IL Licensed Chicago Owner Wants To Sell Luxury Gold Coast Condo W/ Lake Views

[yuriygeorge]

Hi, I'm a licensed broker in the state of Illinois and wish to sell my Condo. No fraud, no bogus. We would meet in person, hire the right attorneys, title agency representatives, and would have a formal legally-backed closing. I know some of you are sitting on a bunch of coins that you paid very little for, so not a bad time to offload some on a more stable investment especially at such a price.  

Yes, below are very similar properties, in the same building, with the same 2 bedroom/2bathroom tier/layout [03-04], sold, in the last 5-11 months.

#1 03/2013, Sold for $348,  , no parking*
https://drive.google.com/file/d/0B-pMkZmE33DMNmR6WjhkcXdrQmM/edit?usp=sharing

#2 08/2013, Sold for $385, 1 parking spot
https://drive.google.com/file/d/0B-pMkZmE33DMTjJUUXZhbGlqcGc/edit?usp=sharing
http://www.zillow.com/homedetails/111-W-Maple-St-APT-1903-Chicago-IL-60610/54536303_zpid/

#3 05/2013, Sold for $397, 1 parking spot
https://drive.google.com/file/d/0B-pMkZmE33DMaTIxYTFUZ3MzbmM/edit?usp=sharing
** http://www.zillow.com/homedetails/111-W-Maple-St-APT-2603-Chicago-IL-60610/54536230_zpid/
**Building is built 1991 (Zillow has a typo in this unit for some reason).

*Keep in mind the subject property includes 1 parking spot, and parking spots in the area go for $25-40k.
So, add $30k to the first property (to adjust for parking), and you have $378k, $385k, and $397k. So the average is about $387k.

The condition is very good, similar to number #2, #3 (http://www.zillow.com/homedetails/111-W-Maple-St-APT-1903-Chicago-IL-60610/54536303_zpid/). It has an open kitchen, while many units in the building with this tier[03-04]/layout have a closed kitchen. It has beautiful city and lake views.

This is in the Gold Coast neighborhood of Chicago, one of the, if not the most affluent neighborhoods in Chicago with stable real estate growth. When the housing crisis hit, properties in Gold Coast managed to retain values pretty well. Would need to convert $250k worth to fiat to pay off the mortgage and the rest in Bitcoin.

EDIT: Putting this out on the market next month and need it sold by October 1st. I'm no longer doing the exchange rate risk, just direct BTC at the Bitstamp price. Looking to get 770 BTC (assuming a Bitstamp price of $500 each).

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[DeaDTerra]

Hi, I'm a licensed broker in the state of Illinois and wish to sell my Condo. No fraud, no bogus. We would meet in person, hire the right attorneys, title agency representatives, and would have a formal legally-backed closing. I know some of you are sitting on a bunch of coins that you paid very little for, so not a bad time to offload some on a more stable investment especially at such a price. Here are some comparable properties:

http://www.zillow.com/homedetails/111-W-Maple-St-APT-2603-Chicago-IL-60610/54536230_zpid/

This is in the Gold Coast neighborhood of Chicago, one of the, if not the most affluent neighborhoods in Chicago with stable real estate growth. When the housing crisis hit, properties in Gold Coast managed to retain values pretty well. Looking to get $385k, 2 bed, 2 bath, includes garage parking spot, + 30% BTC exchange rate risk, so that's around $520k worth in bitcoins. The value of this property has risen, a year ago from about $315k, to $385k, and it continues to rise. So in a few years, this property will very well may worth even more. There is still mortgage on the property, valued at around $250k, so we would have to go through a escrow/title/3rd party consultant (such as BitPay) at closing to pay off the debt owed to the lender, and then the remainder to me, of which the title would be transferred.

Main reason I'm selling it is because I want to get away from all forms of USD-based debt. I would like to invest in another property, this time without USD-debt financing.

You could use Bitpay to invoice the buyer, then you wouldn't have to take any exchange risk
//DeaDTerra

[Minor Miner]

What bitcoin exchange risk?   You say you are using bitpay or some other converter in order to fund escrow so there is no risk as the bitcoin will sit in escrow as US Dollars.   The buyer is wearing all the risk because they are the ones that sell their bitcoin today for US $ and then have about 30 days of BS to go through before escrow closes where their trade was either good or bad.

[User705]

Hi, I'm a licensed broker in the state of Illinois and wish to sell my Condo. No fraud, no bogus. We would meet in person, hire the right attorneys, title agency representatives, and would have a formal legally-backed closing. I know some of you are sitting on a bunch of coins that you paid very little for, so not a bad time to offload some on a more stable investment especially at such a price. Here are some comparable properties:

http://www.zillow.com/homedetails/111-W-Maple-St-APT-2603-Chicago-IL-60610/54536230_zpid/

This is in the Gold Coast neighborhood of Chicago, one of the, if not the most affluent neighborhoods in Chicago with stable real estate growth. When the housing crisis hit, properties in Gold Coast managed to retain values pretty well. Looking to get $385k, 2 bed, 2 bath, includes garage parking spot, + 30% BTC exchange rate risk, so that's around $520k worth in bitcoins. The value of this property has risen, a year ago from about $315k, to $385k, and it continues to rise. So in a few years, this property will very well may worth even more. There is still mortgage on the property, valued at around $250k, so we would have to go through a escrow/title/3rd party consultant (such as BitPay) at closing to pay off the debt owed to the lender, and then the remainder to me, of which the title would be transferred.

