PROPERTY TRANSFERS
May 21, 2007 - May 25, 2007
1. A house on 4.1 acre at 6 Cathcart Road sold to Brian and Aleece Strachan of Wellesley, Mass. from Henry and Carolyn Wells of Bronx, N.Y. for $5,100,000. The property is assessed at $4,824,500. The land bank fee is $102,000. 2. A house on .11 of an acre at 23 Orange St. sold to Todd E. Rapp and Amanda D. Rapp of Bronxville, N.Y. from Robert B. Winnbrenner and Sally Jo Winebrenner of Pittsford, N.Y. for $3,462,500. The property is assessed at $1,867,200. The land bank fee is $69,250. 3. A house on 1.8 acres at 13 Pond View Drive sold to Henry C. Wells of Bronx, N.Y. from Yellowfin, LLC, of Nantucket, Mass. for $2,650,000. The property is assessed at $2,082,400. The land bank fee is $53,000.

4. A house on .18 of an acre at 21 Cornwall St. sold to Brian J. Joynt of Boston, Mass. from Phillip and Mary Elizabeth Morris of Southport, Conn. for $995,000. The property is assessed at $823,300. The land bank fee is $11,900 and the exemption is M.

5. A vacant lot on .39 of an acre at 17 Tetawkimmo Drive sold to Bryan Frank Abrano and Bridge S. Rodrigue, Trustees, Molly Realty Trust, of Boston, Mass. from Gravello, LLC, of Norwell, Mass. for $750,000. The property is assessed at $654,900. The land bank fee is $15,000.

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6. Condominium, Unit 15 at 37G Old South Road sold to Erik Lauritzen and Nicole Gentile of Nantucket, Mass. from Mark Wilson, Trustee, We Did It Nominee Trust, of Nantucket, Mass for $432,415. The property's assessed value is unavailable. The land bank fee is $648.30.

7. A house on 4.1 acre at 6 Cathcart Road sold to Brian and Aleece Strachan of Wellesley, Mass. from Henry and Carolyn Wells of Bronx, N.Y. for $100,000. The property is assessed at $4,824,500. The land bank fee is $2,000.

8. Timeshare period, Interval 5F, at 44 Starbuck Road sold to Richard Touchette and Marie Dostaler of Mirabel, Quebec, Canada from John A. Tenbrook and Frances D. Tenbrook of Wilbraham, Mass. for $40,000. The property's assessed value is unavailable. The land bank fee is $800.

9. A timeshare interval on .52 of an acre at 9 Arkansas Ave. sold to Gerard P. O'Shea and Ellen Metzger O'Shea of Poughkeepsie, N.Y. from Pearl Kerschner of Boynton Beach, Fla. for $8,000. The property is assessed at $809,200. The land bank fee is $160.00 10. A timeshare period, Interval 9 in Unit B at 30C Center St. sold to James R. Tallman, Trustee of Mariner House Condominium Association Realty Trust of Nantucket, Mass. from Patricia Lamothe of Centerville, Mass. for $4,575.07. The property's assessed value is unavailable. The land bank fee is $91.50.

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11. A house on .26 of an acre at 42 Baxter Road sold to Jane F. King as Trustee of the 42 Baxter Road Nominee Trust of Boston, Mass. from Michael S. Karlson of Boston, Mass. for $1. The property is assessed at 2,850,300. The land bank exemptions are C and D.

12. Ahouse on .46 of an acre at 59 New St. sold to Jane F. King as Trustee of The 59 New Street Nominee Trust of Boston, Mass. from Michael S. Karlson of Boston, Mass. for $1. The property's assessed value is unavailable. The land bank exemptions are C and D.

13. A house on .12 of an acre at 44 Fair St. sold to Jane F. King as Trustee of The 44 Fair Street Nominee Trust of Boston, Mass. from Michael S. Karlson of Boston, Mass. for $1. The property is assessed at $2,549,300. The land bank exemptions are C and D.

