By Bob Palcsik

 

You’ve heard of Boomers, Gen-Xers and Millenials.  Now an emerging generation of buyers is splitting off from the traditional snowbird flock and redefining the idea of a retirement lifestyle. Taking advantage of advances in technology and virtual workspaces, “splitters” are individuals who own at least two or more primary residences and split their time between them for recreation, for work-life balance or to connect with family and friends. Experts say some buyers typically begin engaging in splitter behavior at about age 55 as a transition to retirement. 

 

To answer the needs of this new market, Marion and Bob Palcsik of The MB Realty Group of Prudential Connecticut Realty in Westport, Connecticut have joined forces with Michael Rosenblum and Sandra Gansberg of the Rosenblum/Gansberg Group of Douglas Elliman/Prudential Realty in New York City to offer a unique full-service real estate solution.  Combining their backgrounds, knowledge and experience, the team will focus on the new lifestyle trends when addressing the second home market. Specifically they work with Manhattanites looking for a second home in the suburbs and active adults who find it’s time to downsize to a smaller home in suburbia and perhaps acquire an apartment in Manhattan. In addition, through Prudential Real Estate’s relocation division, clients can be referred to special agents throughout the country.

 

With 75 million baby boomers heading toward retirement, the splitter factor could alter the way developers build and manage their communities. Also, some younger buyers are purchasing second homes near a lake, the beach, in the mountains, or just somewhere different, where they can relax and spend time with family, vacation without having to stay in a hotel and have a full turnkey home.

 

A recent study by the National Association of Realtors showed that while the overall housing market is down, the sales of second homes is expected to stay strong because the youngest baby boomers are only 42 this year. “With real estate prices going through a downward correction, and mortgage rates very favorable, it’s a great time to consider a second home. People purchase second homes for three primary reasons; first as a long-term investment, second as a vacation home and third as a way of passing assets to their children,” said Mr. Palcsik of The MB  Realty Group.

 

The Westport-Weston area, on the Gold Coast of Fairfield County, offers second homebuyers a great alternative to Long Island’s East End or the shores of New Jersey. Less than 50 miles from midtown Manhattan and only one hour by car or train, it’s an easy commute. Public beaches offer swimming, boating, and fishing, while the Longshore Club provides a golf course, swimming pool and tennis. Several marinas provide accommodations for boats. The Westport Country Playhouse offers professional theatre productions year-round, while the Levitt Pavilion, located on the banks of the Saugatuck River, provides free outdoor evening concerts throughout the summer months. The Norwalk Maritime Museum and the Nature Center are great for kids.

 

Mr. Rosenblum and Ms. Gansberg’s experience in the Manhattan condo market combined with Mr. and Ms. Palcsik’s knowledge of Fairfield County communities and lifestyles provides a one-stop shopping experience for their clients. They guide their clients through the process of establishing a balance between their new lifestyle and the homes they select.

 

For more information about Marion and Bob visit their website at www.thembrealtygroup.com.

 

Prudential Connecticut Realty is the largest real estate firm in Connecticut and the 13th largest in the United States, earning more than $5.1 billion in sales with 60 sales offices and more than 1,800 real estate agents. For more information, visit www.prudentialCT.com.

 

The Prudential Real Estate Network comprises approximately 42,000 sales associates in more than 1,500 offices throughout the United States and Canada as of December 31, 2007.  Prudential Real Estate brokerage services are offered through the network of franchisees of The Prudential Real Estate Affiliates, Inc. Most franchisees are independently owned and operated.

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By Carol Ryall

 

The Internet has changed the way Realtors can market your home.  You have most likely heard of the MLS – or the Multiple Listing Service. Your Realtor can enter a complete description of your home with up to 20 photographs on the CT MLS system. Your Realtor can also feature your property on Realtor.com. These are standard local listing tools used in today’s high tech world.

 

Prudential CT Realty now has an online marketing package that gives your home maximum exposure to today’s buyers. It starts with a creation called Home Suites.

 

Online exposure via our marketing partners includes listings on Yahoo Real Estate, Trulia, Realtor.com and the all new one-stop site for Connecticut Real Estate – CTreal.com. I’ve contracted with an internet marketing designer to create an extensive internet marketing blitz, so my listings are also posted to the well trafficked #1 and #2 online community classifieds sites – Craig’s List and Backpage.com. In addition your property is posted on all of these major real estate portal sites: Local.com, frontdoor, Zillow.com, LycosClassifieds, PropSmart Real Estate Search Community, RealBird, Oodle, geeebo, hotpads.com, dothomes, googlebase, and CLR Search.com. Talk about MAXIMUM exposure!

