New Haven County, CT Real Estate News

By Eric L. Green, Your IRS Tax Litigator
(Tax Rep LLC)
Whether you are in New Haven, Connecticut or not, what is "Reasonable Compensation" is a critical issue for S Corporation owners.  We have defended both taxpayers and tax preparers on this issue before the IRS.  The answer to this question depends on a variety of factors and can be complicated. This blog post will explore the concept of reasonable compensation for an S-Corp owner and provide some basic guidelines to help you better understand how to support the wage number on that 1120-S Return.Tax ImplicationsThe Internal Revenue Service (IRS) requires that S-Corporations pay their owners “reasonable” compensation" in order to avoid tax penalties. Reasonable compensation is defined as any amount that is considered fair and consistent with the industry standard for similar services prov...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Waterbury CT 2022 Year End Real Estate Market Analysis The year 2022 was a year of transition to the strong buyer's market of the previous 2 years.  The rise of interest rates created due to the inflationary trend put some buyers back into a waiting mode.  Businesses are on the rebound and their biggest obstacles are the rise in raw materials as well as the lack of qualified employeesIn spite of this, after a brief pause the market in Waterbury CT began its rise and finished the year strong. Historically lagging in home prices, Waterbury saw a large spurt in median values and hopefully the trend will remain for the foreseeable future.  For the year 2022, the market sales or absorption rate for Waterbury CT was 77 sales per month, with an average sales value of $229,826 and average days ...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
What’s My Waterbury CT Home’s Value December 2022Waterbury CT is the second largest town in New Haven County with a population of app115,000. It is 33 miles southwest of Hartford, 25 miles north of New Haven and 77 miles northwest of New York City. The larger factories that once dominated the Connecticut manufacturing economy are no longer in Waterbury, essentially changing form the brass meals they used for raw materials and converting to cheaper and lighter aluminum or plastic. Currently in Waterbury CT there are 80 active residential listings for sale, with 31 new listings being added in December. The homes for sale in Waterbury CT range from a 1,024 square ft, 2-bedroom townhouse style row house listed at $40,000 to a 3,238 square ft, 4-bedroom  cape listed at $825,000. These listin...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
What Happened in The Prospect CT Real Estate Market Prospect December 2022?   Prospect CT is a town of App 10,000 residents located in New Haven County. It is bordered by Waterbury, Cheshire, Naugatuck and Bethany.  One noted by Money Magazine as one of the top 300 towns in the Nation, it has since adopted the title of Best small town in CT.It serves as a predominately residential community whose residents commute to the nearby towns.  It has a well recognized Regional school system shared with Beacon Falls CT.  It is also recognized as a well managed town with taxes under control.Search for homes in Prospect CTCurrently in Prospect CT there are 8 active residential listings for sale, with 3 new listings added in December. The homes for sale in Prospect CT range from a 1,226 square ft, ...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Six Factors Representative of Buyers in Today's Market in ConnecticutThe real estate market is undergoing an adjustment, yet even with interest rates higher, buyer activity is still aggressive and quality homes do not stay on market longer. More buyers are finding their way into home ownership than at any other time in history.A recent report issued by NAR highlighted the factors facing buyers in 2023. The items that seemed to be more representative of the activity in Connecticut are offered below. 1. The age of first-time and repeat buyers hit all-time highs.The age of first-time buyers jumped to 36 from 33 years after being stagnant for years. Twenty-six percent of first-time buyers reported "difficulty saving for a down payment" was a challenging task in the buying process and cited ...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
It's 2023:  Start Off With a PositiveIt was a year of strange happenings and our real estate world saw changes that had many scrambling especially as interest rates rose and the market took a shift.The start of 2023 will have its uncertainties and many will have a mindset of positives with their resolutions. I have passed enough January 1's to know that for me, at least it's a waste of time, albeit a good thought.No gym membership for me, if I see that piece of cheesecake, it will get devoured, and I will appease my addiction if a chance to hit the links arises.No New Year's resolutions for me, as they will be busted up within a few short weeks.It's the dawn of a new day, month, year:With the shift in the market, although different across the country, it could be time to make some adjus...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
What Happened in The Prospect CT Real Estate Market Prospect November 2022?   Prospect CT is a town of App 10,000 residents located in New Haven County. It is bordered by Waterbury, Cheshire, Naugatuck and Bethany.  One noted by Money Magazine as one of the top 300 towns in the Nation, it has since adopted the title of Best small town in CT.It serves as a predominately residential community whose residents commute to the nearby towns.  It has a well-recognized regional school system shared with Beacon Falls CT.  It is also recognized as a well-managed town with taxes under control.  Search for homes in Prospect CTCurrently in Prospect CT there are 8 active residential listings for sale, with 6 new listings added in November. The homes for sale in Prospect CT range from a 1,226 square ft...