Pay attention, Wyoming real estate agents…before we get specific to real estate and bitcoin, know that the State of Wyoming is looking to be the center of the universe for blockchain. It makes sense that Wyoming would be the first to step up to the plate with blockchain as the state stepped up first to grant women the right to vote, the first to elect a female governor and the first to create the Limited Liability Company (LLC) format that now 2/3 of all US businesses choose.
Blockchain is the underpinning of crypto currencies. And, as of February 2018, the Wyoming Blockchain Coalition resides in Cheyenne. Blockchain and crypto-currency enthusiasts and start-up and established companies from all over the world are “invading” Cheyenne for office space. And, as you know, with occupants for office space comes residents for houses. Pay attention, Wyoming agents.
Now to bitcoin and real estate…Trulia had 50 crypto-currency listings in February 2018 and Redfin tallied 134 crypto listings in January 2018, up from 75 crypto listings in December 2017.
According to agent Piper Moretti, the crypto real estate process is that the buyer and seller agree on a fixed price in dollars and then they decide on a fair crypto exchange rate at the time of the closing. (Because bitcoin values fluxuate constantly, buyers and sellers wait until the transaction closing to determine the exchange rate.) Bitcoins are then converted into cash by a third party such as BitPay. Cash is then given to the seller. Moretti says that it is the buyer who takes on the risk of the transaction due to bitcoin’s volatility.
Real estate, so far, has been the one constant opportunity for newly minted crypto- millionaires to offload some of their crypto-currency for a more stable asset. Here are just some of the properties these crypto-millionaires are buying…
Lake House on the edge of CA’s Joshua Tree National Park – listed at $599,000. sold for $570,000
- considered a money maker as a vacation house
- 4 bedrooms, three baths
- stunning lake and mountain views, gated, pool
- seller Michael McCrae told Money Magazine that his decision to accept bitcoin was based on the rush to by other properties in the area for bitcoin. “It’s just crazy what’s going on here,” said McCrae.
Midcentury estate in Berkeley, CA designed by protégé of Frank Lloyd Wright – sold for $3.3M via bitcoin
- described as “mansion-meets-tree-house”
Two unit San Francisco Russian Hill home – listed for $12.9M; sold for $12.3M via bitcoin
- Rick Teed, developer and realtor in San Francisco thinks bitcoin and real estate are “…a match made in heaven.”
- Teed thinks millennials will “grasp” bitcoin better than others and that real estate “…is where they’re going to express their wealth.”
Middletown, NJ – on and off the market since 7/16 but now listed for $2.15M with a stipulation that the bitcoin price is non-negotiable at $2.3M
- custom Colonial at the end of a tree-lined driveway and courtyard
infinity pool; 2.5 acres of private land