 

The speed of the sale is increased due to the exposure given to the property. For example, the last 3 homes I featured in this way sold in record time. The average days on market is how long it takes from the date the house is listed until an accepted contract is in place. These 3 homes, which are all located in Groton, sold in an average of 38 days!  For an example of a listing using Home Suites go to http://e224338.prudentialct.com or  http://e219398.prudentialct.com.

 

By Tony Rinaldi, President Connecticut Home Mortgage

 

The passing of the Housing and Economic Recovery Act of 2008 contains some significant benefits for first time homebuyers, which has increased the number of reasons why it is a great time to buy a home. In addition to having a variety of inventory to choose from, the law’s new repayable first-time home-buyer tax credit is a great incentive to buy now.

 

To qualify for the home-buyer tax credit, you must be a U.S. citizen and purchasing for the first time or must not have owned a property in the last three years. Your income can not exceed $75,000 for an individual or $150,000 for a couple filing jointly. If you meet these qualifications, you can get a tax credit equal to 10 percent of your home’s purchase price, up to $7,500. In addition, your home purchase must be made between April 9, 2008 and July 1, 2009.

 

Any home qualifies for the credit, provided that it will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes new and existing single-family detached homes, attached homes like townhouses and condominiums, manufactured homes and houseboats.

 

Participating in the program is easy and no pre-approval is necessary, just be sure you meet all the qualifications. Then, simply claim the credit on your tax return. The credit can be claimed on your 2008 tax return even if the purchase is made in 2009 (Important Note: this is a tax credit and not a tax deduction and in most circumstances will be recaptured over time).

 

For detailed information on your particular circumstance, consult a qualified financial advisor.

Mystic, CT – After 15 years of operating a successful independent real estate firm in Groton, Norman Krayem’s company, Realty Estates Inc., will join forces with Prudential Connecticut Realty and move into Prudential’s Mystic office at 2 Williams Ave.

 

“Prudential Connecticut Realty’s commitment to providing outstanding customer service is in line with my personal business philosophy,” Mr. Krayem said. “I’m excited to merge my company with one that leads the industry with cutting-edge marketing technology and innovative web-based resources.”

 

A local institution in the Connecticut real estate industry, Mr. Krayem received his broker’s license in 1973 and opened Realty Estates Inc. in 1993. He was named President of the Connecticut Association of Realtors (CAR) in 2007 and currently serves on its Board of Directors, Executive Committee, Finance Committee and Political Affairs/Issues Advocacy Committee. He also serves as a trustee for Realtors Political Action Committee (RPAC). He was named CAR’s Realtor of the year for 2006.

 

Mr. Krayem also sits on the National Association of Realtors (NAR) Board of Directors and has served as a State Representative on the NAR Housing Needs Committee and as Founding Director of Statewide MLS. He currently serves as State Commercial Investment Division (CID) President and as New London CID Region President.

 

A member of the Easter Connecticut Association of Realtors (ECAR), Mr. Krayem served on the association’s Board of Directors and chaired several of its committees. He was voted local Realtor of the Year in 2001.

 

“Norm’s extensive experience and outstanding commitment to serving Connecticut’s real estate industry will be an invaluable resource to our company and our associates,” said Candace Adams, President of Prudential Connecticut Realty.

 

Mr. Krayem graduated in 1962 from Rensselaer Polytechnic Institute in Troy, New York with a bachelor’s degree in electrical engineering. From 1962 to 1994, he worked on the Polaris, Poseidon and Trident submarine programs. He earned his Professional Standards Certified Specialist (PSCS) designation in 1997. He and his wife Maureen have been married for 44 years and have three grown children.

 

Prudential Connecticut Realty is the largest real estate firm in Connecticut and the 13th largest in the United States, earning more than $5.1 billion in sales with 60 sales offices and more than 1,800 real estate agents. For more information, visit www.prudentialCT.com.

Rocky Hill, CT – There are several reasons for first-time buyers to buy a home right now, according to Tony Rinaldi, Vice President of Connecticut Home Mortgage, the in-house mortgage company of Prudential Connecticut Realty.

