Land Trust has another six-figure transfer fee month
11/13/10 — The Land Trust took in more than $120,000 in property transfer fees in October, which increased its operating account to $661,905. The October fees came from four major sales amounting to $4,837,101.
This is the second month in a row the group has taken in more than $100,000, bringing its 2011 fiscal year-to-date revenue from transfer fees to above $400,000.
In all of fiscal 2009 the Land Trust took in only $482,677 in transfer fees, while in fiscal 2010 it made $1,004,040.
Land Trust member Barbara MacMullan said the increase in transfer fee revenue “measures how much real estate has rebounded.”
The Land Trust receives a three percent fee on all property transfers.
The trust also received a report on its 2010 audit, which was accepted as part of the general town audit at the Town Council’s meeting last week. While the audit showed that the Land Trust was in good financial shape, MacMullan pointed out that its operating account was only insured up to $250,000, though it now stands at over $600,000.
The trustees decided the money should remain in Bank of America and be collateralized to protect the $410,000 that exceeds the currently insured $250,000.
The trust reaffirmed its policy of not disclosing “confidential attorney-client work product.” The discussion was in response to a recent decision to not allow deer hunting on Land Trust property, where the members cited advice from its attorney. The Deer Task Force requested full disclosure of the attorney’s opinion, which the trust decided would not be appropriate.
The Land Trust asked Ocean View Foundation Director Kim Gaffett to post a sign on the Ocean View property warning of the dangerous condition of the former hotel’s foundation walls. The trust will also ask Town Manager Nancy Dodge to look into a situation with a stonewall near Fresh Pond that is in danger of falling.
The trustees congratulated Harold Hatfield III, Barbara Michel and MacMullan on their re-election to the Land Trust. Hatfield has served four years on the Land Trust, Michel has served eight years and MacMullan has served 12 years.
October 2010 property transfers
• October 4: Federal Home Loan Mortgage Corp. to Edward Y. Moon and Maureen E. Sullivan. Plat 19, Lot 2-20. Condominium on West Side Road. $287,000.
• October 14: Lawrence A. Gross and Rose Kuo to Peter Thorne and Katherine Gross. Plat 9, Lot 14. Residential dwelling on Sands Pond Road. $550,000.
• October 19: Peter J. Swenton, Jr. to Kip and Donna Dolphin. Plat 11, Lot 58. Residential dwelling on Lakeside Drive. $850,000.
• October 22: Robin K. McManus to William H. and Debra Cary, Plat 04, Lot 6-7. Residential dwelling off Corn Neck Road. $3,150,000.