Dan's Deep Creek Blog

"Deep Creek resort owners consider sale of ski property - Owners have financial troubles with their real estate development business"

noreply@blogger.com (Dan) — Thu, 25 Aug 2011 23:24:00 +0000

I've been pretty quiet of late, but now that the story has hit the Baltimore Sun I might as well mention the continued distress atop Marsh Mountain. Read more here.

"Karen Myers, one of the three partners of Wisp Resort in Garrett County, said in a brief interview Thursday that the partners were having trouble negotiating the repayment of a $28.5 million loan with BB&T Corp. The loan was tied to the construction of an 18-hole golf course and a community near Deep Creek Lake, which is experiencing lackluster sales of home sites, Myers said."

A similar but more detailed story also appears in the Washington Post. The Pittsburgh Post-Gazette also reports that Wisp ski resort may be sold.

There are also a number of related posts on this blog on the subject:
Deep Creek Land Rush .. in Reverse ..
Distress continues in Kendall Camp ..
More signs of distress in Kendall Camp atop Marsh Mountain
Previously profiled property reduced again and now listed as a short sale ..

Don't forget to check out our sponsors and check back to Dan's Deep Creek Blog for your future updates on the Deep Creek real estate market.

Friday's Deep Creek Price Change Spotlight

noreply@blogger.com (Dan) — Fri, 22 Jul 2011 13:00:00 +0000

This week we profile another real estate price change on Marsh Hill Rd; this one at 1549 MARSH HILL Rd. Originally listed back in Sept 2010 for $998,500; now listed at $899,000. In 2006, the current owners purchased the property for $920,000.

Don't forget to check out our sponsors and check back to Dan's Deep Creek Blog for your future updates on the Deep Creek real estate market.

Drip, drip, drip ..

noreply@blogger.com (Dan) — Thu, 21 Jul 2011 09:55:00 +0000

50 FASTING Ct

May 25, 2006 Sold (Public Records) $602,880
Jul 22, 2009 Listed (Active) $609,000
Dec 10, 2009 Price Changed $597,500
Mar 19, 2010 Price Changed $579,900
Apr 27, 2010 Price Changed $559,900
May 17, 2010 Price Changed $549,900
Oct 18, 2010 Price Changed $539,900
Jan 14, 2011 Price Changed $499,900
Jul 15, 2011 Price Changed $484,900

Looks to be consistent with a recent real estate analysis by Zillow that suggests homeowners are in denial about value of properties. Apparently too many sellers believed the real estate agents who tried to tell them values were up and the market was "well and improving daily."

Don't forget to check out our sponsors and check back to Dan's Deep Creek Blog for your future updates on the Deep Creek real estate market.

"Constellation celebrates launch of W. Maryland wind farm - 28 turbines rise atop Garrett County's Backbone Mountain"

noreply@blogger.com (Dan) — Tue, 19 Jul 2011 17:19:00 +0000

Read more about today's festivities in the Green Living section of the Baltimore Sun.

Don't forget to check out our sponsors and check back to Dan's Deep Creek Blog for your future updates on the Deep Creek real estate market.

After 1516 days on the market is it really still "new" construction?

noreply@blogger.com (Dan) — Tue, 19 Jul 2011 12:16:00 +0000

Here we have 255 FANTASY Ln MC HENRY, MD 21541 built in 2007 and still listed as new construction after 1516 days on the market. And, oh by the way, the price was recently reduced again (from $849,900 to $629,900 to $599,900). Property was originally listed for at least $899,900.

According to p. 205 of this link, apparently the current owner (RIGALCO LLC, which appears to be a shell company for an Annapolis-based general contractor and his business partner) is well behind on the property taxes and the property may be sold by the county to collect the debt.

Property #: 257
RIGALCO LLC ELECTION DISTRICT NO. 18 ACCOUNT NO. 18085135
All that parcel of land assessed to the above in Tax District No. 18, known and designated as Lot 12 on the plat of Phase IX-A Fantasy Valley recorded in Plat Book DKM 3, page 265, containing 0.47 acre, more or less, and described in deed from D. C. Development, LLC to Rigalco, LLC dated November 10, 2006, and recorded November 14, 2006, in Liber No. 1266, folio 89, one of the Land Records of Garrett County, Maryland.
State and County Real Estate Taxes Due for 2009-10 and 2010-11
Total Amount of Taxes $15,023.36
DOI Penalty $ 0.00
Cost of Sale $ 146.00
Sanitary $ 0.00
Total as of the Day of Sale $15,169.36
Assessment $597,930.00

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate.

Distressed Lakefront Property Short Sale Finally Closes

noreply@blogger.com (Dan) — Fri, 01 Jul 2011 13:02:00 +0000

As the book closes on 38 SHINGLE CAMP Ter we are reminded of the tortured listing history that we have tracked over the last few years. Check here to see all blog posts referring to this property.

