By: Jialing He | June 10, 2021 | Home & Real Estate
Arte Surfside unit living room, not necessarily that of the unit sold.
Still wondering if cryptocurrency is real? It's real enough to buy a luxury penthouse in Miami.
Back in May, we reported that beachfront property Arte Surfside, by Antonio Citterio, announced it would accept cryptocurrency toward the sale of his residential units. It was the first such announcement in the Magic City. The exclusive boutique condominium's decision followed local government’s announcement to facilitate cryptocurrency transactions in May, and now, the group announces the successful sale of a high-end Lower Penthouse for $22.5 million worth of cryptocurrency.
The deal demonstrated not only the feasibility of cryptocurrency's decentralized payment system in the U.S. real estate market, but also the validity of future growth.
"There is strong, pent-up demand for cryptocurrency transactions that are seamless and secure for both parties, and this deal is a prime example of that," Alex Sapir, Chairman of Sapir Corp LTD and co-developer of Arte, is quoted in a press release. “Real-world crypto transactions haven't made their way fully into the mainstream yet, so it's clear that top holders around the world pay attention when new opportunities to transact open up."
Representing high demand from the market and converted wealth possibility, this innovative purchase inspired others in the residential sales industry to follow the same track as Arte, chasing a more convenient, technical and prosperous method.
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"Cryptocurrency is the future of wealth, and we believe this is only the beginning," Arte co-developer Giovanni is quoted. "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 $22.5 million deal features the most expensive price per square foot ($4,440.50 per square foot) in Surfside’s penthouse sale history, marking a record price for the new condominium and the larger cryptocurrency real estate market.
The oceanfront luxury apartment in north Miami-Dade comprises a total area of 5,067 square feet and the entire ninth floor of the 12-story condominium. The new resident can bask in 360-degree views of the ocean, shoreline and surrounding city from their 2,960-square-foot wraparound terrace. Boasting four bedrooms and four bathrooms, the apartment also serves its role as a relaxation space. The powder room, wine tasting bar and massive walk-in closets with dressing rooms provide a full vacation-at-home experience.
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Unit prices at Arte Surfside start at $10.8 million or the equivalent cryptocurrency rate. Suites range from three to five bedrooms, while residences range in size from approximately 3,150 to 7,550 square feet.
Learn more about the available condominium units via Art Surfside’s website.
Photography by: Courtesy Arte Surfside in Miami