher than a Year Ago

Press Release Realtor.org

Washington, January 05, 2010

Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit but remains comfortably above a year ago, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in November, fell 16.0 percent to 96.0 from an upwardly revised 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.

Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”

Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30, 2010, to finalize the transaction to qualify for the tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

The PHSI in the Northeast dropped 25.7 percent to 74.4 in November but is 14.7 percent above a year ago. In the Midwest the index fell 25.7 percent to 82.0 but is 9.2 percent higher than November 2008. Pending home sales in the South fell 15.0 percent to an index of 97.8, but are 14.7 percent higher than a year ago. In the West the index declined 2.7 percent to 124.6 but is 21.4 percent above November 2008.

Yun projects an additional 900,000 first-time buyers will qualify for the extended tax credit in addition to about 2 million who have already purchased; 1.5 million repeat buyers also are expected to benefit from the credit.

“Many trade-up buyers, who have historically timed their purchase based on school-year considerations, will have to accelerate their buying plans if they need the tax credit to make a trade,” Yun said. Repeat buyers do not have to sell their existing home to qualify for the credit, but they must occupy the home they buy as their primary residence.

Yun added that mortgage interest rates cannot remain at rock-bottom levels for a sustained period and will likely inch higher in 2010. But the tax credit impact in the first half of the year and expected job growth impact in the second half will support home buying activity and absorb enough inventory to bring a rough balance between buyers and sellers. Home prices are expected to stabilize or even modestly rise as a result in 2010.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

Existing-home sales for December will be reported January 25 and the next Pending Home Sales Index will be on February 2; release times are 10 a.m. EST.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

Recent Lot/Land Listings – Buyer Client Update

There were 9 new land/lot listings since January 1, 2010. Some larger parcels and several building lots. THere is also one commercial property that includes several different properties, projects and communities (click for .pdf and more photos/info)

GA7234728 1 TURKEY KNOB RD $44,900 Oakland 1.700ac R

GA7235151 YOUNG WOOD LN W $74,900 Grantsville 10.600ac R

GA7234225 TRAP RUN RD $99,000 Friendsville 19.780ac

GA7229995 GARNER DR $124,500 Deer Park 3.073 LR

GA7234494 681 BOY SCOUT RD $149,000 Oakland 50.020 LR

GA7229867 3 GRAND ESTATES DR $349,000 Mc Henry .573 R

GA7233401 65 WESTWARD WAY $369,000 Mc Henry .574 LR

GA7228856 14 PARKSIDE SOUTH CT $499,000 Mc Henry .520 LR

GA7232486 25297 GARRETT HWY $4,900,000 Mc Henry 36.840 C /

(source: MLS January 1, 2010 – January 12, 2010)

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

New Residential Listings – Update for Buyer Clients

There are 5 new residential listings in the Deep Creek Lake/Garrett County area that are now available for sale (click for .pdf):

GA7234937 673 NORTHLAKE VILLAGE $395,000 Mc Henry NORTHLAKE VILLAGE

GA7234193 498 GLEANINGS DR $449,000 Mc Henry THE GLEANINGS

GA7234198 475 PINNACLE DR $449,000 Swanton THE PINNACLE

GA7234716 15 MEADOW MOUTAIN RUN RD $699,900 Swanton MEADOW MOUNTAIN RUN

GA7234339 774 GLENDALE RD $799,000 Deer Park SAND STONES ON THE LAKE

(source: MLS Jan 9, 2010 – Jan 12, 2010)

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

Drafts address land-use in Garrett County

‘Clustering’ now included as an option

Megan Miller
Cumberland Times-News

OAKLAND — A second round of draft updates to Garrett County land ordinances makes more concessions for development and places fewer restrictions on land use, after public protests caused officials to rethink stricter regulations in a previous draft.

The long process of updating the planning and land development ordinances entered a new phase last week with the release of revised drafts for public review. The documents — drafts of the subdivision ordinance, sensitive areas ordinance and Deep Creek watershed zoning ordinance — contain a second round of changes, following the first changes and public comment period that took place in the fall.

