El Portal Homes Real Estate Market Report – February 2014

There are currently  15 El Portal homes for sale: (same as last month)

• Highest priced listing: $595,000 510 NW 90 St (multi-property listing with 6 houses on almost 1 acre) ($152/sq.ft.)

• Lowest priced listing: $199,000 short-sale at 17 NE 88 St ($127/sq.ft.)

• Pending Sales: 6 (4 less than last month)

• Closed sales in February: 6 (4 more than last month)

The 6 El Portal Homes sold in February were:

• 488 NE 90 St – completely restored mediterranean revival gem, listed for $539,000 and selling for $530,000 ($276/sq.ft.)
• 430 NW 88 St – listed for $299,000 and selling for $299,000 ($178/sq.ft.)
• 8733 N Miami Av – listed for $299,000 and selling for $275,000 ($191/sq.ft.)
• 741 NE 87 St – foreclosure listed for $274,900 and selling for $262,500 ($160/sq.ft.)
• 354 NE 89 St – foreclosure listed for $253,000 and selling for $300,000 ($195/sq.ft.)
• 490 NW 90 St – foreclosure listed for $209,900 and selling for $207,000 ($154/sq.ft.)

The average sold price per square foot of  El Portal homes in February came in at $192, compared to $174 in January.  As reported in our El Portal Real Estate Market Report for 2013, the average sold price per square foot was $176 in 2013.  This average came in a bit high this month because of the stunning Mediterranean Revival that sold at neighboring Miami Shores prices.

If you are wondering about the 3 distressed sales in the month of February and what that market looks like in El Portal – of the current 15 El Portal homes for sale, 1 is a short sale and 2 are foreclosures.  That’s 20% of the for sale inventory which is high compared to neighboring cities.  As we keep saying, El Portal is a great neighborhood to get into now while the prices are still low – these have been increasing on a monthly basis but are still under $200/sq.ft. which is amazing for the location.

To Sell your El Portal Home or if you want to buy, please email us at ElPortal@miamism.com and we will be happy to help.