Seaport Real Estate Services Blog - Tim Bray

WARNING!!! 5 Hidden Dangers of Choosing Realtors from Leading Websites

WARNING!!! 5 Hidden Dangers of Choosing Realtors from Leading Websites

It's important to acknowledge that many outstanding real estate professionals in the marketplace excel in research, valuation, and marketing. These dedicated agents work tirelessly to ensure their clients receive the best possible service and expertise. However, when searching for a realtor, some consumers may be tempted to use the convenience of top websites to find an agent, which might not always be the best approach.

While there's no doubt that some excellent realtors can be found on these platforms, relying solely on these websites might lead to potential pitfalls:

 There are several reasons why relying solely on them may not be the best idea, and here are five…

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CT's Highest Residential Sales Per Town for the the 1st Quarter 2023

In the first quarter of 2023, Fairfield County had 6 of the top 10 residential real estate sales in the state, totaling $29,315,000 out of the $69,597,777 sold. Litchfield County featured 2 of the top ten sales with a total of $4,600,000, while New London County had 1 sale in the top ten, amounting to $3,750,000.

Top 10 Luxury Homes: Connecticut's Prestigious Properties of Q1 2023

	1. 360-364 Laurel Rd, New Canaan - $5,995,000 A luxurious generational family compound with a sports complex, less than an hour from NYC.
	2. 15 Parsonage Rd, Greenwich, CT - $5,995,000. A stately six-bedroom Georgian Colonial with an attached three-car garage and possible pool site.
	3. 15 Blue Water Hill,…

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The Adverse Impacts of Withholding Cobrokerage Commissions in Commercial Real Estate

In recent years, the commercial real estate industry has seen a concerning trend where commercial brokerage firms opt not to offer co-brokerage commissions to buyers' agents. The withholding of these commissions can have significant negative consequences for property owners, buyers, and the industry's reputation as a whole. 

Adverse Impacts of Not Offering Cobrokerage Commissions

1. Reduced Market Exposure

Cobrokerage commissions incentivize buyers' agents to bring their clients to a property, which expands the pool of potential buyers. By not offering these commissions, commercial brokerage firms limit the property's exposure to the market. This can lead to longer times on the market and, ultimately, lower sale prices.

2. Lower Sale…

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Should the Grey Water from Washing Machines be expelled into the Septic System?

Professionals in the real estate industry often face complex issues involving regulations and guidelines that impact their clients' properties. One such issue is the disposal of wastewater from washing machines into septic systems. To ensure the best outcomes for clients, real estate professionals must conduct thorough due diligence and vet the sources of information they rely on. The case of Tim Bray, broker/owner of Seaport Real Estate Services, highlights the importance of obtaining accurate information from reliable sources, especially when dealing with matters that can have significant consequences for homeowners.

Due diligence is the process of gathering and analyzing information to make informed decisions. This often involves researching…

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Embracing the Value-Driven Approach

In today's fast-paced and competitive real estate market, many realtors are experiencing frustration with the current business landscape. The growing emphasis on marketing, lead generation, and sales tactics has overshadowed the fundamental principles of the profession: providing exceptional value and service to clients. However, there is a better way to succeed in this evolving industry by focusing on adding value to the consumer through extensive research, advanced valuation techniques, and personalized service rather than solely relying on marketing strategies and Lead generation. 

The Value-Driven Approach

At its core, the value-driven approach emphasizes the importance of understanding client's needs, preferences, and goals. This approach…

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The Low-Interest Bridge Loan Dilemma: A Financial Tightrope

Commercial real estate projects can be a lucrative investment opportunity for those who are willing to take on the associated risks. While financing options for these projects vary, bridge loans are often used to cover the gap between the initial investment and the eventual long-term financing. However, recent trends in the market have shown a rise in bridge loans with radically lower interest rates than the current rate. This may seem like an excellent opportunity to save on interest costs, but it poses significant risks to investors and lenders alike.

First, it's essential to understand what a bridge loan is. A bridge loan is a short-term loan used to finance the gap between the purchase of a property and long-term financing. Typically, these…

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Depreciation Hacks: How Cost Segregation Can Give Your Commercial Building a Quick Depreciation Makeover

Looking to accelerate the depreciation schedule of your commercial building? There's a tax strategy that can do just that - cost segregation. It's like going through your closet and separating the designer pieces for a unique, more rapid depreciation treatment.

Cost segregation is the process of identifying and reclassifying components of a commercial building that can be depreciated over a shorter period, such as five, seven, or 15 years, instead of the usual long-term schedule. To make this happen, you'll want to enlist the help of a qualified cost segregation specialist, who will identify assets such as electrical, mechanical, and plumbing components that can be reclassified for faster depreciation.

But don't forget to consider the long-term…

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Networking Groups: Are They Holding You Back from True Professional Success?

Networking groups can be an excellent way to connect with like-minded professionals and build valuable relationships within your industry. However, it is essential to recognize the potential downsides of relying solely on these groups for your networking needs.

One potential disadvantage is the insular environment that can be created within a networking group. Members may primarily interact with each other and be less likely to seek out connections beyond the group. This can limit exposure to new ideas and opportunities from networking with a diverse range of people.

Additionally, networking groups can reinforce existing social hierarchies and limit access for those not already in the group. This can result in missed opportunities to connect…

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2022 Connecticut Real Estate Mill Rates by Town

Real Estate Taxes in Connecticut can vary greatly depending on the municipality and districts within them.  The graphic above illustrates the base rates for each town. Additional rates are applied to specific locations where services are provided.  These services can include public water, sewer, trash removal,  police services, or a firehouse.  A town or district with a lower Mill rate may not offer these services.  Your real estate agent will be able to help you to determine the services offered and their importance to you when purchasing real estate. The average property tax rate in CT for 2022 is $31.29 with the highest being Hartford at $74.29 and the lowest being Salisbury at $11. 

How to Calculate Connecticut Property Taxes

The…

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2022 Rhode Island Commercial Mill Rates by Town

Commercial Real Estate Taxes in Rhode Island vary greatly by town and are typically correlated to the services which each town provides.  A town with a lower Mill rate may not offer services such as public water and sewer, perhaps waste disposal, or a firehouse. Your real estate agent will be able to help you to determine the services offered and their importance to you when purchasing real estate. The average commercial property tax rate in Rhode Island for 2022 is 20.41 with the highest being Central Falls at 42.33 and the lowest being Little Compton at 6.04.  Please note that Property taxes can have a substantial impact on the cash flow of a property making it more or less appealing to a lender, investor, or potential owner occupant.  Contact a…

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