Jay's Real Estate Blog

Garrett school board won’t rescind decision to close schools

Interim superintendent says reopening Kitzmiller, Dennett Road would create $1.4M budget hole

Cumberland Times-News

— OAKLAND — Members of the Garrett County Board of Education hope to use some of the $1 million-plus it will receive in additional state funding to return eight personnel to the schools, according to interim Superintendent of Schools Sue Waggoner.

During a special meeting Wednesday night, board members also discussed using funding from the passing of the state Budget Reconciliation and Financing Act for transitions of school closings, staff development and academic intervention, Waggoner said. Some of the money may also be used to alleviate transportation congestion at Southern Middle and Broadford and Yough Glade elementary schools.

“We are working with the county to make them more user-friendly and to make sure the drop-offs are safer,” said Waggoner.

Board members did discuss the possibility of reopening the schools they recently voted to close and also considered a petition for a revote. However, no motion was made by members of the board to rescind their decision to close Dennett Road and Kitzmiller elementary schools.

“We would be $1.4 million short for fiscal year 2014 if we reopened schools,” said Waggoner. “I feel confident and truly believe that the children will be fine. Change is never easy.”

The board followed the same procedure with the closings of Dennett Road and Kitzmiller as it did last year with Bloomington Elementary School, according to Waggoner.

“It has been a very difficult year. Hopefully now that we have a final decision, the healing process can begin,” said Waggoner. “Many have said things that have hurt people.”

Some of the residents got upset and yelled at the Wednesday meeting, according to resident Elizabeth Hebden.

Members of the Parents for Garrett County Education are unhappy about the decision to close the two schools a day earlier that the rest of the county’s schools, said Diane Donham, the group’s spokeswoman.

The group has filed an appeal with the Maryland Board of Education to stop the closures. The state board will have to hear the county board’s side and will have 20 days from the date it received the appeal to respond. The appeal was sent Monday, according to Donham.

The doors of Dennett Road and Kitzmiller elementary schools are set to close May 30. The remaining Garrett County schools will close June 1. The Maryland State Department of Education granted Waggoner’s request for a two-day waiver to close the schools.

“You indicate that 360 students will be moving from Dennett Road and Kitzmiller elementary schools to the new school for the 2012-2013 school year,” wrotes Bernard Sadusky, interim state superintendent of schools, in a letter to Waggoner. “Approving this request will allow staff time to pack up their rooms and move to their new schools without students being present.”

The board did not vote on approval of the budget but will likely vote on it at the June 12 meeting. Waggoner is working with Larry McKenzie, director of finance, to make the changes to the fiscal 2013 budget. The budget will be available for public comment on the board’s website by June 1, Waggoner said.

Contact Elaine Blaisdell at eblaisdell@times-news.com.

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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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Some builders scramble to be grandfathered under new septics law

May 25, 2012

By Len Lazarick
Len@MarylandReporter.com
Maryland Planning Secretary Richard Hall

Maryland Planning Secretary Richard Hall

In some counties, homebuilders and developers are scrambling to get percolation tests down by July 1 so they can be grandfathered in under the new law that restricts use of septic systems for major subdivisions in Maryland.

That’s a “natural” outcome of the bill that stirred intense controversy and opposition in the General Assembly, Planning Secretary Richard Hall told MarylandReporter.com. “We think we have a good grandfathering provision.”

How to interpret the grandfathering provisions was one of dozens of questions Hall and his staff handled at a roundtable discussion the department held Thursday that brought out scores of local planners from across Maryland trying to figure out how to implement the new law.

Read more: http://marylandreporter.com/2012/05/25/some-builders-scramble-to-be-grandfathered-under-new-septics-law/#ixzz1wI1VUUfh
Under Creative Commons License: Attribution

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Lunch and Learn to return to schools this summer

Free meals program starts in mid-June
by JESSE YEATMAN, Staff writer

Again this year children will be provided free lunches during summer break through a school program, which will expand to two sites near Great Mills Road.

The Lunch and Learn program, named for the free meal and educational component offered, will be held at George Washington Carver and Lexington Park elementary schools Mondays through Thursdays beginning a week after school lets out June 8.

