Shelter Island lags in preservation funds
Shelter Island income from the Community Preservation Fund in February is down from the same month last year. Shelter Island showed a 29.4 percent decrease for February or revenue of $360,000, compared with $510,000 for the same month in 2014.
In Riverhead, the CPF funds were down by 18 percent, bringing in $360,000 in February compared with $440,000 for same month in 2014.
The CPF is funded by a real estate tax on buyers of property.
The other three East End towns — Southold, Southampton and East Hampton — all received an increase in CPF funds this February.
The numbers were released by Assemblyman Fred Thiele Jr. (I-Sag Harbor), who pointed out that year-to-date numbers are better, reflecting a 4.9 percent increase in all five East End towns — from $14.6 million last year to $15.32 million this year.
East Hampton showed the largest increase, 14 percent or $4.2 million this February as compared with $3.7 million last year. Southold showed a 15 percent increase this February, receiving $680,000 this February as compared with $590,000 last year. Southampton was up by 3.5 percent or $9.7 million this year as compared with $9.4 million last February.
Last year, Shelter Island lagged behind the other four East End towns until the fourth quarter when a lot of sales local real estate professionals said were in the pipe line closed.
This year, the local real estate professionals have spoken about a lack of listings and have aggressively been advertising for those considering selling their properties to list them now when they say buyers are hungry to purchase.