Cryptocurrency Finds a Home in the Miami Real Estate Market
Cryptocurrency transactions have been gaining strength as an accepted form of payment for properties, especially in Miami Florida. With crypto businesses relocating to the area and the appeal for primary and secondary homes by an international clientele, it has made the perfect scenario for home sellers to begin accepting digital currency.
Sunny Isles Beach realtor, Denis Smykalov over the past few months has sold $20,000,000 in residential real estate to buyers paying with cryptocurrency. His brokerage, Wolsen Real Estate, has seen a surge in requests from buyers looking to purchase property in Miami with digital cash.
"I cater to a strong international clientele" noted Smykalov. "Paying with digital currency eliminates time and the exchange of monies for my clients."
Recent sales include properties at Cipriani Residences Miami, a three-bedroom unit for $5,450,000 in cryptocurrency at the St. Regis, and pre-construction at Waldorf Astoria for over $2,500,000.
"Many sellers are seeing this trend have staying power and are open to accepting cryptocurrency as payment," says Smykalov.
While crypto sales are gaining speed, traditional home sales have remained strong, even with increasing interest rates. To date, Smykalov and his team have also sold five units at the Bentley Residences totaling $28,340,000.
"Beyond saving interest fees from traditional loans, you also bypass the 30 day loan and 14 day inspection contingencies." noted Smykalov.
Miami has embraced the digital currency market for some time. The city hopes to be first in this country to distribute a bitcoin yield to its residents. Even the Mayor sees the promise of the coin as his salary is paid in Bitcoin.
