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

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 ..

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Friday's Deep Creek Price Change Spotlight

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.

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Drip, drip, drip ..

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."

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

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

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

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

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.

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Distress continues in Kendall Camp ..

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.

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Friday's Deep Creek Price Change Spotlight

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

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.