A Second $3M+ Sale in El Porto

For a while, the possibility of a $3M+ sale in El Porto seemed remote.

In 2018, modern-style new construction on a half lot at 124 38th Place made a deal with a list price of $3.099M, and it looked like it might finally happen. (See "El Porto Record Coming?")

But that deal flopped, and the property later sold for $2.760M.

Now a midblock, half-lot modern SFR much like it has just closed for $3.100M.

That's 124 39th St. (3br/4ba, 2000 sqft.).

Ocean views, check.

New, check.

Sleek, simple, modern, check.

But this is not actually the first time we've seen a $3M+ sale in El Porto.

That was actually last year, June 2019, when there was a bit of a frenzy for 3904 Ocean (4br/4ba, 2100 sqft.).

Asking $3.150M, it actually got $3.270M.

Now, you can say that one got "extra" because it was Strand-adjacent with no neighbor to block western views. Yes.

And if you really want to mention everything north of Rosecrans to net $3M+, there's one more example:

217 39th (4br/4ba, 2275 sqft.) sold for $3.300M in July 2017. Unlike the properties above, and unusual for the El Porto district, the property features a full lot, slightly larger than the standard 2700 sqft. The others are on half lots.

This means 124 39th St. is the third $3M+ sale in the district, second on a typical half lot and first on a half lot without the Ocean Drive bonus, also first new construction to hit $3M+.

Boom times in Porto.

Now that the wires are coming down, though, watch values rise.