Two Inns sell for $45M; Saving Fish Stocks; Sanguine Outlook at Island Future

Two Island Landmarks
 Two island landmarks, Harbor View Hotel and the Kelley House, sold this week for a total of $45 million, see story below.


gazette1 Martha's Vineyard NEWS, December 29, 2006

Year 2006 Comes to End with Sanguine Outlook for Island of the Future
Fed-up with petty internal politics, Dukes County voters this fall decided to take another look at the structure of their regional government. Hoping to prevent another divisive land use dispute, town and tribal leaders in Aquinnah spent months negotiating a potential peace accord. And with a solid financial footing, Martha's Vineyard Hospital trustees closed the year by securing approval for a new state-of-the-art facility and signing an affiliation agreement with the largest hospital group in the state.

Median Home Prices Fall on Vineyard as Real Estate Market Begins to Stall
The price of the typical home on Martha's Vineyard fell for the first time in six years in 2006, as buyers left the market and sales figures dropped by nearly 30 per cent.

Committee Plans Refurbishment at Old Pay Beach in Oak Bluffs
paybeach1897_400As a familiar stretch of Oak Bluffs waterfront continues its winter hibernation, the sand unblemished by human footprints or children's sand castles, plans are underway to breathe new life into what was once one of the busiest beaches on the Island.   Many still call this stretch of sand - which runs from the Inkwell beach to the Steamship Authority terminal - the pay beach, a reference to a bygone era when visitors placed a nickel in the turnstile along Sea View avenue in order to access the sandy haven below. At the time, the beach boasted public rest rooms, lockers, showers, a large concession stand and piers and rafts in the water.

Law Aims to Save Atlantic Fish Stocks
In the final hours of Congress early this month, legislators agreed to vote in a new federal fishery management for the years ahead.

Harbor View and Kelley House Conclude Sale at $45.1 Million
A Nantucket-based investment group closed on a deal last week to buy the Harbor View Hotel and Kelley House properties in Edgartown; total sale price was $45.1 million. The sale provided a tidy windfall for the Martha's Vineyard Land Bank, netting the agency just over $900,000 in fees. The sale closed Dec. 20 with four separate transactions. Scout Real Estate Capital LLC purchased the turn-of-the-century Harbor View Hotel for $32.5 million and the Kelley House pub and inn complex for $12.6 million. 

Read the rest of the Gazette here

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