Luxury Condos for $560 Bitcoin in Florida

The Arte condominium in the Surfside neighborhood of Miami Beach features 16 luxury units.

Two luxury condos for sale in one of Florida’s most exclusive oceanfront properties are accepting bitcoin payments.

Arte is a 12-story, 16-unit building in Surfside, near Miami, with prices starting at over $10 million. According to the developers, interested buyers can make offers in bitcoin or ethereum. They sold a penthouse for a record-breaking $22.5 million in crypto earlier this year.

Buyers can choose between two apartments. A 6,982-square-foot unit is listed for $18.95 million, while a smaller unit listed for $11.9 million. That’s 560 bitcoin at the moment. Their oceanfront terraces, walk-in closets, direct elevator entry with fingerprint recognition and floor-to-ceiling glass walls separate them.

As are the building’s amenities.

On the roof is a full-size tennis court and indoor and outdoor pools Residents of Arte can also take tennis lessons from James Bollettieri. There’s also a gym, yoga studio, sauna, steam room, children’s playroom, catering kitchen, temperature-controlled parking, and a white-glove butler service.

The crypto-real estate boom

Work and travel restrictions have benefited the real estate industry. Home prices have risen at a record pace across the country.

The rise in bitcoin and other cryptocurrencies is converging in Miami, trying to establish itself as the US’s crypto capital.

In addition to accepting crypto deposits for his properties, Miami real estate mogul Marc Roberts co-owns E11even, which allows patrons to transact in bitcoin.

Sites have also made it easier to find crypto-friendly properties.

Following our announcement that we could facilitate cryptocurrency transactions for Luxury Arte condos, flooded with calls from qualified buyers,” Sapir said. “Since real-world crypto transactions are still in their infancy, top holders around the world are keenly aware of new opportunities to transact.”

Real estate partners believe they are “approaching a new audience that is looking to lock in profits through a stable asset like real estate,” CNBC reports.

The Arte team said crypto transactions were smooth and faster than cash transactions. The developers received an offer for the penthouse two weeks after announcing they would accept crypto.

The property developers won’t reveal the owner’s identity or the cryptocurrency accepted for payment. But they did tell CNBC how they conduct a virtual token real estate sale.

The deal is between two wallets, and the funds are converted to USD before the deed transferred. At this point, the usual real estate transaction mechanisms kick in, like escrow funding and escrow agent payments.

But it’s not all roses.

Cryptocurrency price fluctuations can impact pricing and settlement terms. Also, crypto transactions’ inherent anonymity and privacy can make it difficult to trace funds for compliance checks. Assume the conversion risk and then perform independent compliance checks.

Gains on capital

Tax experts say that just because you can buy a house in crypto doesn’t mean you should.

The IRS considers virtual currencies like bitcoin property and taxes them similarly to stocks or real estate.

In this case, buying a luxury condo with crypto triggers capital gains taxes, according to Shehan Chandrasekera, CPA and head of tax strategy at CoinTracker, a crypto tax software company.

If the buyer’s crypto holdings have appreciated since purchasing the tokens, the sale is subject to long-term or short-term capital gains taxes.

Investing in real estate, according to Chandrasekera, is a better option.

“I think it makes more sense to get a loan against your cryptocurrency and spend the cash to buy a property,” he said. “Because taking out a loan against your crypto isn’t taxable. No taxable event occurs and you get liquidity.”

A nonfungible token can also mortgaged.

In either case, the buyer must repay the loan over time. “This is great for people who don’t have good credit or want to own a place without going through traditional institutions,” says Chandrasekera.

Leave a Reply

fourteen − eight =