Despite recession, Garrett County housing market still lively

Posted: 6:27 pm Thu, January 28, 2010
By Mary Medland

Although Garrett County justifiably bills itself as a year-round resort, it definitely is the place in Maryland when it comes to winter recreation, largely thanks to the presence of Wisp Ski Resort and its proximity to other skiing venues in West Virginia and Pennsylvania.

In addition to downhill and cross-country skiing, WISP’s winter activities include snowshoeing and tubing. Deep Creek Lake features ice fishing. And winter sleigh rides are available too.

Nor surprisingly, the most desirable property is waterfront on Deep Creek Lake. In mid-December there were 49 lakefront properties on the market with prices ranging from $499,000 to $2.99 million.

At the low end is a lakefront cottage with three bedrooms and three baths with 163 feet of level lakefront. The opposite extreme? A three-level property with seven bedrooms, five bathrooms, one half-bath and five fireplaces, sitting on three-quarters of an acre.

Realtors agree that even in the midst of a recession, Garrett County is holding its own, although home sales have adjusted to the economy. “A lot of people think that the prices on homes here are really going down,” says Susanne Beeman, a real estate agent with Coldwell Banker. “But, while all prices are negotiable, this market has stayed pretty steady. Still, you can still find a deal if you locate the right seller.”

Terry Boggs, an agent with locally based Railey Realty, agrees. “Our lakefront market has pretty much held its own … . The market has adjusted, but not with as much difficulty as in other areas. Therefore, the property here at Deep Creek is a good investment.”

Boggs notes that most of the seven-figure homes are to be found on the lake. “The lots begin at $500,000, but can run as high as $1 million, and these homes tend to have multiple master-bedroom suites, indoor pools and other luxuries, such as multiple fireplaces,” he says. “You can only use the lake for swimming for three or four months, so indoor pools have become more popular in the larger homes.

“People who buy the lakefront lots understand the importance of their homes’ matching the investment they have made on their lots. It makes no sense to pay $500,000 for a lot and to then build a $200,000 home there … you’ll never get your investment back.”

After the lakefront properties, lots with lake access are the most desirable. “You can find an access lot for $70,000, but that will not get you a boat slip,” says Boggs. “The newer lake-access homes begin at $400,000 and go up from there.”

For skiers who own properties on WISP Mountain, homes begin in the mid-$700,000 range. “Many of these are true ‘ski-in and ski-out’ homes,” says Boggs.

Prices come down as one moves away from the lake, and a couple of miles there are often good deals. Log cabins and chalet-style homes are in demand, and these aren’t Abe Lincoln specials.  “Our log homes are very popular and have all the modern amenities, such as hot tubs and beautiful, full-service kitchens,” says Beeman. “You don’t see many small cabins … these cabins are pretty big.”

A cedar-sided chalet might run $230,000. One three-bedroom home about 3 miles from the lake is listed for $189,000.

Realtors note that the area is seeing more growth, both residential and commercial.

“The county is implementing new regulations regarding the elevation of homes, clear cutting and roof lines,” say Boggs. “These regulations have been on the planning table for many months and will take place after the first of the year.”

A new housing trend, mirroring a nationwide pattern, is fractional home ownership. “A property might have five, six or seven fractions,” says Boggs. “Owners will have the use of the property the entire year at a fraction of the cost of owning it by oneself. Fractional housing is a very tightly managed program. We have one of these properties that is sold out, another that has one fraction left and another which is under construction.

“These properties don’t have a fitness room, but a complete fitness center, wood-burning pizza ovens and private wine cellars.”

Boggs and Beeman agree that the area used to draw visitors primarily from Pittsburgh, and still does. “But now they come from all over,” says Beeman, “including Northern Virginia, Washington, D.C., Baltimore, Delaware and New Jersey.”

“When Route 68 opened up, we began drawing people from all over,” says Boggs. “People can leave their office on a Friday afternoon and be on the ski slopes that night. You don’t have to plan weeks ahead. What we are finding is that more people are staying and leaving for work on Monday morning rather than Sunday afternoon.”