Peconic preservation fund slips 29% due to slowing luxe home sales

May 09, 2019 04:20PM

The Peconic Region Community Preservation Fund experienced a 29 percent decline in revenues during the first quarter of 2019 because high-end Hamptons home sales have slowed so dramatically, the East Hampton Star reported. Sales during the first three months of this year dropped 20 percent compared to the same time in 2018, their lowest point in seven years, according to data from Douglas Elliman. The number of East End homes sold for more than $10 million was also the lowest it has been in six years. The Peconic preservation fund draws its revenues from a 2 percent real estate transfer tax in East Hampton, Riverhead, Southampton, Shelter Island and Southold. Southampton posted the steepest decline, dropping from $14 million in preservation fund revenues at the start of 2018 to just $8 million this year. Shelter Island saw its fund revenues fall 38 percent, Southold had a 19 percent dip and East Hampton took a 14 percent tumble. Bucking the trend, Riverhead posted a 9 percent increase. [East Hampton Star]