Final June 2011 sales price: $860,000; May 2006 purchase price: $1,307,000; May 2010 list price: $1,299,000. For what it's worth, the recent sale price is nearly 35% less than the 2006 purchase price, which might be a new benchmark to help reset those buyer/seller expectations.

Don't forget to check out our sponsors and check back to Dan's Deep Creek Blog for your future updates on the Deep Creek real estate market.

Distress continues in Kendall Camp ..

noreply@blogger.com (Dan) — Sat, 25 Jun 2011 21:59:00 +0000

as 73 KENDALL CAMP CIR Rd is reduced again. Now listed at more than $150,000 less than 2006 purchase price and looking more and more like a short sale waiting to happen.

Don't forget to check out our sponsors and check back to Dan's Deep Creek Blog for your future updates on the Deep Creek real estate market.

Friday's Deep Creek Price Change Spotlight

noreply@blogger.com (Dan) — Fri, 24 Jun 2011 12:44:00 +0000

Been away from the blog for a while. So long in fact that readers are demanding updates, so as a faithful blogger I have no choice but to deliver.

This week 2651 MARSH HILL Rd finds itself squarely in the Deep Creek price change spotlight. Originally listed Aug 20, 2010 for $1.479 million; reduced to $1.379 million on Jun 23, 2011. The current owners purchased the property for $1.4 million in 2005.

Don't forget to check out our sponsors and check back to Dan's Deep Creek Blog for your future updates on the Deep Creek real estate market.

Friday Price Change Property Sale Closes

noreply@blogger.com (Dan) — Tue, 14 Jun 2011 23:28:00 +0000

You may remember that 72 EYEOPENER Ln made headlines on this blog back in April after a measly $100 price cut. Shortly thereafter the price was reduced by an additional $199,900 and I indicated that I would not be surprised if the price had to go lower to get the property sold. Well, as the title of this posting suggests and Redfin shows, the property has now sold; final selling price, $1.1million, $200,000 less than the most recent list price and $399,900 less than the price I mocked after the $100 price reduction.

Don't forget to check out our sponsors and check back to Dan's Deep Creek Blog for your future updates on the Deep Creek real estate market.

Garrett County real estate average selling price plunges in May 2011 (down 40% relative to May 2010)

noreply@blogger.com (Dan) — Sat, 11 Jun 2011 02:55:00 +0000

see more here and stay tuned for an update similar to the one I gave on April 2011 sales.

Don't forget to check out our sponsors and check back to Dan's Deep Creek Blog for your future updates on the Deep Creek real estate market.

"Lakefront Mansion Price Cut by $25 Million"

noreply@blogger.com (Dan) — Sat, 11 Jun 2011 02:33:00 +0000

Some headline huh? To end the suspense this one is not in the Deep Creek market, but in Lake Tahoe instead. So you might ask how this is relevant to this Deep Creek Blog; well, not long ago local real estate agents were touting the "increasing values" in the Deep Creek market and other resort communities around the country despite the national real estate downturn. Now, as prices are being slashed in the Deep Creek market, it would appear from this high-profile listing that prices are similarly being slashed in other resort communities.

Didn't we warn readers just a few years back that vacation home markets tend to lag behind the typical residential markets? Certainly can't say that I'm all that surprised that these vacation home markets are now experiencing the pain the local agents said their market was immune to just a few years ago.

Don't forget to check out our sponsors and check back to Dan's Deep Creek Blog for your future updates on the Deep Creek real estate market.

Friday's Deep Creek Price Change Spotlight

noreply@blogger.com (Dan) — Sat, 11 Jun 2011 02:12:00 +0000

Just as we saw more evidence of distress in the condo/townhouse segment of the Deep Creek real estate market, 24 HOOPPOLE Ct Unit B-6 experiences another price reduction. This is now the fourth price reduction since the property was listed for sale last May. The new price is $279,900, $70,000 less than last May's list price and more than $100,000 less than the 2005 purchase price. Another seller looking at quite a big loss. When you consider all the real estate agent propaganda about ever-rising prices and promises of paying for a child's education with vacation home equity you really have to feel for some of these people affected by the dramatic downturn in the market since local real estate agents called the bottom (or near bottom) more than three years ago on March 10, 2008.

This property has one of the lowest prices relative to the 2005 purchase price that we've seen, so I wish these sellers the best of luck on a quick sale and a chance to move on from this unfortunate investment.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

"Fish kill again at Deep Creek Lake"

noreply@blogger.com (Dan) — Fri, 10 Jun 2011 22:50:00 +0000

Read more at the B'More Green Blog on the Baltimore Sun website.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

2011 Short Sales

noreply@blogger.com (Dan) — Thu, 09 Jun 2011 03:19:00 +0000

Updated June 8, 2011

Sold (4)

LOT #81 MOUNTAINTOP Rd: 2011 sold price: $70,000, listing suggested it was priced $100,000 below true market value. Somehow I'm skeptical. If that were the case why weren't buyers lining up to pay even $50,000 less than market value.

