Thiele: Slowed East End Contract Activity Yet to Show Itself in CPF Figures

347 Jobs Lane, Bridgehampton
Big sales, like 347 Jobs Lane in Bridgehampton, which traded at $24.995 million in June, have helped to significantly bump up the Community Preservation Fund figures in 2021.
Erik M. Davidowicz/Courtesy of Brown Harris Stevens

Peconic Bay Community Preservation revenues are already nearly 115% higher than last year, according to the latest data from Assemblyman Fred W. Thiele Jr., the architect of the program.

Thiele reported that the revenues for the first seven months of 2021 totals $131.29 million. The same period in 2020 produced $61.1 million — so that’s 114.8% more than a year ago.

“Revenues for the CPF continue to reflect the significant increase in real estate activity on the East End since the advent of the COVID-19 pandemic,” Thiele explains in a statement issued on Wednesday, August 25. “This marks the 12th straight month that revenues have exceeded $10 million per month. The last 10 months have all exceeded $15 million per month.”

In July alone, the fund took in $17.78 million, whereas in July 2020, $7.82 million was collected.

Thiele acknowledges that it has been reported that new contract activity has slowed recently from pandemic highs “because of declining inventory, rising prices and the end of emergency pandemic measures.” But, he says, “This is yet to be reflected in these revenue numbers but should be anticipated in coming months.”

In the last 12 months, the CPF has generated $209.6 million.

Since the fund was created in 1999, it has generated $1.732 billion.

Though small, the Town of Shelter Island has seen the biggest jump — 168.6% — from $1.02 million in the first seven months of 2020 to $2.74 million so far this year.

The Town of East Hampton continues to see the sharpest increase year over year. In the first seven months of 2020, the town took in $17.26 million in revenue. This year so far, it has taken in $44.68 million, a 158.9% increase.

Over in the Town of Southampton, revenues bumped up 99.2% from $36.47 million to $72.64 million.

The North Fork, where inventory has been at record lows at times, still saw increases. So far this year, Southold Town has taken in $7.47 million, while it took in $3.95 million in the first seven months of 2020 — an 89.1% increase. The Town of Riverhead saw the lowest increase — 56.3% — from $2.4 million to $3.75 million.

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