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Nantucket Insights by Brent
Figures are as reported in the Land Bank's 2023 annual report. Adapted from my original piece, Nantucket's Land Bank: Success Defined, January 2023.
If you own or want to own on Nantucket, the Land Bank is part of your story. It is funded by donations and a 2 percent surcharge on real estate transfers, and it buys and cares for beaches, wetlands, forests, farms and other open land. Its 2023 annual report listed 3,442 acres owned, with another 503.4 acres protected by conservation restrictions.
When I wrote the original piece, I put three questions to the Land Bank's leadership: how it will stay true to its mission as the island changes, whether it could play a role in affordable housing, and whether it would ever pursue de-development, converting built property back to conservation land.
Conservation protects much of what makes Nantucket special, and the Land Bank has been a major part of that. As with any well-funded public body, clear and measurable goals can help residents see how conservation, year-round housing and the local economy fit together, and how progress is tracked over time.
My advice to buyers and owners is to stay curious and involved. Ask questions, read the annual reports and attend meetings.
This is educational commentary. For how the surcharge affects a specific transaction, please consult your attorney or CPA.
Keep reading: Is now a good time to buy?, Coastal erosion and flood maps, and the latest market insights. Questions about how conservation shapes the neighborhoods you are considering? Let's talk it through.