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Author Topic: Real estate and bitcoins  (Read 2017 times)
notig
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January 31, 2013, 01:12:50 AM
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I want to buy a house one day with bitcoins. Do you think it will ever be possible? Would one need to have the entire amount in bitcoins before they could buy it you think?

what are some ways that the real estate market could use bitcoins?

It seems like bitcoins would be a handy way of buying a house in a different country than your own (with a different currency).
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January 31, 2013, 02:04:22 AM
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Arggh...posted a long post and lost it.

Basically it would mainly be up to the title agency (lawyer)/government representative. They would have to verify the purchase.

Foreign purchase would be helped by not needing to convert your currency and get a paper check.

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January 31, 2013, 04:01:39 AM
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I want to buy a house one day with bitcoins. Do you think it will ever be possible? Would one need to have the entire amount in bitcoins before they could buy it you think?

I know of a condo in Belize you can buy in Bitcoins.  3 bedroom, 3 bath. Terrific views of the Caribbean.
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January 31, 2013, 05:51:46 AM
 #4

I want to buy a house one day with bitcoins. Do you think it will ever be possible? Would one need to have the entire amount in bitcoins before they could buy it you think?

what are some ways that the real estate market could use bitcoins?

It seems like bitcoins would be a handy way of buying a house in a different country than your own (with a different currency).

Yes! Coming soon!
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January 31, 2013, 08:36:18 AM
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For the down payment of for an all cash purchase I do not see why it would not be possible. As for a mortgage denominated in BTC, given the part performance of BTC the risk of foreclosure is extremely high. When it comes to borrowing money I would stay well away from Bitcoin.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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January 31, 2013, 01:21:57 PM
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The merchant list on bitcoin.it had a Japanese estate agent listed at one point, although I don't remember checking the actual site to see whether they had properties all lined up with BTC prices.

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January 31, 2013, 10:22:16 PM
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If you start a fund on one of the exchanges to buy a rental property I'll invest. (assuming it meets various criteria)

https://bitfinex.com/?refcode=UInJLQ5KpA <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with the refcode
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February 01, 2013, 06:12:39 AM
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In many 3rd world countries, real estate transactions are done in cash, literally briefcases packed full of USD, in order to lower the transaction amount for tax evasion purposes.  Using BTC would be a much safer method for both buyer and seller thanks to their intangibility and irreversibility.  I expect BTC to be adopted heavily as a cash substitute for this purpose in the coming years.

In the USA, real estate closings are explicitly exempted from money laundering supervision.  A great example of how, if you have enough influence and donors, many laws don't apply to you:

http://www.law.cornell.edu/cfr/text/31/1010.205

Thus, paying directly with BTC would seem to have the benefit of maintaining privacy all the way from the acquisition of the BTC to their final disposal.  As opposed to converting to USD via MtGox or passing payment through a bank, which would trigger AML/KYC monitoring & potential reporting.

I'd expect that in certain USA real estate markets with lots of foreign (laundered or otherwise) transactions, e.g, major cities in coastal areas, BTC could eventually become a dominant payment method.
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February 01, 2013, 05:58:56 PM
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I predict that before the end of this year (2013), selling houses for bitcoins will be a common practice.
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February 01, 2013, 07:00:39 PM
 #10

I want to buy a house one day with bitcoins. Do you think it will ever be possible? Would one need to have the entire amount in bitcoins before they could buy it you think?

I know of a condo in Belize you can buy in Bitcoins.  3 bedroom, 3 bath. Terrific views of the Caribbean.
Tell me more I used to live in Belize. It is one of my favorite places ever. What district / island?

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
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February 01, 2013, 10:20:29 PM
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Tell me more I used to live in Belize. It is one of my favorite places ever. What district / island?

It's on Ambergris Caye.

