Miami Sees Second Highest Priced Crypto Sale As Marquis Residences Condo Sells For $7.2 Million

The Downtown Miami market is on fire amidst a number of building launches and splashy sales. Now the City of Miami has seen its first crypto sale of the year as Unit 5306 in Marquis Residences has sold for $7.2 million in Ethereum that was transferred to USD Coin, a digital stablecoin that is pegged to the United States dollar, for the transaction. The sale is the second largest in Downtown Miami behind a $7.2 million sale at the nearby One Thousand Museum and the third highest in the Miami area ranking behind a $22.5 million deal at Arte in Surfside, both last year. Madison Roberts and Zach Oppenheim with Oppenheim Realty represented the buyer in the transaction, and Enzo Rosani of Barnes International Realty represented the seller, along with Ricardo Assaf with Unblock Capital, who helped mediate the crypto transfer. Coral Gables Title & Escrow handled the closing. Roberts and Oppenheim also represented the buyer in the One Thousand Museum deal last year.

Marquis Residences is located at 1100 Biscayne Boulevard in Downtown Miami. The buyer is a business developer from Central America. The triplex spans 6 bedrooms 7 bathrooms and 6,952 square feet. The two-story residence offers floor-to-ceiling windows overlooking the entire city and ocean, a movie room, designer kitchen, office, two laundry rooms. The lavish master bedroom features views of Biscayne Bay and a double shower, jacuzzi and sauna. The unit also features a full home automation system throughout and window treatment for efficient A/C and energy savings.

"I have been in the crypto industry since 2011, it is absolutely amazing to see where crypto is right now and where it is headed. The opportunities are endless and we have yet to begin," said Roberts.

Images via Barnes International Realty

First-Ever MetaReal Mansion Under Construction In Both Miami And The Sandbox Metaverse

The first ever MetaReal mansion is currently under construction in both Miami in real life and in the Metaverse and is expected to fetch millions when it goes to auction. Meta Residence, ONE Sotheby’s International Realty and Voxel Architects have aligned to build and sell the first real-world mansion using NFT technology. The luxury mansion is being constructed in Miami with a virtual counterpart coming to life inside of The Sandbox metaverse. The purchaser of the NFT asset will also acquire ownership rights of the physical home.

“We are building a rare lifestyle experience that blurs the lines between the metaverse and reality,” said Gabe Sierra, President of the joint venture. “Never before has a project like this been delivered, and we are proud to offer the buyer of this NFT a once-in-a-lifetime opportunity to own the first MetaReal mansion ever created.”

Located on a 1+ acre within one of Miami’s most sought-after neighborhoods, the 11,000 square-foot home will feature 7 bedrooms and 9 bathrooms. The virtual version will be a mirror image of the property. Michael Martinez with ONE Sotheby’s International Realty is the exclusive sales agent for the project and plans to execute the transaction on the Ethereum blockchain. The metaverse mansion is expected to list for auction in 2022 with a yet to be disclosed reserve price.

“Being able to leverage my expertise to pair a homeowner with real and virtual property is something I never imagined being a part of, it’s exhilarating,” said Martinez, the top agent at ONE Sotheby’s International Realty. “We look forward to finding a buyer for this spectacular property and being involved in a momentous deal in this new era of homeownership.”

The joint venture has also acquired the equivalent of over 40 acres in the metaverse for future projects which may include homes, as well as commercial properties, marketing, and gaming endeavors.

“As a company we push boundaries and constantly evolve with the changing dynamics of the industry—always on the cutting-edge of real estate, art and technology. We believe that the metaverse will play a role in the future of real estate in one way or another,” said Daniel de la Vega, president of ONE Sotheby’s International Realty. “This deal represents a bold move to support our clientele where the real and virtual worlds converge, and we look forward to presenting the property to our unrivaled global network.”

The Sandbox is a virtual world where players can build, own, and monetize their gaming experiences on the Ethereum blockchain using $SAND, the main utility token of the platform. The Sandbox offers a wide range of exploration across its metaverse, consisting of 166,464 unique pieces of LAND, each belonging to a user. The Sandbox was founded in 2011 and has partnered with 60+ companies to develop content based on their IPs on the platform, including brands like Square Enix, ATARI, The Smurfs, Care Bears, and more.

