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The rise of cryptocurrency in the real estate market in South Florida

The rise of cryptocurrency in the real estate market in South Florida

The rise of cryptocurrency in the real estate market in South FloridaCryptocurrency has made an impressive impact in the world in the past few years, marking a cutting-edge dynamic in the world economy. This impact has gotten to the real estate market, where now people can buy the property of their choice with Bitcoin, Ethereum, Litecoin, among other digital currencies.

And South Florida and Miami are not strangers to this new payment way, where homeowners and development firms have acknowledged the magnitude and momentousness of the decentralized money, involving it in the process of buying or selling a home.

And even though for some cryptocurrency is a bubble that will eventually burst and that it will not have lasting power, for now, the world has all its eyes on the digital gold and people have been using it to make a shift in the future of real estate buying power.

Here are some of the most prominent examples where Cryptocurrency has made a grand entrance in the real estate sector.

Arte Penthouse and the record-breaking cryptocurrency sale

Bought with cryptocurrency, there is an oceanfront luxury penthouse in the Surfside neighborhood, Miami Beach, that recently made history in the South Florida real estate market since it was purchased with digital currency, equivalent to the astounding amount of $22.5 million. The home is situated in the Arte Surfside condo tower.

The outstanding transaction was announced just a few weeks after Arte Surfside developers began a partnership with SolidBlock, a trading platform.

This event is remarkable for cryptocurrency history, making this 5,067 Square Feet home the most expensive property to ever be paid for using bitcoin. This high-end penthouse offers residents exclusive amenities, including an indoor and outdoor swimming pool, a rooftop tennis court, a gym and yoga studio, and a children’s playroom. Besides, it features four magnificent bedrooms and four bathrooms, and a wine bar, in addition to an inviting 2,960 square feet wraparound terrace.

David Guetta and his Miami condo

Worldwide famous DJ David Guetta listed his Miami beachfront lower penthouse located at Setai Hotel and Residences, a luxurious 40-story hotel and condo development with a privileged view of the ocean and the super famed South Beach. The price for this gorgeous property? $14 million or 348 BTC (Bitcoin). The artist will also accept offers for his apartment in Ethereum coin.

This ultra-lavish home designed by the Italian architect and designer Piero Lissoni is located on the 37th floor of the building, with an expansive area of 2,528 Square Feet, featuring 3 bedrooms, and 3 bathrooms with 2 master suites, and it is completely furnished. It also includes dazzling wraparound balconies.

Guetta’s residence includes access to the resort-style amenities of the Setai Hotel, such as three magnificent oceanfront swimming pools, a fitness center, and glam spa, a 90-foot poolside bar, a boutique, and an art gallery.

PMG and E11EVEN Hotel and Residences

Development firm PMG has become a pioneer in the real estate field by carrying out a new milestone in the construction and buying process. And perhaps this firm is not the first company accepting cryptocurrency, however, PMG Development will become the first developer to accept digital gold for deposits on pre-construction condos.

This is not the first approach from PMG into cryptocurrency, if we consider that in April 2021, E11EVEN Miami nightclub began accepting crypto. Now, E11EVEN Hotel & Residences, besides becoming one of the most anticipated construction projects in South Florida, is the first major development of this firm that will accept the digital currency from potential buyers.

Located in Park West District, E11EVEN Hotel & Residences is an ultra-luxury breathtaking 65-story glass tower known for its fast-selling rate, grabbing the attention of celebrities and billionaires.