1835 MARSH HILL Rd: 2011 sold price: $675,000; 2005 sold price: $875,000.

321 TREE TOP Way #76: 2011 sold price: $420,000; previous sale was $95,000 for the lot.

199 UPPER HIGHLINE Dr: 2011 sold price: $650,000, another former DC Development LLC property gone bad. Seller (was it the bank or previous owner?) also contributed a $19,500 seller subsidy. Original 2007 list price was $1,099,900. Previous "owner" same as another active short sale listings at 342 Lakefront Links and an inactive, previously-listed, short sale at 335 Waterfront Greens - Morgantown-based LLC.

Active (9+)

200 KENDALL CAMP Cir: listed in 2009 at $689,900 as the owners of less than two years were looking to flip the property to make a quick profit, less than two years later the list price has been reduced to $534,900 - well below their 2008 purchase price of $610,900 - and the listing reclassified as a short sale. Read more in this Deep Creek property profile.

438 MALACHI Way: listed in 2009, relisted in 2010, now listed as a short sale in 2011.

105 HAILEE'S Ln: listed in 2008 for $1,200,000; several price changes and nearly three years later, now listed as a short sale with a list price of $722,500. If someone had bought this house on the advice of local real estate agents in 2008 and wanted or had to sell the property today, they would be looking at an investment loss of approximately $1/2 million. Big commissions for agents, big investment losses for those who took their advice. Consider that next time you consider taking their advice.

164 SUSANS Way, price reduced April 10th.

19 BRIDGEVIEW Ln: previously a pending short sale, now back on the market, current list price: $435,000; 2009 list price: $549,900.

634 NORTH RIDGE Rd.

135 JEFFREY Ln Unit 19-A.

70 PARKSIDE SOUTH Ct: current list price: $975,000; prior list price: $1,295,000; 2006 sold price: $1,275,000 (sold by DC Development LLC to couple from Potomac, MD).

342 LAKEFRONT LINKS Dr: current list price: $825,000; original 2008 list price: $1,199,900. Now listed as a foreclosure.

Pending (3)

252 PARADISE HEIGHTS Dr: pending short sale, current list price: $995,000; prior list price: $1,195,000; 2005 sold price: $1,259,000. Listing mentions that property is turn key with rental income. So here's my question, if the current owner is collecting rental income why is this a short sale where someone other than the current "owner" is taking the investment loss (potentially even you and me)?

38 SHINGLE CAMP Ter: pending short sale, current list price: $999,000, 2006 sold price: $1,307,000. Reduced by $300,000 on September 17, 2010.

111 ROCK RIDGE Ln #10: pending short sale, current list price: $289,900, 2005 sold price: $358,900.

And there are more active short sales that I will track down as time permits. Another question to ask is how many of these sellers are hiding or diverting assets in order to get their short sales approved?? Otherwise, we'd have to assume all of these sellers are essentially insolvent and have no liquid assets that the banks/GSEs could recoup to offset their losses.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate.

More signs of distress in Kendall Camp atop Marsh Mountain

noreply@blogger.com (Dan) — Thu, 09 Jun 2011 01:09:00 +0000

The status of 200 KENDALL CAMP Cir being changed to a short sale reminded me of prior signs of distress in Deep Creek's Kendall Camp community. To follow up on that theme here are a few examples of owners trying desperately to unload their properties.

254 KENDALL CAMP Cir Unit 21A: listed since 2007 ("brand new; never been occupied"), at least six price reductions since 2007, $679,000 current list price, listing also mentions "an unadvertised special."

73 KENDALL CAMP CIR Rd: currently listed for $825,000; purchased in 2007 for $939,900.

And it doesn't end there. Similar signs of distress can be found nearby in Boulder Ridge, Deep Creek Highlands, Highline, Overlook Villas, and North Camp.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

Previously profiled property reduced again and now listed as a short sale ..

noreply@blogger.com (Dan) — Wed, 08 Jun 2011 23:09:00 +0000

click to see listing for 200 KENDALL CAMP Cir and here to see our most recent post on the same property. What a change a few years makes. Back in 2009 when the property was first listed for sale at $689,900 the owners of less than two years were looking to flip the property to make a quick profit. Now less than two years later the list price has been reduced to $534,900 - well below their 2008 purchase price of $610,900 - and the listing reclassified as a short sale.

If nothing else, these events certainly make the comments made by a misguided reader (obviously a local real estate agent) back in January 2009 look even more foolish in retrospect.

