Archive for the Deep Creek Lake Real Estate Category

Ten Steps To A Successful Settlement

Posted in deep creek lake, Deep Creek Lake Real Estate with tags on September 15, 2011 by Betsy Spiker

I have spent my career making sure my clients are educated on all the complexities that arise during the purchase of a home. After my team of buyer agents find the perfect home for their clients, our work toward a successful settlement really begins. As a selling agent for over the last 12 years, I have prepared and taught my team the necessary steps to ensure a smooth home buying experience. Here are some basic guidelines to ensure a successful settlement.

 

Ten Steps To A Successful Settlement

 

1.) Get pre-approved by a reputable lender.

 

2.)Compare your housing desires with what you can afford to begin the process of locating a home that meets your needs and means.

 

3.)Consider the state of the market your shopping in and decide when the right time to buy is.

 

4.) Once you have identified the best property to buy and you are ready to move forward with the bid/contract process, ask your experienced buyer specialist to walk you through your responsibilities and your potential need for expert tax & legal advice.

 

5.)Contact your lender immediately after the contract is fully executed. A reasonable commitment date is 30 days from contract acceptance.

 

6.) Be sure to follow-up with your lender to make sure they are providing all necessary paperwork required to render a final loan. Ascertain that an appraisal has been ordered and the date scheduled.

 

7.)Check with your real estate agent to make sure they are providing the appraiser current comps to validate the price of the property.

 

8.) A good real estate agent will communicate with your lender every couple of days to ensure all elements of the loan process are in order and proceeding in accordance with the contract commitment date.

 

9.) After receiving formal loan commitment, coordinate with the lender or real estate agent to make certain any and all underwriting conditions have been satisfied and nothing further is needed from you.

 

10.) When you receive final loan commitment from your lender, select your title company and schedule the settlement date.  Remember that you must have a home owner’s insurance policy prior to settlement. 

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Coming to Wisp Resort in Deep Creek Lake…

Posted in deep creek lake, Deep Creek Lake Real Estate, Wisp, Wisp Resort with tags , , , , on June 18, 2010 by Betsy Spiker

The newest adventure activity to hit Deep Creek Lake, Maryland…a Canopy Tour attraction!  I had the great opportunity to experience Wisp Resort’s Flying Squirrel Canopy Tour for myself a few weeks ago.  It was a blast!  There are 5 zips plus a training zip at the beginning of the course.  It’s important to pay attention in the practice area and listen to all of the guides instructions, it will make your tour go smoother and safer.  

Remember to bring your handheld recording device or camera to bring the experience home with you.  It takes approximately 1 1/2 hours to get through the course and they can take up to 8 people and a Guide at a time.  The cost is $39/pp.  Happy zipping!

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Public Notice for Users of Deep Creek Lake…

Posted in deep creek homes, deep creek lake, deep creek lake homes, Deep Creek Lake Real Estate with tags , , , , , on March 4, 2010 by Betsy Spiker

News Release…Record Snow Fall at Deep Creek Lake May Result in Unprecedented Spring Melt

Deep Creek Hydroelectric Station to Lower Lake Levels; Lake Users Encouraged to Take Extra Safety Precautions

March 3, 2010, Oakland, MD – Sooner or later the record snow fall at Deep Creek Lake must melt and that could cause a record spring runoff.  To a limited extent, Deep Creek Lake levels can be controlled by the Deep Creek Hydroelectric Station which operates under a Water Appropriation and Use permit from the Maryland Department of the Environment (MDE).  Under the permit conditions, the Station, which is owned by Brookfield Renewable Power, uses water to generate hydropower, but keeps Lake levels within a defined “rule band” with upper and lower limits.  This year’s unprecedented snow fall will likely result in an unprecedented snow melt, particularly if temperatures warm quickly. 

To avoid serious and potentially damaging high water conditions at the dam and on the Lake, the Maryland Department of the Environment has approved Brookfield’s request to draw the Lake level down two feet below its permitted March lower limit.  The draw down, which began on March 1, will take place gradually, with a maximum of 0.5 feet reduction per day. David Barnhart, General Manager for Brookfield’s Mid-America Operations said, “Together with MDE, we are doing what we can to anticipate and mitigate the impacts of the spring thaw.  As this winter proves, you never know what Mother Nature will throw you and an early, sustained thaw may result in higher than usual water levels.” 

The lowered water levels beneath the ice cover, combined with warming temperatures, pose unpredictable risks to recreational users of Deep Creek Lake.  Carolyn Mathews, Manager of the Deep Creek Lake Recreation Area advises, “People should remember that there are always hazards to recreating on naturally-formed ice.  Lowering the Lake to make additional storage space for the anticipated above normal spring runoff may destabilize the Lake’s ice and we urge everyone to take special care to stay safe.”  

The MDE, Brookfield, and the Department of Natural Resources continue to monitor the Lake levels and weather conditions to determine whether additional actions for safety of recreational users may be required.  Lake levels can be found at www.deepcreekhydro.com.

