Tim Bray B.S. Real Estate (UConn)

The current marketplace is saturated with properties that will not sell. Short sales, foreclosures, bank owned, distressed properties, unrealistic sellers. Where should you focus your attention?

Let’s take a quiz….

Go to your favorite real estate website and search for properties. Did you know that 75% of the properties on the screen are not really on the market? Can you spot the underpriced properties? Bank owned properties? Motivated sellers?

Our Group has written a sophisticated program that will give you a transparency in the market place that has never been seen before. 3 of our last 5 buyers purchased homes for 20% less than the property appraised for at time of sale.

Thinking of buying this year? Find out how to get started by following our step by step program.

We apologize in advance as we only work with 2 buyers in a specific price range in each area served at a time.

Masons Island is the island you have dreamed of - picturesque and unspoiled - preserved for the recreation and enjoyment of those who love nature and wish to dwell comfortably and conveniently amid beautiful surroundings. The natural contour of Masons Island along with its sweeping views of two great bodies of water, superior dockage capabilities, 47 acre nature preserve and rich history make this destination unequalled for the quintessential summer home or year-round resident.

Those who are familiar with the island's unique beauty can understand why the Masons Island Company has long protected one of Connecticut's natural gems from overdevelopment. The Allyn family, who has now lived and owned property on the island for five generations founded the Masons Island Company in 1912, enables them to shape the direction of the island's future - preserving the integrity and intrinsic value of the islands landscape.

The Mason Homestead Subdivision is an exclusive eleven home Nantucket-inspired development project that goal is to enhance the islands present purity while assuring a solid future and continuity. Currently four of the eleven lots have been sold and three have constructed custom homes lead by Tier One Development.

Located on the southern side of Masons Island, the Mason Homestead Subdivision is part of a gated community providing open space, private roads, walking trails, beaches and private dockage. Property values are maintained by deed restrictions on any land purchased from Masons Island Company and any new development has to pass an Architectural Review Committee.

As an added bonus, residences of the new Mason Homestead Subdivision are invited to apply for membership to the private Masons Island Yacht Club. The Yacht Club provides facilities and instruction for sailing and small boat racing, swimming, tennis and bocce. There are also extensive social programs and several regattas throughout the year.

Equally concerned with the heritage and enduring quality of life on Mason's Island is Peter A. Giordano Jr. of Tier One Development. Experienced in custom home development, the Mystic-based builder has earned rave reviews from upscale clients and has been chosen to develop all sold lots in the Mason Homestead Subdivision date.

"Mason's Island has always been a special community," said Mr. Giordano in a recent interview. "We feel a sense of responsibility not only to its past, but to preserving and affirming its present and future." Tier One has evolved a unique approach t homebuilding that emphasizes collaboration with each individual client and a larger sense of each neighborhood's identity. "Our customers have very high standards."

20+ page marketing packet

Complete photo gallery

Welcome to Eastern Point

Eastern Point is a serene Waterfront Community located in the heart of Mystic Country where the mouth of the Thames River meets the Long Island Sound. The location offers visitors and residence a variety of activates ranging from a round of golf at the world renowned Shennecossett Golf Course, relaxation at Eastern Point Beach with friends and family, a nautical adventure at the Shennecossett Yacht Club or an educational excursion to the University of Connecticut's Avery Point Campus.

The Shennecossett Golf Course is a Public, 18 hole golf course that continues to offer golfers of all playing abilities a scenic and challenging place to play the game they love. To learn more about why this course is a Connecticut Gem - Click Here

Eastern Point Beach is a gateway for the young and old to experience laughter, joy, and sense of peace that goes hand in hand with white sand, the smell of salt in the air, and sweeping views of a watery playground. This well kept secret offers its patrons beautiful coastline, shallow depths along the beach, shower facilities, picnic tables, a playground and a concession.