Main reason I'm selling it is because I want to get away from all forms of USD-based debt. I would like to invest in another property, this time without USD-debt financing.

So you want someone to pay you over $100K when they could simply sell BTC and buy the condo with fiat?
 

[yuriygeorge]

A buyer would not be exposed to any tax liabilities AS LONG as he doesn't convert to fiat. So, "simply [selling] BTC and buy the condo" would make the buyer liable for a hefty 20-30% income tax bracket (if he's in the US)

I'd need to convert 200k-250k to repay the lender. The rest agreed-upon/negotiable amount at the day of closing/title transfer, would be done in Bitcoin, and hence the exchange rate risk. Make me an offer

Also, if you look at the supply of legit real estate currently available for Bitcoin, there are not many, so comparing this supply to a $$$-based amount isn't accurate.

I guess with current IRS ruling this is probably not true. But, I respect financial privacy.

[yuriygeorge]

What bitcoin exchange risk?   You say you are using bitpay or some other converter in order to fund escrow so there is no risk as the bitcoin will sit in escrow as US Dollars.   The buyer is wearing all the risk because they are the ones that sell their bitcoin today for US $ and then have about 30 days of BS to go through before escrow closes where their trade was either good or bad.

I don't think escrow would take 30 days as there are no mortgage contingencies. I would hope 1 day, maybe a couple days, depending on how long it would take BitPay to wire/transfer USD to the lender.

[Branny]

Do you have an available CMA on the pricing of the subject property?

[yuriygeorge]

Do you have an available CMA on the pricing of the subject property?

Yes, below are very similar properties, in the same building, with the same 2 bedroom/2bathroom tier/layout [03-04], sold, in the last 5-11 months.

#1 03/2013, Sold for $348,  , no parking*
https://drive.google.com/file/d/0B-pMkZmE33DMNmR6WjhkcXdrQmM/edit?usp=sharing

#2 08/2013, Sold for $385, 1 parking spot
https://drive.google.com/file/d/0B-pMkZmE33DMTjJUUXZhbGlqcGc/edit?usp=sharing
http://www.zillow.com/homedetails/111-W-Maple-St-APT-1903-Chicago-IL-60610/54536303_zpid/

#3 05/2013, Sold for $397, 1 parking spot
https://drive.google.com/file/d/0B-pMkZmE33DMaTIxYTFUZ3MzbmM/edit?usp=sharing
** http://www.zillow.com/homedetails/111-W-Maple-St-APT-2603-Chicago-IL-60610/54536230_zpid/
**Building is built 1991 (Zillow has a typo in this unit for some reason).

* the subject property includes 1 parking spot, and parking spots in the area go for $25-40k.
So, add $30k to the first property (to adjust for parking), and you have $378k, $385k, and $397k. So the average is about $387k.

 beautiful city and lake views.

[the joint]

Awesome!  Too bad, I'm closing on a Bitcoin condo this week . Good luck!

[yuriygeorge]

Awesome!  Too bad, I'm closing on a Bitcoin condo this week . Good luck!

May I ask whereabouts? In the US or other countries? Is there a loan involved, i.e., to re-pay the seller's lender?

[the joint]

Awesome!  Too bad, I'm closing on a Bitcoin condo this week . Good luck!

May I ask whereabouts? In the US or other countries? Is there a loan involved, i.e., to re-pay the seller's lender?

Actually, I'm right in your neck of the woods  I'm in the Western Suburbs.  Yes, there's a loan involved.  I wish I could say it was purely a Bitcoin transaction, but I necessarily had to convert some holdings to fiat to make it happen.  Remax doesn't accept BTC

[yuriygeorge]

Looking to get 500-600 BTC for it.

[yuriygeorge]

Putting this out on the market next month and need it sold by October 1st.

I'm no longer doing the exchange rate risk, just direct BTC at the Bitstamp price. Looking to get 770 BTC (assuming a Bitstamp price of $500 each).

[TheButterZone]

Putting this out on the market next month and need it sold by October 1st.

I'm no longer doing the exchange rate risk, just direct BTC at the Bitstamp price. Looking to get 770 BTC (assuming a Bitstamp price of $500 each).

Code:

[img]http://silver.youmeandbtc.com/tobtc.php?value=385000&eur=0&mbtc=0&exchange=Bitstamp&dec=8[/img]

[yuriygeorge]

Putting this out on the market next month and need it sold by October 1st.

I'm no longer doing the exchange rate risk, just direct BTC at the Bitstamp price. Looking to get 770 BTC (assuming a Bitstamp price of $500 each).

Code:

[img]http://silver.youmeandbtc.com/tobtc.php?value=385000&eur=0&mbtc=0&exchange=Bitstamp&dec=8[/img]

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What's the purpose of this?