You may be familiar with cryptocurrencies, such as bitcoin but how about buying real estate using bitcoin, is it possible? With the development of cryptocurrencies, many companies innovate to keep up with new technologies, such as accepting bitcoin as a payment method. In fact, there are some real estate companies that accept bitcoin to close their real estate transactions.
Then, the real estate company argues that using bitcoin will benefit the property sector in the future. This is because transacting using bitcoin is much safer, more effective, and faster. Before you know some real estate companies that accept bitcoin, here is information about whether bitcoin is commonly used in real estate transactions that you need to know:
Is Bitcoin Commonly Used for Real Estate Transactions?
Now property buyers are using bitcoin to buy real estate around the world. Then, the sellers can accept the cryptocurrency directly or convert it into USD. The growing popularity of cryptocurrencies including bitcoin makes property buyers use them and replace them with cash, especially if they are cryptocurrency investors.
However, real estate transactions using bitcoin are still rare and few companies have the understanding and experience of transacting with property buyers using bitcoin. In addition, bitcoin became the most popular cryptocurrency used to transact real estate because of its wide acceptance.
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Real Estate Companies That Accept Bitcoin
Although it is still rare to use bitcoin for real estate transactions, there are real estate companies that accept cryptocurrency. If you are a cryptocurrency investor or want to buy real estate using bitcoin, you should know some real estate companies that accept it. The following is a list of 7 real estate companies that accept bitcoin that you can use as a reference:
1. Magnum Real Estate Group
It is one of the real estate companies that accept bitcoin as payment for a three-store retail condo on Manhattan's East Side. The real estate received a payment of 29 million USD in bitcoin. Moreover,
Magnum Real Estate became the first company in New York to accept cryptocurrency as a payment method for its primary real estate. The company is also committed to innovation so that more transactions are processed through the blockchain.
Moreover, Magnum Real Estate partnered with BitPay, which accepts payments in bitcoin on behalf of Magnum. Then, BitPay will also deposit dollars to the Magnum account in USD. This shows their trust in the cryptocurrency asset. Magnum Real Estate's move proves that cryptocurrencies are viable as a payment method in real estate.
This is a real estate company based in LA. Caruso already uses crypto for listings across its commercial and retail properties. Caruso sells properties such as multi-purpose properties, luxury apartments, outdoor malls, and others. Apart from accepting bitcoin as its payment method, the company is also investing in bitcoin. Moreover, Caruso cooperates with Gemini, as a custodian and cryptocurrency exchange.
Caruso believes that accepting bitcoin as a payment method is not a problem because the retail estate market is hot and there is a shortage of inventory. By accepting bitcoin, it makes it easier, efficient, and safer for consumers to transact real estate. Then, accepting bitcoins can also invite many opportunities for their consumers and improve the experience at the property.
3. Sand Key Realty
You need to know that Sand Key Realty is a pioneer real estate company in Florida that accepts bitcoins for completing sales. For example, they sell a 4 bedroom beach house on the Belleair Shore for 250 bitcoins. However, the price can change hour by hour due to bitcoin's wild fluctuations.
In addition to making it easier for consumers, the news that Sand Key Realty accepts bitcoin as a payment method has received more attention. This is also good news for the company's branding and creates greater opportunities.
4. Blooming Sky
One of the real estate companies that accept bitcoin is Blooming Sky. This real estate company works closely with a team of real estate attorneys to assist them in navigating the bitcoin exchange process. So, if you want to buy property in NYC using bitcoin, you can work with Blooming Sky. This real estate company offers apartments that you can buy with bitcoin, such as the Liberty Toye in Alphabet City, NYC.
Prices vary widely, such as studios starting at USD 685 thousand, 1 bedroom starting at USD 845 thousand, and 2 bedrooms starting from USD 1,375 thousand. However, the price of the property will be converted to the price of the respective bitcoin at the time of signing the contract. If you have signed the contract, you can place 10% of the deposit in escrow with the seller's attorney. Then, you give the other 90% when closing.
5. One Sotheby’s International Realty
This Florida-based real estate company accepts bitcoins to complete its sale. For example, they sold a 9,500-square-foot house in Miami and the payment method was bitcoin, Zcashm, and other cryptocurrencies. This house is worth about USD 6.5 million which will be converted to bitcoin.
This real estate company believes that using bitcoin will speed up consumers' transactions. In addition to faster transactions, using a bitcoin payment system is also safer.
6. Kuper Sotheby’s International Realty
In Texas, Kuper Sotheby’s International Realty brokered the first real estate transaction using bitcoin. It is one of the real estate companies that accept bitcoin based in south and central Texas. The house that has been sold is located in central Austin, just a few miles from Downtown.
According to an agent from Kuper Sotheby's International Realty, transactions using bitcoin went so smoothly. Within 10 minutes, the bitcoins were converted into USD and the deal with the consumer was done just like that.
7. Title Partners of South Florida Inc.
This real estate company has already closed some of its real estate transactions using bitcoin. This is because Title Partners of South Florida understands that bitcoin and cryptocurrencies are important in the real estate industry. They also want to accommodate consumers who want to use bitcoin to complete their real estate transactions.
Buying a house with bitcoin is also becoming more common as cryptocurrency is growing in popularity. Then, transacting using bitcoin is also safe and secure. The real estate company understands that if consumers can buy houses with cryptocurrencies including bitcoin, it could revolutionize the future of real estate transactions.
Now you know that there are some real estate companies that accept bitcoin as a payment method. Nowadays, it is still rare for real estate companies to use bitcoin as a payment method. However, in the future, the use of bitcoin will be more widespread and even open up opportunities for other cryptocurrencies as a transaction tool.***
Real Estate Companies That Accept Bitcoin as a Form of Payment