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C.P.F. Revenues Plummet

Wed, 08/28/2019 - 13:06

In July, for the seventh month in a row, revenues for the Peconic Bay Region Community Preservation Fund were down from the same period last year. Thus far in 2019, $46.8 million has been collected, compared to $60.36 million in 2018, Assemblyman Fred W. Thiele Jr. announced on Monday.

The preservation fund, which provides money for land preservation and water quality improvement, receives the proceeds of a 2-percent real estate transfer tax in the five East End towns: East Hampton, Southampton, Shelter Island, Southold, and Riverhead.

In East Hampton, revenue for the first seven months was down by 32 percent, the steepest decline of South Fork towns. Southampton’s revenue was down by just over 20 percent, and Riverhead’s by nearly 34 percent. Shelter Island’s revenue was up 26.1 percent, and Southold’s increased by 3 percent.

According to a report by Saunders Realty, several hamlets in East Hampton Town had precipitous declines in home sales in the first half of the year.

Only four houses in Wainscott sold during that time, as compared to 13 last year, a decrease of 69 percent. In Springs, there was a 56-percent decline in sales. For homes priced under $1 million in Springs, sales fell by 61 percent. Twenty-two have sold thus far this year, compared to 56 last year.

Sales were down 33 percent in East Hampton Village, and 24 percent in Amagansett. The lone bright spot in East Hampton Town was Montauk, which had an 18-percent increase in home sales compared to last year. J.B.

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