Category:vacation homes
>Planning a vacation? Think Western Maryland
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Posted: 02/10/2011
Last Updated: 22 hours and 42 minutes ago
By: Charley Crowson
BALTIMORE – While many regions of the state get occasional spurts of snow, the Deep Creek Lake area in Western Maryland is the state’s true winter wonderland.
Since we can’t do anything about the cold weather, take a long weekend, and get out there and enjoy it.
Located just three hours from Baltimore, the resort offers a great chance for downhill and cross-country skiing, outdoor fun and a close getaway.
More here.
Market for Vacation Homes Is on the Rise
From the WSJ.com:
By S. MITRA KALITA
Sales in many vacation communities across the U.S. soared last year to levels not seen since boom times, driven by deep discounts, cash purchases and buyers’ rising stock portfolios.
On Mercer Island, Wash., waterfront sales nearly tripled in 2010, compared with a year earlier, reaching par with 2006 volume there. Sales on Hilton Head Island, S.C., rose 14% for the year. Palm Beach, Fla., experienced a 40% annual increase and a 54% increase in homes under contract, indicating an especially strong fourth quarter. Palm Beach sales volume now is comparable to its 2007 peak. These figures were gleaned by brokers in each locale.
“The proverbial train has left the station,” said Ned Monell, an agent with Sotheby’s International Realty in Palm Beach. “We haven’t felt energy like this in a long time. Buyers sense that they’ve been on the sidelines long enough.”
The question now is whether the momentum will last. The strength of second-home sales paints a stark contrast to the overall housing market, which is expected to worsen in 2011.
6 Reasons to Buy a Vacation Home Now - Resort Life Blog
RISMEDIA, August 11, 2010—As the real estate market continues its bumpy road toward recovery, the vacation home market is heating up, causing homeowners around the country to seriously consider buying the vacation home they’ve been eyeing.
Margaret La Grange and Christine Van Tuyl, an award-winning mother-daughter team with Prudential California Realty in Coronado, CA, offer the top six reasons why now is the best time to buy a vacation home.
“Whether you’re looking for a charming beach bungalow or a high rise condo with spectacular views, a host of market conditions have come together to make buying a vacation home a smart move,” said Christine Van Tuyl. “The drop in home prices, incredibly low interest rates and the increase in demand for vacation rentals make it an optimal time to explore a second home purchase.”
1. Prices down 20-40%. In places like Coronado, CA and greater San Diego, you can pick up a beach cottage or high-rise condo at extremely low prices. That’s only the beginning. Lower prices and less competition are the tip of the iceberg-sized list of factors that make it a good time to consider a vacation home buy.
2. Interest rates. Rates, of course, are at historic lows. Lock in a good rate, buy a vacation home in a desirable location, and watch your asset appreciate over the long-term.
3. A relatively safe investment. Real estate has proven itself to be a safe place to park your money for the long-term. (Long-term is key). Stock market woes have always pushed people to look for alternate investments, and real estate is a consistent stronghold.
4. Make a profit. Or, better yet, make your vacation home pay for itself. Only planning on using your vacation home a few months out of the year? Rent it out short-term to vacationers looking for a great place to stay. Many homeowners make a killing listing their homes on VRBO.com. (Vacation Rental By Owner). When your monthly mortgage payment is less than or equal to one peak week rental, twelve weeks of rental will cover your mortgage payments for the entire year.
5. Vacation rental demand is heating up. Overall, vacation rentals are less expensive than hotel rooms, especially for longer visits and for families. Savvy travelers know this, and are heating up the demand for vacation rentals. In addition, the weaker dollar makes U.S. destinations attractive to travelers from countries with stronger currencies.
6. The pressure of bidding wars is off. Sure, you may not get bargain basement prices on a beachfront cottage—but you might if you’re willing to buy a few blocks away. Houses aren’t exactly flying off the shelves these days, but buyers now have less pressure to make a hasty decision. Buyers looking for deals on vacation homes can really do their homework.
