[WTS] House (Erie, PA, USA) for Bitcoin

[Kluge]

http://www.trulia.com/property/3075206391-1576-W-36th-St-Erie-PA-16508




(fwiw, property tax data is bullshit. Not sure how realtor came up with that number. It's more like $2,500/yr after "school taxes." I'm very willing to tell you everything wrong with the house if interested!)

[1714770717]

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[1714770717]

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[BTC guy]

Awesome. I wish i could buy a house in my area with BTC.

[Kluge]

Features of the house:
*Sub-flooring, toilet, paint, outlets, vents, tiling personally replaced by a Bitcoin enthusiast. I touched them. You can touch them, too!
*You can run at least 6 5850s on one circuit without problem.
*Worried the house won't have character? I didn't bother wiping the outside of a window upstairs where the mining rigs were set up. Be awe-struck by the ring of dust brought in by an intake fan which blew air over REAL Bitcoin mining components!
*Worried your neighbors won't like you? We had sex outside, did lots of remodeling and garbage-tossing during late-night while they were sleeping -- how bad could you be?!
*Many neighbors are old. As told by our recently-immigrated Ukrainian painters, "your neighborhood is filled with many older white people. It's much quieter than some places we go where there are many young blacks and you can hear them arguing very loudly, you know? I like these kinds of places better." Later, he asked which country provides our bananas. (P.S. One of the two connecting neighbors migrate south for Winter!)
*One side of hedges is minimally trimmed by a neighbor. That means you only have to trim 2.5x your share of hedges!
*We hid a large quantity of pre-82 pennies somewhere in the house if you're in the mood for adventure!
*Basement no longer flooded with human feces! Enjoy even more peace-of-mind knowing it won't happen again for a long, long time as the septic pipe from house to city line was replaced a couple months ago!

[eroxors]

Epic thread.

[jwzguy]

Awesome! I hope your buyer has BTC.

If someone did take you up on this, would you keep it off the books?

[Niann]

Nice!

Awesome thread, good luck with your sale my friend.

[Kluge]

Awesome! I hope your buyer has BTC.

If someone did take you up on this, would you keep it off the books?

I keep spreadsheets on everything.

[jwzguy]

Awesome! I hope your buyer has BTC.

If someone did take you up on this, would you keep it off the books?

I keep spreadsheets on everything.

Not trying to imply anything shady, it might bring up some interesting legal/tax issues if you were to try to officially accept it as part of the contract...or maybe not. I was just curious as to how that would go.

[the joint]

If anybody buys this house with BTC and the transaction ends up in a newspaper somewhere...

I will buy you a dream catcher 

[Kluge]

Awesome! I hope your buyer has BTC.

If someone did take you up on this, would you keep it off the books?

I keep spreadsheets on everything.

Not trying to imply anything shady, it might bring up some interesting legal/tax issues if you were to try to officially accept it as part of the contract...or maybe not. I was just curious as to how that would go.

Honestly, I have no idea how it would work out, but the amount of potential tax loss is probably no more than $50 (2% of sale price between city & state, federal taxes would be easily covered by deductibles) between all involved governments if someone paid the max $3000 I'm willing to take in BTC. If the state gov't became aware of what's happened and wish to press their claim, it may give interesting results. The realtor's the one who'd really be getting screwed out of money (nearly $200), but I'm fine with that given how much he's charging.

[check_status]

Are you moving here --V

[Kluge]

Are you moving here --V

Ideally:


Short sale, middle of nowhere (been on the market for well over a year), great bargain. 30 acres of woodlands, roads out are all private in a forest with sturdy gates barring unwanted visitors. Electric lines are all underground, has a wood boiler, shed, garage, everything's within 6 years old, so all the outlets are nice and grounded, the pumps shouldn't fail for a good while, and given it's a barbie house, it should be pretty low-maintenance.

[max in montreal]

what would the price be on a house in that area with those specs...nice chunk of land!

[Kluge]

what would the price be on a house in that area with those specs...nice chunk of land!

$88,500 -- I think I can get away with a bid <$80, though. It's been on the market a looooong time, and I imagine banks must hate sitting on property.

[Kluge]

Most of the grounded outlets the previous owner put in were not grounded. Many of these were rectified when I changed outlets for aesthetic purposes!

[pastory99]

First house for sale for btc? good luck!

[RaggedMonk]

What do you mean by "Willing to accept as payment or finance up to $3,000 in Bitcoin!"

Will you only accept 2% of the purchase price in bitcoin?  That isn't exactly selling a house for bitcoin...

[Kluge]

What do you mean by "Willing to accept as payment or finance up to $3,000 in Bitcoin!"

Will you only accept 2% of the purchase price in bitcoin?  That isn't exactly selling a house for bitcoin...

Never claimed to be. I'm willing to accept up to 2% of purchase price in BTC, yes. I am not the sole owner of the house and want to purchase another house soon. AFAIK, the bank selling the house I'm looking at isn't willing to accept BTC.