(Source: Maryland Department of Natural Resources, Brookfield Renewable Power Inc., Maryland Department of the Environment)

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Real estate market looking up at Deep Creek Lake…

Posted in deep creek lake, deep creek lake homes, Deep Creek Lake Real Estate with tags , , , on March 1, 2010 by Betsy Spiker

YES, this statment is proving to be true!  There have been 17 residential sales thus far in 2010, with sales prices ranging anywhere from $80,000-825,000.  On top of that, there are 32 additional residential properties that are under contract or pending sale with asking prices of  $42,900-2,250,000.  This is potentially 49 sales for the 1st quarter of 2010.  Nothing to shrug off considering the low consumer confidence we’ve seen over the last 18 months. 

For comparison, there were 18 home sales during the same time last year ( 1/1/09-3/1/09), 32 sales in 2008, 49 sales in 2007 and 67 sales in 2006.  Our average list price to sales price ratio is still 91%, which is considerably good when looking at the nation’s averages.  (Source for # of units sold: Metropolitan Regional Information Systems, MRIS)

You can see some of Deep Creek Lake’s recent sales here: http://www.deepcreeklakeproperty.com/deepcreeksold.pdf. 

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Deep Creek Lake Warnings

Posted in deep creek lake, Deep Creek Lake Real Estate with tags , , on February 17, 2010 by Betsy Spiker

Deep Creek Lake ice warnings….snowmobiles and Deep Creek Dunk.

 

Public Safety Warning Issued for Deep Creek Lake

GARRETT COUNTY – 2/16/2010

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The Maryland Park Service reminds all snowmobilers of the potential for unseen safety hazards on Deep Creek Lake, particularly at night.  Starting on Wednesday, February 20th, an area of ice will be removed near Uno Chicago Grill on Garrett Highway to create open water for the Special Olympics Deep Creek Dunk. This area will remain unsafe for quite some time and will be marked with reflective traffic cones.  Also be aware that lake surface conditions under bridges where road salt and abrasives are plowed from the pavement are often particularly hazardous. Other conditions that may cause unpleasant situations are unseen snowdrifts or pressure ridges that can act as ramps and cause sleds to become airborne leading to a loss of control and accidents.  

 Deep Creek Lake is a part of the designated ORV trail system permitting use by registered snowmobiles only. Permits are available by mail or at any of the local State Park offices during normal business hours. Snowmobiles may operate at night if equipped with working head and taillights. Access to the lake may be made at Deep Creek Lake State Park or with permission from a private landowner with a permit site adjacent to the lake. 

Ice fishermen, hikers and cross-country skiers traveling on the lake should also exercise caution.  The wearing of or having readily accessible life preservers could prevent a tragedy.  If you encounter people, pets or wildlife that have fallen through the ice, contact either 911 or the toll free DNR Communications number 1-800-628-9944 for assistance. 

For further information on ice conditions at Deep Creek Lake, contact a ranger at the Park Headquarters office (301) 387-5563 or the Discovery Center on weekends at (301) 387-7067.

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Snowmobile Drag Races at Deep Creek Lake…

Posted in deep creek lake, deep creek lake homes, deep creek lake property, Deep Creek Lake Real Estate with tags , , , , on February 2, 2010 by Betsy Spiker

courtesy of timo_w2s' photostream/flickr

If you have the need for speed or just like to be adventurous, snowmobiling is a great way to see Deep Creek Lake’s countryside in style.  The Deep Creek Lake State Park’s Meadow Mountain Trail is one of the ways you can enjoy 5.5 miles of open terrain, perfect for a Sunday ride.  For those who are really gung-ho, hardcore locals ride at their own risk at 70+ mph on the ice frozen waters of Deep Creek Lake.  The lake offers 65 miles of shoreline, approximately 3,900 acres of surface coverage and is roughly 12 miles in length.  A pretty large playground for the brave!     

Snowmobile Drag Races will be held at Winter’s Field in Oakland, Maryland on February 20th beginning at noon.  Registration begins at 9:00 to 11:30 and there are cash payouts for 1st, 2nd & 3rd places in each class.  There are 7 classes this year: 1) Vintage “1990 & Older” sleds,  2) 500cc & Under,  3) 600cc,   4) 700cc,   5) 800cc,   6) 900cc,   7) 1000cc. 

The race is sponsored by High Mountain On-Off Road, Auto & Truck Accessories.  For more information call 301.334.5060.

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One of Deep Creek Lake’s Own to be Inducted into the Maryland Business Hall of Fame

Posted in deep creek lake, deep creek lake property, Deep Creek Lake Real Estate with tags , , , , , on January 26, 2010 by Betsy Spiker

The Maryland Chamber of Commerce announced their 2010 inductees of the Maryland Business Hall of Fame this week.  Among the 3 inductees honored in Maryland is Karen Myers of Garrett County/Deep Creek Lake, Maryland.

