Real estate's new problem: Not enough homes
By Les Christie, staff writer
May 11, 2010: 4:27 AM ET
NEW YORK (CNNMoney.com) — Can it be possible? Despite the housing bust and high foreclosure rates, in some areas real estate agents are complaining that they don’t have enough homes to sell.
There is currently an eight-month supply of homes on the market — meaning that, at the current sales pace, it would take eight months to run through the backlog.
That’s still a lot compared to the six-month supply that is expected in a normal market, but it is much better than it was. In March, there were nearly 2% fewer homes on the market than there were a year ago, and 21.7% fewer than the record of 4.6 million in July 2008.
In some areas, supplies are even bidding-war tight. In Denver, for example, supply has fallen to 5.7 months from 6.2. In Phoenix it has declined to 4.5 from 5.2; and in San Francisco inventory has halved, to 3.2 months from 6.5 last March.
In California, almost all cities have a short supply of single-family homes. That’s especially true in the lower-priced categories, according to Leslie Appleton-Young, chief economist for the California Association of Realtors.
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
April 2010 - Lot & Land Market Update
The lot & land market remains flat. There were only 4 sales in all of Garrett County last month. The bright side of that is that sales were up 33% from last month (3 sales total), but the year to date total is 17 lot sales – incredibly low.
325 acres sold for $450,000 (67% of asking price)- that’s bad news for large tracts of land, as the price per acre is approx. $1,385.00.
There was a 2 acre building lot on Glendale Rd that sold for $55,000 – 91% of asking price.
Also, a Deep Creek Lake building lot with a decent lake view sold for $105,000 (62% of asking price).
Railey Realty had 3 of the lots listed, and also sold the same 3 lots – 75% of the lot/land business in April.
I warned you last month that there will be some shocking numbers coming – and I know that trend will continue through the summer.
There are 8 lot/listings currently under contract out of 637 available listings. Both of those numbers have increased since March 2010.
Financing on land remains a HUGE factor with this, as most banks are requiring 30-50% down payment to buy land. If you have the means, there are some incredible deals out there, as you can see. You never know until you make an offer!
Search for available real estate 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
Real estate for sale - 159 Glotfelty Dr - GA6642444
A custom built 4 bedroom home with LOTS of built-ins and upgrades! Newer roof, windows, a 3 car garage, pavilion…
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
7th Anniversary Of Memorial Wall
Support the Republiucan Newspaper! It’s only $9.95/year for the online edition!
Mother’s Day will mark the 7th anniversary of the memorial wall located on the property of Our Town Theatre’s Backstage building in Oakland. The wall was dedicated to all the citizens of Garrett County who “died too young.” The board of directors at Our Town Theatre opens up the list for additional names at this time every year. Persons who would like to add a young person’s name to the wall may do so by sending information to Jane Avery, artistic director. Each brick can contain three lines of print: the child’s first name forms the first line and his/her last name the second line, and the years of the person’s birth and death are the third line. Persons are asked to print this information neatly, or type it, and send it before May 31 to Jane B. Avery, c/o Our Town Theatre, 121 Center Street, Oakland, MD 21550.
Each brick costs $25. Persons are not asked to donate the money, but are welcome to do so if they wish. Avery said there is enough money in the memorial fund to carve two or three bricks. Those who would like to donate to the wall project may send a check made out to Our Town Theatre Special Projects to the address noted above. For more information, persons may call Avery at 301-334-5640, ext. #3.
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
Hearing Planned About Grantsville Coal Mine Permit
Support the Republiucan Newspaper! It’s only $9.95/year for the online edition!
May. 6, 2010
A public hearing concerning a tentative determination for a permit to discharge water from a proposed underground coal mine near Grantsville will be held on Wednesday, May 19, at 6:30 p.m. at the Grantsville Elementary School cafeteria.
The hearing was scheduled by the Maryland Department of the Environment (MDE).
Maryland Energy Resources LLC, Indiana, Pa., submitted the application for a permit to discharge an average of 500,000 gallons per day of mine drainage and variable volumes of storm water from the proposed mine. The site is located along Durst Road, southwest of Grantsville to the north branch of the Casselman River.