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14. A house on .15 of an acre at 3 Atlantic Ave. sold to Frank E. Hill and Jodi W. Hill as Trustees of Hill Nantucket Realty Trust of Lexington, Mass. from Frank E. Hill and Jodi W. Hill of Lexington, Mass. for $1. The property is assessed at $1,611,100. The land bank fee exemption is D. 15. A house on 2.2 acres at 6 Capaum Pond Road sold to Jeffrey Carter and Antonia M. Carter of Nashville, Tenn. from Jeffrey Carter of Nashville, Tenn. for $1. The property is assessed at $3,727,900. The land bank exemption is C.

16. A house at 42 Sankaty Road sold to Atmuhwitzend Realty Trust, Michael J. Wilson, Trustee, of Siasconset, Mass. from Peter Eldridge of Siasconset, Mass. for $1. The property's assessed value in unavailable. The land bank exemptions are C and D.

17. Condominium units, Units 3.1, 3.2, 3.3 and 3.4 at 3 Freedom Square sold to the Albert F. Egan, Jr. and Dorothy H. Egan Foundation, Inc. from Wayne F. Holmes and William A. Lowell, as Trustees of the Albert F. Egan Trust, of Nantucket, Mass. for $0. The property's assessed value is unavailable. The land bank exemption is D.

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18. Atimeshare interval, Time Period 19 in Unit D-1 in Building D at Brant Point Courtyard Condominium sold to Malcolm F. Fryer, Jr., Trustee of Michael F. Fryer, Jr. 1996 Revocable Trust of Keene, N.H. from Malcolm F. Fryer, Jr. of Keene, N.H. for $0. The property's assessed value is unavailable. The land bank exemption is D.

19. A house on 1.3 of an acre at 28 Long Pond Drive sold to Keith P. Brown of Boston, Ma. from Cindy L. Brown of Boston, Mass. for $0. The property is assessed at $2,347,700. The land bank exemption is K.

20. House on .25 of an acre at 6 New Lane sold to Billy Gene Jones and Bonita Lee Jones, co-trustees of "B.J. Revocable Trust" of Norman, Okla. from Bonita L. Jones, as Tenant in Common, of Norman, Okla. for $0. The property is assessed at $1,103,600. The exemptions are C and D.

The Nantucket Islands Land Bank gained $254,849.80 in transfer tax fees for the week ending May 26. For 2007, the Land Bank gained an estimated total of $5,678,661.93 in transfer fees. Land bank income is derived mostly from the collection of a two-percent transfer tax on real estate transactions, subject to certain exemptions. The land bank acquires, holds, and manages land for open space and recreation on Nantucket. Other revenue sources include investments, private contributions, leasing of the Lily Pond Cottage at 15 North Liberty St., and properties at 2 Massasoit Bridge Road, 159 Hummock Pond Road, and 22 Broad St.

NOTES ON EXEMPTIONS Many of the property transfers recorded with the Land Bank are exempt from the 2-percent transfer fee using one of 13 exemptions allowed by the Land Bank Act as follows: A: transfer to government entity. B: transfer which, without additional consideration, confirms, corrects, modifies, or supplements a previously made transfer. C: transfer made as a gift without consideration. D: certain transfers to and from a trust. E: transfer via death or bankruptcy. F: transfer made in partition of land and improvements. G: transfer to charitable organizations. H: transfer to a mortgagee in foreclosure of the mortgage. I: certain transfers made to or within a corporation or partnership. J: certain transfers out of a corporation or partnership. K: transfer due to divorce. L: transfer of property that is partially personal property and partially real property. M: certain first-time property buyers (applies to the first $400,000).

The above explanations are abbreviated because the language explaining these exemptions is too lengthy to print in this section every week. If you're curious about a certain exemption, go to the Nantucket Islands Land Bank Web site for complete information on the exemptions and the land bank's governing bylaws: http://www.nantucketlandbank.

org. Or visit the office at 22 Broad St. I