PROPERTY TRANSFERS
Oct. 23, 2006 - Oct. 27, 2006
1. A vacant lot on a portion of 7.6 acres at 137 Eel Point Road sold to Nantucket Lot51, LLC, c/o Kathleen H. DiCapua, Weil, Gotshal & Manges, LLP, of Boston, Mass. from George Frost and Eric Frost of Kittery, Maine and New York City, N.Y., respectively, for $7,100,000. The property is assessed at $142,000. The land bank fee is $142,000.

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2. Ahouse on .16 of an acre at 3 Magnolia Ave. sold to 3 Magnolia, LLC, of Quincy, Mass. from F. Kincaid Perot fka Kincaid Perot Connell of Warren, Vt. for $2,500,000. The property is assessed at $1,632,800. The land bank fee is $50,000.

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3. A house on .06 of an acre at 4 1/2 Gay St. sold to Robert J. Reilihan and Cynthia Bixler Reilihan of Woodbridge, Conn. from the Estate of Pauline E. Maloney, Linda Lee Spengler, Executor, of Navarre, Fla. for $1,450,000. The property is assessed at $1,468,300. The land bank fee is $29,000.

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4. A house on .44 of an acre at 9 Golf View Drive

sold to Scott A. Handelman of New York City, N.Y. from Gina Ciolino of Somerville, Mass. for $1,136,600. The property is assessed at $848,300. The land bank fee is $22,732.

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COURTESY TOWN OF NANTUCKET GIS 5. A vacant lot on 1.2 acres at 6 Sheep Pond Road sold to NMR Realty Trust of Hyannis, Mass. from Sheep Pond Realty Trust of Nantucket, Mass. for $1,100,000. The property is assessed at $183,800. The land bank fee is $22,000.

6. Ahouse on 2.9 acres at 87 Skyline Drive sold to Larry B. Whelden, Elizabeth M. Whelden, Travis Lombardi and Adriene H. Lombardi of Nantucket, Mass. from Michael Fahey of Nantucket, Mass. for $975,000. The property is assessed at $1,100,000. The land fee is $11,500 and the exemption is M.

7. A house on .15 of an acre at 33 Macy's Lane sold to Christopher T. Grimes and Lilian C. Grimes of Nantucket, Mass. from Marie E. Lemberg of Nantucket, Mass. for $860,000. The property is assessed at $710,000. The land bank fee is $9,200 and the exemption is M.

8. A condominium unit at 32 South Cambridge St. sold to Arthur I. Reade, Jr., Trustee of AKW Trust of Nantucket, Mass. from Wells Fargo Bank, NA, Trustee for Option One Mortgage Loan Trust 2005-4 Asset-Backed Certificates, Series 2005-4 of Irvine, Calif. for $387,700. The property is assessed at $489,000. The land bank fee is $7,754.

9. Ahouse on .15 of an acre at 17 Autopscot Circle sold to Mark A. Venditti and Karin K. Vinditti of Wilton, Conn. from The Nashaquiset Cooperative, Inc. of Cambridge, Mass. for $0. The property is assessed at $1,073,500. The land bank exemption is B. 10. A house on .14 of an acre at 14 Witherspoon Drive sold to Sherrie Wagman Beck of Nantucket, Mass. from Alan Beck and Sherrie Wagman Beck of Nantucket, Mass. for $0. The property is assessed at $614,600. The land bank exemption is C.

11. A house on .13 of an acre at 44 Pine St. sold to Laurel Ann Reed of Carver, Mass. from Laurel Ann Reed, Trustee of Reed Pine Street Nominee Trust of Carver, Mass. for $0. The property is assessed at $1,572,800. The land bank exemption is D.

12. A house on .44 of an acre at 9 Golf View Drive sold to Gina Ciolino and Michael Farrell, husband and wife, of Denver, Colo. from Gina Ciolino of Denver, Colo. for $0. The property is assessed at $848,300. The land bank exemption is C.

The Nantucket Islands Land Bank gained $294,186 in transfer tax fees for the week ending Oct. 28. For 2006, the Land Bank gained an estimated total of $14,762,649.24 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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