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        <title>Seaport Advisory</title>
        <link>https://www.seaportre.com/blog/jon-nelson/</link>
        <description>Data-driven real estate insights, valuation, and strategy across Southeastern CT and Southern RI. Research-backed guidance for buyers, sellers, and investors.</description>
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    <guid>https://www.seaportre.com/blog/mill-rates.html</guid>
    <link>https://www.seaportre.com/blog/mill-rates.html</link>
        <author>tbray@seaportre.com (Tim Bray)</author>
        <title>Mill Rates</title>
    <description> <![CDATA[ 








Simply stated, a Mill Rate is the adjustable measure that calculates how much the tax man collects from you on an annual basis. The concept itself is easily understood.


However, more insight is necessary to identify and understand the underlying, and often unforeseen market forces that can drive YOUR Mill Rate up or down, saving or costing you more money in taxes, depending upon where you choose to buy a home.


Note that each town imposes a different mill rate depending upon that town's grand list and how much revenue they must generate to cover their yearly costs. 


“A mill rate is equal to $1 in taxes for every $1,000 in assessed value. To calculate your tax based on your mill rate, divide your assessed value by 1,000 and multiply the result by your mill rate. Municipalities apply property taxes in terms of mill rates.” (Smartasset.com)


For example, a property with an assessed value of $300,000 located in a municipality with a mill rate of 30 mills would have a property tax bill of $9,000 per year.


$300,000/1000 = $300 X 30 = $9,000


The textbook definition of a Mill Rate focuses primarily on the current market value of your home. In appreciating real estate market cycles, when home values increase, your tax bill often follows suit. Obviously this means your taxes can increase even when the mill rate remains unchanged. It also implies that the amount of taxes you pay is affected only by your home's value. At the same time, your town’s mill rate may be increased even while the assessed amount of your home’s value for tax purposes is in decline. Many times it overlooks exterior market forces and conditions that influence whether your town's Mill Rate, and in turn, your taxes, may be increased or decreased. 


For example: Towns with a large commercial tax base in the form of occupied Shopping Malls, Restaurants, Retail, Office &amp; Industrial Space will typically generate a lower Mill Rate that results in a more affordable tax bill for YOU.


By the same token, if you reside in a town that has not created a larger pool of commercial tax revenue, this shortfall may be passed on to you the local homeowner, resulting in higher taxes you are required to pay.


**The exception to this rule would be rural and sparsely populated towns that do not offer services in the form of public water, sewer and trash removal. Despite limited commercial tax base, mill rates in these zip codes often remain relatively low.** 






 
 

As you can see, the amount of taxes you pay hinges upon far more than just the value of your property.


The good news: You can educate yourself on this topic, make educated decisions, and put more money back in your own pocket.  


Mill Rates, among other variables, should be one of the deciding factors that determine where you choose to buy a home.


With this as only one example; are you aware of how many more ways there are to save yourself even more money?


Imagine where and how you could re-invest the savings.... 


For a complete list of 2021 mill rates, including additional taxes for special districts, click here. 
 ]]> </description>
    <pubDate>Mon, 05 Apr 2021 15:00:00 -0400</pubDate>
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    <guid>https://www.seaportre.com/blog/is-now-the-time-to-buy-a-home.html</guid>
    <link>https://www.seaportre.com/blog/is-now-the-time-to-buy-a-home.html</link>
        <author>Jon@seaportre.com (Jon Nelson)</author>
        <title>Is Now the Time to Buy A Home?</title>
    <description> <![CDATA[ 



So, you wanna buy a house….  It makes perfect sense. You’re pre-approved for financing, interest rates are at all-time lows, and everybody’s doing it. You’re tired of throwing rent money out the window and ready to start building equity in your own place. It is a great feeling when you realize you can finally buy your own home. Before you pull the trigger, let's make sure you’ve covered all the bases. 


