A $22-million Miami Condo, The Biggest Crypto Deal Is Changing Luxury Real Estate
Cryptocurrency has come a long way, and real estate’s future is closely linked to Crypto assets, in what has been described as the largest-known cryptocurrency deal this June when the premium penthouse of Arte Surfside — oceanfront luxury condos in Miami Beach finished in 2019, with the latest price estimates, which put it at $11.2 million — sold for $22.5 million.
The developers had announced then that they would be accepting Cryptocurrency. The estate is now again listed for resale, and this time, the asking price has shot to $28 million. Cryptocurrency, which is changing how we travel, will also become the go-to in the luxury real estate market.
Cryptocurrency has crept into every economic sector
Travel and leisure.com interacted with Arte Surfside developers Alex Sapir and Giovanni Fasciano. The interaction detailed how Cryptocurrency has crept into every economic sector and why Miami has become the hottest location for such funds. The message is clear — luxury buyers and travelers have carved a niche in the rapidly evolving space of digital money.
Sapir clearly outlined the overbeating reason for accepting Cryptocurrency as payment. Cryptocurrency investors see real estate as one of the best ways to preserve the value of their wealth in the long term. Due to its finite existence, it is less inflation-prone than fiat currency. The erosion of the value of fiat currency is inspiring the growth of cryptocurrencies.
The duo of Sapir and Fasciano are some of the first developers who have embraced Cryptocurrency in the real estate arena. The burgeoning crypto industry and the wealth it was creating were waiting to be tapped, and the duo was the first to strike at this opportunity.
Real estate is archaic and resists change, a fact conceded by Sapir. However, stagnation and shrinking profits have forced the industry to look for greener pastures. Adopting their system to adopt crypto could accommodate a new group of potential buyers.
Crypto — A legit form of payment
Fasciano said, “Cryptocurrency has become a legitimate form of payment. With many top Silicon Valley companies and venture capital firms making their way into Miami, we wanted to find a way to make Arte even more attractive to them. In addition, Cryptocurrency has been the vehicle for many people to establish wealth. Accepting coins (or conversions into USD) is a great way to get in front of this audience.”