Shocking Deep Creek price change ..

In my browsing of local market activity this evening I happened to scan through the properties with price changes in the past 7 days. One listing in particular stood out, not for the size of the price change alone, but more so because several years ago the agent/owner of this property told me he was confident that this property would sell for $380,000+ and that it was a good investment. At the time, I was trying to temper his expectations for the market, but maybe his emotional involvement prevented clear rational assessment as he continued to list it for what seemed like much more than market value. It's clear now that he dramatically overestimated the value of the property. The new list price of $299,900 is basically the same as the previous sale price in May 2006 with the agent/owner potentially eating the loss on the renovations he made.

Given the reported rental income from last year, which puts this property among the better cap rates I've seen in the Deep Creek market, I really have to ask why this agent/owner would choose to sell his investment at a loss when he is apparently earning a good return? Is it really not a good investment afterall? And if so, why should a potential buyer buy it? Is owning a rental property at Deep Creek Lake not all that it's been touted to be? Is this now a distressed sale? Is the new lender/financier pushing the sale? Lots of unanswered questions, but if the rental income numbers are accurate this might be a case of his loss is your gain.

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