Peconic Bay Community Preservation Fund Revenues Soar in May
Fund generates $10.1 million in May and $36.38 million for the first 5 months of 2013; Revenues are 51.9% above a year ago
June 26, 2013

Assemblyman Fred W. Thiele, Jr. (I-Sag Harbor) today reported that 2013 revenues for the Peconic Bay Community Preservation Fund (CPF) for the first 5 months produced revenue of $36.38 million. A year ago $23.95 million was collected for the same period. This represents a 51.9% increase from a year ago.

The number of transactions for the first five months of 2013 was 3,477 compared with 2,488 a year ago. Since its inception on 1999, the Peconic Bay Regional Community Preservation Fund has generated $825.68 million. The CPF is on target to generate $80 to $85 million for 2013, the highest since 2007.

Thiele stated, "It is clear that we are seeing a substantial up-tick in real estate activity on the East End. This looks to be the most robust year for the CPF since 2007, before the Great Recession. Thus far, activity in 2013 is building upon the upward trend that began in 2012. In particular, the South Fork and Shelter Island have shown the greatest increases."

Below are revenues by Town for the first five months of 2013 compared with 2012.

2012($) 2013($) % increase
East Hampton 7.47m 11.55m +54.60%
Riverhead 0.69m 0.84m +21.7%
Shelter Island 0.26m 0.98m +277.0%
Southampton 14.22m 21.67m +52.3%
Southold 1.31m 1.33m +1.5%
Total $23.95m $36.38m +51.9%