Once you have set out to purchase a home, the baseline of this entire process should be centered around where you wish to buy. Not just geographically, but financially. The three words commonly referred to when discussing real estate are location, location, location. This age-old adage explains why certain areas out-perform others, attract the most buyers, and command higher prices. The elevated prices of these properties are routinely explained by their proximity to popular locations such as waterfront beach communities, local entertainment attractions as well as abundant employment opportunities, and justifiably so. 


As a prospective buyer, what you are seeking is a different type of location. We want you to know where you are buying, within the Real Estate Cycle. All markets have an ebb and flow to them, and Real Estate is no different. Markets rise and markets fall. Rinse and repeat. However, no two cycles are the same. All the more reason to know where you stand. Depending upon where you purchase within this larger backdrop can make or break you financially. Much like stocks or funds in your retirement account, real estate can be under-valued or over-valued dependent upon where the market is within the cycle. This provides us guidance as to whether the current value is likely to increase or decrease. 


When purchasing a home, you are in search of properties that provide the chance for significant appreciation in value moving forward. Simply stated, when you buy a house you want to know the value is going up, not down. Real value is recognized when you buy low and have the option to sell high. The easiest way to accomplish this goal is by knowing where the asking price is positioned in the bigger picture that is represented by the Real Estate Cycle. Conventional methods of Real Estate valuation provide current market values exclusively. This approach shows us where our local market is right now but does not tell us how it measures up historically and whether these values are likely to trend upward or down. As a buyer making educated decisions, you want to know that the value is trending upward, on sustainable levels. Understanding the Real Estate Cycle allows you to identify the most profitable buying opportunities, proceed accordingly and understand why.


 


 
 ]]> </description>
    <pubDate>Fri, 29 May 2020 11:41:00 -0400</pubDate>
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    <guid>https://www.seaportre.com/blog/sidebar-where-do-we-go-from-here.html</guid>
    <link>https://www.seaportre.com/blog/sidebar-where-do-we-go-from-here.html</link>
        <title>SIDEBAR:  Where do we go from here? </title>
    <description> <![CDATA[ 



English majors in college are commonly put through a curriculum that requires reading some of the world’s classic novels and discerning what makes them so. One measure of a great novel is that the reader can see the entirety of the narrative in its first pages. The theme, tone and structure of the early pages of the book foreshadow what is to come. Simply stated, every part of the book leads to the whole and you can absorb this message from every part. Imagine if that were the case right now? We would think in ‘stories’ and write our own.  


Congress is unveiling a proposal that would give most Americans a monthly payment of $2,000 until the coronavirus pandemic begins to fade. This is profoundly necessary relief for those of us who cannot safely work due to hazardous health environments or work at all due to small businesses closing their doors permanently. This type of financial assistance serves as a critical bridge to hopefully, better days ahead. These critical measures are essential to our survival, rather than stimulus and are no less, still temporary. This begs the question: where will this bridge lead us to? What brand of products and services does our current economy presently lack? How can we educate and position ourselves as individuals to be where the puck is heading? Taking inventory of current GDP offerings on a micro or local level, how could they be improved upon to enhance their intrinsic value to a larger cause moving forward? This could become an opportunity. How do we locate the intersection of these potentially pending demands and their supply? (Or lack thereof). I am ill equipped to answer the question of whether our current remedy of endlessly printing money is sustainable, but I believe we all inherently know the answer. Moreover, do we really wish to find out empirically? What if we gave all this printed money an actual destination, as means to provide lasting benefits? A bridge to somewhere meaningful? This could be a story worth writing. 


