ilovedeepcreeklakerealestate – Page 18

April 2012 Real Estate Market Update – Residential

24 properties sold in April 2012, up 4 from last month. Last year there were 21 homes that sold in April, so we beat last year’s number, as well.

Let’s take a look at the rest of the stats:

There are 49 homes under contract right now (44 last month).

The average list vs. ORIGINAL sales price was 82.25% – (last month 77.80%).

The ADJUSTED list vs sale price was 89.13 (last month 90.58%).

The current # of active/for sale listings in MRIS (minus timeshares) is 636, up from last months 591. There are about 20 properties coming on the market each week this time of the year. We have a 26.5 month supply of homes available (minus timeshares) based solely on the April sales numbers.

Random observations:

•3 ‘newer’ homes sold in April (5 years old or less)

•It appears that 19 or so of these sales were vacation homes

•12 homes sold at/under $300,000 (last month was 11)

•15 homes sold under $400,000 (last month 15)

•0 homes sold over $ 1 million (0 last month)

•1 home(s) sold for higher than full price or at full price (last month was 3)

•One house sold for 52.63% of asking price – 15 Maybury Ln

•The oldest home that sold was 128 yrs old (4743 Old Morgantown Rd)

•The average age of the homes that sold was 32 years (24 last month)

•2 condo/townhouse/fractional properties sold (6 last month)

Here are the statistical breakdowns:

Average Sale Price: $318,094 (last month $293,150)

Average Days on Market: 298/435 (last month 272/297) (days on market with current broker/total days on market) – this number took a HUGE jump this month, as there were 2 homes that sold after being on the market for 1,211 and 1,546 days, respectively.

There are still some great deals out there, and some that aren’t so great – I can help you figure out which properties are good buys & why – call/email me for a free consultation of any properties you are interested in!

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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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues!

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Housing Affordability Indices Reach Records in First Quarter

WASHINGTON (May 15, 2012) – Housing affordability conditions for all buyers reached a milestone in the first quarter, according to the National Association of Realtors®.

NAR’s composite quarterly Housing Affordability Index* rose to a record high of 205.9 in first quarter, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. This is the first time the quarterly index broke the 200 mark; recordkeeping began in 1970.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said market conditions are optimal for home buyers. “For those with good credit, we’ve never seen better housing affordability conditions or market opportunities than we see at present,” he said. “Although home prices are stabilizing and sales are rising, some buyers still have to jump through a lot of hoops to convince a lender that they are creditworthy, even for a mortgage that would be well within their means. This is especially true for self-employed buyers.”

Veissi noted home sales would be much higher if lending standards would return to normal.

The index shows the median income family, earning just under $61,000, could afford a home costing $325,500 in the first quarter, which is more than double the national median existing single-family home price of $158,100. The median monthly mortgage principal and interest payment for a median-priced home would take only 13.5 percent of gross income.

A companion index measuring the ability of first-time buyers to purchase a home also set a record, with the first-time buyer index reaching 135.8 in the first quarter.

Assumptions for the first-time buyer index include a lower income, at 65 percent of median family income, a starter home costing 85 percent of the median price, and a downpayment of 10 percent. This index means the typical entry-level buyer could afford a home costing $182,500, which is well above the overall median price.

“It’s never been easy to buy a first home because of the cash required for downpayment and closing costs, but conditions for first-time buyers who are able to get a mortgage have never been better,” Veissi explained.

Most first-time buyers choose a loan with a lower downpayment, often an FHA-insured loan with 3.5 percent down, and some use the VA program with no downpayment.

Both home prices and mortgage interest rates are expected to edge up modestly as the year progresses, but housing affordability will remain very favorable with the median-income household well positioned to afford a median-priced home. For all of 2012 the index is projected to set an annual record, averaging 191 for the year.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

More here.

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Mud Dog Run at Deep Creek Lake

The Mud Dog Run is a fun, high intensity, obstacle course run that will encompass 5 Kilometers of very tough terrain. All of our Mud Dog Run courses contain obstacles such as, climbing walls, cargo nets, mud pits, as well as some great mystery obstacles at each race. We take great pride in creating tough but exciting and fun courses for various levels of runners. But this race is not for the faint of heart. If you like a challenge and some food topped off with some beer at the finish, then the Mud Dog Run is just your type of race.

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Garrett names Teacher of the Year

OAKLAND — Garrett County Teacher of the Year Erin White will be recognized at Monday’s board of education meeting in the Southern Middle School cafeteria.

Public comment will be accepted at 4 and 7 p.m. The board will conduct business beginning at 6:30 p.m., following a closed session.