The first versions spurred some public uproar over a provision that would affect the development of rural resource and agricultural resource land. That provision would have required at least 66 percent of subdivision land parcels in those areas to be set aside as “resource parcels,” or open land.

The provisions do not affect the entire county, but only areas specifically designated “agricultural resource” and “rural resource.” However, those two areas do span large portions of the county.

The resource parcel stipulation was intended to protect areas of forest, natural resources and farmland from development, according to its language. It would have prevented sprawling development by requiring the majority of a parcel to be set aside, and clustering development onto lots of no minimum size on one-third of the parcel.

“It’s trying to preserve a portion of the land to keep it as productive farmland or productive timberland,” said John Nelson, director of planning and land development. “That’s the real purpose of the clustering. What we’re saying is, create smaller lots but save a portion of the land. Maybe it would belong to a homeowners association, and they could lease it as a farm.”

But many farmers and other landowners spoke out against the measure, arguing that it directly or indirectly placed too many restrictions on how the land could be used.

Paul Miller, president of the Garrett County Farm Bureau board of directors, said his organization objected because they saw the clustering requirement as an infringement on private property rights, affecting the way landowners could sell their land. It could also have driven down property values by restricting potential land uses, he said.

Due to those and other public objections, the clustering requirement has been removed in the latest draft, Nelson said. Instead, the document includes clustering as an option, and contains incentives to attempt to encourage that type of development, he explained.

Miller said the latest draft of the ordinance has addressed his concerns.

“If it holds as it is, we’re satisfied,” he said.

A provision in the first draft of the updated Deep Creek watershed zoning ordinance also caused a stir because it would have put strict requirements on development on crests and ridge lines visible from the surface or shoreline of the lake. The proposed changes also would have required trees to be planted between structures and the lake to screen them from view.

“About four years ago we had held public meetings about people’s views on changes and development in the county,” Nelson said. “The development that is occurring on the ridge lines around the lake was the No. 1 response. People were worried about the development taking away from the natural scenic beauty of those ridges.”

But the strict requirements didn’t sit well with people specifically interested in those properties for the development potential and unobstructed lake views. In the latest draft, the provision has been changed to require only that trees be planted around the sides and rear of new structures to help them blend into the surrounding vegetation, Nelson explained. No trees are required for the front, or lake-facing side.

The county planning commission has been working on the ordinance updates since spring 2009, mainly because state law requires the ordinances to be adjusted to remain consistent with changes to the county comprehensive plan adopted in 2008, according to Nelson.

A public hearing on the latest versions of the ordinances will be held in coming weeks, though nothing has been scheduled yet.

Updated versions of the ordinance drafts and maps are available online on the county Web site at. www.garrettcounty.org

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

Recent Lot/Land Listings – Buyer Client Update

There were 9 new land/lot listings since January 1, 2010. Some larger parcels and several building lots. THere is also one commercial property that includes several different properties, projects and communities (click for .pdf and more photos/info)

GA7234728 1 TURKEY KNOB RD $44,900 Oakland 1.700ac R

GA7235151 YOUNG WOOD LN W $74,900 Grantsville 10.600ac R

GA7234225 TRAP RUN RD $99,000 Friendsville 19.780ac

GA7229995 GARNER DR $124,500 Deer Park 3.073 LR

GA7234494 681 BOY SCOUT RD $149,000 Oakland 50.020 LR

GA7229867 3 GRAND ESTATES DR $349,000 Mc Henry .573 R

GA7233401 65 WESTWARD WAY $369,000 Mc Henry .574 LR

GA7228856 14 PARKSIDE SOUTH CT $499,000 Mc Henry .520 LR

GA7232486 25297 GARRETT HWY $4,900,000 Mc Henry 36.840 C /

(source: MLS January 1, 2010 – January 12, 2010)

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350