Miami Condo sells for $22 Million in Highest Crypto Real Estate Deal
Cryptocurrency and real estate have been a match made in heaven. Now, we see the highest crypto real estate deal yet: buying a $22 million condo. The Arte Surfside Condos, a luxury condo complex in Pompano Beach, Florida, announced that it would accept cryptocurrency payment in May 2021. In a few weeks, it sold the first of its 16 units to an unknown buyer for $22.5 million in cryptocurrency to an unknown buyer. It's now listed for sale again, asking $28 million. Cryptocurrency may soon become the go-to in the luxury real estate market.It's the most expensive real estate acquisition ever made based on cryptocurrency.
The lower penthouse is 5,067 sq. ft. on the ninth floor of the 12-story building and features 4 bedrooms and 4 bathrooms. The luxury condo's most spectacular feature is the 2,960-square-foot terrace with oceanfront views.
The last few years have seen a tremendous surge in the popularity and value of cryptocurrency, "spawning an entirely new generation of riches. Real estate is typically a slow adapting industry, and we are starting to see some developers and sellers using crypto instead of the Dollar. This may be a new trend in the future.
Real-world crypto transactions have not yet permeated the mainstream, but they will. The buying and selling of real estate with cryptocurrency is becoming more common as the two industries merge.Microsoft, Starbucks, and PayPal are among the first large enterprises to start accepting various types of cryptocurrency. It's only a matter of time until real estate joins in as well.
As Crypto and Real Estate sales become more common, more and more developers, builders and sellers will take advantage of crypto markets.
What do you think?
Is Crypto the future of real estate?
Will cryptocurrency soon be the norm when buying or selling property? Let us know in the comments!