The program was held for the first time last year at Lexington Park Elementary School, and school officials said they plan to offer it at a second school this summer.

The local Judy Center won most improved partnership award and the Overlook Judy Center in Garrett County won the innovative spirit award.

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MET Awards $28,000 in Grants through Keep Maryland Beautiful Program

As part of the Keep Maryland Beautiful Program, the Maryland Environmental Trust (MET) awarded $28,000 in grants to non-profit organizations and schools to support environmental education and demonstrative projects that will enhance and maintain the State’s health and appearance. MET announced the award and grant winners to a packed house during the annual Maryland Land Conservation Conference on May 15 in Columbia.

“MET is pleased to provide these annual grants, especially during these tough economic times, to encourage environmental programming and educational projects,” said Director Elizabeth Buxton.

This year’s Keep Maryland Beautiful Grants include:

The Dillon Award is given to a landowner who exhibits outstanding conservation in honor of the spirit and legacy of the Dillon sisters of Garrett County who donated a conservation easement and then bequeathed their entire Garrett County property to MET in 1984.

Kent County resident, Louisa Duemling was presented with this award for her outstanding efforts in preserving the unique landscape of the Eastern Shore. In 2009, she donated a conservation easement to MET and the Eastern Shore Land Conservancy. The easement, MET’s largest, forever safeguards 1,087 acres of forest, 1,692 acres of tilled land and 50 acres of freshwater ponds. In addition, 9.2 miles of shoreline along the Chesapeake Bay, Churn Creek, Tims Creek, Worton Creek and Still Pond are protected. The property is also home to the Delmarva fox squirrel habitat, interior dwelling bird habitat and five bald eagle nests.

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Pet oxygen masks donated to Oakland VFD

May 27, 2012
Pet oxygen masks donated to Oakland VFD

Elaine Blaisdell Cumberland Times-News

— OAKLAND — Resident Michael McGuire recently donated two pet oxygen mask kits to the Oakland Volunteer Fire Department. McGuire, who works in anesthesia, donated the masks after seeing a photo in the newspaper of a firefighter resuscitating a dog with an oxygen mask made for a person.

“I have a lot of cats and dogs and realized the fire department didn’t have the right equipment,” said McGuire. “It’s very important to have a pet mask to ventilate a dog or cat. Because of the shape of their nose and mouth, they have a cone-shaped mask.”

McGuire purchased his mask from Wag’N Enterprises because he liked the fact that the masks came with special storage bags and decals.

“The decals make it easy for firefighters to determine which fire truck has the pet masks,” said McGuire.

In the future, McGuire plans on donating a mask to the Garrett County Sheriff’s Office for its K-9 unit, in case they ever get injured in the line of duty.

Pet oxygen masks are specially designed to fit the snouts of different sized animals as small as a ferret to as large as a foal. The masks are sold by Wag’N Enterprises through the O2 Fur Life initiative (www.wagnpetsafety.com), which has the goal of ensuring all first-responders in North America carry them. So far, Wag’N has placed masks in more than 1,200 departments in the U.S. and Canada. In 2010, the Regional Education Service Agency 8 purchased 22 pet masks for Mineral, Grant, Hampshire and Hardy and other numerous counties in West Virginia, according to a Wag’N 02 Fur Life list of supporters.

Contact Elaine Blaisdell at eblaisdell@times-news.com.

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PlanMaryland workshops set in region

For the Cumberland Times-News Cumberland Times-News

— CUMBERLAND — People who are interested in PlanMaryland are invited to two workshops to discuss incorporating the economic development interests of Western Maryland into the first state development plan.

The Sustainable Transformation of the Appalachian Region Project, in partnership with The Greater Cumberland Committee, the National Center for Smart Growth and the University of Maryland Extension, will host the workshops.

The first workshop is scheduled for Thursday at the Will O’ The Wisp Restaurant in McHenry; the second workshop will be held June 4 at the Cumberland Country Club. Both workshops will run from 10 a.m. to 2 p.m. with lunch provided.

