The Peconic Bay Community Preservation Fund collected $29.6 million dollars for the first half of 2012… sounds like a lot of money for land preservation, but actually is not a banner year. Last year for the same period $31.5 million was collected from the sales in the East End towns.
The CPF money is based on a 2% ‘tax’ charged to the buyer of real property over $250,000 for homes, less for vacant land.
The 6% decline can be covered by a few big sales in the second half of the year. The needle shifts widely based on when the high end market flies or flails.
East Hampton sales rose to $9 million… the best performer for all the East End towns
Visit here to read more about the 2% transfer tax, other closing costs or Home Sales Reports