Community Preservation Fund’s January Revenues Jump 131.5 Percent Over Last Year

Shelter Island saw the biggest spike in revenues for the Community Preservation Fund in January, as compared to last year. Sales, like the one 169 Ram Island Drive for $2.58 million, helped.
Courtesy of Saunders & Associates

Real estate transactions for the first month of 2021 kept up the pace with what has been an extremely busy time during the COVID-19 pandemic, evidenced by the Peconic Bay Community Preservation Fund.

The CPF produced $21.07 million in revenue for the Peconic Bay Region during January, up 131.5% as compared to the same month one year earlier, when only $9.1 million was produced—but of course, that was pre-pandemic.

“The $21.1 million is the second largest monthly revenue figure in the history of the program. The largest was December 2020, the previous month, when $21.3 million was generated,” Thiele explained in a statement.

Still, not every town on the East End saw a jump. The Town of Southold, saw a small dip, taking in 15.6% less in January 2021 than it had in January 2020. The town’s CPF received $920,000 versus $1.09 million one year earlier.

The demand for homes on the North Fork is still there, but a lack of inventory is to blame for the falling numbers, according to Judi Desiderio, the CEO of Town & Country Real Estate. “Currently on the entire North Fork there’s less than 100 homes on the market. Just a few years ago there were over 500 regularly. Prices have risen but not to adverse levels,” she said.

In January, the Town of Shelter Island saw the biggest jump—837.8% to be exact—taking in $750,000 as compared with $80,000 one year earlier.

The Town of Southampton received $13.02 million in Community Preservation Funds, a 172.4% jump from January 2020 when it received $4.78 million. East Hampton Town also saw a hearty increase, from $2.64 million to $5.76 million, a 118.2% uptick.

Riverhead Town saw the small increase, just 15.7%, from $510,000 to $620,000 month over month.

As of the end of January 2021, the fund generated $151.4 million in the last 12 months.

Since its creation in 1999, the fund has generated $1.62 billion for the five East End Town.

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