The Maryland Business Hall of Fame was established in 2000 to recognize the accomplishments of entrepreneurs and business executives throughout Maryland whose contributions, in business and in the community, have helped to advance the quality of life for Marylanders and the state’s business climate.  Individuals are nominated by members of the Maryland Chamber of Commerce. The inductees are selected by the Chamber’s Executive Committee, and honored each year at the Maryland Chamber’s Annual Membership Meeting and Business Hall of Fame Awards Dinner. Prior Maryland Business Hall of Fame inductees include luminaries such as Bill Marriott of Marriott International, Chip Mason of Legg Mason, the late Frank Perdue of Perdue Farms and Jeong Kim of Lucent Technologies. (Source: Maryland Chamber of Commerce, http://www.mdchamber.org/programs/halloffame.asp)

Karen Frazee Myers is the 10th generation of the founding Friend family in Garrett County.  Her entrepreneurial endeavors began in 1978 with the opening of a family-operated log home company, Mountaineer Log & Siding, still owned today by Mrs. Myers.  At about the same time, she launched A&A Realty, a real estate Brokerage serving Garrett County and Deep Creek Lake, Maryland.  Karen has continued her passion for helping people achieve the American dream of homeownership and is now the Broker/Partner of Wisp Resort Development, Inc. /Wisp Resort Sales Center atop Wisp Mountain in McHenry, Maryland. 

In addition, over the last 12 years, Karen has been an integral part of the successful negotiation and acquisition of Maryland’s only ski resort, Wisp Resort.  The new vision for Wisp began in 1994 with the basic land purchase of nearly 2,400 acres, followed in 2001 by the acquisition of the ski and golf operations of Recreational Industries, Inc.— all now known as WISP RESORT.  After donating 550 acres to the Adventure Sports Center (which is now known as the Fork Run Recreation Area) and acquiring additional adjacent parcels, land ownership exceeds 3,000 acres. 

She and her 2 partners, Gary Daum and Steve Richards, have invested in significant capital improvements since the Wisp Resort acquisition and assemblage of 3,000 acres to enhance the experience and lifestyle of Wisp owners and patrons. 

One of their most noteworthy contributions to Garrett County & Deep Creek Lake to date is a private, mountaintop 18-hole golf course, Lodestone Golf Club.  The developers secured the services of a 3-time U.S. Open Golf Champion, Hale Irwin, to assist them in the design of the course.  The golf course construction was completed in October, 2009; and all 18 holes will open for play by June, 2010.  In addition, they have invested in the current Wisp Resort public course, which is ranked among the “Top 100 Mid-Atlantic” courses.

While owning and operating two businesses and having been selected as the first woman appointed to a bank board in Garrett County, she has raised two children, Adrian and Betsy Spiker. Karen has taught them the importance of education and hard work as well as kindness to others. Both of her children have chosen to make Garrett County their home and the place they will contribute their working careers to continue efforts to improve the county.

Karen has devoted her career to expanding the opportunities available for the populace of Garrett County.  Teaching and training are just two of the many ways she shares her experience and life lessons with others.  A large percentage of the licensed real estate agents in the county have received at least part of their training from Karen personally – whether as pre-licensing instruction, weekly training in the office, special session or through continuing education classes that she has taught.

Karen Myers is a shining example of Garrett County’s past, present and future.  Her many accomplishments and contributions demonstrate that she is one woman who has always believed anything is possible.  Her perpetual drive, as well as her devotion to her county, stand testament as to why she is being honored as a 2010 recipient of the Maryland Business Hall of Fame. 

 

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Deep Creek Lake, Maryland Market Update

Posted in deep creek lake, Deep Creek Lake Real Estate with tags , , , , , , , , , , on January 19, 2010 by Betsy Spiker

Greetings from Deep Creek Lake,  

Our market seems to be stabilizing and the average sales price is consistently climbing.  The graph below shows the latest data on Sold listings for the last nine quarters in Garrett County, Maryland.  The flattening of the arc is encouraging, as well as the increase in Sales Price.  Feel free to contact me anytime for a specific market update on the property-type you’re most interested in buying or selling (waterfront homes, slopeside homes, homesites, condos/townhomes at Deep Creek Lake) 301.616.5022, Betsy.Spiker@LNF.com, www.DeepCreekLakeProperty.com. 

 

See you in the mountains,

Betsy Spiker

Spiker Team P.C.

NOTE: As a member of our local Board of REALTORS®, I am able to show you ALL available listings regardless of the broker representing the listing.

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Congress extends Homebuyer Tax Credit

Posted in Deep Creek Lake Real Estate with tags , on November 28, 2009 by Betsy Spiker

                                       Homebuyer Tax Credit is Extended

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

  • Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
  • Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

  • Who Qualifies? First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.  And, current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
  • To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
  • Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
  • The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

Source: National Association of REALTORS®  http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit?lid=ronav0019 

For more information on how this could be applied to your specific purchase, contact Betsy Spiker at www.deepcreeklakeproperty.com, Betsy.Spiker@LNF.com.

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