In addition to the variety of mortgage programs that are currently available, a new tax credit is now available to first-time homebuyers, as part of the Housing and Economic Recovery Act signed by President Bush.

Under the new legislation, any U.S. citizen who has not owned a home during the past three years and who files taxes is eligible to receive a tax credit of up to $7,500 on a home they purchase. Certain income limits and escrow date restrictions apply.

“This tax credit will provide a nice incentive for those who have been thinking about buying a home, but have been hesitant to do so,” Mr. Rinaldi said.

In addition to the tax credit, buyers should note that there are a variety of attractive mortgage programs available at Connecticut Home Mortgage.

“We operate as both a mortgage banker and a broker, so we can offer the best of both worlds,” Mr. Rinaldi said. “We have dozens of lenders and investors and literally hundreds of loan programs to make sure we can get the best mortgage rate and program possible for each client.”

Connecticut Home Mortgage is fully staffed by Certified Mortgage Planning Specialists who can offer clients strategies that encompass debt, home equity and real estate investment in addition to mortgage counseling. The Certified Mortgage Planning Specialist (CMPS) Designation is governed by the CMPS Institute, and was created to help mortgage professionals integrate financial planning concepts into the mortgage process.

Many homeowners have become frustrated and confused with today’s mortgage market and the lack of both ethics and financial knowledge among many mortgage providers. The CMPS Institute is a joint effort by leaders in the mortgage and financial planning industries to raise professional standards among mortgage professionals and integrate sound financial planning advice into the mortgage process.

“Our specialists pledge to follow a code of ethics,” Mr. Rinaldi said. “They are very cautious in advising our clients and will only recommend safe products for which they know our customers won’t have any problems qualifying.”

Connecticut Home Mortgage Planners also offer a JumpStart program which provides homebuyers with a written “loan commitment” which is an authentic commitment for a mortgage.

“Our JumpStart program gives homebuyers a distinct advantage when they are negotiating on a home,” Mr. Rinaldi said. “Often it enables them to get a better price or gain an advantage in a multiple offer situation.”

For more information on Connecticut Home Mortgage’s programs, call (800) 459-1585, ext. 201 or visit www.CTHM.com.

Prudential Connecticut Realty is the largest real estate firm in Connecticut and the 12th largest in the United States, earning more than $5.1 billion in sales with more than 60 sales offices and more than 1,800 real estate agents. For more information, visit www.prudentialCT.com.

 Rocky Hill, CT – Prudential Connecticut Realty recently released its second quarter Connecticut Real Estate Market Report, announced Barry Rosa, Vice President and Director of the company’s New Homes & Land Specialty Markets Division.

While there have been numerous reports about Arizona, Florida and Nevada experiencing falling prices and rising rates of foreclosures, what is happening in these markets, according to Rosa, is not indicative of our market in Connecticut.

“Sales for both single-family homes and condominium units are down from last year,” Mr. Rosa said. “Median sale prices adjusted slightly. Sales prices in Connecticut, however, are not in a free-fall. Marketing times are a bit longer than last year, but not by much, and in some areas, are actually lower.

Mr. Rosa believes this is important, because it shows that correctly priced homes are selling within reasonable times. He also notes that there is no over-supply of new homes on the market and that Inventory levels have not shown any spikes. Thus the number of sales, combined with active inventory and current deposit levels in Connecticut doesn’t indicate a dire situation. Properly priced homes are selling well and the current rate of sales is likely to continue. Median sales prices are likely going to show modest decreases.

“The issues that began to shake the market almost two years ago now still have to run their course,” Mr. Rosa said.

Mr. Rosa has specific sales and inventory statistics broken out by county and city. For a copy of the entire report, visit www.prudentialct.com and click on “The Market Report.”

Prudential Connecticut Realty is the largest real estate firm in Connecticut and the 12th largest in the United States, earning more than $5.1 billion in sales with more than 60 offices and more than 1,800 real estate agents. For more information, visit  www.prudentialCT.com.

 

 Mystic, CT – John Vincent of Prudential Connecticut Realty’s Mystic Office was named Realtor^® of the Year 2008 by the Eastern Connecticut Association of Realtors (ECAR) at the association’s Realtor^® of the Year and Member Appreciation Night at the Holiday Inn in Norwich on June 12, according to Norm Krayem of Realty Estates, ECAR’s Realtor^® of the Year Committee Chairman.

