{"id":525,"date":"2012-05-14T09:41:47","date_gmt":"2012-05-14T14:41:47","guid":{"rendered":"http:\/\/new.jpfco.com\/dir\/?p=525"},"modified":"2013-07-23T12:43:06","modified_gmt":"2013-07-23T12:43:06","slug":"2-for-what","status":"publish","type":"post","link":"https:\/\/www.jpfco.com\/dir\/2-for-what\/","title":{"rendered":"2% for what?!"},"content":{"rendered":"

For all arm length real estate transactions on Nantucket, there is a 2% transfer fee typically paid by the Buyer at closing. The 2% transfer fee is called the Land Bank fee because the Land Bank collects the revenue from this fee. The yearly revenue can get up there-think when there was $1b worth of transactions, that’s $20mm to the Land Bank!<\/p>\n

The Nantucket Land Bank is the first program of its kind and was adopted by the voters of Nantucket, and established by a special act of the Massachusetts Legislature in 1983. To this day, the Land Bank has acquired over 2,400 acres of land which it maintains and has made open to the public. Considering the size of Nantucket, that’s a lot of land (what’s amazing though, is that number pales in comparison to the amount of land acquired by the Nantucket Conservation Foundation-over 8,300 acres!).<\/p>\n

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Although the 2% fee can hurt when you have to pay it, understand that you are literally changing the dynamics of the marketplace to your benefit-you are helping fund a reduction of supply of marketable property. For example, if there are only ten Nantucket baskets left on Island and you pay $1,000 for one of them, then the Nantucket Basket Museum buys five of them to be forever preserved and owned by the Nantucket Basket Museum (meaning there are only five baskets left in the marketplace), your one basket is now probably going to be worth more than $1,000. In the long-run, Econ. 101 tells us that Nantucket real estate is a great investment!<\/p>\n

Also, the Land Bank is a sophisticated buyer always on the lookout for good buys. It just closed on Skinner’s Golf Course, the country’s oldest, active golf course-66 acres for $8.7mm-not bad considering 68 acres in Polpis will cost you $59mm!<\/p>\n

Thanks to amazing groups like the Conservation Foundation and the Land Bank, Nantucket is nearly 60% conservation or “protected” land with wonderful views and walking trails throughout. Thank you 2% Land Bank fee!!!<\/p>\n","protected":false},"excerpt":{"rendered":"

For all arm length real estate transactions on Nantucket, there is a 2% transfer fee typically paid by the Buyer at closing. The 2% transfer…<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-525","post","type-post","status-publish","format-standard","hentry","category-real-estate-news"],"_links":{"self":[{"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/posts\/525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/comments?post=525"}],"version-history":[{"count":0,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/posts\/525\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/media?parent=525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/categories?post=525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/tags?post=525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}