Property Transfers
From the looks of the property transfers last week, it appears 2008 is off to a strong start. See property transfers below courtesy of the “Nantucket Independent”.
Dalton
PROPERTY TRANSFERS
Jan. 7, 2008 ~ Jan. 11, 2008
1. A house on 2.1 acres at 71 Pocomo Road sold to Waypoint, LLC, of
Newtown Square, Pa. from John R. Schwanbeck and R. Penelope Scheerer,
Trustees of 71 Pocomo Road Realty Trust of Nantucket, Mass. for
$8,600,000. The property is assessed at $7,947,500. The land bank fee
is $172,000.
2. A house on .45 of an acre at 64 Hulbert Ave. sold to HA Acquisition,
LLC, of London SW1VZNS, England from Sunset Realty Limited Partnership
of Rowayton, Conn. for $8,000,000. The property is assessed at
$4,819,100. The land bank fee is $160,000.
3. Ahouse on .44 of an acre at 31 Sankaty Road sold to Timothy Kelly of
New York City, N.Y. from R & D Realty Trust of Milton, Mass. for
$3,600,000. The property is assessed at $4,083,800. The land bank fee
is $72,000.
4. A building on .03 of an acre at 54 Main St. sold to ReMain 54, LLC,
of Nantucket, Mass. from Mary H. Beman of Nantucket, Mass. for
$3,200,000. The property is assessed at $2,912,600. The land bank fee
is $64,000.
5. Ahouse, Unit 2, on 2.09 acres at 9 Crow’s Nest Way sold to Douglas
H. Kennedy of Chappaqua, N.Y. from Colette M. Abbott, Nancy L. Zylstra
and Kara M. Busch of Vermillion, S.D. for $3,091,200. The property is
assessed at $4,096,500. The land bank fee is $61,824.
6. A house on 2 acres at 3 Maxey Pond Road sold to Penelope Sheerer and
John R. Schwanbeck of Nantucket, Mass. from Darlene Kerr of Syracuse,
N.Y. for $2,500,000. The property is assessed at $2,142,300. The land
bank fee is $50,000.
7. A house on 2.09 acres at 9 Crow’s Nest Way sold to Booya, LLC, c/o
Dmytro Fedkowskyj of New York City, N.Y. from Colette M. Abbott, Nancy
L. Zylstra and Kara M. Busch of Vermillion, S.D. for $1,738,800. The
property is assessed at $4,096,500. The land bank fee is $34,776.
8. A house on .22 of an acre at 98 Baxter Road (36% interest) sold to
Richard A. Savery of Sherborn, Mass. from Richard A. Savery, Trustee of
Bay Trust 2000 Nominee Trust of Sherborn, Mass. for
9. A condominium, Unit 3, at 14 Amelia Drive sold to Thomas Kelly of
Nantucket, Mass. from Dameano Nominee Trust of Nantucket, Mass. for
$490,000. The property is assessed at $941,000. The land bank fee is
$9,800.
10. A condominium, Unit 1 of 5B Pine Tree Road Condominium at 5B Pine
Tree Road sold to Nancy Tobias of Nantucket, Mass. from Roger Caruso of
Nantucket, Mass. for $395,000. The property’s assessed value is
unavailable. The land bank fee is $7,900.
11. A timeshare interval, Time Period 25, Unit A-5 in Building A at
Brant Point Courtyard Condominium on Swain Street sold to Michele M.
Becci of Doylestown, Pa. from Carolyn McCannon of Cambridge, Mass. for
$6,000. The property’s assessed value is unavailable. The land bank fee
is $120.
12. A house on .15 of an acre at 119 Main St. sold to Vanessa L. Green
of Littleton, Colo. from Burges M. Green of Littleton, Colo. for $10.
The property is assessed at $2,326,000. The land bank exemption is C.
13. Ahouse on .15 of an acre at 119 Main St. sold to Allison C. Green
of Littleton, Colo. from Burges M. Green of Littleton, Colo. for $10.
The property is assessed at $2,326,000. The land bank exemption is C.
14. A house on .15 of an acre at 14 Kittiwake Lane sold to Kathleen L.
Tracy of Boston, Mass. from Ernerst M. Haddad of Boston, Mass. for $0.
The property is assessed at $1,046,800. The land bank exemption is K.
15. Ahouse on .22 of an acre at 98 Baxter Road sold to Janice S. Savery
of Sherborn, Mass. from Richard A. Savery of Sherborn, Mass. for $0 The
property is assessed at $1,895,600. The land bank exemption is C.
16. A vacant lot on .34 of an acre at 3 Cobble Court sold to Karl
Ottison and Susan Ottison, Trustees of Random Winds Realty Trust of
Nantucket, Mass. from Susan F. Chase nka Susan Ottison of Nantucket,
Mass. for $0. The property is assessed at $517,700. The land bank
exemption is D.
17. Ahouse on .95 of an acre at 21 Boulevarde sold to Alfred E.
Kristensen and Mary Ellen Kristensen of Queensbury, N.Y. from Mary
Ellen Kristensen of Queensbury, N.Y. for $0. The property is assessed
at $1,520,000. The land bank exemption is C.
The Nantucket Islands Land Bank gained $657,177.61 in transfer tax fees
for the week ending Jan. 12. For 2008, the Land Bank gained an
estimated total of $998,157.61 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 two 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
