From Miami to Manhattan, the real estate world is under pressure to accept bitcoin. Savvy sellers are looking to cash out depreciating fiat, hoping to ride the decentralized cryptocurrency’s increasing value.
Also read: Real Estate Listings Use Bitcoin to Garner Publicity
Manhattan Real Estate Accepts Bitcoin
“We were just shocked to find out how many people have bitcoin,” Ben Shaoul declared to Sebastian Kettley of Express. “I bought some myself last summer, and now I wish I bought more – who knew how this would explode?”
Mr. Shaoul of Magnum Real Estate Group explained how “We were approached by a buyer who has been collecting bitcoin for many years and was interested in using it to buy property. He said he really wanted to buy with bitcoin, so I spoke to my lawyers and the powers that be, and they said yes.”
The company focuses principally upon condominiums, ranging from 700,000 to 1,500,000 USD, in the heart of New York City.
He also claims to have had two more offers of bitcoin for condos, and intends to expand with advertising to bitcoiners as a result. “We are even thinking about advertising this now.”
Popular accounts often state that retailers and businesses are generally wary of bitcoin’s volatility.
“Sure it’s volatile,” Mr. Shaoul acknowledges, “but so are the stock markets. Would you stop investing in stock markets? No, you wouldn’t. Each person is going to have a risk assessed judgement on whether or not they want to invest in bitcoin,” he said.
Perhaps bitcoin and real estate are the perfect match. Who better than real estate professionals to assess financial risk and potential value?
“We’ve always been innovating in the housing market,” he agrees. “We’ve never played safe. We always try to push the boundaries while many others are very old-school in the way they do things.”
Miami Real Estate Accepts Bitcoin
Miami realtor Stephan Burke took to the Miami Herald editorial pages to insist, “Obviously, Miami is an ideal market for Bitcoin, giving buyers and investors from South America, Canada, Russia, Asia, and the Middle East the opportunity to make their purchases quickly and smoothly,” he wrote. “Our city has a tremendous opportunity to be a trendsetter in this regard.”
Eric Fernandez of Sol/Mar Real Estate agrees. “It’s only a matter of time to where it’s going to pick up in Florida. When they came at me with this, I thought, ‘This is pretty big if a buyer is willing to pay.’” Mr. Fernandez is referring to the 3.5 million USD Blue Diamond Penthouse he’s listed. The owners want it known they’re accepting bitcoin.
“It is a little bit of a challenge,” Mr. Fernandez continues. “In traditional real estate, the money is in escrow. It’s not like you can go to Wells Fargo or Bank of America and go, ‘Can we deposit Bitcoin?’”
Like his Manhattan counterpart, Mr. Fernandez understands the risks. “They’re investors who see emerging markets. They really believe that [bitcoin is] going to grow, kill it, and that they’ll make their money back by next year,” he said.
It may be the case that upward volatility attracts still more real estate regions accepting bitcoin, as evidenced by New Jersey and Atlanta.
What do you think of bitcoin and real estate? Tell us in the comments below!
Images courtesy of Pixabay.
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