Tax Benefits for Second Home Owners

Tax benefits should be considered if you are thinking about buying a second home at Deep Creek Lake. I put together a list of a few tax breaks, but you should always consult a tax professional for verification of specific terms and tax benefits since every situation is unique.

tax benefits

1.) Mortgage Interest is deductible up to $750,000 in combined total mortgages. 

2.) Home Improvements – you can deduct interest on a home equity or line of credit (there will be limits).

3.) You can deduct your second home property taxes up to $10,000/year for all state and local taxes.

4.) If you rent for 14 days or less over the course of the year, that rental income is tax free with no limit on what you can charge. 

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Winter 2021 at Deep Creek Lake

Winter 2021 has been absolutely incredible at Deep Creek Lake! Conditions for winter sports have been amazing. Lots of snowfall and cold temps have made our area an absolute winter wonderland.

winter 2021
Wisp Resort February 7

Winter 2021 Weather

Nearly every week throughout January and February, we saw snowfall. There were storms right before MLK and President’s Day weekends that brought fresh powder for skiers. It was not unusual to have 8-10 inches dropped on the area several weeks in a row. Wisp Resort is reporting 109 inches for the season so far. Temperatures are warming up a bit as we head into March, but Garrett County winters shouldn’t be underestimated.

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New Deep Creek Lake & Garrett County Businesses!

Garrett County businesses are surviving and thriving despite the pandemic. There are several recent additions to our community. It is so great to see new offerings. I encourage you to support these local spots when you have the chance.

New Garrett County Businesses

garrett county businesses

Firewater Kitchen & Bar
This new lakefront restaurant has amazing views! They offer fresh-made craft cocktails, craft beers, and exceptional dining. Firewater is part of the Ace’s Run, Brenda’s Pizzeria and Trader’s Coffee House family of businesses. It is located at 20128 Garrett Highway next to Will O the Wisp.

A Mountain Fix
Located at The Fort in McHenry, A Mountain Fix features fun gifts, items for pets, and fine sterling jewelry. The shop combines their love of the mountains and the beach.

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Tips for Buying a Deep Creek Lake Home in a Seller’s Market

seller's market

Right now, it is a seller’s market at Deep Creek Lake. What exactly does that mean? Here’s how Rocket Mortgage defines it: “A seller’s market arises when demand exceeds supply. In other words, there are many interested buyers, but the real estate inventory is low. Since there are fewer homes available, sellers are at an advantage. In a seller’s market, homes sell faster, and buyers must compete with each other in order to score a property.”

The pandemic created a surge in interest in the lake and mountain lifestyle. Our area is rural in nature with a lower population density. This makes social distancing easier. Also, more and more people are able to work remotely. Even after the pandemic subsides, remote will likely remain as a preferred work style.

This high demand is being met with historically low inventory. Right now, available lake area homes are very limited. Offers are being made sight unseen, and we are also seeing multiple offer situations.

If you are interested in Deep Creek Lake homes for sale, there are a few things you can do to better position yourself in a seller’s market.

Buyer Tips for a Seller’s Market

Get Pre-approved
Give the seller confidence that you are a qualified and motivated buyer. Getting pre-approved verifies your ability to afford a home loan for a specific amount. It shows financial security and gives the seller peace of mind that the sale will go smoothly.

Hire an Experienced Real Estate Agent
As your agent, I can give you a serious advantage when buying a home in a competitive market. With more than twenty years of experience, I have a proven track record in Deep Creek Lake real estate. I hear about listings as soon as they hit the market. In a seller’s market, things happen fast. I will keep you informed at all times.

Act Fast
In a seller’s market, a new listing can be snatched up within hours. That means you can’t always wait for a weekend showing. Whenever possible, make yourself available for showings. As your agent, I can also show you a listing via Facetime.

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Timberline Mountain – Reopened Under New Ownership

Timberline Mountain is just a little over an hour from Deep Creek Lake. It recently reopened for the 20/21 ski season under new ownership. The resort was purchased in 2019 by Perfect North Slopes, Inc. of Indiana.

Timberline Mountain

About Timberline Mountain

Previously known as Timberline Four Season Resort, Timberline Mountain is located at 254 Four Seasons Drive in Davis, West Virginia. It is located along the higher range of the Alleghany Mountainsa. The 4268-foot summit offers amazing views.

The resort is well known for wide slopes and varied terrain. It is also home to the southeast’s longest ski slope, Salamander. This is an easy two-mile beginner trail that winds down the mountain. There are plenty of intermediate trails as well. For the more advanced skier, there is dedicated tree skiing.

Recent Upgrades

A lot of exciting things have been happening at Timberline. Perfect North Slopes made $10-million of capital improvements. Most notable, are two new Doppelmayr chair lifts. One of which is a six person lift – the first in West Virginia – that can make it to the top of the mountain in just over four minutes. Additionally, they installed a new surface lift on a new beginners’ slope.

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Wisp Resort Opens Up for the 20/21 Season!