".. that a Kendall Camp unit recently transferred just a few weeks ago in December 2008 for $940,000. It was on the market for 61 days. Apparently it turned out to be a great time to buy for the people who bought the Kendall Camp unit you reference earlier this year for $725,000. The value of their unit just went up $215,000 in less than 6 months!!"

Read the full exchange by clicking here.

Read more from Dan's Deep Creek Blog on the Kendall Camp community at the following links:
Deep Creek Kendall Camp 1
Deep Creek Kendall Camp 2
Deep Creek Kendall Camp 3

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

Every now and then I have to dip into the archives to bring back a blast from the past ..

noreply@blogger.com (Dan) — Wed, 08 Jun 2011 00:50:00 +0000

here's a good example from Dan's Deep Creek Blog circa Fall 2010 that covers a range of posts going back three years. Click the link immediately above to read more.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

"New" private million-dollar plus lakefront listing ..

noreply@blogger.com (Dan) — Mon, 06 Jun 2011 23:03:00 +0000

or is it? 3067 SHINGLE CAMP Rd listed June 06, 2011 at $1,145,000. The same property was previously listed on August 05, 2009 and again on December 22, 2009, but failed to sell each time. After being delisted December 16, 2010, it's now back on the market hoping to find a buyer.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

"O'Malley study to further delay shale-gas drilling"

noreply@blogger.com (Dan) — Mon, 06 Jun 2011 22:51:00 +0000

Read more on Jay Hancock's Blog in the Baltimore Sun Business section.

"At stake among other things are millions of dollars for Garrett County farmers with potential wells on their land."

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

Another big Deep Creek townhouse price reduction

noreply@blogger.com (Dan) — Sun, 05 Jun 2011 12:52:00 +0000

1692 DEEP CREEK Dr #19 reduced to $229,900 from $275,000. At one time this Deep Creek townhouse was listed for as much as $359,900. Interestingly, this property is in the same Sunplace community where back in 2007-2008 the listing agent was confident he could sell his own renovated townhouse for at least $400,000; last year, after three years of going on and off the market, that listing sold for $290,000. This case might provide some insight into the genesis of the inflated Deep Creek list prices that tend to creep down over time: agents who also own Deep Creek real estate dramatically overpricing their own listings based on the faulty assumption that Deep Creek real estate is always in high demand.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

"Perfect Lakefront Cabin" sells for $88,000 less than list price

noreply@blogger.com (Dan) — Sat, 04 Jun 2011 01:29:00 +0000

see all the details on 1249 PENN POINT Rd here. Makes you wonder who's coming up with these inflated list prices doesn't it?

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

Friday's Deep Creek Price Change Spotlight

noreply@blogger.com (Dan) — Sat, 04 Jun 2011 01:15:00 +0000

This week in the Deep Creek price change spotlight we find further evidence of sellers struggling to sell their Deep Creek townhouses. On June 1st, the list price of 3 LAKEVIEW Ct was slashed another $16,000 to $249,000. The current out-of-state owners purchased the property in 2005 for $310,000 ($61,000, and about 25%, more than the current list price).

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

What a fantastic opportunity to make it appear as if prices are rising again ..

noreply@blogger.com (Dan) — Thu, 02 Jun 2011 00:15:00 +0000

at least if you can be fooled into believing that average sold prices mean all that much and if the owners and agent of 192 MEADOW MOUNTAIN Ln can get the property sold for anything close to the current $3.75 million list price. The property is owned by a McLean,VA-based LLC and this blogger certainly would like to know how much they happened to spend in constructing this above average estate.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

Preview of May 2011 Deep Creek sales statistics

noreply@blogger.com (Dan) — Thu, 02 Jun 2011 00:03:00 +0000

May 2011 is in the books, but while we're waiting for the numbers to be tallied up by the MAR I thought I'd take a sneak peak at what has been going on using the power of Redfin.

Here's what I found (house, townhouse, condo, mutli-family, lots, etc. included) ..
May 2011 price changes: 65
May 2011 new listings: 94
May 2011 property sales: 34

So for every property that sold two more saw price changes and three more were listed for sale as Deep Creek inventory continues to build and drive competition for buyer attention and dollars.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

Another recent property sale shows how meaningless Deep Creek list prices are

noreply@blogger.com (Dan) — Wed, 01 Jun 2011 01:22:00 +0000

Check out 256 JEFFREY Ln #28 which sold earlier in the month for $235,000 and nearly 30% less than last June's list price of $330,000. The same property also sold in November 2004 for $295,470. If you are following the numbers you'll realize that the sellers in the recent transaction sold for about 20% less than they paid 6 1/2 years ago. Investment gains like that aren't going to pay for very much college tuition.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.