CPF Revenue In April Matched Last Year - 27 East

Real Estate News

Real Estate News / 1701653

CPF Revenue In April Matched Last Year

icon 1 Photo
CPF revenue for the first four months of the year.

CPF revenue for the first four months of the year.

authorStaff Writer on May 23, 2020

Community Preservation Fund revenue in April was on par with the same month a year ago, despite restrictions that were put on the real estate industry to enforce social distancing.

Governor Andrew Cuomo’s New York on PAUSE executive order has prohibited in-person real estate showings since March 23, but closings for home sales that were already in motion have continued remotely.

Revenue in the first quarter was up 86.9 percent across the East End compared to 2019, setting a record for the biggest first-quarter haul in the 22-year history of the CPF, which is funded through a 2-percent tax on most real estate transactions. According to data released by the office of New York State Assemblyman Fred W. Thiele Jr., April 2020 revenues totaled $7.4 million, matching April 2019.

“Despite the institution of NY PAUSE in mid-March, CPF revenues were strong for the month of April and virtually identical to last April,” Mr. Thiele said in a statement. “Clearly, real estate activity has continued across the East End over the past month. Revenues will need to be monitored closely in the coming months during this very volatile economic time.”

In the first four months of 2020, Southampton Town has seen CPF revenue nearly double, up 93.9 percent to $23.31 million. In East Hampton Town, revenue is up 18.7 percent to $9.97 million.

Home sales are permitted to continue via virtual showings only under the New York on PAUSE order.

You May Also Like:

Quail Ridge Residents Scramble After Apartments Are Purchased for Redevelopment | 27Speaks Podcast

The tenants of Quail Ridge — the two dozen studio and one-bedroom apartments spread over ... 3 Jul 2025 by 27Speaks

Water Mill Property Where Hal Buckner and Dorothy Lichtenstein Left Their Marks Is for Sale

A Water Mill property that hosts a former dairy barn turned artist’s studio and a ... 30 Jun 2025 by Brendan J. O’Reilly

Sundays on the Bay Hits the Market

Sundays on the Bay restaurant and marina on Dune Road in Hampton Bays has hit ... 29 Jun 2025 by Staff Writer

Hamptons Rental Market Remains Alive and Well

To paraphrase Mark Twain, reports of the demise of the Hamptons summer-rental market are greatly exaggerated. “Any hint that the Hamptons rental market is anything but robust is completely wrong,” said Corcoran associate broker Gary DePersia in East Hampton. An interesting dynamic is stirring in the Hamptons vacation-rental market. Although there has been an unprecedented rise in short-term rentals and the aftershocks of the COVID-19 pandemic linger, it has been a bumper crop year for Wall Street, interest rates have remained steady and a new breed of demanding customer is emerging. Despite it all, the Hamptons vacation-rental market remains as ... 19 Jun 2025 by Joseph Finora

Jon Vaccari Joins Noble Black & Partners at Douglas Elliman

Jon Vaccari, a longtime resident of Sag Harbor, has joined Noble Black & Partners at ... 18 Jun 2025 by Staff Writer

Appeals Court Sides With Landowner Over Southampton Village ZBA

Southampton Village has lost an appeal that sought to reinstate a Zoning Board of Appeals ... 12 Jun 2025 by Brendan J. O’Reilly

Last Parcel of Startop Ranch in Montauk Sells

The last plot of land at Startop Ranch in Montauk, 107 Startop Drive, has sold ... by Staff Writer

Hamptons Real Estate Roundtable, Memorial Day Weekend 2025 Edition

With Memorial Day weekend about to kick the Hamptons into high season, The Express News ... 22 May 2025 by Moderated by Brendan J. O’Reilly

Au-Delà Real Estate Vows To Go 'Beyond'

Au-Delà Real Estate, a new boutique real estate firm based in East Hampton, is now ... 20 May 2025 by Brendan J. O’Reilly

AI Helps Rental Seekers Find Homes That Match Their Aesthetic Preferences

Consumers increasingly have an expectation of superior, more personalized service based on their own particular ... by Steven Loeb