The Deep Creek Lake Resort Report Newsletter Spring 2016

e k a L k e e r C p e e D e h T RESORT REPORT Volume 9 Issue 1, Spring 2016 | 301.387.2000 • 301.387.2900 • www.Railey.com | 301.387.7777 • www.DeepCreekLodging.com

In This Issue...

How’s the Real Estate Market?

First $5+ Million Listing Vacation Rental Home Policy Changes Personal Watercraft Rules to be Reviewed Introducing Deep Creek Lodging Company Deep Creek Lake Buydown Program Reopened Deep Creek Dunk Hits $2 Million FY15 Shows Tourism Improvements Local Happenings and News…

First $5+ Million Listing

Railey Realty is proud and excited to announce that we’ve recently broken a barrier, listing the first $5+ Million Residential Property in Garrett County’s history. This spectacular home is located at 1010 Holy Cross Drive, in the prestigious community The Reserve at Holy Cross.

Railey Realty first broke the $3+ Million barrier in 2010.

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Your 1st Choice in Real Estate Vacation Rental Home Policy Changes – Window Egress Rules Clarified Garrett County’s Transient Vacation Rental Unit (TVRU), enacted in 2006, affects all short term vacation rental properties in the Deep Creek Lake watershed. One of the requirements for obtaining a TVRU license from the county is that all new and existing licensed rental units must have proper egress (exterior exit) from each bedroom.

After consultation with the State Fire Marshal and the County Attorney, it was determined that the grandfathering of certain rental units did not comply with the terms of the TVRU ordinance. Egress is required to not only provide for an

exit if a fire occurs, but also provides a point of entry for firefighters.

Some units that were thought to be grandfathered may no longer be, and the county is working with property owners and rental companies to correct any errors that might have occurred in the administration of the licenses.

Any house built prior to 1997 that was not an active vacation rental home before 2006 will no longer be considered grandfathered and must be brought to current fire egress size standards before a TVRU rental license will be issued. Construction prior to 1997, however, does not

Deep Creek Lake Personal Watercraft Rules to be Reviewed Over the past several months, there has been renewed interest by various businesses and property owners to see if DNR should update its rules of personal watercraft (PWC) use on Deep Creek Lake.

The existing rules went into effect in 1989, and deal mostly with prohibited operation during weekends and holidays during the summer, from 11 a.m. to 4 p.m.

According to DNR Lake Manager Eric Null, the Deep Creek Lake Policy and Review Board heard from proponents of the change

at its January meeting, and will consider the matter further at their April 25 meeting at 6 p.m. at the Discovery Center. The board may make recommendations to DNR on how best to proceed on examining the issue. It is possible that one recommendation may be a new boating study or other carrying capacity research.

The last time that DNR reviewed the existing rules was in response to a Boating Use and Carrying Capacity Study in 2004.

That study did not recommend any

Introducing Deep Creek Lodging Company Railey Realty is proud to announce an affiliate partnership with Deep Creek Lodging Company, the area’s newest vacation rental company. Deep Creek Lodging offers a large selection of lake front, lake access, Wisp Ski Resort, and surrounding Garrett County vacation homes for rent. Conveniently located along Garrett Highway and open seven days a week, the company’s dedicated team of reservationists and property managers have many years of vacation rental experience and exceptional customer service skills.

The company has far exceeded its goal and is projected to be one of the largest and best vacation rental companies at Deep Creek Lake in the next few years.

Commission rates and fees at Deep Creek Lodging are structured to ensure both the homeowners and the renters are getting the best deal possible.

For more information about the benefits of renting your home, please contact Jennifer Cowgill at 301-387-7777 or Jennifer@DeepCreekLodging.com.

Visit our brand new website at

www.DeepCreekLodging.com

mean that it is not in compliance, only an inspection will determine whether or not the window egress meets current standards.

When purchasing a vacation rental house built prior to 1997, it is imperative to have the bedroom window sizes checked to see if they meet code. If they do not meet code, upgrading and replacing windows could cost several thousands of dollars. More information can be found online by visiting (https:// www.garrettcounty.org/planningl a n d - d ev e l o p m e n t / t r a n s i e n tvacation-rental-units) pertaining to TVRUs or calling 301-334-1920.

changes to the PWC restrictions, but found “clear differences in opinions between waterfront residents and visitors regarding recreational use of Deep Creek Lake.” The study also found that the largest category of boats along the shoreline were PWCs, representing up to 72% of the boats counted (by category).

The final decision to change the regulations rests with the DNR, but includes input and review by the state’s Boat Act Advisory Committee and DNR’s Boating Services division.

w w w. D e e p C r e e k Lo d g i n g . c o m for the entire selection of vacation rental properties we have to offer.

