Community Preservation Fund Swells in May, Illustrates Real Estate Market Is Improving

The Peconic Bay Community Preservation Fund accumulated $6.44 million in May — the largest monthly total in 2011.

The number, says Assemblyman Fred W. Thiele Jr., I-Sag Harbor, shows the real estate market is picking up.

“Real estate activity has been robust in May, particularly on the South Fork,” he said.

According to Thiele, the South Fork collected 95 percent of all the revenues generated in May with Southampton collecting $16.66 million and East Hampton $4.99 million.

On the North side, Riverhead garnered $.79 million, Shelter Island $.34 million and Southold $1.29 million.

So far this year, the Community Preservation Fund has collected $24.07 million.

Since its inception in 1999, the fund, which collects revenue through a two percent real estate transfer tax and is used by the five East End towns to purchase open space, farmland and wetlands, has generated $694.12 million.

Amount Collected in Millions

in May 2011