PMG Partners With FTX.US To Accept Cryptocurrency at South Florida Real Estate Developments

PMG has announced a partnership with West Realm Shires Services Inc. (“FTX.US” or “FTX”), a leading U.S.-regulated cryptocurrency platform, as the sole platform handling cryptocurrency conversions for two of its South Florida projects deposits and residential transactions — E11EVEN Hotel & Residences Miami and Waldorf Astoria Residences Miami. This announcement represents FTX.US’s first entry into the real estate market, further establishing developer PMG as a trailblazer in the real estate industry and FTX.US as an innovator in the cryptocurrency financial services space. To commemorate the partnership PMG hosted the FTX/ Crypto Roundtable at Waldorf Astoria Residences Miami where Miami’s real estate leaders with experience completing deals using cryptocurrency met with FTX.US VP of Business Development Avinash Dabir for an in-depth discussion about how the FTX cryptocurrency platform handles cryptocurrency conversions for PMG’s luxury real estate properties.

“As FTX continues to grow its presence in the Miami area, we couldn’t think of a more ideal time to work with such a prestigious cryptocurrency exchange platform,” said Ryan Shear, Managing Partner of PMG. “We foresee this partnership with FTX bringing increased security for our cryptocurrency payment processes offered to buyers due to their extremely diverse portfolio and impressive experience.”

In June, national developer PMG announced it is the first U.S. real estate developer to accept cryptocurrency for condominium deposits in pre-construction projects through E11EVEN Hotel & Residences Miami. Additionally, E11EVEN Partners, the hospitality brand co-developing E11EVEN Hotel & Residences with PMG, announced in April that it is accepting cryptocurrency for transactions at its globally renowned nightlife venue, E11EVEN Miami. Through this deal, buyers utilizing cryptocurrency for either the remaining available inventory at E11EVEN Hotel & Residences Miami or Waldorf Astoria Residences Miami, or each following deposit, will have their payments converted through FTX.US.

FTX.US President Brett Harrison commented on the news, “Alongside FTX, cryptocurrency’s presence on the global stage only continues to grow, and this is just the latest development in that process. We are excited to add such prestigious institutions to our roster of partners and increase consumer access to digital assets and digital asset-related services. At FTX, we believe that crypto is the future of finance and strive to do our part on a daily basis to make this future come to fruition.”

Centrally located in Downtown Miami’s Park West District, E11EVEN Hotel & Residences Miami developed by PMG and E11EVEN Partners will be designed by internationally renowned Sieger Suarez Architects and feature finished residences and hotel rooms by award-winning design firm AvroKO. E11EVEN Hotel & Residences Miami encompasses 375 fully furnished residences. Each unit comes equipped with fully-integrated “smart building” features and 24/11-style amenities, including celebrity-chef dining experiences throughout the property, a casino-style sports lounge, an E11EVEN’s Members rooftop experience, and a world-class wellness center curated by Chopra Spa & Studio. E11EVEN Hotel & Residences Miami is destined to be a lifestyle experience and destination, the first of its kind in the United States. Residences start at $300,000 and include studio, one, and two-bedrooms, as well as a limited Penthouse Collection along with two Presidential Suites.

Located at 300 Biscayne Boulevard, the development of Waldorf Astoria Residences Miami is led by developer PMG, Toronto-based private equity firm Greybrook Realty Partners, global investment company Mohari Hospitality, S2 Development and will be managed by global hospitality company Hilton. The tower will rise 100 stories and 1,049 feet above Biscayne Bay as the tallest residential building south of New York City. The property will consist of 360 private residences as well as 205 guestrooms and suites within the five-star hotel. Signature spaces will include Peacock Alley; a specialty restaurant; indoor/outdoor pre-function and function spaces; meetings and boardrooms; a resort-style pool deck with private cabanas; and a spa and fitness center. The development marks the debut of one of the world’s most iconic hospitality brands, Waldorf Astoria Hotels & Resorts, in the Miami market.

