Peconic fund revenue improves despite slow Hamptons luxury home sales

A month after the Peconic Region Community Preservation Fund (CPF) reported a 29 percent decline in revenue, in part due to slumping high-end Hamptons home sales, the fund’s finances received a boost, the East Hampton Star reported. The five towns that feed the CPF — East Hampton, Riverhead, Southold, Southampton and Shelter Island — through a 2 percent tax on most real estate transfers helped it pull in $7.4 million in April, which while lower than the $8.2 million it took in during the same timeframe last year is still more than the $6.7 million it had in April 2017, according to 27east. “April marked a return to revenues more in line with the last few years,” said a statement from New York Assemblyman Fred Thiele Jr., although he cautioned local politicians from making any overly optimistic long-term projections. The East End’s residential real estate market has experienced its worst slowdown since the 2008 financial crisis, as noted in a recent Douglas Elliman market report. Revenue for the CPF is down 24.2 percent during the first four months of this year when compared to same time last year, according to 27east. Southampton was the most responsible for that drop with a 31.4 percent dip in CPF revenue, which fell from $17.53 million in the first four months of 2018 to $12.02 million through April. East Hampton experienced a 13.3 percent drop, from $9.69 million, to $8.4 million. [ESH]