First Blockchain [Cybercurrency] Real Estate Deal Closes in the U.S.

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Services for Real Estate Pros with Get It Done For Me Virtual Services DRE# SL641317
http://activerain.com/droplet/5bjf

Look how fast things happen!! 

 

Just about a month or so ago, many agents where laughing about Bitcoin, blockchain, and other cryptocurrencies, talking about how people won't use it to buy real estate. Hmmm... 

 

Where did this transaction happen? 

 

In Burlington, Vermont. 

 

The first property to be sold this way in the United States. 

 

It was sold entirely through the blockchain. Completely. 

 

Etherum was the token used. This puts Vermont on the map. 

 

Propy is a company in San Francisco. Propy handled the entire transaction including recording of the documents and contracts instead of using the city system. 

 

Vermont is the first state to allow this kind of transaction and soon coming up are Colorado and Arizona. 

 

The encryption technology in blockchain is the best available at this time. 

 

This transaction used the cryptocurrency for the purchase and it was then turnd into the fiat money on the other end. 

 

The first Bitcoin to Bitcoin transaction in the United States was when Michael Komaransky sold his Miami mansion for 455 Bitcoin which was the most expensive Bitcoin real estate transaction to date. 

 

While most people will still not do a cybercurrency real estate transaction, it is here, and it will be here to stay. 

 

The different tokens will fail and others will rise. Etherum is very stable. Blockchain is here to stay and evolve. 

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Rainmaker
335,697
Warren Schutt
Warren Schutt Real Estate - Danbury, CT
Helping People with Their Moves for over 36 Years

Until crypto currency values' stabilize, I don't see how sales can be done using them. When a coin can drop in value by as much as 50% in less than a month, a seller would be crazy to take that kind of risk. 

Mar 14, 2018 08:05 AM #29
Rainmaker
287,709
Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

The only constant in this world is change.

I believe using cryptocurrency is really not much different than using stocks to buy something.  If you agree that at a given point of time the Bitcoin/Etherum/Stock is worth X and agree to the volitlity, it is ok.  It can go up or down in value so you have to pre-address what if ....

Blockchain is going to gain momentum, but until everyone buys in, it won't be as universal as people think.  For example, the city/county in Vermont may not recognize the recording done via BlockChain (yet).

Just my $0.02 worth (as of 12:03 Mountain Time 3/14/2018) aka 0.0000024 Bitcoin or 3.249443532795009e-5 Etherum. Only time will tell if this opinion is worth more or less than the original $0.02 opinion expressed above.  

Mar 14, 2018 11:19 AM #30
Ambassador
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Anna Banana Kruchten CRB, CRS, Broker
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana of Real Estate!

Katerina I have found this a most intersting topic to explore this past couple of months. I had no idea of block chain and of course I had to find out more. I kind of get the idea, not all the way but closer.  I had no idea that AZ was going to be making this kind of transactions legal - again very interesting.

Mar 14, 2018 11:43 AM #31
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Anna Banana Kruchten CRB, CRS, Broker
Phoenix Property Shoppe - Phoenix, AZ
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Mar 14, 2018 11:45 AM #32
Rainmaker
155,454
Mary Jo Quay
Remax Results - Edina, MN

We should all know basics of cryptocurrencies, they will evolve. It's been a long time since anyone dragged a bag of gold coins to pay for anything, and it's been a trillion dollars ago since the US dollar was gold backed. Credit cards, paypal, wire transfers are not real money, it makes sense that we'll evolve to new currencies.  Or, we could exchange a boat load of tuna for a car. 

Mar 14, 2018 07:55 PM #33
Rainmaker
302,827
Anne Edwards Johnson
JP and Associates - Austin, TX
Austin Realtor | HookemhomesATX (512)917-5260

The 1st Bitcoin Real Estate transaction in Texas was brokered by a friend of mine. Right here in Austin.

 

Mar 15, 2018 11:55 AM #34
Rainer
9,785
Lore Lingner
Monterey Coast Realty - Carmel, CA
Personal Care And High Tech Tools

I recently saw where a Realtor of two or three years recently sold a home in the L.A. area - there was a TV news interview.  In that case, I believe Bitcoin was converted to cash for the closing.

 

While looking for that information, I came across this:

Miami Mansion sold for Bitcoin

Michael Komaransky initially listed his seven-bedroom home in Miami’s wealthy Ponce Davis neighborhood for 6.5 million dollars payable in either cash or Bitcoin in August 2017.

He told the Miami Herald at the time that he wanted to take Bitcoin in order ‘to show people that real-world goods and services are payable in Bitcoin and Bitcoin Cash.’ The sale officially closed on February, 1 for 455 Bitcoin worth 6 million dollars at the time.

The transaction was made completely in Bitcoin, meaning there was no conversion to US dollars, making it not only the most expensive real estate transaction but also only the second pure Bitcoin real estate sale in Florida.

According to Pulse Real Estate, the buyer is also an early Bitcoin investor who like  Mr. Karmonsky wanted to demonstrate that Bitcoin is a real currency that can be used to pay for most anything.

Mar 15, 2018 01:16 PM #35
Rainer
9,785
Lore Lingner
Monterey Coast Realty - Carmel, CA
Personal Care And High Tech Tools

Cryptocurrency is here to stay and growing as large firms are adopting the use.  From my reading, Bitcoin was the first and new currencies are coming along, such as Ethereum that may overtake Bitcoin.  Some predict Cardano to be the third phase.  Fun to watch what is happening.  There are some excellent "lessons" about cryptocurrency on YouTube.  Great way to learn.

Mar 15, 2018 01:28 PM #36
Rainer
401,989
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Katerina,

No need for foreigners to bring suitcases of cash any longer then, eh?

Mar 15, 2018 08:12 PM #37
Rainmaker
320,698
David Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality

I had read a few other posts regarding recent real estate transactions using the crypto currencies Katerina Gasset I believe there was a luxury sale recently as far as I know so far there haven't been any of these in my area of N. Virginia. But I am certain that will happen eventually. 

Mar 16, 2018 08:52 AM #38
Rainmaker
877,082
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

One of my buyers cashed in his Bitcoin for an earnest money deposit on new construction.  Until then I hadn't investigated it at all.  Interesting "market" as I have a background in the stockmarket.  It will be interesting to see what happens in the future, especially since I'm in Arizona :)

Mar 18, 2018 08:26 PM #39
Rainer
144,008
Monique Ting
INET Realty Honolulu, HI - Honolulu, HI
Your agent under the sun

Very interesting! The whole idea of bartering real estate which is a very tangible asset (as "real" as can be) for something so intangible and volatile as blockchains and cryptocurrencies is showing that some people can be very gullible and willing to risk a lot...

Mar 27, 2018 01:03 PM #40
Rainmaker
2,557,013
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Monique, I’m still learning about cyber security and crypto currency in this kind of similar way. It’s all very interesting! Monique Ting

Mar 28, 2018 11:18 PM #41
Rainmaker
2,557,013
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I like the idea of more of a barter system. It’s quite a bit refreshing from the day-to-day we go through.

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