>March Land Sales 2011 - Market Update
>There were 6 lot/land sales in Garrett County in the month of March.
The sales prices range from $2,900 – $47,500.
Many lenders are shying away fron lot loans, or at least requiring much larger amounts down before offering mortgages. That, coupled with the surplus of homes available for sale in EVERY market across the country, has driven the lot/land market much lower. Acreage prices in Garrett County & Deep Creek Lake are quite low, now, as a result.
Railey Realty has 131 active lot/land properties for sale right now that are priced under $100,000 – there are some good buys for lots in here if you look closely…
If you or someone you know is considering 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! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>For Sale - 222 Pine Crest Ln - GA7571156
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222 PINE CREST LN
OAKLAND, MD 21550
One of a kind! Very unique 3 bedroom 2.5 bath colonial style home. Situated on 3 acres in a gated community with Yough River access, community pavilion and pond. Wide pine plank floors, cedar ceilings, trowel finish walls. Huge master bedroom with a combination walk in closet/full bath. Enjoy living in nature from the comfort of a truly custom home.
Contact Jay Ferguson @ 301-501-0420 or DeepCreekLaker@Gmail.com for more information or to setup a private showing for this property.
If you or someone you know is considering 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! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>Deep Creek Lake Water Depth
Ever wonder about the water depth at Deep Creek Lake? This map has been around for a long time, and I wanted to ‘digitize’ it for easier reference. It was stowed away safely in the Railey Realty vault of ‘Deep Creek Lake Lore’, and after finding it today, I scanned it into a handy .pdf file. It’s a large file, but feel free to take a look! If you or someone you know is considering 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! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>Bank regulators poised to announce mortgage pacts
>By Dave Clarke and Clare Baldwin
WASHINGTON/NEW YORK | Wed Apr 13, 2011 10:48am EDT
WASHINGTON/NEW YORK (Reuters) – U.S. bank regulators plan to announce settlements later on Wednesday with the largest lenders over allegations of shoddy foreclosure practices, but the pacts will not include financial penalties.
JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said on an earnings conference call that the regulators would release consent orders that would make the banks fix weaknesses in foreclosure documentation.
Fines will probably come later, he said.
The Office of the Comptroller of the Currency, the Federal Reserve and the Office of Thrift Supervision have spent the past few days completing the settlements with some of the largest U.S. banks, including Bank of America Corp, Wells Fargo & Co, JPMorgan Chase and Citigroup Inc.
The pacts would resolve only part of a large probe involving a group of 50 state attorneys general and about a dozen federal agencies.
If you or someone you know is considering 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! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>US Senate takes a look at "fracking" in MD
>Hydraulic fracturing for natural gas is getting the once-over this morning in Washington, with Maryland’s cautious approach in the spotlight.
The Senate Environment and Public Works Committee is holding a hearing on the public health and environmental impacts of the controversial drilling technique. Sen. Benjamin Cardin, a Maryland Democrat, is joining Sen. Barbara Boxer, a California Democrat, in presiding over the session.
Robert Summers, Maryland’s acting environment secretary, is scheduled to testify. To read the prepared testimony or see the video, go here.
If you or someone you know is considering 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! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>Crosco Takes First In National Cheer Contest
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Regina Crosco, 17, Mtn. Lake Park, traveled to Ocean City this past weekend, representing Garrett County and Maryland at the American Cheer and Dance Academy “Reach the Beach” National Championships in Ocean City. There she took the first place trophy in the Hip Hop Solo Individual category, and then garnered first place in a freestyle compeition, which broke out at a celebration after the official competition on Friday evening. After winning the Maryland Cup title for the third year in a row, and seeing her overall score climb higher each year, she said she felt confident in reaching her goal of a national title. Regina is a member of Jessica’s Dance Creations of Loch Lynn. “I am so proud of Regina,” said her coach, Jessica Crosco. “She just has that natural ability to dance.” Regina is the daughter of Roger and Kim Crosco.
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If you or someone you know is considering 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! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>Huskies Recognized
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The Garrett County commissioners on Tuesday recognized the Northern High School Girls’ Basketball Team, runner-up in the 2011 Maryland Class 1A State Championship. The commissioners presented the girls and their coaches with proclamations recognizing their achievement. Commission chair Gregan Crawford called the team a jewel in Garrett County’s crown. The Huskies had a 23–5 season.
Support the Republican Newspaper! It’s only $9.95/year for the online edition!
If you or someone you know is considering 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! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>Fracking bill deep-sixed
>An update on an earlier post – the bill calling for a two-year study of natural gas drilling in western Maryland’s Marcellus shale deposits is dead.
Drew Cobbs, a lobbyist for the natural gas industry, said he was informed recently that the Senate Education, Health and Environmental Affairs Committee has given up on trying to forge a consensus on the bill, HB852/SB634. A committee staffer confirmed it.
Cobbs, director of the Maryland Petroleum Council, said what killed the bill was the O’Malley administration’s insistence on limiting the ability of state regulators to approve natural gas wells after the first year of the study.
Talks between the gas industry, legislative leaders and the administration had yielded a tentative agreement to ban any drilling using hydraulic fracturing, or “fracking,” for the first year of the study.
If you or someone you know is considering 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! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>Scheffel Is National Runner-Up
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All-American wrestler Jakob “Bubba” Scheffel, a senior at Southern High School, is now the second-ranked senior high school wrestler in the United States, having earned second place in the 2011 Senior National High School Coaches Association Wrestling Tournament held this past week at Virginia Beach, Va. Scheffel, pictured above right, was edged by a 3-2 score by Chris Klapprodt of South Dakota, center, in the championship bout of the 171-pound division. Placing third was Josh Snook of Delaware, pictured left. The 171-pound division included 57 of the nation’s top grapplers, including 27 state champions.
Support the Republican Newspaper! It’s only $9.95/year for the online edition!
If you or someone you know is considering 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! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>March 2011 Residential Real Estate Stats
>
March was a VAST improvement over the dismal February numbers. There were 22 total sales, up over last years 16. I personally closed on 2 foreclosure/short sale transactions – and the numbers were FAR off of the original asking prices. I’ve also noticed a lot more lower priced transactions (17 of 22 sales were under $400k) – we’ll see if that changes over the summer, but it is a trend worth noting.
Let’s take a look at the stats:
There are 38 homes under contract (37 last month).
The average list vs. ORIGINAL sales price was 83.51%, up from last month (78.11%).
The ADJUSTED list vs sale price was 89.63%, up from last month (88.03%).
The current # of active/for sale listings in MRIS (minus timeshares) is 598, up from last months 572. Personally, I am surprised this number is not higher already – there are more homes coming. We have a 27 month supply of homes available (minus timeshares) based solely on the March sales numbers. This number is less than half of February’s extreme – 63 months.
Random observations:
•1 ‘newer’ home sold in March (5 years old or less)
•It appears that 10 or so of these sales were vacation homes
•15 homes sold under $300,000 (last month was 7)
•17 homes sold under $400,000
•2 homes sold over $ 1 million (1 last month)
•4 homes sold for higher than full price or at full price (last month was 0)
•One house sold for 61% of asking price – 3285 Shingle Camp (foreclosure)
•The oldest home that sold was 116 yrs old
•The average age of the homes that sold was 37 years (36 last month)
•3 condo/townhouse properties sold (1 last month)
Here are the statistical breakdowns:
Average Sale Price: $297,427 (last month $309,667)
Average Days on Market: 205/290 (last month 301/407) (days on market with current broker/total days on market)
Here’s a little something extra – more in depth stats by price range, from our friends at RBIntel.
If you or someone you know is considering 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! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