Where to from here? It doesn’t appear that we’re capable of answering the question at this time. The specifics and variables are too grey to pin this down. We can only write our own script, for now. What types of dreams or aspirations have we all given up on in the past? If our current options are dwindling, we may be forced to create new ones by pursuing something we actually love to do. If we are to plod a ‘true north’ as a reference point, it will likely come from at least charting a general direction in which to advance. Static movements are always more challenging because they allow us to over-think viable options, virtually guaranteeing our ability to screw it up. Dynamic processes oddly enough, seem to create a higher success rate because we simply react to threats coming right at us. This is the ‘sink or swim’ mentality that ties our magnificent brains behind our backs for just a moment, allowing us to execute instinctive decisions and recognize the signal masked amidst the noise. For instance, where are these words you’re reading coming from? I do not know myself. I’m not thinking about them, I’m simply enjoying the process of writing as a core instinct. The words are writing themselves, and in this process, I just discovered the message to be imparted to you: Follow your instincts and trust your true nature, especially in trying times such as these. The material version of these thoughts, then follow and manifest as a result. The disappointing part of this message is that it neglects to provide you a concrete solution for you to wrap your arms around and guarantee the delicate safeties we all crave. What it does provide is a baseline awareness from which to operate and lead yourself from the heart. What choices or decisions are you currently grappling with? How can you apply this approach to them? Whatever path you choose, you’ll be able to recognize the one closest to your heart. It will likely be the one that involves the greatest challenges and most definitely the highest rewards as you write your own story from start to finish….  


-Buddy Kane 
 ]]> </description>
    <pubDate>Fri, 15 May 2020 10:15:00 -0400</pubDate>
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    <guid>https://www.seaportre.com/blog/the-great-re-generation.html</guid>
    <link>https://www.seaportre.com/blog/the-great-re-generation.html</link>
        <title>The Great Re-Generation</title>
    <description> <![CDATA[ 



Easter Sunday – 4/12/20 


I noticed this sign on a front lawn Easter Sunday afternoon. It caught my attention, such that I pulled over and took a picture of it to illustrate the message it inspires in these words. When I arrived at my parent’s house, I went straight for the bookcase and lifted my father’s copy of the “The Greatest Generation”, by Tom Brokaw. It was the first thing that came to mind from this image. In light of current circumstances, World War II and Depression Era sentiments would certainly provide a strong dose of meaningful perspective, the likes of which we are unfamiliar. The insights in this book embrace the very essence of the spirit we can reference right now. The level of sacrifice and selfless courage conveyed on its pages paint a portrait of a time in history likely far more challenging than we face right now. Time will tell. The longer we live, the more life becomes a history lesson. The faster we advance into the future, the more vital it becomes to circle back in hindsight. As we drift further into uncharted waters, we are reminded of the need for proper context that can guide us forward.   


Capturing this photo, I pictured the owner inside the house watching me from the front window. I hoped they saw me. I hoped they took it as a sign of reverence and a heeding of their message. A tipping of the cap to their generation for all they have done for us and ours. For all the division and strife surfacing daily, what if we addressed it with more of their approach to today’s challenges? What would that look like?  


Notice the demeanor of WW II Veterans. They have a certain presence about them that puts us at ease. A quiet confidence that can only be attained by overcoming adversity in the face of immense odds. What I’m referring to is very subtle, but unmistakable. Above all, they have enormous perspective. Many of their brothers never made it home. For all the unthinkable hardships endured, they have an inner calm and a peace about them. The kind of qualities exhibited by individuals acting as part of a larger collective with no regard for reward, credit or personal gain. We could absorb their message and use it to fuel our ability to address the challenges we now face. With references being made to the Great Depression, our highest calling could become our duty to serve each other as a society. Modeling this example can only be executed by selflessly acknowledging this lurking reality and recognizing all that we can accomplish if we work together. 


On the surface, we can take this a step further. Would it be safe to say we ALL have enormous respect and gratitude for the Greatest Generation and all they have sacrificed for our well-being? Let’s take that as a resounding YES. Something we can all agree on. What this could be, is merely the first example of how we can establish common ground to draft a blueprint for the type of cooperation needed to survive, grow and evolve as we face the challenges ahead. 


Embodying this example, it is possible to trace each of our contentious relationships and differences back to the basics of what we CAN agree on. We can then co-author the story from that point moving forward with shared compromise. Think about it this way, we have an opportunity to come together as a community for the first time since 9/11, and honor ALL who have preceded us in the process, by following their lead. This can be the needed push for us to justify doing the heavy lifting we’ve been neglecting for far too long. If this sounds unrealistic or improbable, it just may be. Would it be easy? Probably not. Nothing worthy of leaving a mark on history ever is. Ask The Greatest Generation. And then thank them for demonstrating to us what is possible under even the most dire circumstances… 


“Don’t ask why, ask what’s next?”


