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PROPERTY TRANSFERS
Oct. 9, 2006 - Oct. 13, 2006
1. A house on 5.3 acres at 31 Squam Road sold to Thirty-One Squam Road Trust of Nantucket, Mass. from William E. Hutton, Trustee, of Woodbury, N.Y. for $8,200,000. The property is assessed at $9,315,200. The land bank fee is $164,000. 2. A house on .46 of an acre at 11 Stone Post Way sold to Kristin Alexandre of Far Hills, N.J. from Andrew Schwartz and Shelly Schwartz, Trustees of Andrew Schwartz Revocable Living Trust u/d/t June 7, 2000 of Plymouth, Mich. for $3,950,000. The property is assessed at $1,701,800. The land bank fee is $79,000. 3. A house on .32 of an acre at 6 Nosegay Lane sold to Stematis Reves of North Kingston, R.I. from Eileen Winn, Trustee, of Nantucket, Mass. for $3,500,000. The property is assessed at $1,319,700. The land bank fee is $70,000.
4. A house on .63 of an acre at 7 Heath Lane sold to Andrew Schwartz and Shelly Schwartz, Trustees, of Nantucket, Mass. from George J. Hubbs and Margaret S. Hubbs, Trustees, of Savannah, Ga. for $1,600,000. The property is assessed at $977,700. The land bank fee is $32,000. 5. A house on 1.1 acres at 26 Pine St. sold to Pauline Q. Latham of Boston, Mass. from Philip A. Nardone, Jr. of Boston, Mass. for $1,500,000. The property is assessed at $942,700. The land bank fee is $30,000. 6. Ahouse on .45 of an acre at 115 Somerset Road sold to Robert C. Maier and Barbara Burgess, Maier of Salem, Mass. from Gary E. Trainor and Kellia A. Trainor of Nantucket, Mass. for $1,225,000. The property is assessed at $830,500. The land bank fee is $24,500.
7. A house on .28 of an acre at 77 Bartlett Road sold to Asta King of Nantucket, Mass. from Jamie T. Miller and Jerry Ann Maxwell of Nantucket, Mass. for $1,090,000. The property is assessed at $950,000. The land bank fee is $13,800 and the exemption is M.
8. A house on .12 of an acre at 49 Pine St. sold to Hilary Whitlock of Belchertown, Mass. from David H. Goodwillie of Kittery, Maine for $850,000. The property is assessed at $1,027,600. The land bank fee is $17,000.
9. Acondominium, Unit 1A, on Park Circle sold to David E. Olsen of Nantucket, Mass. from Cliff Acquisitions, LLC, of Nantucket, Mass. for $810,480. The property's assessed value is unavailable. The land bank exemption is J.
10. A house on .13 of an acre at 13B Pine Tree Road sold to Tihomir I. Ivanov and Polia Ivanova of Nantucket, Mass. from Kenneth W. Bailey of Vineyard Haven, Mass. for $765,000. The property is assessed at $330,000. The land bank fee is $15,300.
11. Ahouse on .37 of an acre at 1 Nobadeer Way sold to Gerald J. Zadroga and Rebecca Holdgate Zadroga of Nantucket, Mass. from Peter Wester of Nantucket, Mass. for $652,000. The property is assessed at $541,300. The land bank fee is $13,040.
12. A condominium, Unit 1A, on Park Circle sold to Alan M. Forster and Nancy A. Forster of Nantucket, Mass. from David E. Olsen of Nantucket, Mass. for $619,460. The property's assessed value is unavailable. The land bank exemption is B.
13. A condominium, Unit 4A, on Park Circle sold to David E. Olsen of Nantucket, Mass. from Alan M. Forster and Nancy A. Forster of Nantucket, Mass. for $619,450. The property's assessed value is unavailable. The land bank exemption is B.
14. Ahouse at 56B Essex Road sold to Denise L. Farrell of Medford, Mass. from Tihomir I. Ivanov and Polia Ivanova of Nantucket, Mass. for $540,000. The property is assessed at $451,500. The land bank fee is $10,800.
15. Ahouse on .66 of an acre at 282 Madaket Road sold to Thomas and Gina Tegtmeier of South Salem, N.Y. from Donald J. and Lucy R. Aharonlan of Weston, Mass. for $17,500. The property is assessed at $664,500. The land bank fee is $350.
16. Timeshares at Brant Point Courtyard Condominium on Swain Street sold to Bryan Clain of Jamaica Plain, Mass. from Audrey Ryan of Rockland, Mass. for $2,000.00. The property's assessed value is unavailable. The land bank fee is $40.
17. Ahouse on .45 of an acre at 4 Henderson's Drive sold to James Wolf and Janice L. Wolf of Nantucket, Mass. from Janice L. Wolf of Nantucket, Mass. for $1. The property is assessed at $1,166,300. The land bank exemption is C.
18. A house on .35 of an acre at 9 Nobska Way sold to John G. Flores and Donna Elle-Flores of Nantucket, Mass. from John G. Flores and Donna Elle-Flores, Trustees, of Nantucket, Mass. for $0. The property is assessed at $772,000. The land bank exemption is D.
19. A house on 1 acre at 12 Field Ave. sold to Christine Gallina and Russell Davenport of Nantucket, Mass. from Christine Gallina of Nantucket, Mass. for $0. The property is assessed at $981,800. The land bank exemption is C.
20. A house on .04 of an acre at 23 Broadway sold to Carol Moyer of Simsbury, Conn. from William Moyer and Carol Moyer of Simsbury, Conn. for $0. The property is assessed at $1,456,400. The land bank exemption is C.
21. A house on 3.3 acres at 98 Wauwinet Road sold to V. Henry O'Neill, Victoria B. O'Neill, Trustees, Sea Change Nominee Trust of New Canaan, Conn. from Victoria B. O'Neill, Elizabeth O'Neill Wright, Sarah Quinn O'Neill and William Quinn O'Neill of New Canaan, Conn. for $0. The property is assessed at $6,198,600. The land bank exemption is C.
22. Ahouse on .88 of an acre at 33 North Pasture Lane sold to Donna Brooks Culbertson of Moorestown, N.J. from John N. Culbertson of Moorestown, N.J. for $0. The property is assessed at $1,994,400. The land bank exemption is C.
The Nantucket Islands Land Bank gained $469,830 in transfer tax fees for the week ending Oct. 14. For 2006, the Land Bank gained an estimated total of $14,263,013.24 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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