Information will be provided on drafts of the maintenance and educational facilities plans; student handbook; and the fiscal 2013 operating budget.

Action will be taken on the school calendar submission date.

The board will also recognize winners of various awards.

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Garrett educators work hard for schools, communities

— As president of the Garrett County Education Association, representing more than 400 dedicated education employees here in Garrett County, I feel the need to address some concerns about the role of GCEA that have surfaced recently in with respect to fiscal crisis facing our school system. There are two basic misconceptions that need to be put to rest.

The first is that GCEA has in some way been a stumbling block or impediment in confronting the crisis our schools and communities are facing. Nothing could be further from the truth.

GCEA members stood side by side with members of the community in calling on the state General Assembly to pass Sen. Edwards’ and Delegate Beitzel’s loss limitation provision that would have prevented a massive cut in state education funding.

Our members testified in Annapolis twice for that measure, made hundreds of phone calls and sent hundreds of emails to support our delegation’s efforts to limit the state cuts to education funding.

GCEA members and their colleagues from across the state have partnered with other concerned community organizations and applied enough pressure to convince the governor to call a special session of the General Assembly where that loss limitation measure can be reconsidered. Our members take this action on top of what they already do for our students every day.

The second misconception is that employees of the Board of Education received any real raise in recent history. Those employees have received one step in the past four years and no cost of living adjustments and will receive neither again this year.

Our educators have forgone raises that were promised them for what will now be three of the last four years. As a result of the proposed layoffs, our members could see an increased workload with no increase in compensation.

When the two percent increase in pension contributions from last year is factored in, our members have in fact seen a reduction in their overall compensation.

The members and leadership of GCEA are realistic about the severe fiscal situation our county is in. Contrary to what has been portrayed by some, however, our members have made deep and very painful sacrifices. Our members have done their part for our students, schools and communities and will continue to do so.

We would ask that you join GCEA in acting to protect our schools by calling on our General Assembly to include the loss limitation measure for Garrett County in their budget proceedings in the upcoming special session so that we do not have to face the closure of our schools and layoffs of our dedicated education staff.

You can learn more by going to www.marylandeducators.org.

Kim Sanders, president

Garrett County Education Association

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Garrett apartment fire affects 35 residents

American Red Cross assists six victims through weekend

From Staff Reports Cumberland Times-News

— MOUNTAIN LAKE PARK — Five people apparently suffered minor injuries in Friday’s fire at the Meadows East apartment complex that reportedly affected nearly three dozen residents of the apartment complex located in the 600 block of N Street, according to the American Red Cross.

All the injured people were taken to Garrett Memorial Hospital following a kitchen fire that occurred shortly before 2 p.m.

Numerous volunteer fire companies responded, according to the Garrett County 911 center. The center said the Maryland State Fire Marshal’s Office would provide additional information. However, a fire marshal’s office spokesman said Monday that the state agency did not investigate the fire.

“The Red Cross was on the scene to provide immediate disaster relief to 35 adults who were affected by the fire — several of whom are elderly or have disabilities,” said Doug Lent of the American Red Cross Chesapeake Region.

The Red Cross workers and volunteers from Allegany and Washington counties provided emergency shelter for six of the residents and continued throughout the weekend to provide food, replace clothing and offer other necessities as needed.

Residents who still need assistance may go to the Meadows East complex today at 1 p.m. to meet with Red Cross workers or call 410-624-2040 .

Seven volunteer fire companies, two rescue squads, the Garrett County Sheriff’s Office and Potomac Edison responded to the fire scene in addition to Red Cross personnel.

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Poppy Seed-Sized Beetle Threatens Livelihood Of Md.’s Aging Hemlock Trees

May 11, 2012 6:03 PM
Alex DeMetrick

GARRETT COUNTY, Md. (WJZ)—They are some of Maryland’s oldest living things.

Alex DeMetrick reports that despite centuries of growth, the state’s old growth hemlocks are being threatened by an invasive bug the size of a poppy seed.

You have to get off the main road at New Germany State Park in Garrett County to reach those performing a kind of tree triage. Only in this case the medicine is pesticide.

“The chemical will be released into the tree slowly through the injectors,” said Donnie Oates, Maryland park ranger.

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Potential developers should proceed with percolation tests pronto

Garrett County commissioners point to grandfathering provisions

Elaine Blaisdell Cumberland Times-News

— OAKLAND — Recently passed legislation limiting septic systems for housing projects in Maryland contains grandfathering provisions, and Garrett County leaders have suggested that property owners take advantage of them.

