PROPERTY TRANSFERS
Jan. 29, 2007 - Feb. 2, 2007
1. A house on 1.4 acres and 8.8 acres at 248 and 250 Polpis Road, respectively, sold to 250 Polpis Road, LLC, of Nantucket, Mass. from Baida Nominee Trust of Nantucket, Mass. for $8,950,000. The properties are assessed at $2,232,300 and $8,671,700, respectively. The land bank fee is $179,000. 2. Ahouse on .86 of an acre at 36 Hummock Pond Road sold to Joseph M. Dara of Baldwin, N.Y. from Binth Rustad of Nantucket, Mass. for $2,450,000. The property is assessed at $506,000. The land bank fee is $49,000. 3. A house on .22 of an acre at 24 West Sankaty Road sold to Frank J. Rovinski of New York City, N.Y. from Adriana Davidson, Jason S. Davidson and Erika Davidson Mooney of Nantucket, Mass. for $1,500,000. The property is assessed at $1,094,000. The land bank fee is $30,000.

1

4. A house on .08 of an acre at 76 Union St. sold to Brandt C. Gould and Gabrielle Gould of Nantucket, Mass. from Stephen A. Silverio of Siasconset, Mass. for $1,100,000. The property is assessed at $987,400. The land bank fee is $22,000.

5. A vacant lot on .21 of an acre at 3 Square Rigger Road sold to Whitney A. Gifford as Trustee of Tidal Creeks Realty Trust c/o Reade, Gullicksen, Hanley & Gifford, LLP, of Nantucket, Mass. from Mary Lou LaRue, Trustee the Mary Lou LaRue Revocable Trust of Nantucket, Mass. for $750,000. The property is assessed at $335,100. The land bank fee is $15,000.

2

6. A condominium unit, Unit 7 at Monomoy Village Condominium at 16G Milestone Road sold to James E. Lipnickey and Susan C. Lipnickey of Oxford, Ohio. from Nikki K. Cappadona of Lynnfield, Mass. for $630,000. The property is assessed at $447,800. The land bank fee is $12,600.

7. A condominium unit, Unit B at Saratoga Lane Condominium at 3 Saratoga Lane sold to Bill Morgensen and Berta Scott of Nantucket, Mass. from Habitat for Humanity, Nantucket of Nantucket, Mass. for $180,338.36. The property's assessed value is unavailable. The land bank exemption is M.

8. A condominium unit, Unit A at Saratoga Lane Condominium at 3 Saratoga Lane sold to Meredith Martin of Nantucket, Mass. from Habitat for Humanity, Nantucket of Nantucket, Mass. for $166,427.72. The property's assessed value is unavailable. The land bank exemption is M.

3

9. Ahouse on .24 of an acre at 28 Bartlett Road sold to Cees K. Campbell and Elyse M. Campbell, Trustees of Campbell Realty Trust, of Nantucket, Mass. from Cees K. Campbell of Nantucket, Mass. for less than $100. The property is assessed at $335,400. The land bank exemption is D. 10. A house on 1.8 acres at 220 Cliff Road sold to Boxwood 220, LLC, of Nantucket, Mass. from Peter Terpeluk, Jr. and Diane g. Terpeluk of Chevy Chase, Md. for $1. The property is assessed at $3,878,500. The land bank exemption is I.

11. A house on .34 of acre at 30 Woodbury Lane sold to Constance Cheever of Roxbury Court, Mass. from Constance Cheever and David Cheever of Roxbury Court, Mass. for $1. The property is assessed at $2,246,300. The land exemption is C.

12. Ahouse on .04 of an acre at 3 Fayette St. sold to Arlene Hogan, Trustee of Three Fayette Realty Trust of Los Angeles, Calif. from Arlene Hogan of Los Angeles, Calif. for $0. The property is assessed at $706,500. The land bank exemption is D.

13. A house on .92 of an acre at 12 Hawks Circle sold to Craig Mullen of Siasconset, Mass. from Mignon Mullen and Craig Mullen of Nantucket, Mass. for $0. The property is assessed at $3,128,900. The land bank exemption is K.

4

The Nantucket Islands Land Bank gained $307,600 in transfer tax fees for the week ending Feb. 3. For 2007, the Land Bank gained an estimated total of $1,842,572.92 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