PROPERTY TRANSFERS
June 5, 2006 - June 9, 2006
1. A house on 2.1 acres at 60 Squam Road sold to Marianne Hanley, Trustee of Sixty Squam Road Nominee Trust of Nantucket, Mass. from Sanford Rose, Trustee of Wanderlust Realty Trust of Cambridge, Mass. for $5,400,000. The property is assessed at $4,186,500. The land bank fee is $108,000. 2. A house on .20 of an acre at 80 Cliff Road sold to William Farrall and Anne Farrall of Greenwich, Conn. from River Light IV, LLC, of Berwyn, Pa. for $2,895,000. The property is assessed at $3,187,500. The land bank fee is $57,900. 3. A house on 1.3 acres at 53 Tom Nevers Road sold to John C. Giesea and James A. Giesea of Nantucket, Mass. from Camellia Gurley of Orlando, Fla. for $2,050,000. The property is assessed at $1,860,500. The land bank fee is $41,000. 4. Ahouse on .44 of an acre at 3 Rudder Lane sold to Camellia Gurley of Orlando, Fla. from John C. Giesea and James A. Giesea of Nantucket, Mass. for $1,400,000. The property is assessed at $1,001,900. The land bank fee is $28,000. 5. A house on .55 of an acre at 26 Naushon Way sold to Stephanie Basile of Jamestown, R.I. from David Spivak/Jay Henry Spivak of Emmous, Pa. and Boulder, Colo., respectively, for $1,250,000. The property is assessed at $835,500. The land bank fee is $25,000.

1

6. A house on .25 of an acre at 16 Cherry St. sold to Jeffrey Hatch of Nantucket, Mass. from Winthrop Management Nominee Trust of Boston, Mass. for $1,150,000. The property is assessed at $845,500. The land bank fee is $23,000. 7. A house on .38 of an acre at 3 Spindrift Circle sold to David P. Betar and Adriel L. Betar of Nantucket, Mass. from Bonita L. Rizzo of Nantucket, Mass. for $1,025,000. The property is assessed at $837,900. The land bank fee is $20,500. 8. A house on .46 of an acre at 4 Enterprise Circle sold to Donna Siciliano of Brookline, Mass. from Edward Lewis, Jr. and Harry Reid of Nantucket, Mass. for $915,000. The property is assessed at $749,900. The land bank fee is $18,300. 9. Ahouse on .16 of an acre at 26 Mary Ann Drive sold to Rodolfo Lemus, Edy Lemus and Felicito Palencia of Nantucket, Mass. from Ronald R. and Tanya Huerlin, Trustees of the Palm Tree Trust of Punta Gorda, Fla. for $900,000. The property is assessed at

2

863,700. The land bank fee is $14,000 and the exemption is M.

3

10. A timeshare interval on .50 of an acre at 3 Arkansas Ave. sold to Cynthia Sherwood-Judd of Catskill, N.Y. from Richard J. Sherwood and Pamela Sherwood of Fayetteville, N.Y. for $10,000. The property is assessed at $651,800. The land bank fee is $200. 11. Ahouse on 3.7 acres at 41 Wauwinet Road/2 Old Quidnet Milk Route sold to Mary C. Kenny, Trustee, 41 Wauwinet Road Realty Trust of Morristown, N.J. from Mary C. Kenny of Morristown, N.J. for $1. The property is assessed at $1,774,900. The land bank exemption is C.

12. A house on 3.7 acres at 41 Wauwinet Road/2 Old Quidnet Milk Route sold to 41 Wauwinet Road, LLC, of Morristown, N.J. from 41 Wauwinet Road Realty Trust of Morristown, N.J. for $1. The property is assessed at $1,774,900. The land bank exemption is I.

13. Ahouse on .24 of an acre at 3 Rusty's Way sold to Francis McGarvey and Dorothy McGarvey of Nantucket, Mass. from Francis McGarvey and Dorothy McGarvey of Nantucket, Mass. for $0. The property is assessed at $675,500. The land bank exemption is B.

14. A house on .14 of an acre at 3 Grand Ave. sold to Lisa P. Soeder, Trustee of Three Grand Avenue Nominee Trust of Siasconset, Mass. from Robert M. Cochran of Siasconset, Mass. for $0. The property is assessed at $2,801,200. The land bank exemption is D.

4

15. A house on .10 of an acre at 2 West York Lane sold to Laurie A. Kaplan, Trustee of Kaplan Nantucket Nominee Trust of Washington, D.C. from Laurie A. Kaplan of Washington, D.C. for $0. The property is assessed at $849,200. The land bank exemption is D.

16. Ahouse on 1.2 of an acre at 35 Pine Crest Drive sold to David Glowacki and Ellen Glowacki of Nantucket, Mass. from David Glowacki and Ellen Glowacki, Trustees of Dabriell Realty Trust of Nantucket, Mass. for $0. The property is assessed at $1,983,700. The land bank exemption is D.

17. A vacant lot on 3 acres on Tuckernuck Island sold to the Tuckernuck Land Trust of Nantucket, Mass. from Tuckernuck Striped Bass I, LLC, of Nantucket, Mass. for $0. The property is assessed at $2,704,500. The land bank exemption is G.

The Nantucket Islands Land Bank gained $335,900 in transfer tax fees for the week ending June 10. For 2006, the Land Bank gained an estimated total of $8,157,888.60 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.

5

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 $200,000).

6

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

I

7 8 9