Real estate sales continue to fuel land preservation

The beat goes on with property sales continuing to fuel the Community Preservation Fund (CPF) on the East End.

Assemblyman Fred Thiele Jr. (I-Sag Harbor) reported that numbers for the first seven months of this year are more than double what they were for the same months of 2020.

Money for the CPF comes from a 2% tax that buyers pay when purchasing East End properties and is used in turn to purchase open space for preservation and fund water protection programs.

The five East End towns have taken in $131.29 million this year compared to $61.1 million in 2020, the legislator said. That represents a 114.8% increase.

“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,” Mr. Thiele said. Numbers for the 12th straight month have exceeded $10 million per month and in the last 10 months, they have exceeded $15 million per month.

Because of declining inventory, rising prices and the end of emergency pandemic measures, new contract activity has slowed recently from pandemic highs, Mr. Thiele said. CPF numbers haven’t yet reflected a decline, but that should be anticipated in the coming months, he said.

Shelter Island leads the way in terms of percentages, taking in $2.74 million this year compared with $1.02 million for the same seven months of 2020. That represents a 168.6% increase.

Next in line is East Hampton where CPF revenues were up by 158.9% with $44.6 million this year compared with $17.26 million in 2020.

Southampton CPF revenues for the first seven months of this year were up by 99.2% with $72.64 million this year compared with $36.47 million in 2020.

Southold CPF revenues increased by 89.1%, taking in $7.74 million compared with $3.95 million in 2020. Riverhead has received $3.75 million this year compared with $2.4 million in 2020 for a 56.3% increase.