Railey Realty continues to be a lodging partner with Railey Mountain Lake Vacations, the area’s largest rental company at Deep Creek Lake.

Visit www.DeepCreek.com for more information about Railey Mountain Lake Vacations.

We urge you to compare the benefits of each property management program when deciding which company is right for you.

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The Deep Creek Lake Resort Report Deep Creek Lake Buydown Program Reopened Many property owners around the lake may recall the buydown program that the state offered after it bought the lake and buffer strip in 2000. Almost 2,000 property owners took advantage of the opportunity to purchase a portion of the DNR buffer strip between their property and the lake, subject to a conservation easement. The buydown program lasted for almost eight years.

As a result of legislation passed in the 2015 General Assembly, the state has reopened the buydown program and is again offering the opportunity to those landowners who did not originally participate to purchase their buydown parcel.

The deadline for filing an “intent to purchase” with the state is October 31, 2017.

According to Tanja Rucci, who is administering the buydown for the Department of General Services, the new buydown parcels are being offered at 39 cents per square foot, which is the same price as in 2000, plus the costs of closing and surveys/monumentation.

These costs vary depending on the size of the buydown. The same covenants and restrictions will also apply.

The state intends to use the proceeds of the buydown by crediting them to the Deep Creek Lake Recreation and Management

Deep Creek Dunk Hits $2 Million Milestone This past February, the Maryland State Po l i ce / M a r y l a n d Natural Resources Police held the 18th annual Deep Creek Dunk. Total funds

raised this year surpassed their goal, capping just over $180,000. The Deep Creek Dunk has raised more than $2 Million

FY15 Shows Tourism Improvements for Garrett County Garrett County saw a 4.5% increase in sales tax revenue and a 6.7% increase in accommodations sales for FY15. The Garrett County Chamber of Commerce focuses efforts and funding in nearby cities, with the

Local Happenings and News…

Harvest Moon Market will open their doors in mid-April. Located in downtown Accident, Harvest Moon Market provides a full service grocery store featuring organically grown local produce, grab and go meals, and a bakery with freshly made items.

The Green Turtle is opening their Deep Creek Lake location sometime this summer. A mid-Atlantic favorite, this

Fund, which is administered by DNR through the Lake Management Office. Purchasing the buydown does not change your eligibility for a dock permit.

For additional information about the project, please contact Tanja Rucci, Buydown Coordinator, at 410-767-4303 or tanja.rucci@maryland.gov. Property owners interested in purchasing a buy-down parcel must download an “Intent to Purchase Buydown” form from the DGS website at http://dgs.maryland.gov and then complete and return it to Ms. Rucci at the specified e-mail address.

for the Maryland Special Olympics over the last 18 years. The goal of the Special Olympics is to provide year-round support for the athletes who participate in sports training and athletic competition in several Olympic-type sports.

intention of driving visitation to our area while also promoting general awareness. Other Chamber efforts include implementing specials that members can participate in.

Programs such as Military March

or the biannual 3-2-1 housing promotions are examples of Chamber generated efforts that benefit several businesses while also promoting tourism to the Deep Creek Lake and Garrett County areas.

sports bar and grille offers a casual atmosphere with a fun food and drink menu and plenty of TVs for whichever sport you’re interested in.

as full winterization, detailing, and indoor storage.

Silver Tree Marine recently opened their new service facility on Deep Creek Drive. The full service marina offers complete mechanical services on all makes and models of boats, as well

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The 5th Annual WGW Golf Tournament will take place June 24-25. Events include the two course golf tournament, a silent auction, the golf ball helicopter drop and the 5K color run. Registration and updates are available at wgwgolf.org.

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Spring 2016

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The goal of this newsletter is to keep you informed on the local real estate market, along with keeping you in touch with the issues impacting this market. We will also attempt to bring you interesting stories about the people and heritage that make Deep Creek Lake and Garrett County, Maryland such a special place.

68% Residential Properties Sold Percentage of Total Lake Front Residential Properties Sold in 2015 Top MLS Brokers

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Long & Foster®

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Vacation Rentals

65%

Percentage of Residential Dollar Volume Sold for the Deep Creek Lake Area Residential Dollar Volume Market Share in 2015 Top MLS Brokers

Over 30 Years Experience in Western Maryland Area’s Most Productive and Experienced Sales Force

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It is not our intention to solicit clients from other Brokers or Property Managers with this newsletter.

If your property is currently listed for sale or managed with another company, please consult that company.

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* All data obtained from MRIS for the period 1/1/2015-12/31/2015.

Focused ONLY on the Market All data is believed to be accurate, but not guaranteed. that Means the Most to You!

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