Licensed in Connecticut and Rhode Island, Mr. Vincent has earned numerous designations including Accredited Buyer Representative, Certified Relocation Professional, Senior Real Estate Specialist and Active Adult Lifestyle Specialist.

 

“I am so honored to receive this award,” Mr. Vincent said. “I must also say, by volunteering I've always gotten more out of it than I've put into it and I encourage everyone to get involved in either local or association committees. You'll be glad you did."

In his free time, Mr. Vincent is a member of the Toastmasters and Knights of Columbus. He also enjoys taking his five grandchildren to the local recreational parks.

 

By Paul Hughes

 

In real estate as in life - little things can make a big difference. Take, for example, the photos that accompany properties listed for sale on your favorite real estate web site. In today's internet world, where ninety per cent of home buyers look at homes on the internet before visiting them in person, the value of a high-quality photographic "story" can not be underestimated.

 

Really good photos - and lots of them - are like magnets that draw the attention of buyers and whet their appetite for more information. This increases the number of inquiries about a property, the number of times it is shown - and often - the number of offers to purchase. All of which shortens the time it takes to sell. And, increases the final selling price.

 

In short, great photography is a great selling tool. On the flip side, bad photography sells badly, It repels potential buyers like the opposite poles of a magnet and, in turn, has a negative effect on the inquiry/showing/offer to purchase cycle. The Realtors who      represent ready, willing and able buyers are equally "turned off" by bad photography, i.e. too few photos that don't properly show the property, or poor quality photos that render the property as unattractive.

 

In a "perception is reality" world, good photography is worth its weight in gold.

 

Unfortunately, for every well-crafted photo gallery to found with a listed home for sale there are far too many that don't measure up - either too few photos, dark images, out-of-focus, badly composed, etc.

 

Much of blame for bad photography can be attributed to the ease of operation of digital cameras that leads people without photographic skills to believe they can take good pictures.

 

But the ability to compose and take good photos is a skill that resides in the knowledge of the picture taker, not the camera.

 

So for those of you thinking about listing your home for sale, add to the list of questions you ask your Realtor, "who will photograph my home." Ask for copies of listings with samples of that person's work. And insist that you see photos of your home before they are broadcast on the Internet for the whole world to see.

 

You may not think of photography as one of the important services that a Realtor brings to your listing. But you should.

 

Paul Hughes is a Realtor with Prudential Connecticut Realty. He can be contacted at phughes@prudentialct.com

By Paul Hughes

 

Almost everyone knows that Realtors are compensated with commissions for assisting in the sale or purchase o f homes and property. But few people really understand how commissions are actually divided among the participating parties, and how much compensation each party receives.

 

For example, I've talked to people who think a Realtor's compensation for selling a $500,000 home at a negotiated commission rate of 5% is $25,000. Or others who think the brokerage company and the individual realtor each receive half ($12,500) of the $25,000.

 

Here's how it actually works:

The $25,000 (5% of the $500,000 selling price) is deducted from the seller's proceeds of the sale when property is transferred from the seller to the buyer at the closing.

 

The commission paid at closing is then split between the individual realtors representing the seller and buyer, and the real estate brokerage firms they represent.

 

The most common split of the $25,000 commission would be among 4 parties:

1)     the brokerage company representing the seller

2)     the brokerage company representing the buyer

3)     the realtor representing the seller

4)     the realtor representing the buyer

 

In the majority of transactions these splits between the brokerage company and realtors are equal, so the brokerage company receives $12,500 and then shares it with its realtor, while the buyer's broker likewise receives $12,500 and shares it with its realtor.

 

There are occasions when the same real estate broker (i.e. Prudential) represents both the seller and the buyer through two of is realtors? In that case, the broker would take half the commission and each of the realtors would share in the balance of the commission.

 

An even less frequent circumstance occurs when one realtor agent will list a home for sale and wind up representing the buyer as well, in which case the two parties (the brokerage company and the realtor) split the commission.

 

Why is it important to understand how real estate commissions are distributed, and who gets the money?

 

Because if you're the seller and you're sale is compensating the parties you should know who is being compensated and for how much.

 

And as a consumer you should have an accurate understanding of the compensation realtors actually receive for their services.

 

Paul Hughes is a Realtor with Prudential Connecticut Realty. He can be contacted at phughes@prudentialct.com or 203-451-7120.