The Peconic Bay Community Preservation Fund took in 22 percent less revenue this January compared to the same month a year prior.
January 2017 revenue amounted to $6.94 million, compared to $8.92 million in January 2016.
“Real estate sales on the East End have plateaued since reaching a record high in 2014,” said New York State Assemblyman Fred W. Thiele Jr. “CPF revenues in 2016 were 13 percent lower than the program’s highest year in 2014, declining by about 7 percent a year over the last two years. The first month of 2017 continues that trend. Revenues are substantially lower than a year ago. The decline is most pronounced on the South Fork.”
East Hampton Town saw the largest dip, down 30.8 percent, from $2.92 million to $2.02 million. Southampton Town declined 22.8 percent, from $5.14 million to $3.97 million.
27east on Feb 27, 2017