Arte completes the most expensive crypto real estate deal in the US
Alex Sapir and Giovanni Fasciano, the developers of Arte Surfside, a condominium complex in the Surfside District of Miami Beach, Florida, have set the record of completing the most expensive crypto real estate deal in the US. The deal involved the sale of a penthouse worth $22.50 million (£15.92 million). Reportedly, the developers sold the residency to an anonymous buyer on May 27.
The penthouse comprises four bedrooms, four bathrooms, a large terrace, and oceanfront views. It is one floor down from the residence of Jared Kushner and his spouse Ivanka Trump, and it measures 5,067 square feet. This means that the penthouse fetched a whopping $4,450.50 (£3,145.84) per square foot, breaking all previous records in Miami Beach.
Touting the benefits of using the blockchain for such large transactions, the report noted that the deal only took 10 days from start to completion. However, just like the buyer, the specific cryptocurrency used to complete this transaction remains unknown, due to the non-disclosure agreement. Per the report, this transaction sets a precedent for the real estate industry and other sectors, while underlining the fact that crypto is here to stay.
Increasing crypto adoption in the real estate sector
This news comes a month after Sapir and Fasciano announced that it would become Miami’s first new development to accept crypto. At the time, the developers said they would accept multiple cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
Explaining the decision to embrace crypto, Sapir said that Arte was positioning itself for a future where half of the world’s billionaires will be crypto billionaires. He added that this would happen as soon as BTC hits $200,000.00 (£141,300.00). Sapir went on to note that while crypto is already creating vast wealth across the globe, real estate will help sustain that wealth while offering buyers a legacy.
While Arte has set a record, its developers are not the only ones dabbling in crypto. For instance, Rick Caruso, a leading developer based in Los Angeles, announced that his real estate firm had started allowing its tenants to pay rent in BTC. The company also invested a chunk of its corporate treasury in BTC. In so doing, Caruso became the largest US real estate company to embrace crypto.