Tag Archives: buy a house with bitcoin

Seller Of Luxury Miami Condo Demands To Be Paid Exclusively In Bitcoin

And they said bitcoin would never work as a currency ツ

While that might be true for small transactions – for now – real-estate markets across the US are increasingly demonstrating that bitcoin is a viable medium of exchange. Case in point: the seller of a luxury Miami condo will only accept payment in bitcoin. The asking price – according to real-estate listings site Redfin -33 bitcoins, or about $550,000 at bitcoin’s present valuation.

https://i2.wp.com/www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/12/13/redfin%20miami.jpg

According to Redfin, this is the first time a seller is exclusively accepting payment in bitcoin. The seller’s identity wasn’t immediately clear.

But while this might be the first time that Redfin has noticed the phenomenon, home sellers have been asking to be paid in bitcoin since at least 2013, when an anonymous seller of a luxury condo in the Trump Soho of all places listed the price as 24,700 bitcoin, according to the Daily News. While this sale was the first that was documented in the media, it’s also notable that it occurred before the first bitcoin bubble burst.

Also over the summer, a realtor in Texas revealed that one of her clients had accepted payment for their home in bitcoin. The number of coins – and the identity of the seller and buyer – weren’t disclosed.

https://i1.wp.com/www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/12/13/2017.12.13bitcoin.JPG

And as we recently reported, more realtors in hot markets like New York City and Miami are demanding to be paid in cryptocurrency, sometimes exclusively.

This trend in broader crypto acceptance – contrary to mainstream media reports – is undoubtedly a factor behind the unprecedented price appreciation which has seen bitcoin soar from $1,000 to $19,000 in 2017.

Meanwhile, any buyer who has accepted bitcoin as payment and kept it, has so far managed to generate a staggering profit, given the digital currency’s aggressive appreciation. The real test will come after the digital currency inevitably tanks again.

Source: ZeroHedge

Advertisements

Realtors In Miami And Manhattan Are Embracing Bitcoin

Back in September, we reported on a major milestone in bitcoin’s evolution into a respectable medium of exchange for large purchases: A Dallas real estate agent had negotiated the first all-bitcoin purchase of a US home on record. Few details about the home or the identity of the buyers were released. However, given bitcoin’s blistering rise since then – the value of a single coin has more than doubled – it’s reasonable to assume that, whoever they are, they probably regret pulling the trigger on their dream home, seeing as, if they had just waited two more months, they could’ve bought two. Indeed, the unknown seller of the home reportedly earned $1.3 million from the bitcoin they accepted as payment in the transaction.

At the time, we predicted that it wouldn’t be long before settling real-estate transactions in bitcoin would be commonplace, something we imagine could help further inflate real-estate prices in trendy markets like San Francisco, while also potentially attracting real-estate speculators to also dabble in bitcoin.

As if according to some preordained plan, Cryptocoins News reported this weekend that real-estate agents in both Miami and New York City are warming to bitcoin, and some have even convinced their clients to accept payment in the digital currency.

Eric Fernandez, owner of Sol/Mar Real Estate, recently listed a $3.5 million penthouse condo at the Blue Diamond in Miami Beach, Fla. saying the owners would accept payment in bitcoin or Ethereum, according to the Miami New Times.

Fernandez believes it is only a matter of time before bitcoin acceptance for real estate purchases gains popularity.

Fernandez is not the only real estate agent who expects more homes to be bought with digital currency. Bitcoin is achieving cult status for international buyers. Some believe Miami will lead this trend.

Another Miami realtor, Stephan Burke, who listed a Coral Gables mansion for sale in August, said the seller would accept bitcoin. Burke pointed out that Miami is an ideal market for bitcoin since it offers investors from South America, Canada, Asia and Russia a way to quickly purchase property.

* * *

https://i0.wp.com/martinhladyniuk.files.wordpress.com/2016/06/girlfriend.jpg?ssl=1&w=450

Manhattan realtors are also jumping on the bitcoin bandwagon, according to Ben Shaoul, of Magnum Real Estate Group.

We were approached by a buyer who has been collecting bitcoin for many years and was interested in using it to buy property.

Since then there have been a further two to three customers who have approached the developer to see if they can purchase luxury condos with the cryptocurrency. Prices for these properties range in price from $700,000 to $1.5 million.