Residences start at $1 million, with sales and marketing being led in-house by PMG Residential, including Aura Aragon, Alejandra Castillo, Karine Carvalho, Daiana Quiceno and Christian Tupper, in collaboration with Fredrik Eklund, Julia Spillman and John Gomes of Douglas Elliman’s Eklund | Gomes Team.

Ultra-Luxe Condo At One Thousand Museum Sells For $7.2 Million In Cryptocurrency Ethereum

Crypto sales in Miami continue to become more mainstream as the city continues to make itself a Crypto City and emerging tech hub. Unit 2202 at One Thousand Museum by Zaha Hadid Architects has sold for $7.2 million in the cryptocurrency Ethereum, becoming the most expensive crypto currency real estate purchase to date in the City of Miami. It is also second most expensive in Miami-Dade County behind a penthouse at Arte Surfside that sold last month for $22.5 million. Keith Marks and Sonia Toth of The Keith & Sonia Team at Brown Harris Stevens were the exclusive listing agents. Zachary Oppenheim and Madison Roberts of Oppenheim Realty brought the buyer.

The 4 bedroom 5.5 bathroom northeast corner unit spans 4,600 SF. The residence offers far reaching views of Biscayne Bay and Miami Beach and overlooks cultural landmarks including Perez Art Museum Miami (PAMM) and Phillip and Patricia Frost Museum of Science. The residence also features spacious balconies and the finest attention to detail and state of the art appliances and lighting, including Poliform, Gaggenau, SubZero, Dornbracht, Petzgold and Creston.

One Thousand Museum is regarded as the essence of unprecedented fusion of art, architecture, design and location within Downtown Miami. Designed by famed architect Zaha Hadid, the building is home to the highest helipad in the US other than Los Angeles. Celebrity residents include David and Victoria Beckham.

Cryptocurrency has emerged as a viable form of payment for real estate and Miami has been at the cornerstone of crypto becoming mainstream. Miami is quickly becoming a cryptocurrency and blockchain hub led by Mayor Francis Suarez. Arte by Antonio Citterio in Surfside became the first new construction project to accept cryptocurrency for real estate followed by E11EVEN Hotel & Residences. A unit would later sell for a record $22.5 million in cryptocurrency at Arte.

For a background on cryptocurrency and blockchain and its application to real estate check out the PROFILE Insider: The Crypto Revolution Versus The Evolution of Blockchain Part 1.

Images via Brown Harris Stevens

For more information about purchasing real estate using cryptocurrency, private showings or purchasing/ leasing information please fill out the form below:

PROFILE Insider: The Crypto Revolution Versus The Evolution Of Blockchain In Real Estate Part 1

When it comes to understanding cryptocurrency and blockchain, nearly the entire world is in the dark. Bitcoin is stored on the first blockchain and was first released in 2009. Although over the past decade both Bitcoin and blockchain have became more mainstream, the crypto and blockchain worlds are still in their infancy. The real estate world has been forced to adapt faster than most as the demand to use cryptocurrency for real estate transactions has “gone to the moon,” and blockchain developers have created digital databases that streamline and secure every aspect of the real estate industry.

Miami has quickly become the Cryptocity, and is becoming a cryptocurrency and blockchain hub led by Mayor Francis Suarez. Mayor Suarez’s goals include turning Miami into a Bitcoin mining hub by using the city’s nuclear power capability. He is also working towards allowing the use of Bitcoin to pay for tax and public services, as well as a salary option for city employees. Mayor Suarez set his focus on a Miami tech boom following the COVID-19 pandemic and has been working to attract the top tech and investment firms from San Francisco, Silicon Valley and New York City. The effort has paid off shown by taxable property values in Miami having doubled over the past decade as high-paying jobs have been attracted to the weather, beaches, restaurants, nightlife, low-tax and high-quality of life.

