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Community Preservation Fund Revenue Hits 5-Year High

East Hampton Town CPF brings in $2.31 million in January, nearly tripple the January 2012 total.

Monthly revenues for the East End's Community Preservation Fund reached their highest point in more than five years in January, according to New York State Assemblyman Fred Thiele, I-Sag Harbor.

January 2013 revenues were $11.13 million, the most the CPF has raked in since May 2007. The total is a 226 percent increase over January 2012, when the CPF collected $3.41 million.

In January 2013, there were 1,054 real estate transfers, compared to 499 transfers 12 months prior.

In East Hampton Town, there was a huge uptick in CPF revenues. From January to January, the take in increased nearly 172 percent. After collecting $850,000 in January 2013, this January East Hampton reaped $2.31 million.

CPF revenues are an indicator of the health of the East End real estate market — and how much towns can expect to spend on land preservation in the coming years. The CPF is funded through a 2 percent tax on real estate transactions and the revenues are used for buying up open space, nature preserves, parkland, historic properties and development rights. The CPF was created in 1999 at the state level, specifically for the Peconic Bay Region, to preserve the East End’s beauty and agricultural heritage.

Since the CPF's inception in 1999, it has generated $789.77 million, according to Thiele's office.

January CPF Revenues (in Millions) Town 2012 2013 % change Southampton $2.15 $7.49 +248.4 East Hampton $0.85 $2.31 +171.8 Riverhead $0.20 $0.24 +20.0 Shelter Island $0.03 $0.57 +1,800.0 Southold $0.17 $0.51 +200.0
E.M. Maxx February 22, 2013 at 12:01 AM
What ever happened that missing cpf $ ?????
SadderBudweiser February 22, 2013 at 01:09 AM
There should be no doubt that real estate (as differentiated fron tourism) is our number one industry. A steady stream of second home owners buying, selling and employing the trades and services drives our economy. Noisy bars, drunk tourists and out of control airports will kill the golden goose.
the owl February 22, 2013 at 02:09 PM
Interesting point re real estate. We have experienced the airport noise although we are not living near the airport. It is becoming worse and this year may top them all with so many out of state renters no longer able to go to the Jersey Shore and Fire Island, so we decided we had to look around, the farther east of the airport the better.Problem is, and we are grateful to our honest RE broker for telling us that the airport noise can be moved at any time as it was recently to over Southampton. But it remains over parts of the village and over wealthy areas in Wainscott and Georgica, so no one area is safe. It is too small an area for each part of it not to be impacted by aircraft noise at some point. Sad but true. Our RE broker lost a sale, as he surely knew he would, but he told us the truth we did not want to hear. The peaceful summers we once knew are gone forever, the noise is pervasive across both forks.
Nanci e. LaGarenne February 22, 2013 at 08:24 PM
Great news! I expect our group, Freetown Neighborhood Advisory Committee, will be hearing good news soon. Bud Webb will be paid for his land and preservation will be a reality. Beautiful. I think this Town Board and the CPF together will make all our work and fight for five years worth it. I have faith. Now show us all you care about our drinking water and open space and safe neighborhoods. Mr. Webb, start preparing your acceptance speech!

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