Record $22.5 Million Real Estate Crypto Deal Could Change the Industry
June saw Miami record its most expensive real estate deal in terms of square foot; a surprising deal on its own. But even more surprising when you learn the transaction was made in crypto. What does this mean for the cryptocurrency ecosystem?
Deal of the Century Made with Crypto
The biggest cryptocurrency real estate deal was closed on June 5th, when $22.5 million were signed for a penthouse in Miami Beach, Florida. It’s not only the biggest real estate deal ever secured with crypto, it’s also the most expensive deal in terms of square foot in the history of Miami.
On the 27th May, the sale of the 5,067 square foot four-bedroom penthouse began, with a transfer of ownership that was entirely in cryptocurrency. The buyer involved in the multi-millionaire dollars deal is still anonymous, but that is hardly stopping the attention the deal is commanding. The discussion is not about the interesting anonymity of the deal, it is the involvement of crypto that makes it a worthy milestone.
The sale is reported to have been made at $4,400.50 per square foot, making it the most expensive closed deal in terms of square foot in Miami Beach in 2021. The condo building, Arte, is the only residential development that considers and takes cryptocurrency as a method of payment in the whole of Miami. Its developers, Alex Sapir and Giovanna Fasciano, believe the convergence of real estate and crypto has always been inevitable, explaining that each passing day proves this fact.
“We are making Miami real estate history with this sale, as we were the first new development to facilitate this kind of cryptocurrency transaction,” Fasciano told Forbes in an interview.. “Cryptocurrency is the future of wealth, and we believe this is only the beginning. Arte has set the precedent for what these sales can look like, and how fast they can take place. We’re proud to have laid the groundwork for this new, burgeoning world!”
The milestone purchase has sent ripples across the crypto space, sparking discussions of a new way of doing things. Miami’s Mayor, Francis Suarez, is certain other real estate developers could soon follow suit. He is even optimistic enough to believe similar deals could turn Miami into a crypto hub: the “City of the Century.”
Sapir and Fasciano are convinced the crypto industry will create the world’s next billionaires, and expect other sectors to foster even more integration and drive crypto adoption.