International Interest in U.S. Homeownership Increases - Reuters
Reuters – US Edition (NY,NY) via World Wide Web 07/07/2010
Source Website: www.reuters.com
International Interest in U.S. Homeownership Increases, Realtors(R) Report
Wed Jul 7, 2010 2:24pm EDT
WASHINGTON, DC, Jul 07 (MARKET WIRE) — International home buyers are increasingly attracted to property in the U.S., according to the National Association of Realtors(R)’ 2010 Profile of International Home Buying Activity. Several factors, including the strength of the dollar, the value and desirability of U.S. real estate, and the emerging economic recovery, continue to drive international interest in owning a home in this country. “While all real estate in the U.S. is local, the same is not true for property owners,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz. “The U.S. continues to be a top destination for international buyers from all over the world. Foreign buyers understand the value of owning a home in this country and can rely on Realtors(R) to help guide them through the complex process of buying property in the U.S. With expertise, knowledge and experience, Realtors(R) have a global perspective.” The survey, released today, covers the period between April 1, 2009, and March 31, 2010. During that time foreign buyers, including those with residency outside the U.S. as well as recent immigrants and temporary visa holders, are estimated to have purchased $66 billion of U.S. residential property, or 7 percent of the residential market. Slightly more than a quarter of Realtors(R), 28 percent, reported working with at least one international client in the past year. This is a significant increase from the 2009 report, when 23 percent of Realtors(R) worked with foreign clients. Eighteen percent of all Realtors(R) were estimated to have completed at least one sale, compared to 12 percent last year. “Several factors have contributed to an increase in international buyer interest in the U.S.,” said Golder. “A large majority of Realtors(R) report the changes in value to the U.S. dollar have had a strong impact on the international real estate business. In addition, perceptions abroad about trends in the U.S. real estate market have led many international clients to believe purchasing a home in the U.S. is more affordable than in their country and holds more value.”
Read more here.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!
Great Summary of the Second-Home Market Nationally
Some interesting data & analysis that mirrors the Deep Creek Lake second home market:
July 6, 2010 by cloeffler
Check out this post originally published in the Tahoe Daily Tribune by Richard Bolen, REALTOR(R), McCall Realty:
(A quick “shout out” to all our friends in the Lake Tahoe area who helped NAR host the 2010 Resort and Second-Home Symposium. We couldn’t have done it without you! We have only heard wonderful about the successful event with 214 participants in attendance. Lake Tahoe is truly a national treasure — both in its natural beauty and the hospitality of its residents!)
SOUTH LAKE TAHOE, Calif. — About 65 percent of South Lake Tahoe Homes are second homes or vacation properties. I often write about, or use the phrase second home buyer characteristics, which makes sense. South Lake Tahoe is very much a second home resort real estate market.
Some 65 percent of area homeowners live elsewhere. This means that about a third of South Lake Tahoe homes are primary residences.
The National Association of REALTORS did a specific study on vacation or second home buyers. I thought it would be of interest to look at the most recent findings.
Before looking at the particulars, there are a few key characteristics of the vacation and second home buyer to always have in mind. These are important, especially as it relates to style and manner when representing a buyer:
• The vacation or second home buyer lacks urgency.
• The vacation or second home buyer is overqualified financially.
• The vacation or second home buyer is looking for a family retreat.
Of these, lack of urgency is really important to understand to best represent a buyer. What I like to do is “mirror” a buyers pace if I can. If a buyer seems to want to move quickly, I quicken my pace. If the buyer moves slowly, I respond in kind.
Sometimes, though, a particular house or situation does require urgency. An underpriced house, or one that is right priced and exceptionally attractive can require immediate action to get it.
In cases such as this, I do recommend that the vacation or second home buyer move as quickly as they possibly can.
If I ever quicken my pace, it is because I don’t want a buyer to miss out on something they obviously really like. I am never in a hurry just to make a sale. Buyer comfort to me is king.
2010 Vacation Home Buyers Survey (based on 2009 buying trends)
Sales and prices:
• Some 10 percent of U.S. home sales were vacation or second home properties.
• 1 percent more vacation or second homes sold in 2009 compared to 2008.
Buyer characteristics:
• The median age of the vacation or second home buyer in 2009 was 46 years of age.
• 28 percent of vacation orsecond home buyers were older than 55.
• The median household income of 2009 vacation or second home buyers was $87,500.
• 39 percent of vacation or second home buyers had a household income that exceeded $100,000.
• 73 percent of 2009 vacation or second home buyers were married.
• 49 percent of 2009 vacation or second home buyer households had no children younger than 8. • 86 percent of 2009 vacation or second home buyers were Caucasian.
Property characteristics:
• 55 percent of 2009 vacation home sales were in a small town or rural area.
• 50 percent of 2009 vacation home sales were in the South.
• 71 percent of 2009 vacation or second home sales were single-family homes.
• 74 percent of 2009 vacation or second home sales were existing properties (not new).
• The median distance away from primary residence was 348 miles.
Method of Purchase and Financing:
• 54 percent of 2009 vacation or second home buyers used a real estate agent or broker.
• 10 percent of 2009 vacation or second home sales were a foreclosure or trustee sale.
• 27 percent of 2009 vacation or second home sales were directly from an owner (17 percent that buyer knew, 10 percent that buyer didn’t know).
• 32 percent of 2009 vacation or second home buyers looked first on the internet to shop for a home.
