French DJ and music producer David Guetta has decided to sell his South Beach seafront pad in the Setai Residences, a luxurious condo/hotel building in Miami Beach.
Freud Group, a full-service real estate consulting agency with expertise in the Miami market is listing Guetta’s lower penthouse for $14 million, accepting payment in Bitcoin (BTC) and Ethereum (ETH).
Details of the listing
Guetta’s 2,528 square foot beachfront property on the 37th floor features three bedrooms, three bathrooms, a panoramic view of the Miami skyline, 24-hour room service and other amenities, such as three oceanfront swimming pools, a sauna and a spa.
Three years ago Guetta bought the listing from a New York billionaire Richard LeFrak for $9.5 million and stands to make $4.5 million from the sale.
Guetta’s decision to accept payment in Bitcoin and Ethereum seems to be a personal “sellers” preference, since other listings on the website don’t mention cryptocurrencies.
Another point of entry for crypto
The pandemic shut down the world’s economies last year but the real estate market experienced a renaissance. In 25 economies tracked by The Economist, prices rose significantly.
In the US they climbed by 11%, in Britain they rose by 8%, while in New Zealand they surged by 22%, during the last 12 months covered by the data, as central bankers around the world worry about this pace in the real estate market.
While the housing boom causes worry both in the US and Europe, in Germany where the housing market proved to be historically very stable, this signals a significant shift. The German hedonic price index rose by 11.12% (9.28% inflation-adjusted) during the first quarter of 2021, according to Europace figures.
Germans went far with the adoption of cryptocurrencies and made it possible to purchase real estate with crypto, an attractive option due to the crypto-friendly German taxation law.
While real estate prices are going wild, Bitcoin adoption is making its way through real estate transactions as companies advertise that they specialize in catering listings for crypto-paying clients around the world.