The ownership of Miami Breach’s most expensive penthouse has changed hands in a record-breaking landmark deal. The Arte Surfside, located in the Surfside neighbourhood of Miami Beach, was bought by an unnamed buyer in the biggest all-cryptocurrency real estate deal known till date.
Worth a whopping $22.5 million, the 5,067 square foot, four-bedroom penthouse broke all previous Miami Beach records with its $4,440.50/square feet tag. Yet, what caught the eyes and ears of everyone present was the crypto deal that facilitated the purchase.
The Arte Surfside had announced in late May that it would also accept cryptocurrency as payment and lo and behold, two weeks later, an unnamed buyer sweeps up the first of its 16 units in the biggest known all-crypto real estate deal worth $22.5 million.
Although the name of the buyer and the cryptocurrency used have not been released, it undoubtedly proves that cryptocurrency can be a viable payment method in real estate. Arte’s co-developer, Giovanni Fasciano expressed his belief that cryptocurrency is the future and the Arte’s sale was just the tip of the iceberg. “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,” he added.
Arte’s developers Alex Sapir and Giovanni Fasciano have always believed that real estate and cryptocurrency would come together. Their intuition has proved beyond a doubt that cryptocurrency is indeed making a mark in real estate and might very soon become the next big thing.
The sale of Arte Surfside in a record all-crypto deal foreshadows the numerous deals that are being made or finalized in the background. Brokerages have begun to seriously consider cryptocurrency as a valid tool for proffering deals. The spike in interest has led to developers hiring crypto specialists to handle such transactions as and when they happen.
Interestingly, the Arte’s sale isn’t the first time that the real estate sector has accepted cryptocurrency as a valid form of payment. Los Angeles-based developer Caruso announced that it would accept rent payments in crypto. London’s One Hyde Park is also listed for $244 million with the option for crypto available. These developments are pointing to a sector-wide transition that may see cryptocurrency becoming the new standard.