• 12 percent of 2009 vacation or second home buyers contacted a real estate agent first to shop for a home.
• 26 percent of 2009 vacation or second home buyers found the home they purchased on the internet.
• 25 percent of 2009 vacation or second home buyers found the home they purchased with a real estate agent.
• 70 percent of 2009 vacation or second home sales used a mortgage.
Internet use:
• Nine out of ten home buyers use the Internet in their home search process.
• Is our experience that buyers contact us after internet searching first.
• More often we find the home the buyer buys, rather than what they exactly saw on the Internet.
Buyer Motivations and Expectations:
• 89 percent purchased their vacation or second home as a family retreat.
• 29 percent purchased their second home because it was a “good investment” opportunity.
• 25 percent purchased their second home to rent to others.
• 14 percent purchased their second home for tax benefits.
• 26 percent purchased their second home as a future primary residence.
• 80 percent purchased their second home because they believe now is a good time to purchase.
Original Link: http://www.tahoedailytribune.com/article/20100704/NEWS/100709931/1054
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!
Deep Creek Lake Vacation Rentals - Names to Know
If you are considering renting your home or condo through a resort vacation rental company, here are a few names to know (alphabetically):
____________________
Long & Foster Resort Rentals
Sheila Kramer, manager
shelia.kramer@longandfoster.com
301-387-5832
http://www.deepcreekresort.com/
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Offlake Rentals
Bob Orr, manager
bob@offlakerentals.com
301-387-8060
http://www.offlakerentals.com/
____________________
Railey Mountain Lake Vacations
Leigh Miller, Director of New Owner Relations
leigha@deepcreek.com
866-430-2885
http://www.deepcreek.com/
____________________
Taylor Made Rentals
Jodi Refosco, owner/manager
jodi@deepcreekvacations.com
301-387-5999
http://www.deepcreekvacations.com/
____________________
I have experience working with each and every one of these fine folks and they all do a great job renting properties. The reality is, you may be more comfortable with one vs. the other or your house may be a better ‘fit’. You will want to ask questions about marketing/advertising programs, rates, market share, how much ‘face-time’ you can expect and how they handle issues with damages, deposits, maintenance & repairs. Also, ask to see your competition within the company. I recommend shopping around to see what works best for YOU, and your BUDGET. I assure you, with any of these contacts, they know their respective markets and will be a wealth of information.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350
Ski Harbor at Deep Creek Lake - Community Profile
Ski Harbor is a lakefront condo & townhouse community at Deep Creek Lake. One of the coolest features of this community is the land it sits on – a 1,200+ feet peninsula on the shores of Deep Creek Lake. You can always find a quiet spot to sit and read, picnic or just think. Lots of different amenities: indoor swimming pool, sauna, tennis court, beach volleyball, basketball court (I’ve even witnessed street hockey!), swing sets, benches, canoe & kayak racks and more. There are dock slips available, lake views from almost anywhere on the property, 2 no-wake zones (great for kayaking & fishing), and acres of grassy, level lakefront common area. You have MEGA views of Wisp Ski Resort & the Bear Claw tubing park, as well as wide body views of McHenry cove from the point of the peninsula.
There are 2-4 bedroom condo’s & townhomes available for sale or for vacation rentals. Its location near Wisp & on the water offers a ‘rental friendly’ location that is sure to impress your visitors, family & friends. You can get a 2 bedroom condo in the low $200k’s!
Another great perk is a front row seat to fireworks. The Wisp always sets off the 4th of July fireworks from the Bear Claw tubing park, and I as I mentioned, the view is AMAZING! McHenry cove fills up with hundreds of boats, all lit up at night, and it’s quite a sight to behold.
If you are in the market for a great lakefront vacation home or centrally located condo, Ski Harbor is one place that you will definitely want to explore!
[youtube=http://www.youtube.com/watch?v=OtnNElkxxfo&hl=en_US&fs=1&rel=0&color1=0x234900&color2=0x4e9e00]
Properties for Sale in Ski Harbor
Railey Realty Real Estate Blog – Ski Harbor
Ski Harbor News, Updates, Rentals
Investors Are Buying Houses Again
March 23, 2010 by cloeffler
Good news for the second-home market.
More home buyers are snapping up properties with cash, a trend driven in large part by investors returning to the market after four years of falling prices around the country.
The share of home sales involving all-cash transactions was 26% in January, up from 18% a year earlier, according to the National Association of Realtors. The figures come from a survey of members about their most recent transactions. Many home buyers also are paying cash, but investors are largely using cash so they can avoid paying interest charges on loans and get a larger return on their investment.
Other NAR data also show a pickup in investment activity.
