PROPERTY TRANSFERS
March 5, 2007 - March 9, 2007
1. Ahouse on 8.4 acres at 20 Waquoit Road sold to Oscar H. Plotkin of Longmeadow, Mass. from Edward G. Beimfohr, Trustee of 20 Waquoit Road Realty Trust of Florham Park, N.J. for $3,470,000. The property is assessed at $4,748,200. The land bank fee is $69,400.

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2. A house on .01 of an acre at 27 Old North Wharf sold to Alison H. Mosca, Trustee of Midstate Holdings Realty Trust, LLC, of Boston, Mass. from Stephen E. Kaufman, Successor Trustee of the KD Nominee Trust of New York City, N.Y. for $3,000,000. The property is assessed at $2,163,800. The land bank fee is $60,000.

3. A house on 3.0 acres at 26 Wigwam Road sold to Edward M. Soffen and Deborah S. Soffen of Princeton, N.J. from John T. Davey and Donna M. Davey of Nantucket, Mass. for $2,400,000. The property is assessed at $958,200. The land bank fee is $48,000.

4. A house on .27 of an acre at 12 Baltimore St. sold to Carroll Advertising Company, Inc. of Boston, Mass. from Jon R. Yenor and Caroline L. Breckner of Riverside, Conn. for $1,585,000. The property is assessed at $1,604,100. The land bank fee is $31,700.

5. Ahouse on .30 of an acre at 93 Baxter Road sold to Steven T. Freeman and Erin P. Freeman of Fort Lauderdale, Fla. from Frederick A. Smith of Greenwich, Conn. for $1,530,000. The property is assessed at $1,191,100. The land bank fee is $30,600.

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6. A house on .33 of an acre at 5 Meadow Lane sold to Robert Giese and Deborah H. Giese of Nantucket, Mass. from Claire O'Keefe, et al of Newburgh, N.Y. for $1,250,000. The property is assessed at $1,017,600. The land bank fee is $25,000.

7. A house on .11 of an acre at 8 Gull Island Lane sold to Exchange One Charles Street, LLC, of Newton, Mass. from J. Pepper Frazier, J. Pepper Frazier, II and Dalton T. Frazier of Nantucket, Mass. for $1,160,000. The property is assessed at $1,203,200. The land bank fee is $23,200.

8. A house on .16 of an acre at 5 New Lane sold to Richard P. Duchesney of Centerville, Mass. from Barbara Vigneau of Nantucket, Mass. for $950,000. The property is assessed at $1,100,900. The land bank fee is $19,000.

9. A house on .44 of an acre at 22B Daffodil Lane sold to Brian Borgeson, Trustee of the Merci Mere Nominee Trust of Nantucket, Mass. from Dwayne Dougan and Liliana Dougan of Nantucket, Mass. for $850,000. The property is assessed at $1,001,000. The land bank fee is $9,000 and the exemption is M.

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10. Ahouse on .12 of an acre at 42 Macy's Lane sold to Maximo Tejada of Nantucket, Mass. from Bonita Rizzo of Nantucket, Mass. for $560,000. The property is assessed at $482,400. The land bank fee $11,200.

11. A house on .13 of an acre at 9 Curlew Court sold to Elliott A. Kellman of New York City, N.Y. from Elliott A. Kellman and Carol Kellman of New York City, N.Y. for $1. The property is assessed at $968,600. The land bank exemption is C.

12. A house on .13 of an acre at 9 Curlew Court sold to Mac Partners, LLC, of New York City, N.Y. from Elliott A. Kellman of New York City, N.Y. for $1. The property is assessed at $968,600. The land bank exemption is I. 13. A house on 1.1 acres at 45 Tom Nevers Road sold to the Trustee of the Thomas F. Curley Trust and the Trustee of the Margaret C. Curley Trust of Nantucket, Mass. from Thomas F. Curley, Jr. and Margaret C. Curley of Nantucket, Mass. for $1. The property is assessed at $1,160,000. The land bank exemption is D.

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14. A house on 2.7 acres at 36 Okorwaw Ave. sold to the Trustee of the Thomas F. Curley Trust and the Trustee of the Margaret C. Curley Trust of Nantucket, Mass. from Thomas F. Curley, Jr. and Margaret C. Curley of Nantucket, Mass. for $1. The property is assessed at $1,108,300. The land bank exemption is D.

15. A house on 1.8 acres at 220 Cliff Road sold to Nantucket Boxwood 220, LLC, of Nantucket, Mass. from Peter Terpeluck, Jr. and Diane G. Terpeluck of Chevy Chase, Md. for $1. The property is assessed at $3,878,500. The land bank exemption is B.

16. A house on 1.05 acres at 34 Polpis Road sold to Francis J. Carroll and Joan A. Carroll, as tenants in common, of Wayland, Mass. from Francis J. Carroll and Joan A. Carroll, as tenants in entirety, of Wayland, Mass. for $0. The property is assessed at $1,285,600. The land bank exemption is C.

17. A house on .35 of an acre at 1 North Point sold to Robert S. Graves and Claire D. Graves of Nantucket, Mass. from Robert S. Graves and Claire D. Graves of Nantucket, Mass. for $0. The property is assessed at $1,084,000. The land bank exemption is C.

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18. A condominium on 1.0 acre at 6 Millbrook Road sold to Bradford R. Grant and Stephanie M. Grant of Nantucket, Mass. from Robert R. Grant and Cynthia G. Grant of Nantucket, Mass. for $0. The property is assessed at $731,000. The land bank exemption is C.

The Nantucket Islands Land Bank gained $326,700 in transfer tax fees for the week ending March 10. For 2007, the Land Bank gained an estimated total of $2,556,029.59 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.

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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.

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org. Or visit the office at 22 Broad St. I