We are at a pivotal time in real estate history - a time when luxury real estate joins forces with the world of cryptocurrency and crypto real estate transactions are on the rise. This March, music executive Scooter Braun sold his lakefront Austin mansion for $18.5 million in Bitcoin - representing the largest cryptocurrency real estate in Texas history. This April, America's largest known cryptocurrency real estate deal was made when Miami Beach's most expensive penthouse sold for $22.5 million via a complete crypto transaction.
Some people have been slow to embrace cryptocurrency because of security concerns or fears that transactions may be too challenging or cumbersome, and for good reason.
On the surface, it would seem that a real estate buyer could easily sell digital assets for cash to fund a real estate purchase. A buyer might do so via a public cryptocurrency exchange, e.g., Binance, Coinbase, FTX, and Kraken. But this approach has substantial downsides for the buyer. For example, going to cash to prove funds before even placing an offer creates an irreversible tax event, causes an extended loss of participation in cryptocurrency markets, leaves the buyer with excess uninvested cash, and more.
Today, buyers can purchase any property, on- or off- market, on- or off- MLS, with crypto and it doesn't matter if the seller isn't willing to accept crypto - they can get the cash immediately. RealOpen does not require the sale of crypto until the moment of closing, at which time we handle the sale and conversion. Furthermore, we provide a single point/ concierge service from offer through closing via our real estate and crypto expertise, giving buyers an opportunity to diversify their assets into a stable investment.
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Stay tuned for a step-by-step guide plus pros and cons of purchasing real estate with crypto in part 2.
Last updated 08/29/2022
RealOpen lets you buy any house with crypto.
On the market, pocket listed, or just a home you love—RealOpen's platform, handles KYC, proof of funds, and volatility modeling to present an all-cash offer to sellers while you get to hold crypto until closing.