Still, a first step toward BTC-denominated mortgages. 

[RaggedMonk]

What do you mean by "Willing to accept as payment or finance up to $3,000 in Bitcoin!"

Will you only accept 2% of the purchase price in bitcoin?  That isn't exactly selling a house for bitcoin...

Never claimed to be. I'm willing to accept up to 2% of purchase price in BTC, yes. I am not the sole owner of the house and want to purchase another house soon. AFAIK, the bank selling the house I'm looking at isn't willing to accept BTC.

Still, a first step toward BTC-denominated mortgages. 

Reread the thread and yep, you are right.  The peanut gallery caused me to misunderstand.

[Kluge]

Updated OP. Accepting up to $5k in BTC.

[Kluge]

If you have the coin, I'm now willing to consider offers entirely in BTC, though I would like significantly more than asking price as I'll need to sell off a good number of the coins (at least half to give to the other owner) and I suspect I'll run into serious slippage issues.

Interested in the first house sold for Bitcoin? PM me!

[foggyb]

If you have the coin, I'm now willing to consider offers entirely in BTC, though I would like significantly more than asking price as I'll need to sell off a good number of the coins (at least half to give to the other owner) and I suspect I'll run into serious slippage issues.

Interested in the first house sold for Bitcoin? PM me!

If you sell off the BTC slowly over a week or two, you will not move the price much. The depth chart on the bid side has ~50,000 BTC total bids between the current price and $4.85.

[Kluge]

You heard it here first! Price reduced by $5k USD (now under $110k).

[REF]

First house for sale for btc? good luck!

no. go look back about 9 months ago. 2 houses were for sale accepting bitcoins.

small lot size. from those pictures the house condition looks alright.

[Kluge]

If you have the coin, I'm now willing to consider offers entirely in BTC, though I would like significantly more than asking price as I'll need to sell off a good number of the coins (at least half to give to the other owner) and I suspect I'll run into serious slippage issues.

Interested in the first house sold for Bitcoin? PM me!

If you sell off the BTC slowly over a week or two, you will not move the price much. The depth chart on the bid side has ~50,000 BTC total bids between the current price and $4.85.

In one week, I would have gone from selling ~22.68k coins @ ~$110,000, to now only receiving ~$106,050. I'm not rich, and half the house isn't owned by me, so I need to pay off half in USD, making the $4k loss entirely my own. In reality, for me, it'd be going from ~$50k after taxes & fees, to ~$46k. Obviously, it could go the other way, too, but it's an enormous gamble.

ETA: I misspoke. When you posted, the price was actually @ ~$5.3, so 110000/5.3=20,754. 20,754*4.76=$98,789. I would've actually gone from $50k from the sale, to less than $40k, a 20% loss.

ETA2: I suppose it wouldn't be too hard to hedge against that, though... could be messy, though. I suppose I also wouldn't necessarily take a "real" 20% loss on earnings in the above scenario, either. Depends on price fluctuation until I can offload $50k worth of BTC, which might be doable at the time of transaction without significant slippage.

[marked]

ETA: I misread. When you posted, the price was actually @ ~$5.3, so 110000/5.3=20,754. 20,754*4.76=$98,789. I would've actually gone from $50k from the sale, to less than $40k, a 20% loss.

The value of BTC in two years

2010 May  10000, a pizza
2011 Jul    10000, 3 houses
2012 April  10000, half a house

ridiculous, and I love it...

marked

[rjk]

Make sure you are taking depth into account, and not just multiplying x coins by y current rate. http://bitcoin.clarkmoody.com/ has a good depth calculator, just type in the number of coins to sell, and it will tell you how much USD you would actually get.

[Kluge]

Pending offer in USD. $102.5k bid, contingent on sale of their house. Counter-offered seeking $107k. Until their house is sold, we are permitted to continue accepting bids.

Cheers.

[westkybitcoins]

Quick question: Have you by chance contacted a company like Bit-Pay, to see if they could streamline the conversion to USD for you? Granted, you probably don't *need* to do that, but if the process they offered was simple and guaranteed (IOW, they charge a set small fee, give you the remainder in USD, and take the risk of losing money when slowly selling the BTC), it might allow you to entertain BTC offers closer to the USD price.

[Nyaaan]

Selling your house for Bitcoin?
No wonder you have to sell your house.

[Kluge]

Quick question: Have you by chance contacted a company like Bit-Pay, to see if they could streamline the conversion to USD for you? Granted, you probably don't *need* to do that, but if the process they offered was simple and guaranteed (IOW, they charge a set small fee, give you the remainder in USD, and take the risk of losing money when slowly selling the BTC), it might allow you to entertain BTC offers closer to the USD price.

No, but that sounds fairly reasonable. I haven't had any offers in BTC, but I'd definitely consider it if I received one.

[Kluge]

Still on the market. Landscaping has been drastically improved. Exchange rate is pretty solid, so I'd be fine doing GoxLast even if I were subject to significant slippage selling to pay her brother for half the value of the house.