Miami developers and brokers went all-out to court buyers who made their fortunes in cryptocurrency. At the E11even Hotel & Residences Miami, for example, half of the buyers at the project’s second tower came from the crypto world.
But in the wake of the spectacular collapse of Sam Bankman-Fried’s FTX, how will the real estate industry respond?
TRD‘s Hiten Samtani talked to Katherine Kallergis about her reporting on how the sudden implosion of the second-largest cryptocurrency exchange and the broader fallout in the crypto world could put a chill on buyers who made their wealth in crypto.
“Because it’s under construction, these buyers are making payments through FTX that are scheduled,” Kallergis said of the E11even, which is being developed by Property Markets Group. “So what happens now?”
Watch more explainers from TRD
Development
South Florida
Watch: B1M video takes a closer look at Miami, with help from TRD
Architecture And Design
New York
Can Saudi's sci-fi megacity ever be built?
Commercial
New York
Watch: Why is Silverstein’s WTC complex still unfinished? TRD weighs in
Samtani and Kallergis discuss whether South Florida has a particular talent for attracting money from unconventional sources, whether it be the crypto world, or South American buyers who made their riches in illicit ways.
“Shady foreign investment is a much bigger percentage of wealth here than crypto is,” Kallergis said.
Watch the above video for the full conversation.