Miami Leading the Way for Nexus of Real Estate and Crypto
Miami is quickly becoming the technology and finance hub of the country. Much has been reported about the large numbers of companies in both industries that have been pouring into South Florida, both expanding and relocating offices to our sunny locale. It also seems to be becoming the nerve center of one of the hottest industries in the world today, which coincidentally combines both of these worlds - cryptocurrency - and one of the ways they are doing that is through real estate.
Real estate offers a perfect example of how cryptocurrency and the blockchain can be applied in real life situations and Miami is paving the way. PMG - Property Management Group - is a renowned real estate development group that is transforming the Miami real estate market by accepting cryptocurrency as down payment and purchase price on properties they are developing in Miami. Their pre-construction project at E11EVEN Hotel and Residences has already accepted a reported $20 million in cryptocurrency payments. They are also the developer behind the highly anticipated Waldorf Astoria Miami pre-construction development set to redefine the luxury market in Miami. Cryptocurrency will also be welcomed for transactions at this prestigious property as well. PMG is the first developer in the nation to allow cryptocurrency as coin for deposits on pre-construction condo projects, but certainly will not be the last.
According to the Wall Street Journal, there are two cryptofinance companies in Miami that are setting the stage to even offer cryptocurrency mortgages. One company has already provided a 30-year fixed mortgage in bitcoin earlier this year to a buyer who purchased a stunning duplex in Miami. The other is partnering with a traditional local mortgage company and has plans to offer crypto mortgages by the end of the year. This is truly on the cutting edge of both real estate and finance and is trend-setting for both industries. As cryptocurrency and cryptocurrency investors continue to grow, it is sure to grow in popularity as a viable means to secure a mortgage.
Another interesting use of digital space in the real estate industry is happening in Brickell at a luxury riverfront condo called Lofty. Here, developers are offering a cutting edge amenity that buyers will not get at most other communities - a digital NFT art piece. Each buyer of a unit in Lofty will receive the NFT as a part of their transaction.
Ideas like this are really just the start of the merging of the worlds of real estate and the blockchain. The Florida Keys real estate market is primed to enter this arena as well. Luxury homes for sale in the Florida Keys certainly appeal to those invested in the cryptocurrency world and it seems like it is only a matter of time before we see transactions like this happening here.
