The Martha’s Vineyard Land Bank reported revenues of $106,120 for the business week ending on Friday, June 20, 2014. The land bank receives its funds from a two per cent fee charged on many Vineyard real estate transactions.
Much of the land bank revenue last week came from the town of Tisbury, where three transactions resulted in $56,220. In Oak Bluffs, six eligible transactions yielded $31,680. And one transaction netted $18,220 in Chilmark. No eligible transactions were recorded in Aquinnah, Edgartown or West Tisbury.
Twelve years in the making, the complicated deal with the town, the land bank and the Howard B. Hillman family will create affordable housing, add conservation land and save a historic home in Chilmark.
Realtors on Martha's Vineyard and the Martha's Vineyard Land Bank are reporting that Island real estate sales are on the rise. For qualifying transactions, revenues per transaction from the last two years are also up.