Shennecossett Yacht Club (SYC) is a boating community for those who love the sea. The facility is located on picturesque Pine Island Bay in Groton, Connecticut just minutes from Long Island Sound. Pine Island Bay is sheltered from all directions. There are no bridges or wakes from the Thames River. The SYC has 5 docks with a total of 191 slips, 35 member moorings, 2 transient moorings, and a dock house with showers. SYC Website - Click Here

UConn's coastal campus at Avery Point is located on the shores of Long Island Sound. The campus offers American and General Studies, Coastal Studies, Maritime Studies and a Marine Science Graduate Program. Avery Point offers the intimacy and support of a small campus, coupled with the resources of a top-notch public university, cutting-edge research and internationally renowned scientists. Avery Point Website - Click Here

Mystic Country is not one place, one event or even a particular state of mind. What Mystic Country is depends just as much on the individual as it does the location of the experience. Set sail on a ship out of the Mystic Seaport, take a roll of the dice at the Mohegan Sun Casino or simply enjoy a stroll through Stonington Borough taking in the sights, sounds and smell of the ocean. There is something for everyone. To learn more about Mystic Country - Click Here

I recently met with two of my favorite sellers whose home is located in Mystic. For half an hour we discussed the positioning of their property in the market place, the possibility of changing the photos, and recent sales whose characteristics were similar to their home and ultimately effected the value. All variables that are crucial in getting their property sold so that they can move on to the next stage of their lives and be closer to loved ones down south. As we were wrapping up the meeting a question was asked regarding the number of sales that have historically taken place in what is thought to be "the off season."

Bray Consultants as a group rely on facts so I was reluctant to answer the question without the statistics in front of me. Over the next few hours I downloaded all of the sales in the town of Mystic from January 1^st 2000 until today. The results were shocking in that 53% of total transactions over the past 10 years took place from August through January or what is thought to be "the off season."

I then did further research and found that there are fewer properties on the market in "the off season" and therefore those properties priced correctly, with proper marketing, and pride of ownership, have less competition and statistically a better chance of sale in the off season. My findings for the town of Mystic are below.

Month Total Sales % Listed

Take note that the spread between # of properties listed in the off season and percentage of total sales for the year is smaller and leads me to rethink the philosophy preached at the other firms I previously worked regarding the season to sell property in Mystic. The truth lies in reality and not the perception of the market. Time to go sell more property in the "Off Season"

Market Update-

As predicted, the real estate market has slowed dramatically since the $8,000 tax credit faded into the sunset. The majority of first time home buyers seem to have put their home buying searches on hold creating a ripple effect for those trying to sell their properties and either upgrade or downsize.

Many buyers now in the market are relocating from outside the area and are becoming extremely picky when making a purchase. Inventory is high but the quality of the properties priced accurately is discouraging. Those properties that show pride of ownership and are priced right are selling quickly. Successful sales are creating a downward push on value because they are creating the market and become the most recent sales comparables. I have not seen a transaction this past year without the following language. "Property must appraise at or above the purchase price." I encourage all of my clients to have their properties appraised by a local reputable appraiser in an effort to prove value and get in line with the market before we see a greater decline. Your competition will ultimately remove themselves from the market or get aggressive with their pricing which will ultimately lower the value of your property.

Yes, we believe that a decline is still in the cards for the remainder of the year. This is attributed to a weak perception of the market due to the value of our currency, slumping stock market, record inventory levels, foreclosures, short sales, and strategic defaults.

The good news is that luxury properties, second homes, and land are beginning to move. This tells me that investors, wealthy individuals and, and developers view us as nearing the bottom and are taking advantage of below market opportunities. The issue is that they are buying these properties with cash and at great discounts, thus lowering the values of surrounding homes and creating a greater downward push in value.

We should pay particularly close attention to land values going forward. Developers have historically earned a return of 25% on a project and that is very difficult to achieve in today's market. Materials, labor, and costs to construct a structure have remained level....leaving me to believe that land values must drop in order to make construction a viable option. Of course supply has to be reduced and demand has to increase as well a drop in unemployment.

Average price per square foot for Mystic CT was $176, a decrease of 7.9% compared to the same period last year. The median sales price for homes in Mystic CT for Apr 10 to Jun 10 was $265,000 based on 15 home sales. Compared to the same period one year ago, the median home sales price decreased 7.3%, or $21,000, and the number of home sales decreased 44.4%.

There are currently 194 resale and new homes in Mystic. The average listing price for homes for sale in Mystic CT was $632,815 for the week ending Jun 30, which represents an increase of 0.1%, or $601, compared to the prior week.