Real Estate

Shelter Island has surpassed $3M in CPF revenues for 2021; a 167% increase from last year

Shelter Island continues to lead East End towns in increased Community Preservation Funds based on figures for the first eight months of 2021.

The town increased its revenues this year above what came into its coffers in 2020 by 167.5%. That meant $3.05 million dollars have come its way this year compared with $1.14 million for the same eight months of last year. Up to 20% of those revenues are earmarked for water quality improvement projects with the balance to be used for acquisition of land to be kept from development.

The total coming in to all five East End towns during the first eight months of this year was $1.745 million, according to Assemblyman Fred Thiele Jr. (I-Sag Harbor) who sponsored the original legislation creating the Community Preservation Fund (CPF). That represents a 100.3% increase from the same period in 2020 when $72.26 million was collected in CPF revenues.

“This marks the 13th straight month that revenues have exceeded $10 million per month,” Mr. Thiele said. 

A hot real estate market has been credited with fueling CPF revenues, but industry experts are saying that a declining inventory and rising property costs have slowed activity from its pandemic-related high levels that have slowed through this summer.

For the moment, though, there remains a high level of real estate activity across the East End, he said.

Second in line behind Shelter Island, percentagewise, is East Hampton with a 132.2% hike in CPF revenues in 2021 compared with the first eight months of 2020. That town has received $48.47 million in CPF money this year compared with $20.87 million for the same period last year.

Southampton has seen an 89.2% hike in its first eight months of CPF revenues, taking in $80.37 million compared with $42.47 million last year.

Southold has seen a 65% hike its revenues for the initial eight months of this year, garnering $8.25 million this year compared with $5 million last year.

Riverhead took in 64.2% more in its revenues this year, with $4.85 million hitting its coffers as compared with $2.79 million during the first eight months of 2020.