The Martha’s Vineyard Land Bank has brought in over $2 million in two weeks — $623,960 for the week ending Oct. 8, and $1,544,570 for the week ending Oct. 15 — from real estate transfer fees, most of it from a $25 million property transaction in Chilmark.
“We have two weeks’ worth — very good weeks, exceptionally good this last week because of something that happened in Chilmark,” Sarah Thulin, chair of the Land Bank, said during Tuesday’s Zoom meeting of the Land Bank Commission.
The property at 146 Quenames Road was sold by Jared Stamell to Peter Levine and Samantha Smith. The 60 acres was valued at $18.7 million, according to assessors’ records.
Pamela Goff, Chilmark’s representative on the Land Bank, said the conservation commission reviewed plans for a house in the floodplain on the property, but that proposal was withdrawn after the conservation commission sought an expert to advise them. She said the property is located on the beach, and is adjacent to a Sheriff’s Meadow Foundation property near Wades Cove. The real estate listing states that the property features nine bedrooms and 10 bathrooms. “This Martha’s Vineyard estate offers multiple homes, including a new farmhouse, main house, and bunk house,” the listing states. “A private drive leads you past beautiful farmland, open fields, down past Quenames Pond and over the dune down to the sandy beach.”
The Chilmark property was the biggest sale of the past week, but it was not the only seven-figure purchase. There were also two sales of more than $10 million each in Edgartown.
Meanwhile, the Land Bank unanimously approved authorizing fiscal officer Cynthia Magsam Krauss to release an audit to bond trustees by the deadline later this month. The Land Bank Commission reviewed the audit on Monday, which indicates fee revenues of nearly $27 million in fiscal 2021, and an additional $139,741 in revenue, which executive director James Lengyel told commissioners is mostly donations.