Striper Talk Striped Bass Fishing, Surfcasting, Boating - View Single Post - 2 houses on the vineyard 4-sale

Mr. Sandman · 01-05-2007, 08:46 AM

Now that Bronko brought it up...The Land Bank fee is painfull. I remember writing the check for this, I could have bought a new BMW or a pretty nice boat with that money. You will have to shell out 2% of the purchase price of your new property on Martha's Vineyard in the form of a fee, not a tax, due at the time of closing. You can't morgage this. There is no deduction you can take. There is no way around this either. It could be worse; you could buy a property on Nantucket and pay 4% of the purchase price. The Land Bank came into existence in 1986 during the building boom --- to preserve as much of the pastoral and seaside beauty of Martha's Vineyard for public use as possible. Personally I hate the land bank because there is no end to it. In the limit, they will own everything and the place will become another nomans island. It is just a matter of time. The amount of $ they collect each week is mindboggling. It is reported each week in the paper. During the last week in Dec this year they collected 1.1 mil. Not bad for a weeks pay eh? They buy up land with this $. IMO this in turn drives up the cost. The good part is they allow public access to it. This means you can park your car and get shore access on many of their properties. They have a good map of where they are. A good fishermen would get one of these as part of his due-diligence. They happen to have a few good properties with good fishing. Is it worth the fee? Probably not. I would rather just have all the beaches be open to the public.

They were also pushing for a 1% back end fee as well to support affordable housing. I think it passed but I am not sure, this is paid by the seller at the time of closing.

Ttile V can be an issue esp on older property's. It might run you some serious coin to upgrade your septic. The seller generally will not pay for this but depending on the market I suppose you could apply some pressure.

Homeowners ins. Good luck on that one. Figure about 2500- 3500 per year for that property in todays market if you can get it at all. I asked the agent what does it cost for these big houses right on the water? Her reply was...Honeslty, you cant buy it for a lot of places. They have the resourses to self-insure.

I would not count on rental income. There are a ton of houses for rent here, esp in the off season. Everyone who bought a summer home wants to rent it when they are not here, hence there is a glut of rentals. The only ripe time to rent your home is exactly when YOU want to use it. For the last 2 years..less then half of the homes that were available for rent were actually rented.

My advice is rent, do not own unless you plan to live here year round. You can haggle rent down pretty low these days and avoid all the costly bs.

01-05-2007, 08:46 AM	#50
Mr. Sandman Registered User iTrader: (0) Join Date: Sep 2001 Posts: 7,649	Now that Bronko brought it up...The Land Bank fee is painfull. I remember writing the check for this, I could have bought a new BMW or a pretty nice boat with that money. You will have to shell out 2% of the purchase price of your new property on Martha's Vineyard in the form of a fee, not a tax, due at the time of closing. You can't morgage this. There is no deduction you can take. There is no way around this either. It could be worse; you could buy a property on Nantucket and pay 4% of the purchase price. The Land Bank came into existence in 1986 during the building boom --- to preserve as much of the pastoral and seaside beauty of Martha's Vineyard for public use as possible. Personally I hate the land bank because there is no end to it. In the limit, they will own everything and the place will become another nomans island. It is just a matter of time. The amount of $ they collect each week is mindboggling. It is reported each week in the paper. During the last week in Dec this year they collected 1.1 mil. Not bad for a weeks pay eh? They buy up land with this $. IMO this in turn drives up the cost. The good part is they allow public access to it. This means you can park your car and get shore access on many of their properties. They have a good map of where they are. A good fishermen would get one of these as part of his due-diligence. They happen to have a few good properties with good fishing. Is it worth the fee? Probably not. I would rather just have all the beaches be open to the public. They were also pushing for a 1% back end fee as well to support affordable housing. I think it passed but I am not sure, this is paid by the seller at the time of closing. Ttile V can be an issue esp on older property's. It might run you some serious coin to upgrade your septic. The seller generally will not pay for this but depending on the market I suppose you could apply some pressure. Homeowners ins. Good luck on that one. Figure about 2500- 3500 per year for that property in todays market if you can get it at all. I asked the agent what does it cost for these big houses right on the water? Her reply was...Honeslty, you cant buy it for a lot of places. They have the resourses to self-insure. I would not count on rental income. There are a ton of houses for rent here, esp in the off season. Everyone who bought a summer home wants to rent it when they are not here, hence there is a glut of rentals. The only ripe time to rent your home is exactly when YOU want to use it. For the last 2 years..less then half of the homes that were available for rent were actually rented. My advice is rent, do not own unless you plan to live here year round. You can haggle rent down pretty low these days and avoid all the costly bs.