Home purchases made by buyers identified as investors climbed to 17% in January, up from 15% in December and 12% in November.
“We bottomed out in 2008, and in late 2009, prices stabilized and investors have returned,” says Mark Fleming, chief economist at First American CoreLogic. “It’s a different type of investor going after foreclosed properties and expecting to hold on for longer time frames.”
Many investors say they’re financing their purchases with cash on hand, rather than borrowing.
Evan Spinrod of San Francisco bought three rental properties in November and February and now owns 21 in four states. The rent he collects gives him an 8.5% annual return on his investment. Some of his homes are worth about $165,000. “I’m still looking,” Spinrod says. “You can’t build these houses for the prices they’re selling them. I’ve always seen that the real wealth was in real estate. People have been sitting on cash, and there’s no interest from the bank (to pay).”
Leonard Baron, a real estate professor at San Diego State University, has bought three homes with cash in the
San Diego area in the past eight months, ranging in price from $100,000 to $130,000. He rents the properties.
Baron says now is an ideal time to make such purchases. “It’s because prices have dropped so much and rents really haven’t,” he says. “The deals were unbelievable.”
Some Realtors also say they’re seeing increased investor activity.
“Flippers, rehabbers, investors … are, in fact, buying,” says Lisa Johnson, with Coldwell Banker Residential Brokerage in Haverhill, Mass. “I’m getting builders who have stopped building and are instead buying up condos and single-family homes to fix them up and sell them. It’s a neat change I haven’t seen in four years.”
All-cash purchases also reflect a growing number of investors buying higher-end properties without credit, says NAR spokesman Walter Molony. That’s a sign that some investors see real estate prices as having nowhere to
go but up. All-cash offers give buyers a competitive edge on rival offers – even higher ones – that are dependent on financing. Cash deals can close faster and are less likely to fall through.
“You have to have cash to be able to close quickly and have negotiating power. Cash is king,” says Tanya Marchiol, president of Phoenix-based Team Investments, which buys about 70 properties a month with cash it raises from investors. “We do want to flip it or generate cash flow (through renting it out). Now is the time to buy for cash flow. We know the market is going to rebound.”
Some investors say the current real estate market is an ideal time to buy because homes are so low priced, they are bound to hold their value.
That’s the philosophy of Jim McClelland of Tinley Park, 111.
He is buying about 120 to 150 entrylevel homes in the Chicago area this year and owns a total of about 300 properties.
He says now is a good time to buy because properties going into foreclosure are no longer just one-bedroom, fixer-uppers but nicer, split-level brick homes with more bedrooms that will probably appreciate to a higher value.
That’s because so many prime-rate borrowers who bought more expensive homes have gone into foreclosure.
He puts about $60,000 into upgrading a property, then rents it out.
“Do I think this year will be a better time to invest than in 2009? Yes,” McClelland says. “There have always been foreclosures. The difference now is you get a better home for the same kind of money. You’re sitting on better inventory. People get into real estate for financial independence. It’s not a quick fix. It appreciates. It doesn’t happen overnight.”
By Stephanie Armour USA TODAY
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350
164 Susan's Way - GA7301782 - Deep Creek Lake Real Estate for Sale
I had a chance to preview this house for a client on Tuesday and took a few photos. The house has an amazing location, fronting on the Wisp Golf course. It has big views of the Wisp ski slopes, and is surrounded by water – community and golf course ponds. Very peaceful setting. It’s a new listing from Dawn Monahan, and here is a link to some more information. It is priced at $450,000, which is a little less than the norm for an incoming producing property with these kind of views and amenities.
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| From 164 Susans Way |
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| From 164 Susans Way |
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| From 164 Susans Way |
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| From 164 Susans Way |
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| From 164 Susans Way |
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| From 164 Susans Way |
It is an established rental and would make a great vacation home or investment property!
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350
Vacation Home Sales Up But Investment Home Sales Down
While they dominated the housing market in 2009, first time home buyers weren’t the only ones taking advantage of low mortgage rates and affordable home prices.
According to recent survey by the National Association of Realtors®, the number of people buying second properties as vacation homes rose 7.9 percent to 553,000 in 2009 from 513,000 in 2008.
The market share for vacation homes rose to 10 percent, from 9 percent in 2008, and the median home price for a vacation home was 169,000 dollars in 2009, compared to 150,000 dollars in 2008.
NAR Chief Economist Lawrence Yun said the higher home prices reflects increased sales in higher priced markets like Florida and California, where home prices “became highly attractive for buyers over the past year.”
Half of vacation homes purchased last year were in the South, 21 percent in the West, 17 percent in the Midwest and 12 percent in the Northeast.
Read the rest of the article here.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350
