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PROPERTY TRANSFERS
Oct. 2, 2006 - Oct. 6, 2006
1. A house on 2.1 acres at 86 Pocomo Road sold to J. Graham Goldsmith and Kathleen P. Goldsmith of Burlington, Vt. from Windover Associates of Merritt Island, Fla. for $6,700,000. The property is assessed at $8,454,200. The land bank fee is $134,000.
2. A house on .12 of an acre at 4 Harbor View Way sold to Caroline L. Brecker and Jon R. Yenor of Riverside, Conn. from William G. Hancock, Trustee of Cathcart Monomoy Realty Trust of Richmond, Va. for $5,000,000. The property is assessed at $2,178,900. The land bank fee is $100,000.
3. Ahouse on .32 of an acre at 13 North Star Lane sold to James A. Nolan, IV and Margaret Ann Nolen of Newton Square, Pa. from Mary L. Ottaviano of Ardmore, Pa. for $5,000,000. The property is assessed at $1,988,100. The land bank fee is $100,000.
4. Ahouse on 1.7 acres at 12 Sesapana Road sold to Gary E. Trainor and Kelli A. Trainor of Nantucket, Mass. from Jeffrey A. Bockol and Ann E. Bockol of Lakeworth, Fla. for $2,295,000. The property is assessed at $1,499,900. The land bank fee is $45,900.
5. Ahouse on 1.3 acres at 31 Brewster Road sold to Grey Lady, LLC, of Los Angeles, Calif. from Mark S. Rea, Trustee, Wits End Realty Trust, of Kingston, R.I. for $1,800,000. The property is assessed at $1,540,300. The land bank fee is $36,000.
6. A house on .27 of an acre and .09 of an acre at 9 and 11 Rhode Island Ave., respectively, sold to James W. Pierson of Bernardsville, N.J. from Elwood M. Johnson, Sr. and Cynthia G. Johnson, Trustees of Johnson Revocable Living Trust of Hope Valley, R.I. for $1,505,000. The property is assessed at $48,900. The land bank fee is $30,100.
7. A cooperative house on .12 of an acre at 13 Autopscot Circle sold to Jeffrey J. Murphy and Teresa S. Murphy of Huntington, N.Y. from Joanne J. Parr of Darien, Conn. for $1,260,000. The property is assessed at $899,500. The land bank fee is $25,200.
8. Ahouse on .61 of an acre at 9 Brinda Lane sold to Anthony Flye and Dawn Flye of Swansea, Mass. from James D. Bessey and Laura Bessey of Swansea, Mass. for $1,100,000. The property is assessed at $618,400. The land bank fee is $22,000.
9. Avacant lot, Lot 8A, on Hedgebury Lane sold to Pacemaker Fund, LLC, of Bridgewater, Conn. from Hedgebury Lane, LLC, a Massachusetts Limited Liability Company, of Southfield, Mass. for $1,060,000. The property's assessed value is unavailable. The land bank fee is $21,200.
10. A house at 7 Hedgebury Lane on Lot 7A sold to North View Realty, LLC, of Nantucket, Mass. from Hedgebury Lane, LLC, of Southfield, Mass. for $1,060,000. The property's assessed value is unavailable. The land bank fee is $21,200.
11. A house on .09 of an acre at 270 Madaket Road sold to Daniel and Lynne Sarasin of Leominster, Mass. from Robert Huntington of New York City, N.Y. for $795,000. The property is assessed at $620,300. The land bank fee is $15,900.
12. A house, Unit 2, at 70 Somerset Road sold to Erica L. Valero of Nantucket, Mass. from Portia L. Stephens of Nantucket, Mass. for $399,000. The property is assessed at $378,900. The land bank exemption is M.
13. A house on .43 of an acre at 54 Starbuck Road sold to Patrick J. O'Brien of Los Angeles, Calif. from Patrick J. O'Brien and Linda O'Brien of Los Angeles and Tarzana, Calif. for $1. The property is assessed at $1,059,800. The land bank exemption is K. 14. A house on .23 of an acre at 5 Brinda Lane sold to Mildred Ann O'Connor of Siasconset, Mass. from John H. Empey of Siasconset, Mass. for $0. The property is assessed at $586,000. The land bank exemption is C.
15. A house on 1.9 acres at 253 Hummock Pond Road sold to Ilana H. Leighton (spouse of seller) of Boston,
Mass. from Douglas H. Leighton of
Boston, Mass. for $0. The property is assessed at $2,274,400. The land bank exemption
is C. 16. Ahouse on .46 of an acre at 5 Hollister Road sold to Dale G. Stoodley, Trustee of Five Hollister Road Nominee Trust of Wilmington, Del. from Dale G. Stoodley and Barbara Cliff Stoodley of Wilmington, Del. for $0. The property is assessed at $1,478,200. The land bank exemption is D.
17. A timeshare period, Interval 4 in Unit D at the Mariner House at 30 Centre St. sold to Donald T.F. Glendenning and Li Lan Pook of Mount Uniake, Nova Scotia, Canada from Iris Glendenning of Singapore for $0. The property's assessed value is unavailable. The land bank exemption is F.
18. A house on .14 of an acre at 14 North Star Lane sold to Mary L. Ottaviano of Ardmore, Pa. from Joseph Ottaviano, Jr. and Mary L. Ottaviano of Ardmore, Pa. for $0. The property is assessed at $1,241,800. The land bank exemption is C.
19. Vacant lots on .14 of an acre on North Star Lane sold to North Star Homeowners Association Trust of Ardmore, Pa. from Joseph Ottaviano, Jr. and Mary L. Ottaviano of Ardmore, Pa. for $0. The property is assessed at $2,040,300. The land bank exemption is D.
20. Vacant lots on .14 of an acre on North Star Lane sold to North Star Homeowners Association Trust of Ardmore, Pa. from Joseph Ottaviano, Jr. and Mary L. Ottaviano of Ardmore, Pa. for $0. The property is assessed at $2,040,300. The land bank exemption is D.
21. A vacant lot on .23 of an acre at 41 Pleasant St. sold to Meant To Be, LLC, a Massachusetts Limited Liability Company, of Nantucket, Mass. from Charles H. Gifford, Trustee, of Warwick, R.I. for $0. The property is assessed at $1,133,000. The land bank exemption is B.
The Nantucket Islands Land Bank gained $551,500 in transfer tax fees for the week ending Oct. 7. For 2006, the Land Bank gained an estimated total of $13,793,183.24 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.
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