bitcoin real estate

From Miami To The UK: Here Are The Penthouses And Homes Being Bought In Bitcoin

“PRICE? ONLY ACCEPTING BITCOINS”

Spectacular 1 bed/1.5 baths Penthouse unit with high ceilings, unobstructed Biscayne Bay view & Miami skyline. This amazing condo unit features euro-style kitchen, wood floors & impact windows. As boutique style condo, Platinum

Condominium includes state of the art amenities such as fitness, infinity pool, Jacuzzi, spa, party room, conference room & front desk. Centrally located close to major roads, highways, Downtown, Brickell, Design District & Wynwood. “PRICE? ONLY ACCEPTING BITCOINS”

That is an actual listing for a Miami condo on Redfin. As you can see from the screengrab below, the listing appears to be a bargain at only $33, but what the seller actually means is $33 Bitcoin:

Coins

Here’s a fun slideshow that illustrates what 33 Bitcoin will buy you in the Miami real estate market:

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“It’s the only one we could find where the seller was only accepting bitcoin, but when we searched our database of listings across the country we found about 75 properties in the listing remarks where the seller said they would accept bitcoin as payment,” a Redfin spokesperson told CNBC, adding that those sellers would also accept other payment methods.

Yes, other folks across the country are open to selling actual real estate for Bitcoin, but they’d at least consider accepting real money. This person, on the other hand, wants nothing to with your dollars, or euros, or yen, or pounds.

And speaking of pounds, The Telegraph on Saturday reports that developers have now sold the first two luxury homes in the UK using Bitcoin.

“Property developer Go Homes announced the successful sale of the homes yesterday, both have been bought by men in their 20s in the technology industry,” the article reads.

These homes are still under construction, but the listings went for £350,000 and £590,000 and are apparently two of nearly three dozen residences being built at Elmstead Green, Colchester. Here’s another slideshow that gives you an idea of what people are buying with Bitcoin in the UK:

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Ed Casson, group sales director of Go Homes, had the following to offer:

This re-writes the rule book and shows there is another way to sell property. This is the first time a domestic property has been sold for Bitcoin in the UK. It’s a bit of history in the making. Selling homes for Bitcoin will become common in the next five years. Our industry has largely remained unchanged in terms of innovation in the last 50 years. We are taking an opportunity to embrace this technology.

Ed also said he’s “happy” to accept Bitcoin for any of the more than 200 houses Go Homes is set to complete next year.

Amusingly, the software developer and Bitcoin miner who bought the £350,000 home mentioned above said he plans to rent it out – for Bitcoin. Of course.

Nothing further.

9 comments on “From Miami To The UK: Here Are The Penthouses And Homes Being Bought In Bitcoin

  1. Rudy says:

    Heisy you’ve been saying “nothing is listed in Bitcoin,” everyone always says they have “this much $ in Bitcoin.”

    Clearly, that is no longer true.

    If this is happening, does it change your view? That was a primary argument of yours why BTC are “space tokens.”

    Rudy

    • what do you mean “clearly that’s not true”? do you think these people would be accepting Bitcoin as payment for homes if Bitcoin didn’t have a dollar value?

      i guarantee you Go Home would stop accepting payment in Bitcoin tomorrow if UK regulators made convertibility into pounds illegal.

      see that’s what people just can’t seem to conceptualize. what is Bitcoin without convertibility? it’s nothing. what is 33 Bitcoins without convertibility?

      • see what I mean? this is circular. the premise doesn’t make sense without the convertibility. it’s all based on the assumption of convertibility.

        you cannot do anything with “a Bitcoin” because “a Bitcoin” isn’t a thing. You can’t eat it, drink it, snort it, smoke it, build anything out of it, touch it, smell it, see it, nothing. it doesn’t exist.

        it has no meaning outside of convertibility.

        • Rudy says:

          Heisy, can you really not imagine a scenario where Bitcoin becomes a self-enclosed transactional system? That’s what this is about, isn’t it? That’s why having real estate property listed and sold in Bitcoin, and rented out in Bitcoin, is significant, right?

          Because it’s one step closer to that self-enclosed system where individuals can earn, spend, and invest exclusively in Bitcoin.

          Your point that Bitcoin is nothing without convertibility is kinda obvious. Of course — at this stage in it’s evolution — Bitcoin is nothing without convertibility. But we as investors (or speculators in this case) are rewarded for looking into the future and forming a view of what the future will bring. So I’m disappointed to see you repeatedly argue against Bitcoin based solely on the current dynamic and status quo processes, and not hear you ever even attempt to look into the future. With all of your other work, you are spot on relating current trends and historical relationships to what then may transpire in the future. Id question why you seem unable to do this with Bitcoin, even as events develop contrary to your thesis? Come on, man! Maybe it’s a generational thing; my father, a retired doctor in his 60’s, has done so well by capitalist markets and the almighty dollar that he also cannot imagine why Bitcoin even exists.

          Lastly, your point about not being able to eat, burn, etc Bitcoin can all be applied to the US dollar, except that BTC solves double spending problems and is easier to transact over international lines and distance. Basically, BTC is an inevitable evolution of Fiat currency. Government irresponsibility (yay tax reform and deficit spending!) Is just on additional tailwind at Bitcoins back.

          Heisy, I challenge you to imagine — just imagine — a scenario in which you are wrong here. What do you see?

          • Rudy says:

            Oh and I forgot to add: I won’t accept the 60-year old male in finance favorite scenario of “the government will make it all illegal.” We all know that is a possible future scenario, perhaps even the most likely future scenario. But, unlike you, my dear Heisy, I don’t think it’s the ONLY possible future scenario. So I want to hear another possible future scenario from you, as it relates to Bitcoin (or crypto currency in general).

            Rudy

  2. Tim says:

    Anonymous
    How does the local authorities assess the “real value” of this property? How is that taxed? Bitcoin is not acceptable payments for taxes. What this smells like is a good way to launder profits of either Bitcoin or something else that wants to be hidden.

    • bunny says:

      Yup. Some high-end homes in Vancouver have been sold in bitcoin-only since at least 2014.
      Dollars not accepted.

      Seems odd to limit your market that way, unless it’s for why you say. Plus I thought it was unlawful to not accept “legal tender” currency for a purchase.

  3. bunny says:

    The common “they’ll make it illegal to convert bitcoin to dollars” refrain seems practically impossible now that regulators have legally created bitcoin futures trading which is legally settled in dollars. A court challenge could bring relief, at the very least temporarily.

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