CPF Revenues Dramatically Down In Four East End Towns - 27 East

Real Estate News

Real Estate News / 1416248

CPF Revenues Dramatically Down In Four East End Towns

icon 1 Photo

author on Oct 24, 2011

Revenues for the Peconic Bay Community Preservation Fund (CPF) are significantly down for the third quarter in four out of the Five Towns, according to information provided by New York State Assemblyman Fred W. Thiele, Jr.

Last week, Mr. Thiele reported that though third quarter CPF totals for the Five Towns—East Hampton, Riverhead, Shelter Island, Southampton and Southold—were up slightly from those of the same period last year, $45.03 million for 2011 compared to $43.71 million for 2010, an approximate 3 percent increase, the only town that didn’t suffer a loss in revenue was Southampton. “Every town has experienced at least a double digit decline except for Southampton which has increased by 23.9 percent,” Mr. Thiele wrote in a press release issued on Tuesday, October 18.

In Southampton, CPF revenues rose approximately $6 million, from $24.57 million in third quarter 2010 to $30.45 million during the same quarter this year.

Shelter Island was hit the hardest, down from third quarter CPF dollars totalling $1 million from 2010 to just over $600,000 this year, resulting in a 39 percent decrease. East Hampton was next, with CPF dollars decreasing from $13.86 million in 2010 to $10.14 million in 2011, a nearly 27 percent decrease.

Riverhead CPF revenues decreased 10.6 percent, from $1.61 million collected in third quarter 2010 to $1.44 million collected in 2011. Southold CPF revenues decreased 10.2 percent, down from $2.66 million in third quarter 2010 to $2.39 million during the same period in 2011.

According to Mr. Thiele, CPF revenues are projected to be in the $60 million range for 2011.

You May Also Like:

Jennifer Ponzini Joins Saunders & Associates

Associate broker Jennifer Ponzini, who is licensed in both New York and Florida, has joined ... 19 Nov 2021 by Staff Writer

Parrish Pond Estate Sells For $6.2 Million

A Southampton estate in the Parrish Pond neighborhood with water views recently sold for $6.2 ... by Staff Writer

Sagaponack Traditional Sells Above Asking Price For$10.3 Million.

A Sagaponack traditional just a few doors down from Sagg Main Beach recently sold for ... by Staff Writer

Shinnecock Hills Bayfront Home Sells For $7.3 Million

A modern bayfront home in Shinnecock Hills recently sold for $7.32 million after seeking $8 ... by Staff Writer

Leos Lane Home Trades For $6.3 Million

A Southampton Village residence built in 2014 recently sold for $6.3 million, which is $1.5 ... by Staff Writer

Thiele: Concerns About Eligibility To Collect Advances For Seasonal Rentals Are Easily Remedied

The New York State Association of Realtors has raised concerns that some homeowners will not benefit from a new law that allows landlords to collect rent for the entire season upfront, but the legislation’s author explained Friday how landlords and municipalities can easily meet the law’s eligibility requirements. In September, Governor Kathy Hochul signed into law Assemblyman Fred W. Thiele Jr.’s legislation that clarifies that seasonal rentals are not subject to caps on collecting deposits and advance payments. A few requirements must be met in order for landlords to take advantage of that exemption. Tenants must occupy the rental unit ... 16 Nov 2021 by Brendan J. O’Reilly

Sagaponack’s ZIP Code Is Third Most Expensive In U.S.

Sagaponack’s 11962 is the third most expensive ZIP code in the United States, dropping one ... by Staff Writer

West End Road Residence By Roger Bullard Listed For $60M

An oceanfront residence in the Georgica section of East Hampton that was designed by the ... 15 Nov 2021 by Staff Writer

East Hampton Village Traditional Sells For $13 Million

An East Hampton Village residence just two blocks from Two Mile Hollow Beach recently sold ... by Staff Writer

OLA Receives $30,000 To Prevent Homelessness, Educate Tenants

An anonymous donor has given OLA of Eastern Long Island $30,000 to support the nonprofit organization’s efforts to prevent homelessness. The funding will enable OLA to continue its work on tenants’ rights education concerning evictions and landlord-tenant disputes. “The onset of the pandemic in early 2020 and the accompanying shutdown of many industries devastated the livelihoods of countless East End Latino immigrants,” stated an OLA release announcing the donation. “A year and a half later, these individuals and families are still struggling to make ends meet, relying on OLA for cash assistance with food and, in the most dire cases, ... 9 Nov 2021 by Staff Writer
logo

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
Send this to a friend