-Louis Zamperini 


UNBROKEN


 


-Buddy Kane 


 
 ]]> </description>
    <pubDate>Thu, 30 Apr 2020 12:25:00 -0400</pubDate>
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    <guid>https://www.seaportre.com/blog/the-wisdom-of-simplicity.html</guid>
    <link>https://www.seaportre.com/blog/the-wisdom-of-simplicity.html</link>
        <title>THE WISDOM OF SIMPLICITY</title>
    <description> <![CDATA[ 



Essentials &amp; Basics of the Good Life… 


Anybody out there remember rotary dial phones? How about dial-up internet and AOL’s patented “you’ve got mail” notification as you logged on? For those of us north of 40 years young, we recall a time when we had direct access to far less. No high speed anything. No smart phones. No cell phones at all Less immediate Entertainment, Stimulation and instant Muse. And we liked it That’s right I’m going old-timer on you. Not that I have any right to whatsoever. I do not. But I do remember a time when there was less distraction, noise or what is now commonly experienced as Diffusion. In so many ways we’re “checked out” as a population, fixated on our screens. This is not news. Focused on material rewards, most of what we’re tuned into is the instant gratification associated with attention and that fleeting moment of artificial high that ensues, before we return to our ordinary life. So how do we define ordinary? And how did it receive this negative label that more closely resembles taking a shower with your clothes on? If that’s ordinary, then how do we define Extraordinary? Extra-Ordinary. Isn’t this more of what we think of as, boring? What we’re gradually being force fed right now is truly extraordinary. That’s right, Extra-Ordinary: A return to more basic core values that we’ve had access to all along. So why haven’t we embraced them to this point? Because no one or no-thing has forced us to. Until now… We all need to be reminded from time to time. Our current reality check is alerting us of what we’ve had access to all along: Core Values, and how they allow us to return “home” to an earlier time, so to speak. Forced away from more shallow pursuits, we have the chance to appreciate that the grass was always greener on this side. What’s commonly referred to as, SIMPLICITY. The basics of life: Family, friends and a dinner table to share with them. Who knew? Many of us still do not and will not, until this global crisis eventually advances to the point of scaring the humanity out of us. Fear motivates. We’re witnessing this shift right before our eyes. 


What is it we’ve been chasing after anyway? Bigger house? Nicer car? Higher paying job? If you’ve recently succeeded in any of these pursuits how much better do you feel as a result? Given what we often sacrifice in these pursuits, does it still feel so amazing? Or does it more closely resemble that treadmill with laundry hanging on it you bought as part of a New Year’s resolution? How long before you crave still more? How much is enough? We’re wired to simply want more. More everything Money, Attention, Influence and the comparisons that accompany modern incentives. But when is it actually enough?  Once we acknowledge a stated threshold, we’re free to genuinely enjoy the process of any undertaking without measuring or comparing the results. We have arrived, in a sense. And then it hits us: We genuinely enjoy the process more than the results. NOW, we can actually create opportunities and ideas that build the foundations to a more meaningful kind of “wealth”. Sustainable achievement that allows us to truly grow and evolve by being anchored to a specific code of our own values. For now, let’s just focus on basics like the present moment and why it’s as good as it gets. Tomorrow is promised to none of us. Especially in the world in which we currently reside.  


