Newsletter 39

LUXURY SALES SKYROCKET: A total of 47 luxury properties – those over $1 million – sold in Sarasota County in June. As of mid-year, luxury sales have increased by 12% over last year, with 244 this year. The stock of luxury properties on the market is down by 9% over the year, with 493 homes and condos for sale now, compared to 543 one year ago. Some of the luxury sales are coming at a deep discount. A home on Bay Pointe that sold last week for $6.8 million, was originally listed for $8.25 million in the fall of 2013 and then reduced to $7.5 million. For more on this story, courtesy of the Sarasota Herald Tribune, please click on the following link: Things are busy at the top

VALUE OF SCARCITY: Longtime residents love nearly everything about Sarasota except its penchant for tearing down old houses. If the houses are on the waterfront, then they’re an even bigger target for the bulldozer. The older they are, the harder they are to sell – and the more likely they will be demolished. When it gets to the point that the land so out values the house, then the house is a teardown. A 12-year-old, $4.25 million St. Armands house was razed by Tampa Bay Lightning owner Jeff Vinik in 2013 to make way for what will be the largest house on the key. He also bought the house next door and tore it down. There’s more on this story here: Why tear down a perfectly good mansion? Because you can.

FROM EUROPE WITH LOVE: Year after year, the Sarasota-Manatee region has been shattering its own records for attracting European tourists and 2015 appears to be no exception. Reports from the first quarter of this year already show the foreign visitor count up 7.3% compared with the same three-month period of 2014. And the bulk of European visitors expected this year are over the summer period, especially August. Those year-over-year increases do not come by chance. Visit Sarasota County credit a strategy that promotes this area as a destination for travelers from the United Kingdom and central European countries such as Germany, Austria and Switzerland. For more on their strategy, please click here: Europeans love the Suncoast

MOTE AQUARIUM ACCOLADES: TripAdvisor readers have named Mote Aquarium as #5 on the list of the top 10 aquariums in the nation. Mote had placed #10 in 2014. This year, Mote was also named the 15th best aquarium in the world. The awards honor top travel spots worldwide based on the millions of review and opinions from TripAdvisor users. In particular, many TripAdvisor reviews mention Mote’s exhibit “Oh Baby!” and praised Mote volunteers for their efforts to “educate, assist and inspire visitors”. Click here for more Mote: Mote receives big nod

COUNTY GETS $14M FOR BP OIL SPILL: Sarasota County will receive $14.2 million as part of a federal settlement with petroleum giant BP to compensate for potential damage from the Deepwater Horizon oil spill. When nearly 123 million gallons of crude oil spewed into the Gulf Of Mexico in 2010 from the exploded rig, Florida tourism came to a near standstill. Coupled with a recession that was in full swing, restaurants closed, hotels sat vacant and retailers were forced to lay off workers. Now, Sarasota County and other governments along the Gulf can restore some of the tax revenue that was wiped away by the disaster. Although area beaches never saw gloppy tarballs, the perception was that oil damage was widespread around the Gulf. There’s more here: County gets cash from BP

DIVERGING DIAMOND WORK COMMENCES: Construction work has begun on a $74.5 million project to improve traffic flow at the Interstate 75/University Parkway interchange though an unusual “diverging diamond” design. The work is expected to last until the fall of 2017 and the new interchange will be the first of its kind in the state of Florida. Improvements include building the diverging diamond, adding auxiliary lanes on northbound and southbound I-75, building new bridges on the interstate over I-75, widening University Parkway, adjusting the on and off ramps from I-75 to University Parkway, drainage improvements, new lighting and signals and a wall to block noise on the west side of I-75, as well as sidewalks and bike lanes. Read more here: What is a diverging diamond?