Real Estate News

Community Preservation Fund Revenue For January Is Up 132 Percent

1 Photo

January CPF Revenue

The Peconic Bay Community Preservation Fund raised $21.07 million across the East End in January 2021, a 132 percent increase compared to January 2020, according to the office of New York State Assemblyman Fred W. Thiele Jr.

The January 2021 haul is the second biggest for a single month in the history of the CPF. The record was set in December 2020, when the CPF raked in $21.31 million.

Each of the five East End towns maintains its own CPF, which is funded through a 2 percent tax on real estate transactions, so watching CPF revenue totals is one way to measure the state of the real estate market. The recent record-breaking activity for the CPF came as a result of the coronavirus pandemic, which bolstered Hamptons and North Fork home sales as Manhattan residents sought refuge.

Southampton’s share of CPF revenue in January was $13.02 million, a 172 percent year-over-year increase. East Hampton’s was $5.76 million, a 118 percent increase.

Over the last 12 months, the CPF has generated $151.4 million, and since its inception in 1999, the fund has generated $1.62 billion. The revenue may be used for open space preservation and water quality protection.

Hamptons Real Estate Pros Identify Changing Buyer Priorities

Not only have pandemic shutdowns and social distancing measures changed how the real estate business ... 19 Apr 2021 by Brendan J. O’Reilly

Norman Jaffe-Designed Contemporary Fronting Sams Creeks Sells For Nearly $10 Million

A Bridgehampton residence that the late renowned architect Norman Jaffe designed and once called home ... 17 Apr 2021 by Staff Writer

Fordune Villa Sells For $9.45 Million

A 12,000-square-foot villa on 2.5 acres that had belonged to Henry Ford II’s former 250-acre ... 13 Apr 2021 by Staff Writer

Number Of New Signed Contracts For Hamptons Single-Family Homes Up 263 Percent In March

Signed contracts for single-family homes in the Hamptons dwindled in March 2020 to just 48 as the COVID-19 pandemic emerged in New York State and shutdowns began, but one year later sales have not only bounced back, they have exceeded prepandemic numbers. The number of newly inked deals was up 263 percent in March, year-over year, to 174, according to The Elliman Report. The price point that showed the most improvement was between $5 million and $9.99 million, where sales shot up 600 percent from four to 28. The busiest segment of the market was between $1 million and $1.99 ... by Brendan J. O’Reilly

Fronting Kellis Pond, 11.5 Acres Sells For $18 Million

The 11.5-acre property at 9 Morgan Hill Way in Bridgehampton has 770 feet of frontage on Kellis Pond on its west side and a preserved farm field to its south — and it recently sold for $18 million. According to The Real Estate Report Inc., 9 Morgan Hill Way last changed hands in July 2018 for $14.95 million with a residence standing on it, but this time around, the property is vacant. A wetlands permit from November 2018 reveals that the then-owner, T Bridge Farm LLC, received permission to demolish the two-story dwelling, including the indoor pool and garage. However, ... 12 Apr 2021 by Staff Writer

Meadow Lane Property Sells For $20 Million Months After Selling For $16 Million

In October of last year, a Southampton Village oceanfront property at 1384 Meadow Lane changed hands for $16 million, and just last month, it traded again, this time for an even $20 million — a 25 percent increase in less than six months. The 3-acre property with 150 feet of shoreline to the south and views of Shinnecock Bay to the north was clearly purchased for the land when it found a buyer last year. The existing contemporary residence had just three bedrooms and three bathrooms, and the listing pitched the site as a redevelopment opportunity “with ample room for ... by Staff Writer