According to the MDE, the permit requires immediate suspension of the discharge in the event of mine drainage temperature or pH exceedance, wastewater operator certification, biomonitoring, restrictions on the use of treatment chemicals, best management practices, a storm water pollution prevention plan, and additional requirements for acid mine drainage. The permit also requires a study of stream flow velocity to support an authorization for a higher flow limit for mine drainage.
MDE noted that it has been determined that at least two state listed endangered species habitats are situated downstream from the discharges that are authorized under this permit.
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
U.S. Rt. 219 North Project Is Now Garrett Co.'s Top Highway Priority
Support the Republiucan Newspaper! It’s only $9.95/year for the online edition!
May. 6, 2010
The U.S. Rt. 219 North project is now listed as number one on Garrett County’s list of highway priorities, at least on paper. For several years, it was in second place, with the Oakland bypass in the number one spot. The southern project is now number two.
The switch in positions, however, does not mean the bypass is less important, county officials stressed during a nearly one-hour impromptu meeting at the county commissioners’ office Tuesday afternoon.
“I’m not saying that the bypass isn’t important; I’m not saying I don’t support it; I’m not suggesting it get killed or be slipped through to the bottom,” said Director Jim Hinebaugh, Garrett County Department of Economic Development. “The reality is we’re being asked to move this section of road (219 North) as our top priority, on paper, for the time being, to show that it is important to us.”
In addition to him and Commissioners Fred Holliday and Ernie Gregg, those in attendance included Sen. George Edwards; Del. Wendell Beitzel; Oakland mayor Peggy Jamison and councilman Jay Moyer; Director John Nelson, Garrett County Department of Planning and Zoning; and local resident David Moe. Hinebaugh and Moe are members of the Greater Cumberland Committee (TGCC).
Hinebaugh requested the meeting and the change in priorities. He noted the TGCC has made the U.S. Rt. 219 North/South Corridor its top priority in terms of projects.
“When I’m talking about the North/South Corridor, I’m talking about 219 North of Interstate-68, Interstate-68, and east of Cumberland, 220 South,” the director said.
He indicated that it was a perfect project for the TGCC to take on, as it represents the three counties directly affected by the project: Garrett, Allegany, and Mineral (W.Va.). Garrett County’s portion of the corridor project involves 2.54 miles of Rt. 219 North, from I-68 in Grantsville to the Pennsylvania line.
“To the Greater Cumberland Committee’s credit, they’ve made a lot of progress in elevating the awareness of this project on the federal level and even getting some pretty good support,” Hinebaugh said about the group’s lobbying efforts.
During a TGCC North/South Corridor Workgroup meeting, however, it was noted that those efforts would be more effective if the project were the top priority for all three counties, as well as Somerset County, Pa.
Hinebaugh said Allegany County has already made the Rt. 220 leg its top priority in the state’s Consolidated Transportation Program (CTP).
“I think our top priority in the CTP is the Oakland bypass,” the director said.
The TGCC, therefore, asked Hinebaugh and Moe to talk to the commissioners about changing that ranking.
“The rationale being that it’s kind of hard to lobby Congress for funds to build the North/South Corridor if it isn’t our top priority, particularly at the state level,” Hinebaugh said.
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
Judge Eiswert To Speak At 2010 GC Commencement Ceremony
Support the Republiucan Newspaper! It’s only $9.95/year for the online edition!
Garrett College will hold its 2010 commencement ceremony on Saturday, May 15, at 10:30 a.m. in the college gymnasium. Leonard J. Eiswert, associate judge for the Garrett County District Court of Maryland, will be this year’s commencement speaker.
A resident of Pleasant Valley, Eiswert has played a key role in Garrett County since 1977, when he became the county’s assistant state’s attorney, a position he held until 1980. Partnering with Ralph M. Burnett in 1977, Eiswert started the Law Firm of Burnett & Eiswert in Oakland and spent many years handling cases for people in the area. The firm, now known as Janes & Kepple, PA, still operates today.
Eiswert was born and reared in Baltimore. He graduated from Calvert Hall College High School in Baltimore in 1961, received his bachelor of science degree from Loyola College, now Loyola University, in 1965, and graduated magna cum laude from the University of Baltimore School of Law in 1972.