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Ben Kinney : Tips on Selling Homes in This MarketThe Zoom call this week was presented by ActiveRain's own Ben Kinney. In addition to being owner of this platform, his roots are as a real estate agent and over the years his efforts have been more than successful. As all can see, there has been a shift in the market, and this will require a shift in business approach going into the new year.Ben made his presentation with data obtained from his network and specifically data from Goldman-Sachs.InflationEveryone is aware of the inflation data that is being offered on a daily basis. What few recognize, is that some inflation is necessary for economic growth and the Fed attempts to moderate the rate by increases in the Fed rate. Inflation is what has all of us paying more for goods and servic...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Prospect CT Residents Are In the Christmas SpiritAs one drives through the residential neighborhoods in Prospect CT one can see the homes all nicely decorated for Christmas. Even before one gets into the streets, the street signposts are also nicely decorated.  The town will have its competition with the best decorated signpost again this year.I did take a drive to see what the competition was and there was certainly some imagination at work.  Here are a few of the creative designs:And this last one just hit my funny bone especially for the number of times the movie The Christmas Story is being played this year. Hopefully Archie won't shoot out anybody's eyes.The lamp is something I saw while doing a home search earlier this year.It's beginning to look a lot like Christmas here in Prosp...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Waterbury CT December 2022 Housing Market for Zip Code 06708The 06708 Zip code encompasses the west side of Waterbury with 4 neighborhoods known as Brooklyn, Town Plot, Lower and Upper Bunker Hill. It is also the largest zip code in Waterbury. There are currently 36 active listings in the 06708 zip code with the average value of the homes for sale in Waterbury's 06708 zip code available for sale is $280,006 with average days in market of 45. There are also currently 17 under pending/show status and 27 under hard deposit status. Through 11 months of this year, there have been 298 closed sales in this zip code with the average value of homes sold at $254,593 with days on market of 34. Through the same period of 2021 there were 397 closed listings in the 06708 zip code of Waterbury with an...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
An Update  Remember That You Work for Me!In looking at a post for this month's challenge I went into my archives to find the post that had received the most clicks. It was this post in 2013, that had gotten Featured and re-blogged a couple of times that seemed to resonate with so many fellow members at the time.I washed off a little dust and brought it back as some times we just forget ourselves.The buyers were anxious to make a spectacular deal and had I done what they requested, they would have lost the home of their dreams. In retrospect, I should have titled the post  Remember that I  Work With You Remember That You Work for Me!These were the words spoken to me by a client while we were reviewing the inspection report on their intended purchase. They wanted me to make a claim for cr...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Debe Maxwell, CRS is hosting the ActiveRain Challenge the month titled "November 2022 Thanksgiving Gratitude Challenge".  This will be an easy challenge for me, because I have MUCH to have gratitude for.  For this challenge we get to write one blog per week for this month.  My first blog was about my beautiful granddaughter, and my second blog was about those who have given me encouragement and support in my career, and the third blog was for the gratitude I have for the sacrifices my parents made for me and my brothers and sisters, to have an opportunity for a better life.  This four blog is for the gratitude I have for being a part of sharing, caring and giving Church.I have attend the Meriden Church of Christ in Meriden, CT., since 1984, and in those 38+ years the Meriden Church of C...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
November 2022 Market Trends For Waterbury CT's East End, Zip 06705 The East End of Waterbury CT is highly residential and is also the preferred side of town for people that need to commute to Hartford. Many fine neighborhoods encompass the East End such as Fairlawn, Pierpont and East End.   There are currently 21 active listings in the 06705 zip code with the average value of the homes for sale in Waterbury's 06705 zip code available for sale is $249,979 with average days in market of 65. This represents a 1% increase in values over the previous month with slightly longer days on market, Also, there are also currently 34 properties under contract or hard deposit. For the year 2021 there were 235 closed listings in the 06705 zip code of Waterbury with an average sales price of $189,057 a...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
A Short Sale Completed in Waterbury ConnecticutWith the hot market of the past 2 years people have seemed unaware of their neighbors that have been in trouble with their mortgages. People have still been in trouble and life has not been the best for some. People still get sick; jobs are lost, and relationships may have been harder due to the Pandemic.One homeowner in Waterbury hit that perfect storm of problems, with a divorce and a lost revenue stream. Keeping up with the court ordered settlement funds left no room for paying the mortgage. There was an issue with the primary mortgage under water as well as a secondary HUD note from a previous loan modification.With the acceptance of the short sale, the seller was relieved of both notes with a waiver of deficiency for all obligations. T...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
What’s My Waterbury CT Home’s Value October 2022Waterbury CT is the second largest town in New Haven County with a population of app115,000. It is 33 miles southwest of Hartford, 25 miles north of New Haven and 77 miles northwest of New York City. The larger factories that once dominated the Connecticut manufacturing economy are no longer in Waterbury, essentially changing form the brass meals they used for raw materials and converting to cheaper and lighter aluminum or plastic. Currently in Waterbury CT there are 101 active residential listings for sale, with 55 new listings being added in October. The homes for sale in Waterbury CT range from a 1,024 square ft, 2-bedroom townhouse style row house listed at $40,000 to a 3,238 square ft, 4-bedroom  cape listed at $825,000. These listing...
