Real Estate News

Community Preservation Fund Revenue In 2020 Is All-Time High

Peconic Bay Region Community Preservation Fund revenue continued to amass at a record pace in November, as the five East End towns collected $15.5 million during the month, bringing the total haul for the first 11 months of 2020 up to $118.11 million — more than any full year in the history of the program founded in 1999.

Revenue was 70.5 percent higher than the same months in 2019, noted New York State Assemblyman Fred W. Thiele Jr., and November 2020’s $15.5 million total was the second-best month ever, behind October 2020’s $17.93 million. In November 2019, revenue was just $5.95 million.

The previous record year for CPF revenue was 2014, when $107.69 million was added to town coffers.

Each of the five East End towns manages its own CPF, which is funded through a 2 percent tax on real estate transfers. When the real estate market is hot — as it has been on both the South Fork and the North Fork during the pandemic — CPF revenues go up, too, giving the towns more money to spend on open space preservation and water quality.

Southampton Town had the greatest year-over-year gains. There, revenue through November was up 85.7 percent in 2020, to $68.69 million. In East Hampton, revenue rose 66 percent to $34.69 million.

‘Sugar Cube House’ Sells With Last Asking Price Of $12 Million

Designed by renowned architect and interior designer Daniel Romualdez, a Southampton Village residence known as ... 2 Mar 2021 by Staff Writer

Community Preservation Fund Revenue For January Is Up 132 Percent

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 ... by Staff Writer

Francis Fleetwood-Designed Home In Georgica Sells For $9 Million

A residence by architect Francis Fleetwood in the Georgica section of East Hampton Village recently ... by Staff Writer

State Budget Proposal Would Apply Sales Tax To Vacation Rentals

Governor Andrew Cuomo’s proposed New York State budget calls for subjecting vacation rentals to the same state sales tax that applies to stays in hotels. If the measure is adopted, any rental on the South Fork for a period of fewer than 90 days will be costlier starting September 1. The bill aims to raise additional revenue for the cash-strapped state amid the pandemic and to level the playing field between hotels and vacation rental marketplaces, such as Airbnb and Vrbo. It is expected to raise $10 million in fiscal year 2022, which begins April 1, 2021, and then $18 ... 22 Feb 2021 by Brendan J. OReilly