Gerrit Knapp, University of Maryland Extension, and Jason Sartori, Integrated Planning Consultants, will serve as facilitators.

Through funding made possible by the Appalachian Regional Commission, the primary objective of the STAR project team is to prepare a primer for economic development planning for Western Maryland.

The workshops are sponsored with no charge to the general public by TGCC, University of Maryland Extension, Garrett County Department of Economic Development and Chamber of Commerce, and the Western Maryland Health System.

Reservations should be made by Wednesday by contacting Juli McCoy at 301-722-0090 or jmccoy@greatercc.org.

The STAR website, http://smartgrowth.umd.edu/starproject.html, contains data that will help facilitate workshop discussions.

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April Existing-Home Sales Up, Prices Rise Again

WASHINGTON (May 22, 2012) – Existing-home sales rose in April and remain above a year ago, while home prices continued to rise, according to the National Association of Realtors®. The improvements in sales and prices were broad based across all regions.

Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.4 percent to a seasonally adjusted annual rate of 4.62 million in April from a downwardly revised 4.47 million in March, and are 10.0 percent higher than the 4.20 million-unit level in April 2011.

Lawrence Yun, NAR chief economist, said the housing recovery is underway. “It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices,” he said. “The general downtrend in both listed and shadow inventory has shifted from a buyers’ market to one that is much more balanced, but in some areas it has become a seller’s market.”

Total housing inventory at the end of April rose 9.5 percent to 2.54 million existing homes available for sale, a seasonal increase which represents a 6.6-month supply2 at the current sales pace, up from a 6.2-month supply in March. Listed inventory is 20.6 percent below a year ago when there was a 9.1-month supply; the record for unsold inventory was 4.04 million in July 2007.

“A diminishing share of foreclosed property sales is helping home values. Moreover, an acute shortage of inventory in certain markets is leading to multiple biddings and escalating price conditions,” Yun said. He notes some areas with tight supply include the Washington, D.C., area; Miami; Naples, Fla.; North Dakota; Phoenix; Orange County, Calif.; and Seattle. “We expect stronger price increases in most of these areas.”

The national median existing-home price3 for all housing types jumped 10.1 percent to $177,400 in April from a year ago; the March price showed an upwardly revised 3.1 percent annual improvement. “This is the first time we’ve had back-to-back price increases from a year earlier since June and July of 2010 when the gains were less than one percent,” Yun said. “For the year we’re looking for a modest overall price gain of 1.0 to 2.0 percent, with stronger improvement in 2013.”

Distressed homes4 – foreclosures and short sales sold at deep discounts – accounted for 28 percent of April sales (17 percent were foreclosures and 11 percent were short sales), down from 29 percent in March and 37 percent in April 2011. Foreclosures sold for an average discount of 21 percent below market value in April, while short sales were discounted 14 percent.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said home buyers should look into financing in the early stages of their search process. “With the tight lending environment it’s a good idea to consult with a Realtor® about mortgages and program options in your area, and tips for boosting your credit score well in advance of making an offer on a home,” he said. “It helps to go into the process knowing what it takes to succeed.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage declined to 3.91 percent in April from 3.95 percent in March; the rate was 4.84 percent in April 2011. Last week the 30-year fixed rate dropped to a record weekly low of 3.79 percent; record keeping began in 1971.

First-time buyers rose to 35 percent of purchasers in April from 33 percent in March; they were 36 percent in April 2011.

All-cash sales fell to 29 percent of transactions in April from 32 percent in March; they were 31 percent in April 2011. Investors, who account for the bulk of cash sales, purchased 20 percent of homes in April, compared with 21 percent in March and 20 percent in April 2011.

Single-family home sales rose 3.0 percent to a seasonally adjusted annual rate of 4.09 million in April from 3.97 million in March, and are 9.9 percent higher than the 3.72 million-unit pace a year ago. The median existing single-family home price was $178,000 in April, up 10.4 percent from April 2011.

Existing condominium and co-op sales increased 6.0 percent to a seasonally adjusted annual rate of 530,000 in April from 500,000 in March, and are 10.4 percent above the 480,000-unit level in April 2011. The median existing condo price was $172,900 in April, which is 8.1 percent above a year ago.