Time is running out for potential developers, with the first step in the process a percolation test.

“If you have your application in to the Environmental Health Department by July, that would give you some grandfather rights to go ahead and create a subdivision that would be larger than seven lots, which would be considered a major subdivision,” said John Nelson, director of the Department of Planning and Land Development, during a recent commission meeting.

As soon as percolation test results are approved, property owners have 18 months until preliminary application can be made for subdivision plat approval, according Nelson.

“If property owners make application by July 1, 2012, we stand ready to do the necessary soil and percolation tests to meet the required plat approval deadlines,” said Health Officer Rodney Glotfelty in a news release.

It is important to have the application for the major subdivisions in the hands of the proper officials prior to the deadline, according to Glotfelty.

If application for the percolation test is not made by July 1, preliminary plans for a major subdivision that is utilizing an on-site sewage disposal system must be turned into the Department of Planning and Land Development by Oct. 1. These plans must be in by Oct. 1 to have exemptions for more than seven lots, according to Nelson.

Oct. 1, 2016, is the date to have subdivision preliminary plan approval from the county’s planning commission, for major subdivision utilizing an on-site sewage disposal system, according to the news release.

The Sustainable Growth and Agricultural Preservation Act of 2012 (Senate Bill 236), which was passed by the Maryland General Assembly, amends both Maryland health and land planning statutes, according to a county news release.

Nelson described the intent of SB 236, which is essentially a spetic bill.

“The intent of the bill is to minimize the number of new housing starts that will be allowed on septic systems,” said Nelson, “It really affects primarly rural counties more so than metropolitan counties where they do have infrastructure, water, sewer and those types of amenities.”

Areas currently served by public sewer are not impacted by this bill, according to Nelson. Instead, the bill will affect areas that are not currently served and planned areas.

The septic bill was based on recommendations from the governor’s Task Force on Sustainable Growth and Wastewater Disposal to minimize the amount of harmful nitrogen loads from septic systems that enter the Chesapeake Bay watershed, according to a news release. The Maryland Department of the Environment was required to come up with regulations for nitrogen offsets, according to Nelson. Currently, the septic systems leach out higher levels of nitrogen than are typically allowed on any public sewer system.

“If you are going to be creating a subdivision even a minor subdivision there will be nutrient requirements by MDE,” said Nelson. “What that means is your spetic systems are going to have to be designed as such, that they will virtually take out all nitrogen from the systems. We don’t know what those design systems are going to be it’s to premature.”

Nelson noted that the design systems are going to be more expensive and that MDE has until then end of the calendar year to come up with the regulations for the offsets of nitrogen.

Contact Elaine Blaisdell at eblaisdell@times-news.com

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Mary S. 'Molly' Jameson, aided homeless

She established two outreach programs at her city church

May 08, 2012|By Frederick N. Rasmussen, The Baltimore Sun

Mary S. “Molly” Jameson, who established and directed two outreach programs at St. Vincent de Paul Roman Catholic Church in Baltimore, died Sunday of breast cancer at her Lutherville home. She was 81.

The daughter of a building contractor and an educator, Mary Smart was born in Garrett County and raised in Oakland, Friendsville and Grantsville.

After graduating from Oakland High School in 1948, she enrolled at what is now Towson University, where she earned a bachelor’s degree in 1952.

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Western Maryland whitewater course opening for season

Posted: 8:37 am Fri, May 11, 2012
By Associated Press

MCHENRY — A western Maryland whitewater course is opening for its first season under public ownership.

Garrett County officials say the Adventure Sports Center International near McHenry will open Saturday. The county acquired the manmade course in March after the nonprofit developer defaulted on more than $3 million in bank loans.

In a bid to boost sales, the county is offering reduced rates to residents of Garrett County. Instead of the regular preseason rate of $45 per person, county residents can ride in inflatable rafts for $25, or just $10 for those who bring their own boats.

The course has averaged about 11,000 rafters a year during its first five seasons. That’s far below the 25,000 that operators projected when the course opened in 2007.

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Author: ilovedeepcreeklakerealestate

April 2012 Real Estate Market Update – Residential

Housing Affordability Indices Reach Records in First Quarter

Mud Dog Run at Deep Creek Lake

Garrett names Teacher of the Year

Garrett educators work hard for schools, communities

Garrett apartment fire affects 35 residents

Poppy Seed-Sized Beetle Threatens Livelihood Of Md.’s Aging Hemlock Trees

Potential developers should proceed with percolation tests pronto

Mary S. 'Molly' Jameson, aided homeless

Western Maryland whitewater course opening for season

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