Blooming Sky is the Premier Bitcoin Real Estate Broker in NYC We understand technology and your real estate needs. We connect the world of luxury real estate to the world of digital currency. Having worked with elite technologists to purchase condominiums and townhouses, we have a proven track record. In November , Ben Shaoul's Magnum Real Estate Group sold a New York City condominium for $ million in bitcoin to a Taiwanese buyer. On the subject of bitcoin used in real estate. Bitcoin Real Estate, New York, New York. likes. Bitcoin Real Estate allows crypto investors to purchase ANY property with their cryptocurrency, even if the seller is only accepting fiat (ex. dollars).
Bitcoin real estate nycBitcoin Real Estate | Cryptocurrency and Real Estate
There are several parties involved in a property transaction in NYC. For a bitcoin transaction to be successful, these parties must all be familiar with the blockchain technology and have an understanding of its monetary equivalent.
When speaking with a lender from Bank of America, he mentioned that when proof of liquidation was provided to underwriting, the cash was able to be used for the downpayment and closing costs.
Title companies play an essential role in the purchase process because they provide insurance that the title of the property is clean and transferrable. During closing, they also handle the disbursement of all the funds between the buyer, seller and lender. For disbursements to be handled properly with bitcoin, title companies will need to start adapting to technology that will enable them to use bitcoin to settle transactions and enable buyers and lenders to be paid in either bitcoin or USD equivalent.
This is a large leap in the real estate world and has significant implications for the future of real estate transaction. Vista only operates in several select markets. New York City is not yet one of them. While the parties that are accepting bitcoin and other cryptocurrencies continues to grow, the easiest way to purchase a residence in New York City using the blockchain currency is as follows:.
We have the official update for buying an apartment in New York City with Bitcoin. It is now possible to directly purchase select condos in Manhattan directly with Bitcoin. We understand technology and your real estate needs. We connect the world of luxury real estate to the world of digital currency.
Having worked with elite technologists to purchase condominiums and townhouses, we have a proven track record. We also provide clients access to our professional network of real estate lawyers and lenders to help you facilitate your property purchase using bitcoin. Blooming Sky is a service-oriented New York City based real estate team dedicated to the success of its clients.
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Comprehensive real estate investing service including CRE. Learn more. Already a member? Sign in here. Access to timely real estate stock ideas and Top Ten recommendations. Learn More. Real estate has long been the go-to investment for those looking to build long-term wealth for generations.
Let us help you navigate this asset class by signing up for our comprehensive real estate investing guide. As anyone who has followed bitcoin's rocky history since its creation in knows, the cryptocurrency is famous for its volatility. Because bitcoin is unregulated, its value can shift rapidly. Despite bitcoin's shadowy beginnings with the mysterious Satoshi Nakamoto, it has gained legitimacy over the years. Yet it has been used in real estate transactions with limited regularity.
Several years ago when I was working with luxury real estate brokerages, clients would sometimes list that they would accept bitcoin; however, these properties ended up largely selling through traditional methods.
Mentioning bitcoin helped increase the publicity for the listing, but also some sellers were excited by the possibility that bitcoin would eventually be worth more than dollars. Another reason is something that has become a fundamental problem for bitcoin -- it's still pretty hard to spend in bulk. However, real estate is a great way to convert a large sum of bitcoin into a tangible asset, and some sellers have seen success.
On the subject of bitcoin used in real estate transactions, Shaoul said this:. One concern about cryptocurrency is that it can be used to money launder or protect ill-gotten gains. Turning those assets into real estate legitimizes them. That's one reason these transactions, like all-cash transactions in certain luxury markets, are carefully scrutinized. In fact, new proposed regulations will increase the ability for these transactions to be tracked by the government.
Proposed rules from the Financial Crimes Enforcement Network could add more accountability to cryptocurrency, including chipping away at the anonymity that has been one of the things attracting some people to cryptocurrency.
While bitcoin records all transactions publicly, a private wallet currently protects some information. However, the new rules call for sharing private wallet addresses used in exchanges with the government, which would mean the U. Blockchain technology , the structure upon which bitcoin and other cryptocurrencies are built, has the potential to create a secure online ledger for all real estate transactions.
That promise has never been realized despite multiple attempts to create blockchain real estate platforms.