Regionally, existing-home sales in the Northeast rose 5.1 percent to an annual level of 620,000 in April and are 19.2 percent higher than a year ago. The median price in the Northeast was $256,600, up 8.8 percent from April 2011.

Existing-home sales in the Midwest increased 1.0 percent in April to a pace of 1.03 million and are 14.4 percent above April 2011. The median price in the Midwest was $141,400, up 7.4 percent from a year ago.

In the South, existing-home sales rose 3.5 percent to an annual level of 1.79 million in April and are 6.5 percent higher than a year ago. The median price in the South was $153,400, up 8.0 percent from April 2011.

Existing-home sales in the West increased 4.4 percent to an annual pace of 1.18 million in April and are 7.3 percent above April 2011. The median price in the West was $221,700, a surge of 15.9 percent from a year ago.

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.

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All Commercial Real Estate Sectors Continue to Improve, Multifamily Strong

WASHINGTON (May 24, 2012) – Shaking off a prolonged impact from the recession, fundamentals are gradually improving in all of the major commercial real estate sectors, according to the National Association of Realtors® quarterly commercial real estate forecast. The apartment rental sector has fully recovered and is growing.

The findings also are confirmed in NAR’s recent quarterly Commercial Real Estate Market Survey, which collects data from members about market activity.

Lawrence Yun, NAR chief economist, said new jobs are the key. “Ongoing job creation, which is at a higher level this year, is fueling an underlying demand for commercial real estate space, assisted by a steady increase in consumer spending,” he said. “The pattern shows gradually declining commercial vacancy rates, with consequential but generally modest rent growth.”

Yun expects the economy to add 2 to 2.5 million jobs both this year and in 2013, on the heels of 1.7 million new jobs in 2011, assuming a new federal budget is passed before the end of the year. “Although we need even stronger job growth, by far the greatest impact of job creation is in multifamily housing, where newly formed households striking out on their own have increased demand for apartment rentals – this is the sector with the lowest vacancy rates and strongest rent growth, which is attracting many investors.”

Rising apartment rents also are having a positive impact on home sales because many long-time renters now view homeownership as a better long-term option, Yun noted.

A large problem remains for purchases of commercial property priced under $2.5 million. “Our recent commercial lending survey shows that there is very little capital available for small business, which is significantly impacting commercial real estate transactions, although funding is less restrictive for bigger properties.”

NAR’s latest Commercial Real Estate Outlook1 offers projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data for metro areas were provided by REIS, Inc.,2 a source of commercial real estate performance information.

Office Markets
Vacancy rates in the office sector are projected to fall from 16.3 percent in the second quarter of this year to 16.0 percent in the second quarter of 2013.

The markets with the lowest office vacancy rates presently are Washington, D.C., with a vacancy rate of 9.3 percent; New York City, at 10.0 percent; and New Orleans, 12.6 percent.

Office rents should increase 2.0 percent this year and 2.5 percent in 2013. Net absorption of office space in the U.S., which includes the leasing of new space coming on the market as well as space in existing properties, is forecast at 24.7 million square feet in 2012 and 48.0 million next year.

Industrial Markets
Industrial vacancy rates are likely to decline from 11.0 percent in the current quarter to 10.7 percent in the second quarter of 2013.

The areas with the lowest industrial vacancy rates currently are Orange County, Calif., with a vacancy rate of 4.7 percent; Los Angeles, 5.0 percent; and Miami at 7.2 percent.

Annual industrial rent is expected to rise 1.6 percent in 2012 and 2.4 percent next year. Net absorption of industrial space nationally is seen at 44.1 million square feet this year and 62.4 million in 2013.

Retail Markets
Retail vacancy rates are forecast to decline from 11.3 percent in the second quarter to 10.7 percent in the second quarter of 2013.

Presently, markets with the lowest retail vacancy rates include San Francisco, 3.7 percent; Fairfield County, Conn., at 4.0 percent; and Long Island, N.Y., at 5.0 percent.