While at Loyola, Eiswert began a military career. He was commissioned as second lieutenant in the United States Army ROTC in 1965. He entered active duty in August of that year and was assigned to the 459th Signal Battalion at Ft. Huachuca, Ariz. He served in the Republic of South Vietnam when his battalion was deployed there until 1967, when his active duty was completed.
Eiswert was assigned to reserve duty with the 1176 Transportation Headquarters in Curtis Bay, Baltimore, in 1968. After eight years of service, Eiswert terminated his military service in 1973, ranked at captain in the U.S. Army Reserves.
After a lengthy career as an attorney in Garrett County, Eiswert was appointed associate judge in October of 2008, an appointment that carries a 10-year term.
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 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/
____________________
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
Bypass bumped as Garrett County’s top priority
County now giving favor to North-South connector
Megan Miller Cumberland Times-News
OAKLAND — Garrett County has joined Allegany in naming the North-South highway corridor as its top priority for transportation project funding.
Specifically, the Garrett County Commission Tuesday moved the upgrade of U.S. Route 219 to No. 1 on the county’s short list of projects in the Maryland Consolidated Transportation Program, bumping the only other project, the construction of the Oakland bypass, to No. 2.
Jim Hinebaugh, representing the Greater Cumberland Committee, advocated the change before the commission.
“We came to the conclusion that it’s a little bit awkward for the Greater Cumberland Committee to be lobbying for this as the top project for the three states if this isn’t the top project individually for the three states,” he said.
The proposed North-South highway corridor would connect U.S. Route 219 in Pennsylvania with Interstate 68 in Maryland, extending down U.S. Route 220 through West Virginia to connect with the Corridor H highway project.
Garrett’s portion is the area of U.S. 219 between I-68 and the Pennsylvania state line.
Hinebaugh, who also serves as director of the Garrett County Department of Economic Development, said leaving the project at No. 2 on Garrett’s list could give the state “an out” to say the project isn’t a funding priority.
But the move wasn’t without opposition. Jay Moyer, superintendent of the Garrett County Roads Department, said he thinks the Oakland bypass would be a greater benefit to area residents, and he fears a change of status would harm the project.
“I’ve argued many times for the bypass to stay the top priority and seen projects that weren’t even on the list get funded and move forward,” Moyer said. “My position is that we’ve worked too hard for too long to get to where we are. If this would give Gov. O’Malley or the legislature the excuse they need to ditch this project … my fear is that we’d fall right back down to where we were.”
The Oakland bypass would run from about the intersection of U.S. Route 219 and state Route 135 on the east edge of town to reconnect with U.S. 219 north of the Walmart store.
Hinebaugh said the Oakland bypass has received little support at the state level, while the North-South highway corridor has received state and federal attention and is supported by a tri-state lobby effort.
“The difference is that there’s no support to build the bypass anytime soon,” he said. “I’m not suggesting that we ditch the bypass or don’t support the bypass. I’m just suggesting that we support this project that does have state support, tri-state support.”
John Nelson, director of the Department of Planning and Land Development, pointed out that the Oakland bypass is further along in the planning process, and is nearly construction-ready. But there are no state funds on the horizon to get construction under way, probably for several years, and the project would rely almost entirely on state money.
The North-South highway project, on the other hand, would be funded almost entirely by federal dollars, with a 20 percent state match.
State Sen. George Edwards, who attended the meeting along with Delegate Wendell Beitzel, said the climate in Annapolis could mean no funding anytime soon for major highway projects in Garrett County.
“The thrust now … is for mass transit, so other areas are fighting for more money for mass transit systems, and we’re going to see even less,” Edwards said. “With this 219 project you’re working with other states, which doesn’t happen very often on major projects. You ought to use it while you have it.”
Only two of the three commissioners were present for Tuesday’s meeting. Commissioner Denny Glotfelty, who is battling cancer, was absent for medical reasons.
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
The last of the snow has melted at Wisp Ski Resort Deep Creek Lake
Every year, there is a large patch of brown, muddy snow that is the leftover of the largest whaleback on the mountain. This year was no different. My friend Larry Smith @ Railey Realty informed me today that the snow at Wisp has finally melted! He tells me that he has been watching out his office window for the last few days and today was the day it finally melted. 76 and sunny will do it, that’s for sure.
Happy Cinco de Mayo!
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