 For example, what’s for dinner tonight? Who’ll be part of the melee in your kitchen? The more the merrier as they say. (Obviously, this is restricted right now due to social distancing and isolation measures), but who can you invite over, once society returns to some semblance of normalcy?  In addition to immediate family, maybe that neighbor or brother in law that drives you nuts? Yeah, I know them too. Invite ‘em over. They’re “family”, extended though it may be, in the spirit of the message here. The takeaway from this dialogue lies in our ability to expand the so-called “family” within our community or neighborhood. Engage them in conversation, as they share thoughts that are in stark contrast to yours and let it all truly slide. Opinions are a dime a dozen, nothing more than demonstrations of the right to shape our own. Deal with it, and understand you may have something to offer them. It ain’t just about you. Notice the differences in yourself in this exercise and feel that smirk cross your face as you attempt not to laugh. This type of conduct is contagious. Others will follow suit for reasons they can’t even explain. Laughter makes people wanna be part of anything. Post tonight’s menu and extend invitations to people who would otherwise be home wondering why the hell you’d invite them to anything. For those willing, hand out assignments, pot-luck style. No item too small, everyone’s got something to offer. That’s the whole point. Besides, when everyone ‘brings something to the table’ it’s easier to tolerate their nonsense, as we grow our capacity to see the bigger picture and realize that we may not be any picnic either. It won’t happen overnight, but it is possible. Given pending economic circumstances, we’re already trending in this direction. Why not embrace it and initiate a new concept? Besides, it’s so much easier to do anything when it’s your idea. And the only thing more difficult than embracing reality right now is attempting to run from it. This is our chance to welcome more challenging circumstances as a community. Take it and run with it… 


-Buddy Kane


 
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    <pubDate>Wed, 08 Apr 2020 20:00:00 -0400</pubDate>
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    <guid>https://www.seaportre.com/blog/re-set-what-we-can-learn-right-now.html</guid>
    <link>https://www.seaportre.com/blog/re-set-what-we-can-learn-right-now.html</link>
        <title>RE-SET  What we can learn right now…</title>
    <description> <![CDATA[ 



Here we are furloughed in quarantine, heretofore unseen. Feels like we’re on the set of a sci-fi movie, wondering how and when this story is resolved. At some point the protagonist swoops down and saves the day just as things take a turn for the worst. If we are to stay on script, we’re rapidly approaching the moment when we need the hero to enter stage left. So, where are they? 


Ever notice, award winning movies are often the ones that leave us without any emotional rescue? No happy ending or 11th hour mission that rights all wrongs and puts the villain in his place. Some of us even root for the villain. Why is this? These movies present themselves as realistic. They feel authentic and believable. Films that come across as glib and overly-scripted get crucified by the critics. We crave reality in a film, as a departure from normal, everyday life. Until it presents itself in the flesh. Our current reality all but eliminates the ability to write our way out of the script we are now living. Well, shit has gotten real Dare we say un-real? Un-believable? Careful what you wish for. The irony… 


The ripple effects we’re witnessing on this scale are too numerous to list. Health and Economic concerns do not simply top the list, they’ve created a co-dependency. They inevitably feed off each other. We’re now beginning to witness the perpetuation of this vicious cycle. It will leave in its wake casualties we have yet to identify, recognize and account for. As each shoe drops, we’re left with new decisions to make as previous options no longer exist. Many of our choices are being made for us. At the end of the day, what is left for us to exercise any control over? Once we are fortunate enough to get past this global tragedy, what will remain? We can’t know at this time. But, what gifts do we truly own and retain the ability to exercise at this point? 


Like it or not, we’re all entering a Re-set. You know what I’m talking about. Those things we always talk about doing but never do. More of this, less of that. Not now, later. You know the drill. So, pick your poison and pull the trigger In this context, we’ve all been subconsciously waiting for this opportunity. Our usual ‘over-work’ schedule no longer serves as a viable avoidance strategy. For many of our aspirations, later can become now… 


This is our chance to capitalize in some ways. There are meaningful things that can come from this that may provide us the foundation we need to get started again as we alter previous plans and chart a new course. The underlying feeling we cultivate in this process is Gratitude. There are still so many things we can be grateful for, especially right now. Small victories may be our only playing field, but this is where it begins. Now’s our chance to re-assess, or continue on a righteous path and establish new priorities. As more time passes, we cease with questions like, “Why me?” and simply ask where we are needed most. This can become exactly the opportunity we’ve been wanting to create for ourselves as we recognize that ‘necessity is the mother of invention’. When calls to serve are presented, we have the potential to re-define our highest and best use and recognize larger ambitions. These may not be things you want to do initially, but at least you can do them right now. Not exactly a tall order for a national culture of attention junkies locked in their homes, starved for something to do. We can’t control exterior circumstances, only our response to them. At least that’s what I’m telling myself…


