PROPERTY TRANSFERS
April 21 ~ April 25, 2008
3. Acondominium unit, Unit 6 in the Sanford Boat Building Condominium at 2 Sanford Road sold to Pat Haverfield, Trustee of Happy Hand's Nominee Trust of Carrollton, Texas from Edward J. Sanford and Matthew S. Sanford, Trustees of Lower Pleasant Trust of Nantucket, Mass. for $385,000. The property's assessed value is unavailable. The land bank fee is $7,700.

1. Acondominium unit, Unit 1, at 1 Little Neck Way sold to Andrew Schonbek of Plattsburg, N.Y. from Margaret H. Blair of Islamorada, Fla. for $4,500,000. The property is assessed at $1,999,800. The land bank fee is $90,000.

4. Ahouse on 1 acre at 15 Folger Ave. sold to Benjamin P. Moore and Nell A. Van Vorst of Nantucket, Mass. from Benjamin P. Moore of Nantucket, Mass. for $1 and Love and Affection. The property is assessed at $1,020,200. The land bank exemption is C.

5. Ahouse on 2.8 acres at 12 Margaret's Way sold to the Trustees of the Koch Family Margaret's Way Realty Trust of Nantucket, Mass. from Albin C. Koch and Harriet W. Koch of Pasadena, Calif. for $1. The property is assessed at $2,352,600. The land bank exemption is D.

2. Ahouse on 1.3 acres at 53 Tom Nevers Road sold to Margaret H. Blair of Islamorada, Fla. From John C. Giesea and Jamie A. Giesea of Avon, Conn. for $1,960,000. The property is assessed at $1,971,600. The land bank fee is $39,200.

6. Ahouse on 1.3 acres at 23 Sheep Pond Road sold to Sally E. Fogg, Trustee, The Sally E. Fogg Trust of Vernon, Conn. from Lyman B. Fogg and Sally E. Fogg of Vernon, Conn. for $1. The property is assessed at $997,200. The land bank exemption is D.

7. Ahouse on .74 of an acre at 86 Baxter Road sold to Clark W. Whittemore, Jr., Trustee of the CMW Trust u/d/t dated April 4, 2008, of Greenwich, Conn. from Clark W. Whittemore, Jr. of Greenwich, Conn. for $0. The property is assessed at $2,199,000. The land bank exemption is C.

8. Ahouse on .08 of an acre at 10 Lyon St. sold to Julie A. Strohmier and Mark A. Strohmier, trustees, of Nantucket, Mass. from Julie A. Strohmier and Mark A. Strohmier, trustees Lyon Street Realty Trust, of Nantucket, Mass. for $0. The property is assessed at $1,922,600. The land bank exemption is D.

9. Avacant lot on a portion of .57 of an acre at 56 Prospect St. sold to Donald M. Stewart - Trustee, DonaldM. Stewart & Isabel Carter Stewart, Trustee - Isabel Carter Stewart Trust of Chicago, Ill. from Battle Road Company, Inc. for $0. The property is assessed at $1,677,100. The land bank exemption is C.

10. Ahouse on 12 and 14 East Creek Road on .12 of an acre and 1.01 acres, respectively, sold to Rachel D. Rosen of Nantucket, Mass. from Michael B. Rosen of Nantucket, Mass. for $0. The properties are assessed at $900,900 and $771,500, respectively. The land bank exemption is C.

11. Ahouse on .42 of an acre at 7 Williams St. sold to Paul S. Pizzo of Middlefield, Conn. from Paul S. Pizzo and Cheryl A. Pizzo of Middlefield, Conn. for $0. The property is assessed at $868,500. The land bank exemption is C.

12. Ahouse on .19 of an acre at 1 Polliwog Pond Road sold to Jane Melville Freed of Nantucket, Mass. from Jane Melville Freed (f.k.a Jane M. Freed) and William J. Freed of Nantucket, Mass. for $0. The property is assessed at $1,028,100. The land bank exemption is K.

The Nantucket Islands Land Bank gained $136,900 in transfer tax fees for the week ending April 26. For 2008, the Land Bank gained an estimated total of $3,436,290.01 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.

NOTESONEXEMPTIONS 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.