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By Green & Sklarz LLC, Connecticut's Firm for Business Law
(Green & Sklarz LLC)
As an estate planning attorney in New Haven, Connecticut, clients often come to me and say they want to avoid probate. This usually occurs after they have been through the probate process for a parent or other family member and have learned the hard way just how much of a nightmare it can be.  Fortunately, with proper planning, much of the probate process can be simplified or avoided entirely with the use of trusts. In Connecticut, the probate process is used to settle estates and transfer a decedent’s property. The use of a will does not avoid going through the probate court. To the contrary, if the decedent had a will, the will must be “probated” through the probate court.  Some people make the mistake of thinking that titling their assets jointly will solve the problem. While holding...
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By Green & Sklarz LLC, Connecticut's Firm for Business Law
(Green & Sklarz LLC)
I am an estate administration legal assistant in New Haven, Connecticut, and frequently help clients probate estates. In my last post I provided an overview of the probate process. This may have compelled some of you to start thinking about whether you need to retain a probate attorney. If you have been appointed the fiduciary of an estate, navigating the probate process alone can be particularly difficult after just losing a loved one, as well as stressful and time consuming. As a fiduciary the probate process can become even more complicated if the decedent owned numerous assets, and by the involvement of potential creditors and possible disputes with beneficiaries. If you have decided that retaining a probate attorney is the right decision for you, successful planning for your first ...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
The Fall Colors Are DONE In Central CT, Week 5It had to end at some point, and with the rain and the wind we had earlier in the week, the peak is gone and with it went most of the color to the trees.I have been showing the progression of the colors on our par 3 fifth hole.On October 1 we had very little in color surrounding the green.A week later on October 9, it was starting to show shades of yellow and red.October 16 showed that we were definitely getting to the cusp of peak in color surrounding that same green.On October 22 it was very distracting for the wind blowing the leaves, and the colors around the hole.On October 29, it was a mixture of leaves trying to hang on and the barren limbs lost of all color,Looking backwards towards the tee it was very similar and if a ball wasn't hi...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
Friday Flags A Double Flurry in Prospect CTI search the landscape each week to try and find our flag waving in tph breeze. Most days there is very little if any breeze and harder to even find a flag in front of a business.This week, in particular, as the state continues to honor the memory of the 2 police officers senselessly killed 2 weeks ago, I found a business that had multiple flagpoles and on the main pole, the American flag, and a second one with darker stripes and colors.The police flag also known as the thin blue line is a representation of the brave men and women that stand between, we citizens, and the people that are trying to do us harm. They are our safety wall and are there to sacrifice themselves at any cost.While we appreciate the US flag, a vast majority of us also app...
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By Ed Silva, Central CT Real Estate Broker Serving all equally
(Mapleridge Realty, CT 203-206-0754 )
The Fall Colors Are Here In Central CT, Week 4As we head into the last days of October, the colors are truly, showing and with the drop in temps and wind, the trees will be shedding the foliage quickly.I have been showing the progression of the colors on our par 3 fifth hole.On October 1 we had very little in color surrounding the green.On October 9, it was starting to show shades of yellow and red.Coming up to October 16 we are definitely getting to the cusp of peak in color surrounding the green.This morning it was very distracting for the wind blowing the leaves, and the colors around the hole.From the tee, the hole was bright.And looking back at the tee from the green was just as impressive.We are very reaching peak and then the dark side of autumn with the onset of winter starts.Th...
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