What is the 3 to 5 year real estate future of the El Portal village in Florida?
We are planning to buy our first home and have a very specific budget, no more than $180K. We have been looking at foreclosures that need TLC and have become very attracted to the El Portal area... We love the big lots, large homes and the trees.. We were a little sceptical about the closeness to Liberty City but we've overcomeit by looking at the value that we would get for our money.
With all that said, we are now concerned by something else... Although we plan to live in the home we buy for at least 5 years, we still would like to purchase a home in an upcoming real estate area that will give us our return on investment (we are planning on many renovations) and even give us some profit.
Can anyone then, tell us about the future of El Portal... ? I know it's hard to think about this now, but we would like to have an idea as to the real estate prospects of the area.
Lina-
El Portal has always been a "borderline" neighborhood. Miami Shores come to mind when I think of El Portal. I love the neighborhood for many of the same reasons that you mentioned; large lots, beautiful foliage, architecture and the warm, cozy feel.
The real estate market is already improving by way of stabilization. I feel strongly that El Portal will hold values and improve with time. I would be cautious in what type of improvements are made- don't over do it!
Mott // Real Estate In Miami
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