East End Real Estate Is Back! Community Preservation Fund Revenue Soars

Assemblyman Fred W. Thiele, Jr. (I-Sag Harbor) today, June 26, reported that revenues for the Peconic Bay Community Preservation Fund (CPF) for the first five months of 2013 produced revenue of $36.38 million. A year ago, $23.95 million was collected for the same period. This represents a 51.9 percent increase from last year.

The number of transactions for the first five months of 2013 was 3,477 compared with 2,488 a year ago. Since its inception on 1999, the Peconic Bay Regional Community Preservation Fund has generated $825.68 million. The CPF is on target to generate $80 to $85 million for 2013, the highest since 2007. All East End real estate transactions include a 2 percent transfer tax, which raises capital for land preservation through the CPF.

“It is clear that we are seeing a substantial uptick in real estate activity on the East End. This looks to be the most robust year for the CPF since 2007, before the Great Recession. Thus far, activity in 2013 is building upon the upward trend that began in 2012. In particular, the South Fork and Shelter Island have shown the greatest increases.”

Below are revenues by Town for the first five months of 2013 compared with 2012.

      2012($)              2013($)           % increase

East Hampton               7.47m              11.55m            +54.60%

Riverhead                      0.69m              0.84m             +21.7%

Shelter Island                0.26m              0.98m             +277%

Southampton                14.22m            21.67m            +52.3%

Southold                        1.31m              1.33m               +1.5%    

Total                             $23.95m          $36.38m            +51.9%

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