Crypto

Miami condos for sale cost $ 31 million, or roughly 560 bitcoins

Zoom In Icon Arrows Pointing Out

The Arte condo in Miami Beach’s Surfside neighborhood has 16 luxury units.

surfside art

Two luxury condos are for sale in one of Florida’s most exclusive beachfront properties for a combined price of $ 31 million, and the developers are accepting bitcoin payments.

The 16-home, 12-story building in the town of Surfside near Miami is called Arte, and prices start at more than $ 10 million each. Developers Alex Sapir and Giovanni Fasciano say that interested buyers can bid in bitcoin or ethereum. Earlier this year, they sold a penthouse in the building for a record $ 22.5 million in cryptocurrency.

The Arte condo in Miami Beach’s Surfside neighborhood has 16 luxury units.

surfside art

Potential buyers can choose between two apartments. A 6,982-square-foot unit is for sale for $ 18.95 million and a second property, about half that size, costs $ 11.9 million. Based on its most recent price, this would amount to 560 bitcoins. Both have panoramic ocean view decks, large walk-in closets, direct elevator entry with fingerprint recognition technology, and floor-to-ceiling glass walls.

The equipment of the buildings is just as decadent.

There are indoor and outdoor pools, as well as a rooftop tennis court. Art residents can also take lessons with famous tennis coach James Bollettieri. Other benefits include a fitness center, yoga studio, sauna, steam room, children’s playroom, catering kitchen, temperature-controlled parking, and a fleet of white-gloved butlers.

The Arte condo in Miami Beach’s Surfside neighborhood has 16 luxury units.

surfside art

The real estate boom meets the cryptocurrency boom

The Arte condo in Miami Beach’s Surfside neighborhood has 16 luxury units.

surfside art

“We were overwhelmed by the number of calls we received from qualified buyers immediately after announcing our ability to facilitate cryptocurrency transactions for Arte condos,” Sapir said. “Real-world crypto transactions have yet to be fully integrated with the general public, so it is clear that major holders around the world are wary when new business opportunities open up. “

The real estate couple told CNBC they believe they are “approaching a new audience that is looking to secure their earnings in coins by investing in a stable asset like real estate.”

Arte’s team said that the crypto transaction was smooth and even faster than a traditional cash transaction. The developers received an offer for the penthouses days after announcing they would accept crypto, and the sale closed two weeks later.

Real estate developers will not reveal the identity of the owner or what type of cryptocurrency has been accepted for the property. However, they told CNBC how they proceeded with a virtual token real estate sale.

The agreement is structured between two portfolios and the funds are converted to US dollars before the deed is transferred. At this point, the conventional mechanism of any real estate transaction is activated, such as escrow financing and the disbursement of payments by an escrow agent.

The Arte condo in Miami Beach’s Surfside neighborhood has 16 luxury units.

surfside art

But not everything is simple.

Fluctuations in the price of the cryptocurrency can create problems with prices and settlement terms. Additionally, the anonymity and privacy built into crypto transactions can make it difficult to track the origin of funds, which is necessary for compliance checks. One possible solution is to transfer the conversion risk to the buyer and then conduct independent compliance checks.

The Arte condo in Miami Beach’s Surfside neighborhood has 16 luxury units.

surfside art

Capital gains affected

Just because there are more opportunities to buy a crypto house doesn’t mean you should, tax experts say.

The IRS treats virtual currencies like bitcoin as property, which means they are taxed in the same way as stocks or real estate.

“Every time you spend crypto to buy a cup of coffee, or a condo in this case, you incur capital gains taxes,” explained Shehan Chandrasekera, CPA and head of tax strategy at CoinTracker, a crypto-tax software company. .

Au moment d’une transaction, if the cryptographic avoirs of l’acheteur ont pris de la valeur depuis that les jetons ont été achetés pour la première fois, cela soumettrait la vente à des impôts sur les plus-values ​​à long ou à short term.

The best option, according to Chandrasekera, would be to leverage your cryptocurrency holdings in a real estate transaction.

“If your net worth is tied to cryptocurrency, I think it makes more sense to get a loan against your crypto and spend the money to buy a property,” he said. “This is because getting a loan against your crypto is not a taxable event. Get cash without triggering a taxable event. “

It is also possible to contract a mortgage against a non-fungible token.

But in any case, the buyer will still have to repay the loan over a period of time. Chandrasekera says the rates can be higher than traditional mortgage rates, but “it’s great for people who don’t have good credit or who want to own a home without going through traditional institutions.”

Zoom In Icon Arrows Pointing Out

The Arte condo in Miami Beach’s Surfside neighborhood has 16 luxury units.

surfside art

Rank Math Seo Pro Weadown, Wordfence Premium Nulled, Yoast Nulled, PHP Script, Fs Poster Plugin Nulled, Astra Pro Nulled,Woodmart Theme Nulled, Wpml Nulled, Avada 7.4 Nulled, Woodmart Theme Nulled, PW WooCommerce Gift Cards Pro Nulled, Elementor Pro Weadown, Newspaper – News & WooCommerce WordPress Theme, Nulledfire, Slider Revolution Nulled, Elementor Pro Weadown, Jnews 8.1.0 Nulled, WeaPlay, Business Consulting Nulled, WP Reset Pro, Newspaper 11.2, Flatsome Nulled, Woocommerce Custom Product Ad, Premium Addons for Elementor, Jannah Nulled, Consulting 6.1.4 Nulled, Plugins, WordPress Theme, Dokan Pro Nulled

Back to top button