[2017-11-22] Real Estate World “Shocked to Find Out How Many People Have Bitcoin

[FollowSynergy]

From Miami to Manhattan, the real estate world is under pressure to accept bitcoin. Savvy sellers are looking to cash out depreciating fiat, hoping to ride the decentralized cryptocurrency’s increasing value. 

Manhattan Real Estate Accepts Bitcoin

“We were just shocked to find out how many people have bitcoin,” Ben Shaoul declared to Sebastian Kettley of Express. “I bought some myself last summer, and now I wish I bought more – who knew how this would explode?”

Mr. Shaoul of Magnum Real Estate Group explained how “We were approached by a buyer who has been collecting bitcoin for many years and was interested in using it to buy property. He said he really wanted to buy with bitcoin, so I spoke to my lawyers and the powers that be, and they said yes.”

The company focuses principally upon condominiums, ranging from 700,000 to 1,500,000 USD, in the heart of New York City.

He also claims to have had two more offers of bitcoin for condos, and intends to expand with advertising to bitcoiners as a result. “We are even thinking about advertising this now.”

Popular accounts often state that retailers and businesses are generally wary of bitcoin’s volatility.

“Sure it’s volatile,” Mr. Shaoul acknowledges, “but so are the stock markets. 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,” he said.

Perhaps bitcoin and real estate are the perfect match. Who better than real estate professionals to assess financial risk and potential value?

“We’ve always been innovating in the housing market,” he agrees. “We’ve never played safe. We always try to push the boundaries while many others are very old-school in the way they do things.”

Miami Real Estate Accepts Bitcoin

Miami realtor Stephan Burke took to the Miami Herald editorial pages to insist, “Obviously, Miami is an ideal market for Bitcoin, giving buyers and investors from South America, Canada, Russia, Asia, and the Middle East the opportunity to make their purchases quickly and smoothly,” he wrote. “Our city has a tremendous opportunity to be a trendsetter in this regard.”

Eric Fernandez of Sol/Mar Real Estate agrees. “It’s only a matter of time to where it’s going to pick up in Florida. When they came at me with this, I thought, ‘This is pretty big if a buyer is willing to pay.'” Mr. Fernandez is referring to the 3.5 million USD Blue Diamond Penthouse he’s listed. The owners want it known they’re accepting bitcoin.

“It is a little bit of a challenge,” Mr. Fernandez continues. “In traditional real estate, the money is in escrow. It’s not like you can go to Wells Fargo or Bank of America and go, ‘Can we deposit Bitcoin?'”

Like his Manhattan counterpart, Mr. Fernandez understands the risks. “They’re investors who see emerging markets. They really believe that [bitcoin is] going to grow, kill it, and that they’ll make their money back by next year,” he said.

It may be the case that upward volatility attracts still more real estate regions accepting bitcoin, as evidenced by New Jersey and Atlanta.

https://news.bitcoin.com/real-estate-world-shocked-to-find-out-how-many-people-have-bitcoin/

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[partysumo]

No surprise. Especially considering how people who have recently become rich thanks to bitcoin might want to cash out while the price is high.

[Kemarit]

I wouldn't be shocked. Although those realtors thought that no one will bite their offer, but to their surprise, a lot of offers have been made to them and buyers are willing to shelter out their bitcoins for condo's and apartment. There was a thread a saw around about their wishes with their bitcoin and majority replied that they want to buy a house. So its no shocker here as most of the bitcoin holders are now looking to buy houses and expensive cars. Its just really a matter of time that we are going to see more and more realtors offering bitcoin as mode of payment specially in high end areas like New York and the surrounding places. We all know that there are a lot of rich people around and maybe most of them are into the bitcoin ecosystem waiting for the perfect opportunity to dispose their bitcoin in exchange of an apartment or condos.

[iamTom123]

The real estate industry is one of the beneficiaries with the popularity of Bitcoin as this can mean that more and more developers and real estate markers would be interested to accept Bitcoin and there can be many that will refocus some of their sights to the Bitcoin community or Bitcoin holders. And this is not exclusive in USA as other countries are also following the trend. At least, in real estate we can say that Bitcoin is now being utilized as a currency or medium of exchange and this can mean a lot for Bitcoin. In related development, there are now many ICO projects specially tailored to the real estate business and am sure some of these projects can boom in the near future. This must be a very happy disruption for a very lucrative industry like real estate.

[bambazamba]

This is not a very shocking news for me . There is a high percentage of Americans who are indulged into bitcoin business .
It would be a very drastic take if government regulate or ban bitcoin in that region . Government had to  choose for going on with bitcoin as it was the most easy option for them . With so many funds and so many investments on the stake , government could not take such heavy loss of the citizens . Bitcoin is the only source of income for many of them i.e why it was the most appropriate way to deal with it.

[Lieldoryn]

I think that now there is a great demand to trade with bitcoins. Of course if you look at the profitability of real estate and bitcoins profitable to invest in bitcoins. This applies not only to real estate but also any other business. But no one knows when the trap slammed shut. Suddenly, bitcoin would be a pyramid? Americans will gather inflationary dollars and hurl it. It seems to me that real estate is more reliable.

[richardsNY]

It's pretty normal if you look a bit further. People have always discarded Bitcoin for various reasons, and now they more and more get the impression that this market isn't just a thing that's infested with underworld individuals (i.e. criminals), they start to realize how they can benefit from Bitcoin's various aspects. It of course also helps that this market has been increasing in value. It only makes sense to allow people to use their coins, because it doesn't only grants them a wider reach to sell their properties, but it will also allow old hands to diversify their holdings. Old hands are more likely to buy something of high value with their coins than people having stepped into this market recently.