Seaport Real Estate Services Blog - Tim Bray

Is Connecticut's Real Estate Market Headed for a Bubble? Explore Our Interactive Map to Find Out!

The real estate market in Connecticut has been on a rollercoaster ride over the past few years, with home prices soaring in some areas while others experience more modest growth. As a homeowner, buyer, or investor, understanding these trends is crucial for making informed decisions. But how do you know if your town is thriving or if it's on the brink of a bubble? At Seaport Real Estate Services, we’ve developed an interactive map that offers real-time insights into the market dynamics of every town in Connecticut. In this blog, we'll dive into how this tool can help you navigate the complexities of the current market and what it could mean for your real estate decisions.

The Power of Real-Time Data:

One of the biggest challenges in real…

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2024 Rhode Island Commercial Mill Rates by Town

Tax rates, even within a state, are not universal! In Rhode Island, commercial mill rates or tax rates differ compared to residential rates in many towns, but are the same in others. Based on the 2024 data, the average residential property tax for the 39 municipalities in Rhode Island is approximately 14.35, while the average for commercial property is about 20.37. Interestingly, 27 of the municipalities have a higher commercial rate! Why is there this discrepancy? What do some towns provide that makes the mill rate different?

A higher commercial tax rate often reflects the higher level of services available within the area. This discrepancy might also indicate the degree of reliance on property tax within the municipality. Tax rates tend to be…

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2024 RI Base Mill Rates & Municipal District Rates

Real Estate Taxes in Rhode Island vary greatly by town and are typically correlated to the services which each town provides to its residents. 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 property tax rate in Rhode Island for 2024 is 14.43 with the highest being West Greenwich at 24.51 and the lowest being Little Compton at 4.96.

How to Calculate Rhode Island Property Taxes

The formula to calculate Rhode Island Property Taxes is (Assessed Value x Property Tax Rate)/1000= Rhode Island Property Tax. Take the…

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The Trail of Discovery

On a quiet morning, I stand by the window of my hotel room at the Hyatt Regency in Bethesda, observing the ever-changing skyline. Older buildings, once familiar landmarks, are being knocked down and replaced with modern structures. Yet, amidst this transformation, my gaze settles on the Capital Crescent Trail—a constant through the years, much like the enduring values that guide my life.

Years ago, I embarked on a career with a burgeoning company called Realty Information Group, which later evolved into CoStar Group. This experience wasn't just about aiding corporate growth—it was about discovering my own capabilities and potential. The bustling streets of Bethesda and the challenges of early career life served as my proving grounds. Each week, as…

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The Impending TikTok Ban and Its Broader Implications

In recent weeks, the buzz around the potential U.S. government ban on TikTok has reached a fever pitch. With nearly 170 million American users engaged on the platform, the prospect of losing such a prolific source of entertainment and connection has sparked significant public debate. However, the issues at stake extend far beyond TikTok’s vast user base, touching on critical concerns regarding national security, data privacy, and the influence of foreign powers in American digital spaces.

The Heart of the Matter:

At first glance, TikTok is a vibrant social media platform where creativity and content reign supreme. Yet, beneath the surface, the implications of its operations are vast and complex. Owned by ByteDance, a company based in China,…

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Ethical Real Estate Practices: Lessons from the MV Realty Lawsuit and the Importance of Due Diligence

In real estate, the ethical standards we uphold not only define our business practices but also cultivate the trust we establish with our clients. The recent legal challenges faced by MV Realty in Florida highlight crucial aspects of transparency and fairness in real estate transactions. This blog post explores the implications of the MV Realty lawsuit for the industry and underscores the critical role of due diligence in protecting both agents and homeowners.

The MV Realty Case: An Overview MV Realty, known for its unique homeowner benefit agreements, is embroiled in a lawsuit filed by the Florida Attorney General. The company is accused of deceptive practices by securing 40-year contracts with homeowners that require a 3% commission from any…

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Navigating the Tides of Change: Housing Affordability in Connecticut's Coastal Towns

In the span of over two decades, Connecticut's coastal towns have painted a picturesque scene of New England charm and scenic waterfronts. However, beneath the surface of these idyllic communities lies a growing concern: the rising tide of housing prices, surging far faster than their residents' incomes.

#ConnecticutCoast #HousingMarket #EconomicTrends

Over the last 23 years, data reveals a trend that could reshape the fabric of towns like Stonington, Darien, and New Haven. While median household incomes have seen modest growth, median selling prices for homes have soared, in some cases, to more than double the income growth percentage.

#AffordableHousing #IncomeGrowth #RealEstateTrends

In Stonington, for example, incomes have risen by…

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The Beauty of Cancellation or Last Minute No Show.

In the whirlwind of our daily lives, we often find ourselves meticulously planning every minute, leaving little room for spontaneity. However, life has a funny way of throwing unexpected curveballs our way, such as last-minute cancellations or no-shows. While these moments may initially be met with frustration or disappointment, there's a hidden beauty in embracing them. Let's explore how unexpected cancellations and no-shows can be opportunities for personal growth, self-discovery, and a fresh perspective on life.

1. Unexpected Free Time

Cancellations open up a slot in your schedule that you didn't anticipate. Instead of viewing this as time wasted, consider it an opportunity. This newfound free time can be used for self-care, pursuing hobbies…

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Commercial Property Owners!!! Do not make these mistakes before selling.

Maximizing Long-Term Value in Real Estate and Business Sales: Top 5 Strategic Mistakes to Avoid

By Tim Bray, Broker/Owner, Seaport Real Estate Services

Hello, I'm Tim Bray, the broker/owner of Seaport Real Estate Services and a graduate in Real Estate & Urban Economics from UConn. Through my years of experience, I've seen how focusing on short-term gains can lead to long-term challenges in real estate and business sales. Let's explore the top five strategic mistakes to avoid for maximizing long-term sale values.

1. The Pitfall of Underreporting Income Underreporting income, particularly through cash transactions, may offer short-term tax benefits, but it drastically reduces your property's perceived profitability and legal standing. Accurate…

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Better to let a fool win a debate than to lose your peace. Wisdom lies in choosing your battles

"Have you ever found yourself in a debate where winning seemed less important than maintaining peace?" 

Better to let a fool win a debate than to lose your peace. Wisdom lies in choosing your battles.

In today's increasingly polarized world, where opinions and beliefs often clash with high intensity, the value of preserving relationships and inner peace becomes paramount. This perspective is not just about avoiding conflict; it's about recognizing the deeper importance of human connections and personal well-being over the fleeting triumph of winning an argument.

The Cost of Winning at All Costs:

1. Relationship Strain: Insisting on winning an argument, especially on sensitive topics, can strain relationships. Friends, family members, and…

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