Preserving Our History And The Magic That Is Martha's Vineyard

The other day I was reviewing my information about the environmentally sensitive areas down Island and the restrictions those areas impose upon the ability to build a home. That led me to thinking about our devoted and determined conservation groups like the Martha’s Vineyard Land Bank, the Sheriff’s Meadow Foundation, the Trustees of Reservations, The Nature Conservancy, and the Vineyard Open Land Foundation.

There are two primary roads on the Island that I would still consider to be untouched and basically the same as they were 100 years ago. One is Middle Road and the other is the road I live on, Lambert’s Cove Road. In the mid-90’s I brokered a sale to The Nature Conservancy of a 103 acre estate known as the John Hoft Farm.

I was thrilled that TNC agreed to save this ecological one-of-a-kind property from possible development. The property includes meadows and peat bogs as well as woodland areas where rare flora and fauna thrive. The TNC Hoft Farm connects with properties owned by the MV Land Bank and VOLF.

VOLF, the Vineyard Open Land Foundation, under the tireless direction of Carol Magee has been working with little sleep and even less funding to reestablish one of the original cranberry bogs on the Island that happens to be located right on Lambert’s Cove Road just below the Wakeman Center and Cranberry Acres.

Every summer I have watched with fascinated interest while teams of volunteers labor in the hot sun hunched over plucking invasive weeds of all kinds out of the sandy soil. And all the time that hand labor is going on the original cranberry processing shed built in the 1800’s progressively sags and seems to be folding in upon itself as the ridge beam disintegrates.

VOLF’s plan is to resurrect the cranberry bog and harvest the berries as well as to restore the original cranberry processing shed, move their offices there and establish a museum to house all the artifacts representing an Island industry from days gone by. They already have architectural drawings from a well respected Island architect who cut his fees to assist with the project. What they are missing is money. Right now they are getting by on about $20,000 a year but they will need a lot more than that in order to see this dream come to life.

If you want to know what you can do to contribute to the Island you love, I suggest this could be one of the ways to keep your dream alive and pay forward what this Island gives you.

Martha's Vineyard First-Time Home Buyers See Continued Signs of Assistance and Relief

According to an article in the WSJ this week, the Senate has reached a compromise aimed at continuing assistance to first-time home buyers in the form of a tax credit. The agreement still has to pass the full Senate and the House but if it is approved it will extend the existing $8,000 tax credit for first-time homebuyers as well as add a new credit of up to $6,500 for some existing homeowners. The reduced credit would be available to all homebuyers who have been in their current residence for a consecutive five-year period in the past eight years.

Housing-industry sources in Washington are saying the qualifying income limits will be raised to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000. Should this new agreement become law, buyers must have executed sales agreements by April 30, and be able to close escrow by June 30, 2010.

On Martha’s Vineyard, in an effort to stimulate home sales to first-time home buyers, the Martha’s Vineyard Land Bank has increased the credit amount of the “M” Exemption. The “M” Exemption is a credit given only to eligible first-time home buyers toward the Land Bank Fee of 2% of the purchase price of real estate on Martha’s Vineyard.

Prior to September 1, 2004, the “M” exemption was $100,000 and in order to qualify all parties on the deed may not have ever owned real property at any time, not just on Martha’s Vineyard but anywhere. Subsequently, it was increased to $300,000 and the exemption was available to first-time purchasers of real estate who will domicile on the property within two years and hold the property for at least five years from the date of transfer. In the case of spouses, either spouse can have owned or possessed an interest in real property prior to the time of purchase, but not both spouses. As of October 27, 2009, per a recent amendment to the land bank law, first time purchasers may now claim a $400,000 "M" exemption. All of the other requirements of the "M" exemption are unchanged.

To learn more about the Martha’s Vineyard Land Bank please follow this link > What is the Martha's Vineyard Land Bank?