The United Kingdom has also recorded a few examples of sellers accepting payment in bitcoin for their homes, with at least one case of a seller accepting payment only in bitcoin.

Last month, a Notting Hill mansion in London was put up for sale with the asking price of $17 million, believed to be a first for the metropolitan city. In this case, though, the seller is only accepting bitcoin. In the last week it has been reported that a 49-year-old man has put his £80,000 house up for sale, with the option of accepting the digital currency.

Meawhile, a UK co-living company has announced that it will begin accepting down payments made in bitcoin, making it that much easier for traders hooked on effortless, outstanding returns to speculate in another bubble-prone market: UK housing.

Of course, bitcoin’s sometimes-extreme volatility presents risks. But the NYC realtors say they’re not worried.

“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,” one realtor said.

And now that traders can easily purchase futures contracts allowing them to profit off of declines in the bitcoin price, sellers can purchase protection to offset some of the risk.

Source: ZeroHedge

Vancouver House For Sale: Only 2,099 Bitcoin

https://s17-us2.ixquick.com/cgi-bin/serveimage?url=https%3A%2F%2Fi.ytimg.com%2Fvi%2F2_FlE-3g8C0%2Fmaxresdefault.jpg&sp=ece4171b1dbc1501fe05f47645f9b770

In February 2016 we explained, correctly in retrospect, that the reason behind the unprecedented surge in Vancouver home prices was the seemingly constant flood of “hot Chinese money” desperate to park itself as far away from China’s banking system, and into offshore real-estate. This is how we laid out the stylized sequence of events that culminated with Vancouver home prices surging by over 20%:

  1. Chinese investors smuggled out millions in embezzled cash, hot money or perfectly legal funds, bypassing the $50,000/year limit in legal capital outflows.
  2. They make “all cash” purchases, usually sight unseen, using third parties intermediaries to preserve their anonymity, or directly in person, in cities like Vancouver, New York, London or San Francisco.
  3. The house becomes a new “Swiss bank account”, providing the promise of an anonymous store of value and retaining the cash equivalent value of the original capital outflow.
  4. Then the owners disappear, never to be heard from or seen again.

Separately, in mid-2015, when bitcoin was still trading in the low $200s, we also predicted that in an attempt to bypass China’s increasingly more draconian capital controls, Chinese oligarchs and ordinary savers would increasingly turn to what at the time was a largely unregulated medium of exchange: bitcoin.

we would not be surprised to see another push higher in the value of bitcoin: it was earlier this summer when the digital currency, which can bypass capital controls and national borders with the click of a button, surged on Grexit concerns and fears a Drachma return would crush the savings of an entire nation. Since then, BTC has dropped (in no small part as a result of the previously documented “forking” with Bitcoin XT), however if a few hundred million Chinese decide that the time has come to use bitcoin as the capital controls bypassing currency of choice, and decide to invest even a tiny fraction of the $22 trillion in Chinese deposits in bitcoin (whose total market cap at last check was just over $3 billion), sit back and watch as we witness the second coming of the bitcoin bubble, one which could make the previous all time highs in the digital currency, seems like a low print.

With one bitcoin now going for roughly $1,800 – and with the PBOC repeatedly cracking down on all forms of bitcoin cross-border flow – this prediction also turned out to be right.

So putting the two together, at least one enterprising Canadian homeowner has decided to make life for potential Chinese buyers especially easy, and in a posting on the Hong Kong edition of Craigslist, has listed a relatively modest Vancouver house for the price of 2,099 bitcoin.

https://i0.wp.com/www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/05/12/vancouver%20house%20craigs_0.jpg

At today’s exchange rate of US$1,737 for one bitcoin, the US dollar equivalent price is roughly $3.6 million or C$4.9 million. So what does nearly five million Canadian dollars buy enterprising Chinese investors who are willing to pay up for the convenience of bypassing currency conversion into Canadian dollars altogether? This:

https://i2.wp.com/www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/05/12/00E0E_gnzeuLmeD2K_600x450.jpg

https://i2.wp.com/www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/05/12/00000_kM7OIBuDw1h_600x450.jpg

https://i2.wp.com/www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/05/12/00D0D_kC0voEX3eF4_600x450.jpg

Source: ZeroHedge