We aim to please ….as requested by a reader, here is a market report for El Portal, a residential area just south of Miami Shores.
There were 30 El Portal homes sold in 2012. One third of El Portal homes sold in 2012 were distressed sales (short sales and foreclosures) –compared to 52% in 2011, and 72% in 2010. Although the El Portal housing market is not recuperating as quickly as neighboring areas, you can see the improvement from previous years. The average price per square foot in 2012 was $132 with the highest sale at $214 per sf and lowest sale at $62. El Portal is still seeing a huge disparity in prices depending on location and condition of homes.
One major positive for El Portal right now is the fact that the for sale inventory is very low with only 4 homes for sale with and one of those being distressed. There are, however, 8 homes currently under contract (5 of these are distressed sales.)
The 3 highest El Portal homes sold in 2012 were the following:
- 360 NE 85 St – a 2,535 sf mid-century, canal-front home with 3 bedrooms and 3 bathrooms, on a 8,347 sf lot. Listed for $485,000 and selling for $450,000.
- 120 NE 88 St– a 2,392 sf historic home built in 1925 with 4 bedrooms and 2 bathrooms, on a 6,200 sf lot. Listed for $439,000 and selling for $425,000.
- 308 NE 89 St– a 2,454 sf new construction home with 3 bedrooms and 3.5 bathrooms, on a 6,850 sf lot. Listed for $429,000 and selling for $415,000.
El Portal is one of those areas to keep an eye on because you can still find a good buy, but this will not last long – there is evidence in the stats that this housing market is also recuperating quickly. We are here to help you when you are ready to buy or sell in El Portal.
Do you want to buy or sell your Miami Condo or Home? Contact Ines Hegedus-Garcia for Team Miamism. We pride ourselves in top customer service and have become a go-to source for the media when it comes to Miami and Miami Beach real estate market knowledge. And we answer our phone!
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