As Miami and Crypto have rapidly become synonymous, in honor Miami Crypto Week and following a PROFILEmiami Instagram Story Poll in which 41% of our followers reported investing in cryptocurrency, we wanted to make sure that none of the PROFILEmiami community was in the dark when it came to blockchain, cryptocurrency and real estate. In this three part PROFILE Insider series we will explore the differences between blockchain and cryptocurrency, how both apply to the real estate industry and how Miami is working towards becoming the center of what could be crypto’s “golden age.”

Part 1: Blockchain versus Cryptocurrency

Understanding the difference between blockchain and cryptocurrency is essential. A blockchain is a publicly distributed digital ledger that is managed by a peer-to-peer network using cryptography. It is comprised of an ever-growing list of records which tracks the history and dates of transactions, ownership or occurrences of anything or any process stored on that blockchain.

Each record is known as a “block,” and can store the data of anything from Bitcoin to a real estate deed to a property and its history to the tracking of food from farm-to-table. Each block is timestamped and once stored cannot be modified without modifying all ensuing blocks.

The blockchain was invented by Satoshi Nakamoto in 2008 and that specific blockchain became the public transaction ledger for the world’s first cryptocurrency, Bitcoin. To date Satoshi Nakamoto is unidentified and it is unknown if the name represents a person or a group.

A cryptocurrency is a medium of exchange of digital assets which are denominated as “coins,” which represent ownership of that digital currency. A coin is a verifiable record stored on a decentralized blockchain of cryptography. Cryptocurrencies appeal to many due to being decentralized from governments and the central banking systems. Different cryptocurrencies include Bitcoin, Ethereum, Dogecoin, Ripple (XRP), Tether, Aave, Internet Computer, Bitcoin Cash, Litecoin, Polygon, amongst thousands of others known as “altcoins.”

In a transaction the transfer of the value between each party gets validated and stored on a new block, leaving behind a signature known as a private key, or seed. The validation process, known as “mining,” occurs when a transaction is broadcast to the cryptocurrency network and the transaction is confirmed by high-powered computers solving extremely complex computational math codes which maintain the validity of the ledger of transactions. As the computers solve the codes successful miners will produce cryptocurrency as a reward. Cryptocurrencies can be traded directly from wallet to wallet but also be traded similar to stocks or exchanged for Fiat currency such as the US dollar or other cryptocurrencies on exchanges such as Coinbase, FTX and Kraken.

Cryptocurrencies are stored on digital wallets. There are two types, a “hot wallet” and a “cold wallet.” Hot wallets are run on internet-connected devices such as phones or computers. They are very easy to use and transact with as they are usually an app on your phone, but for this reason they also lack security and can be easy to hack or physically forced access in a theft. Top hot wallets include the Coinbase Wallet, Electrum and Exodus.

“Cold wallets,” also known as “hard wallets,” are fully offline devices that are not connected to the internet, therefore much more secure. Many look like a usb drive or a smartphone, which store the user’s private keys on the secured piece of hardware. A 24-word recovery code is the only back-up for the private keys once transferred onto the hardware wallet. One of the most popular is the Ledger Nano S and Ledger Nano X wallets which use a proprietary OS designed to provide the highest level of security to protect your crypto assets.

Between the top three popular cryptocurrencies, Bitcoin is seen as an investment-grade asset similar to gold and has the potential to become the first global currency; Ethereum is a complex blockchain which is evolving to become the first global computing platform; and Dogecoin, multi-billionaire Crypto enthusiast and Tesla and SpaceX CEO Elon Musk’s favorite coin. Dogecoin is a “memecoin” meaning it was started as a joke but is now considered by some to be a legitimate investment asset.

As of June 6 2021 Bitcoin had a market cap of $676.13 billion, Ethereum of $314.56 billion and Dogecoin of $48.14 billion. Bitcoin has reached as high as $64,829 per coin in April 2021 before dropping down to the mid-$30,000’s in May 2021. Etherem reached a high of $4,380 in early May 2021 before retreating to the mid-$2,000’s. The cryptocurrency markets continue to grow in populating amongst both institutional investors and retail traders and something as a simple tweet from Elon Musk can send the crypto markets into a frenzy.

Stay tuned for Part 2 of our three part PROFILE Insider series where we will explore both cryptocurrency and blockchains application to real estate.