Keller Williams Realty Expands Storrs Mansfield Market

STORRS MANSFIELD, CT (July 16, 2008) — Keller Williams Realty Inc., the fastest growing residential real estate firm in North America, is expanding into Eastern Connecticut with the addition of mega agents Tom & Elaine Burns in the Storrs Mansfield market.

“We’re excited to welcome The Burns Real Estate Group to the Keller Williams Realty family,” says Mark Willis, chief executive officer of Keller Williams Realty International. “We have a policy of limiting our market presence by getting into business with only the best in the industry. By maintaining our standards of excellence, we can provide Keller Williams Realty customers with the best real estate experience possible. This company succeeds through its people, and having Tom & Elaine Burns on our team is a huge win for us.”

Keller Williams Realty is a learning-based company that offers cutting-edge training to its associates through Keller Williams University. Its industry-unique, agent-centric business model includes agent leadership councils that participate in companywide decisions.

“We are proud of the way we do business and are very excited about joining Keller Williams,” says Operating Principal Elaine Burns. “Tom & I strongly feel that our local Storrs Mansfield real estate market expertise combined with the resources of Keller Williams Realty will make a strong partnership that will benefit our clients in this current real estate market.”

To learn more about Keller Williams Realty, call Tom & Elaine Burns at 860.429.2853 or visit www.burnsteam.net.

New 1031 Exchange Rules

We all want to save money on taxes!  The Burns Real Estate Group understands that one of the best ”tax deferring” strategies for real estate owners and investors is a 1031 tax exchange.  Not only in the Conn area, but in any other real estate market, when one property is sold, and a  new property is bought using the 1031 gudelines – (which must be strictly adhered to) – the owner can defer paying income tax on capital gain generated by the sale. 

The new property must be a similar, “like-kind” property.   We understand that this language is confusing to many people who are not familiar with a 1031 exchange so it is important to know that almost any kind of property is considered “like-kind” with any other property! At The Burns Real Estate Group we continue to help many people make great investments and are very knowledgable about the 1031 tax exchange. 

Recently there has been a  review of the 1031 rules and it was noted that one loophole needed to be changed.  A seller/investor could potentially make the exchange and then, after using the new property as a primary residence for 2 years, may not have to pay the the deferred tax.  A recently enacted law closes that  loophole in the Section 1031 rules.

The American Job Creation Act of 2004 ruled that properties converted from a 1031 exchange property into a primary residence must be owned and used as a principal residence for at least five years, instead of two years, to qualify for the tax exemption.  The benefits of a 1031 exchange are still in place except for this change and if appropriate,  it is a great strategy to use when buying and selling property.  In the Conn area there are many people who take advantage of the 1031 tax exchange –  amazingly enough, it is pretty simple and straight-forward, but you will want an experienced 1031 specialist to guide you through the process!

Undefeated Little League Team Advances to District Championship

STORRS, CT – Mansfield Major’s All Star Team advances to the District Championship after a 13-6 win over Willimantic to clinch their pool on Saturday, July 5th. They play Woodstock on Friday, July 11^th for the District Championship, and the winner of that game will advance to the state finals. The Mansfield team of 11 & 12 year old All Stars have been undefeated this All-Star season!

“The kids have been playing very well together and are working hard,” Head Coach Mike Haggerty said. “They have strong skills and great fundamentals.  It is important to me to see they are also having fun while working so hard this season.”

The Major’s All Star Team roster is: Xavier Capo, Alex Cornell, Anthony Duclos, Brendan Evans, Justin Haggerty, Hunter Hamlin, Alex Kochenburger, Cody Kozin, Shaun Lee, Lukas Miniutti, Austin Scigliano, & Steven Vampetella. Joe Evans is the assistant coach. The team is sponsored by local real estate agents, Tom & Elaine Burns (The Burns Real Estate Group), whose grandson, Alex Cornell, plays on the team.

“It’s great watching these kids grow as a team,” said Elaine Burns. “The support of family & friends helps the team tremendously, and we’re proud to support Mansfield Little League again this season.”

The Burns Real Estate Group supports several local & national organizations in addition to the Mansfield Little League including the Brain Injury Association of Connecticut, the Susan G. Komen Foundation, Children’s Miracle Network, Board of Connecticut Health Charities, and Windham Area Relay for Life. For more information, visit www.BurnsTeam.net