If you didn't know by now, Miami is fully immersed in cryptocurrency, and that's growing by the day. New York may be the city that never sleeps, but with 24/7 crypto trading on most exchanges, Miami could soon be on its way to 24/7 crypto real estate transactions.
Enter The Elser, a new luxury condo tower (49 stories to be exact) with fully furnished residences (units range from studios to three bedrooms), and a mix of commercial retail space. Through The Elser Hotel & Residences Owners Program managed by Highgate, the property will allow owners to enter a short-term rental program with daily rental options. Other amenities include a double-level deck covering over 19,000 square feet overlooking Downtown Miami and Biscayne Bay, a 132-foot resort-style pool with lounge areas and a 16-foot poolside LED wall.
If you want to stay for a longer time, those guests can utilize many other features including co-working spaces, top of the line gyms, fitness studios, bike storage, a yoga lawn, a high-end coffee shop plus a Jaguar Sun restaurant bar/lounge.
Residences are currently priced from the $600,000s but, my favorite part, you can also purchase them at an equivalent cryptocurrency exchange rate through an exclusive agreement with FTX US as the sole exchange handling the transactions. Fun fact, Miami Heat's FTX Arena just across Biscayne Blvd.
For short-term enthusiasts, Peter Politis, CEO of Greybrook Realty Partners says, “We are very excited to be launching The Elser Hotel & Residences Miami, together with PMG, in order to capture the strong demand for move-in ready residences in the Downtown Miami market”, adding “The short-term rental optionality available to owners, coupled with the high caliber of finishes and offerings, will continue to serve the city as it experiences a population, tourism and corporate relocation boom.”
Ryan Shear, PMG’s managing director adds this about crypto, “We saw an opportunity to allow people to diversify their cryptocurrency assets and easily transfer funds into stable, physical real estate. And accepting crypto offers buyers a more accessible way to do that and purchase units. Blockchain and digital currencies expedite the purchasing process and reduce barriers international buyers face, which is a key tool for developing in a growing international city such as Miami.”
"It's a good product to have in Miami, and frankly I don't think there's enough," developer Ryan Shear, of Property Markets Group (PMG), told The Real Deal. High rent prices are prompting people to buy, he said.
According to Cointelegraph, "The way the purchase agreement is organized, international buyers are given a chance to purchase a condo using cryptocurrency without the traditional hurdles that come with international banks and exchanges."
What an exciting time to see the worlds of crypto and real estate come together. While we normally see one-off deals of a condo accepting crypto, or house sold as an NFT, here we have a project going all in, partnering with a major crypto exchange, and making investments possible to both domestic and international buyers. I can't wait to see how successful this, and other crypto projects will be.