Average retail rent should rise 0.8 percent this year and 1.3 percent in 2013. Net absorption of retail space is projected at 8.0 million square feet this year and 21.9 million in 2013.

Multifamily Markets
The apartment rental market – multifamily housing – is likely to see vacancy rates drop from 4.5 percent in the second quarter to 4.3 percent in the second quarter of 2013; apartment vacancy rates below 5 percent generally are considered a landlord’s market with demand justifying higher rents.
Areas with the lowest multifamily vacancy rates currently are New York City, 2.1 percent; Portland, Ore., at 2.3 percent; and Minneapolis at 2.4 percent.

After rising 2.2 percent last year, average apartment rent is expected to increase 4.0 percent in 2012 and another 4.1 percent next year. “Such a rent increase will raise the core consumer inflation rate. The Federal Reserve, in turn, may be forced to raise interest rates, possibly as early as late 2013.”

Multifamily net absorption is forecast at 215,900 units this year and 230,300 in 2013.

The Commercial Real Estate Outlook is published by the NAR Research Division for the commercial community. NAR’s Commercial Division, formed in 1990, provides targeted products and services to meet the needs of the commercial market and constituency within NAR.

The NAR commercial components include commercial members; commercial committees, subcommittees and forums; commercial real estate boards and structures; and the NAR commercial affiliate organizations – CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate.

Approximately 78,000 NAR and institute affiliate members specialize in commercial brokerage and related services, and an additional 232,000 members offer commercial real estate services as a secondary business.

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Pending Home Sales Decline in April but Up Strongly From a Year Ago

WASHINGTON (May 30, 2012) – Pending home sales retrenched in April following three consecutive monthly gains, but are notably higher than a year ago, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 5.5 percent to 95.5 from a downwardly revised 101.1 in March but is 14.4 percent above April 2011 when it was 83.5. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said a one-month setback in light of many months of gains does not change the fundamentally improving housing market conditions. “Home contract activity has been above year-ago levels now for 12 consecutive months. The housing recovery momentum continues,” he said.

Yun notes home sales are staying well above the levels seen from 2008 through 2011. “Housing market activity has clearly broken out at notably higher levels and is on track to see the best performance since 2007,” he said. “All of the major housing market indicators are expected to trend gradually up, but a new federal budget must be passed before the end of the year for the economy to continue to move forward.”

The PHSI in the Northeast rose 0.9 percent to 78.9 in April and is 19.9 percent higher than April 2011. In the Midwest the index slipped 0.3 percent to 93.0 but is 23.0 percent above a year ago. Pending home sales in the South fell 6.8 percent to an index of 105.7 in April but are 13.3 percent higher than April 2011. In the West the index dropped 12.0 percent in April to 94.9 but is 5.1 percent above a year ago.

The housing forecast has been upgraded, with existing-home sales expected to reach 4.66 million this year, compared with 4.26 million in 2011. The outlook for 2013 is now 4.92 million, but could vary significantly depending on two scenarios.
If lending returns to normal, the 2013 outlook for existing-home sales would measurably improve to 5.3 million. However, a fiscal cliff scenario of higher taxes and sharp spending cuts beginning in early 2013, which is an unlikely event but still worth noting, would lower the sales projection to 4.5 million.

Because of measurably lower inventory supplies, the forecast for home prices has been upwardly revised with the median existing-home price projected to rise 2 to 3 percent this year and 4 to 5 percent in 2013, with wide local market variations. Miami and Phoenix will easily achieve double-digit price growth by year end.

Yun said the price gains will measurably reduce the number of underwater homeowners. “For example, a 5 percent national price gain means the number of underwater homeowners would fall to about 9 million from current estimates of around 11 million. A 10 percent gain, say over the next two years, would reduce the underwater status to about 7 million households out of 75 million owner-occupied homes,” he said.

About 25 million homes are owned free and clear without a mortgage.

Though the proportion of distressed properties is still high, the numbers have been falling over the past two years. “The diminishing share of distressed properties is another reason for higher home prices in upcoming months,” Yun added.

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Vacation Rental - Ski & Glee - New Putt-Putt Golf Course!

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