Community Preservation Fund Revenue Up 39 Percent In First Half Of 2020 - 27 East

Real Estate News

Real Estate News / 1713723

Community Preservation Fund Revenue Up 39 Percent In First Half Of 2020

icon 1 Photo
CPF Revenue For The First Half Of The Year

CPF Revenue For The First Half Of The Year

authorStaff Writer on Jul 21, 2020

The Peconic Bay Region Community Preservation Fund collected 39 percent more revenue in the first half of 2020 than the first half of last year, and the total also surpassed the first half of 2018.

The CPF levies a 2 percent tax on real estate transactions in the five East End towns, so CPF revenues are indicative of the state of the region’s housing market.

In the first six months of 2019, CPF revenue was down 23.8 percent compared to the same period a year earlier. Overall, 2019 was considered a weak year for Hamptons real estate sales, but toward the end, sales began to pick up.

Headed into 2020, the South Fork had one of the hottest winters for real estate sales seen in years. Then the coronavirus pandemic took hold in New York State. The economic shutdown initially dampened sales activity, but as it became clear that the pandemic would not be resolved quickly, there was a surge in contract signings for Hamptons home sales in May and June.

The CPF collected $53.3 million from January to June in 2020, compared to $38.2 million in the first half of 2019 and $50.2 million in the first half of 2018.

The Town of Southampton saw the biggest surge in CPF revenue, jumping 56.4 percent year-over-year to $32.2 million. In East Hampton, revenue rose 22.8 percent to $14.4 million.

East End-wide for the month of June, revenue was $7.9 million in 2019 and $8.8 million in 2020, a 12 percent increase.

You May Also Like:

New Southampton Estate Bought For $7.2 Million

A Southampton estate north of the village recently sold for $7.23 million, according to The ... 22 Sep 2020 by Staff Writer

Bridgehampton Traditional Fetches $11.2 Million

A 10,200-square-foot traditional home in Bridgehampton by three top talents recently sold for $11.2 million. ... 21 Sep 2020 by Staff Writer

Three Big Summer Sales In Water Mill

Three big sales in Water Mill that closed over the summer were reported this week, ... 18 Sep 2020 by Staff Writer

Dawn Watson Joins Enzo Morabito Team

Westhampton Beach resident Dawn Watson, an East End journalist and a former Douglas Elliman senior ... by Staff Writer

Parsonage Lane Estate Sells For $23.5 Million

A 7.37-acre Sagaponack Village estate recently sold for $23.5 million, according to The Real Estate Report Inc., in one of the biggest transactions to happen on the South Fork this year to date. The estate at 232 Parsonage Lane abuts 100 acres of reserves and includes a main residence, a pool house, a carriage house, and a 250-year-old barn. The gated entry opens to a tree-lined driveway leading to a pea-gravel motor court. Michael Davis Construction built the 11,000-square-foot main residence in 2010, with interiors by Alexa Hampton. It has eight bedrooms, eight full bathrooms and three half-baths, and a ... by Staff Writer

Wyandanch Lane Pondfront Sells For Nearly $10 Million

A Southampton Village estate section property that was on the market for the first time ... 14 Sep 2020 by Brendan J. OReilly

Habitat For Humanity Home To Be Built For Springs First Responders

A pair of Springs volunteer first responders will get to stay in the area and ... by Brendan J. OReilly

North Haven ZBA Rejects Variances For Baum’s ‘Lighthouse’ Rebuild

By Peter Boody In a rare split vote, the North Haven Village Zoning Board of ... by Peter Boody

Southampton Town Housing Survey Deadline Extended To September 30

The deadline to answer the Town of Southampton’s online housing survey has been extended 15 days to September 30 to give more people the chance to respond. So far, 2,200 people have participated, according to the town. Southampton Town is working with VHB Engineering Consultants to create a townwide housing plan to update the town’s Comprehensive Plan, and they are seeking community input on housing priorities. “This informational survey will allow everyone who works or lives in the town, and those who did not get a chance to participate in the forums, to share their thoughts and ideas,” Diana Weir, ... 11 Sep 2020 by Staff Writer

Suffolk Federal Offers Virtual First-Time Homebuyer Seminar

Suffolk Federal Credit Union is offering a free virtual first-time homebuyer seminar this month, in both English and Spanish, as an alternative to traditional on-site workshops. The English-language seminar will take place on Tuesday, September 22, and the Spanish-language version will follow on Wednesday, September 23. The start time both days is 6 p.m. and the seminar is an hour long. The seminar is designed to prepare prospective homebuyers to manage the process with confidence, providing an abundance of information, focused on minimizing stress, according to Suffolk Federal. “By adapting to a virtual delivery, we are able to support our ... by Brendan J. OReilly

Welcome to our new website!

To see what’s new, click “Start the Tour” to take a tour.

We welcome your feedback. Please click the
“contact/advertise” link in the menu bar to email us.

Start the Tour
Landscape view not supported