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

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

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"Lakefront Mansion Price Cut by $25 Million"

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.

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Friday's Deep Creek Price Change Spotlight

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"

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

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

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 ..

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 ..

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 ..

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.