Hit me up in private message and I'll give you details.
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I outlived my lifetime membership:)


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February 02, 2013, 01:05:56 AM
 #12

I expect governments will still require paper accounting in fiat...they don't want you buying a house for 10K Bitcoins and selling it 10 yrs later for fiat profit at 1 K Bitcoins...they'd never get taxes from you...

Hardfork aren't that hard.
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notig
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February 02, 2013, 04:11:48 AM
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In many 3rd world countries, real estate transactions are done in cash, literally briefcases packed full of USD, in order to lower the transaction amount for tax evasion purposes.  Using BTC would be a much safer method for both buyer and seller thanks to their intangibility and irreversibility.  I expect BTC to be adopted heavily as a cash substitute for this purpose in the coming years.

In the USA, real estate closings are explicitly exempted from money laundering supervision.  A great example of how, if you have enough influence and donors, many laws don't apply to you:

http://www.law.cornell.edu/cfr/text/31/1010.205

Thus, paying directly with BTC would seem to have the benefit of maintaining privacy all the way from the acquisition of the BTC to their final disposal.  As opposed to converting to USD via MtGox or passing payment through a bank, which would trigger AML/KYC monitoring & potential reporting.

I'd expect that in certain USA real estate markets with lots of foreign (laundered or otherwise) transactions, e.g, major cities in coastal areas, BTC could eventually become a dominant payment method.


Interesting. Nice post
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March 20, 2013, 10:37:50 PM
 #14

I want to buy a house one day with bitcoins. Do you think it will ever be possible? Would one need to have the entire amount in bitcoins before they could buy it you think?

what are some ways that the real estate market could use bitcoins?

Do you think it will be possible?  How about today?  I have one for sale now...
2.5 acre mountain farm in Costa Rica.  Very rustic 3 bedroom house on it. Water, Electricity, 4MB internet access. literally 100s of fruit trees producing now, great views and nearly self-sustainable.  Year round spring time weather at 72F.  Never too hot or cold.  Great for a backup or get away place in one of the safest jurisdictions today.... especially with global economic collapse around the corner.

Price can fluctuate, but, todays price is only BTC2000 bitcoin.  Who would have thought you could get such just 1-2 years ago.

Property is in a corp so can easily transfer corp title to new owner.

It seems like bitcoins would be a handy way of buying a house in a different country than your own (with a different currency).
exactly... forget about having to move/wire funds around.. holds on funds, being scrutinized and who knows what other excuses they will be coming with to restrict money transfers.

PM me if you want more details or if anyone else is serious about buying such
Newscastix
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March 20, 2013, 10:47:44 PM
 #15

I want to buy a house one day with bitcoins. Do you think it will ever be possible? Would one need to have the entire amount in bitcoins before they could buy it you think?

what are some ways that the real estate market could use bitcoins?

It seems like bitcoins would be a handy way of buying a house in a different country than your own (with a different currency).

Sure it will be possible... its only a matter of time if Bitcoin keeps growing.. Everyone who wants Bitcoin is also inclined to accept it as a payment for whatever he has to sell.
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March 20, 2013, 10:50:00 PM
 #16

I read a post somewhere of an entrepreneur in canada that wants to sell his house for bitcoin.
notig
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March 21, 2013, 02:41:56 AM
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He is getting a lot of press... I tried to sell my dads house for him (with his permission) back when the price was $29 per btc.

https://bitcointalk.org/index.php?topic=145266.0
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March 21, 2013, 05:05:35 AM
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Obligatory plug:  Selling 3.3 acres of vacant land for bitcoins.


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March 21, 2013, 11:30:04 AM
 #19

I read a post somewhere of an entrepreneur in canada that wants to sell his house for bitcoin.

First Bitcoin House Sale Set To Go Ahead.
 - http://www.bbc.co.uk/news/technology-21863593


And another one that had been listed but since sold:

The villa is located just 2.5 km away from the beach in a private community and just about 15 minutes from the Punta Cana airport.
THE PROPERTY WAS SOLD! BUT UNFORTUNATLY NOT FOR BITCOINS Sad

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