 


-Buddy Kane


 


 


 


 


 
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    <pubDate>Fri, 03 Apr 2020 13:41:00 -0400</pubDate>
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    <guid>https://www.seaportre.com/blog/recently-sold.html</guid>
    <link>https://www.seaportre.com/blog/recently-sold.html</link>
        <author>Jon@seaportre.com (Jon Nelson)</author>
        <title>17 Hancox St Multi-family in Stonington Borough Recently SOLD</title>
    <description> <![CDATA[ 
17 HANCOX ST – STONINGTON, CT





Located within the Stonington Borough, this 15-unit apartment building boasts of long-term full occupancy attributed to its shoreline village atmosphere with direct proximity to local shops, restaurants, and recreational attractions within walking distance. 


The property was placed under contract after being on the market for less than a week. With multiple offers submitted, a full price bid was secured and fortified with backup offers as well as further inquiries accrued over the span of the contract period until the date of closing.


Demand for multi-family properties (4 units or more), appears to have spiked over time, fueling speculation that this very demand could be linked to the affordability of home prices for first-time homebuyers ‘within targeted zip codes.’ The reason being that at current market levels, the more financially feasible alternative is to exercise the rental option until a housing correction is triggered once again.  Another catalyst for price appreciation for starter homes within specific locales is the extreme demand for “turn-key” homes that are “move-in ready”. Fewer first-time homebuyers are exploring the 203-k mortgage option that builds the cost of improvements into their monthly mortgage payment. As a result, investors and “flippers” reap the benefits of these rehab opportunities that provide them lucrative returns and quick turnaround timeframes, attracting willing buyers compliant with paying premium prices that may not be financially advisable. This irrational exuberance of markets reflected in consumer behavior further inflates home prices that inevitably reach unsustainable levels. This repetitive real estate “cycle” has existed for decades and continues to provide a boom &amp; bust scenario. The span of these cycles is seldom the same and likely being lengthened by the differing spending habits of millennials and younger generations exhibiting waning interest in homeownership. Nevertheless, they still require housing that suits their individual needs. Hence, the augmented demand for rental housing that is accelerated by a two-fold combination of affordability, compounded by the changing preferences of the younger generation evidenced by peaking, (sometimes unexplainable) prices currently being paid for multi-family properties at this time…


 


 
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    <pubDate>Thu, 05 Dec 2019 09:20:00 -0500</pubDate>
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    <guid>https://www.seaportre.com/blog/the-real-estate-cycle.html</guid>
    <link>https://www.seaportre.com/blog/the-real-estate-cycle.html</link>
        <author>Jon@seaportre.com (Jon Nelson)</author>
        <title>THE REAL ESTATE CYCLE</title>
    <description> <![CDATA[ 



Written by Jon Nelson


THE REAL ESTATE CYCLE - Barring any special circumstances, every home, neighborhood, city, town and state is subject to the inevitable influence of the Real Estate Cycle. Independent of any external pressures, the stages of this ever-changing sequence have been the source of much unnecessary financial and economic strife and leave a permanent mark on homeowners and the municipalities they populate.


If a certain locale is not growing, it may very well be declining. This is a dynamic pattern that can and will impact the indirect and sometimes unforeseeable consequences of consumers unknowingly purchasing ‘too much home’ for their budget. The ripple effects of this are far-reaching and can often accelerate the decline of a given geographic area.


Ultimately, the value of your home, neighborhood or town can be adversely impacted independent of your own care and obedience of known market forces. As a consumer, you cannot control how these external forces operate but you can make informed decisions to proactively navigate their effects.


Why continue to live in an environment of preventable circumstances?


**SEAPORT REAL ESTATE SERVICES (860) 912-7137**


Jon Nelson


Real Estate ConsultantMobile: 860.857.8894


Email: jon@seaportre.com


 
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    <pubDate>Fri, 13 Apr 2018 12:04:00 -0400</pubDate>
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