Wisp Resort opens up for the 20/21 season! Opening day is Friday, December 11th. There will be some changes in protocol this year due to COVID-19, but there is still plenty of fun to be had on the slopes!

Wisp Resort Opens Up December 11

Changes for 2020/2021

Due to the pandemic, Wisp Resort has put a variety of protocols in place. This is for the safety of guests and staff.

Here are few things to keep in mind if you are planning a visit to Wisp:

  • Season pass holders and Mission: Four’dable ticket holders can ski anytime without a reservation. All other skiing, snowboarding, and snow tubing products (tickets, rentals, lessons) need to be purchased in advance at wispresort.com.
  • Face coverings must be worn in any indoor space.
  • Face coverings are also required outside if you cannot remain 6 feet apart from others (waiting in lines, loading on/off the lift, etc.). They must also be worn while tubing.
  • The lodge is limited to 50% capacity.
  • Be sure you purchase lift tickets or make reservations for tubing and lessons as soon as you can. Holiday time periods may sell out.

Of course all of this is subject to change as the season goes on. You can visit Wisp’s guidelines page for full details and the latest updates.

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565 Glendale Road #104B: New Listing at Deep Creek Lake

565 Glendale Road #104B is my newest listing at Deep Creek Lake! Located in the Suites at Silver Tree, it is a lakefront condo that is close to favorite restaurants and attractions.

565 glendale road

About 565 Glendale Road #104B

Currently listed at $164,000, this is an affordable option for lakefront living at Deep Creek. Plus, it is loaded with amenities!

This unit at the Suites at Silver Tree is on the ground level. It has one bedroom and one bath. The kitchenette has a full-sized refrigerator, a microwave, and a small dishwasher. A gas fireplace provides a warm ambiance in the living are that has windows with lake view.

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Oakland’s A Great Small Town Christmas 2020

Oakland is filled with small town charm, and that is never more evident than at Christmas. The COVID-19 crisis has impacted many events. However, the town has found safe and fun ways to celebrate the holidays this year. It might look a little different, but you can still catch the spirit of the season!

oakland small town christmas

Oakland Christmas Events

The town of Oakland is gearing up to celebrate A Great Small Town Christmas. You are encouraged to shop at local stores and “Snap an Elfie”. December 5th through 19th, participating businesses will have an Elf on display. When a you make a purchase at their establishment, you can take an “Elfie” (selfie) with the elf and your receipt, purchase, shopping bag, etc. Upload that Elfie to Facebook and check into the business. By making a purchase and checking in on facebook, you are entered into a drawing for a prize to be chosen by that participating shop. The Lucky Elves displayed in the businesses will be provided by local artist and GOBA member, Lin Gilbert from Artists and Dreamers. More information on participating businesses will be available soon. Visit the town of Oakland on Facebook for details.

Due to COVID-19, the Soup and Santa event is cancelled. Instead, Santa Claus will visit Oakland and hanging out at the Front Page Stage. He will be there Saturday, December 5th, 12th, and 19th from 11am until 2pm. To ensure safety and social distancing, there will be a drive through for children to see Santa. He will be able to talk with them from a distance using a PA system and treat bags will be given out as they drive by.

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Thanksgiving 2020 at Deep Creek Lake

Thanksgiving 2020 will be filled with all the fun and happiness that holidays with family bring. Just like everything else though, this year will be a little different. There are still lots of ways to make special holiday memories at Deep Creek Lake this year.

Thanksgiving 2020

Also, just a friendly reminder that masks are required in all public spaces.

Thanksgiving 2020: Where to Eat

Dining at home is encouraged, but you can also pick-up food or take the family out to eat. Below are a few of the options for traditional turkey dinners.

Arrowhead Market
Individual dinners from the deli are available on Thanksgiving day for $11.99 each. Call 301-387-4020 for info.

Dutch’s at Silver Tree 
Thanksgiving buffet from 11:30AM-8PM. Reservations are required. Call 301-387-0525 for more info.

Moonshadow
Farm-to-Table Thanksgiving Boxes serve 8 – 10 people for $90. Available November 27 – 29. Last day to reserve is Monday, November 23. Call the restaurant at 240.442.5542.

Penn Alps
Pre order your Thanksgiving dinner by Wednesday the 25th. Call 301-895-5985.

The Casselman Inn and Restaurant
Enjoy an all-you-can-eat Thanksgiving meal on Nov. 26! All meals will be served with a drink. $15.99 for adults and $7.95 for children 4 – 10 years of age. Ages 3 and under are free with the purchase of one adult meal per child. 

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Deep Creek Village 47 – New Listing at Deep Creek Lake

Deep Creek Village #47 is a new listing that offers the best of every season! It is located at the northern end of the lake putting lots of activities at your fingertips.

deep creek village

About the Community

During the summer, be sure to bring your tennis racquet and bathing suit. The tennis court is a popular spot and the community dock is great for swimming and fishing.

Wisp Resort is within walking distance. Throughout the warmer months, they offer ziplines, a mountain coaster, and disc golf. Plus, they have two golf courses, Lodestone and Fantasy Valley.

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