First Apartments to be sold in Washington with Bitcoin
The first apartments have been listed in Washington D.C. for payments with bitcoin. There is a total of four condos which can now be purchased fully or in part with the popular cryptocurrency. Reportedly, these are the first such properties to be listed for sale with bitcoin payments options in the city.
Luxury condos can be bought with 50 to 84 bitcoins
The four properties are quite luxurious and their price matches what they offer. For instance, clients interested in making a purchase will have to pay $569,000 or 50 bitcoins for a one-bedroom condo.
A condo that comes with two bedrooms will cost 60 bitcoins, or $677,000. Of course, the most expensive option is a two-bedroom penthouse, which costs $949,000 or 84 bitcoins. This one features a private roof terrace.
Of course, the prices in bitcoin are not final and they will have to suffer some adjustments following negotiations. The interest from real estate developers in offering properties for bitcoin comes as the price of bitcoin has been through a spectacular growth since 2015. Also, many people might use the cryptocurrency for a down payment.
Venditti, a residential brokerage, claimed that more companies might be interested in starting to accept bitcoin payments. Venditti said that more bitcoin transactions will also be seen in the future. Of course this can be great news for buyers who want to use cryptocurrencies for this type of transactions. Venditti said:
“The developers and investors are invested in bitcoin and they pointed out that if you bought $8,700 worth of bitcoin in 2015, the value has increased so much by now that you could afford to buy the entire condo building for $3 million. We know there are millennials who may not have the down payment but who invested in bitcoin and could use that for part of the purchase.”
When it comes to dealing with the high volatility of the bitcoin, Venditti said that the sale contract will include a cause to state that both buyers and sellers need to accept the risk that the value of bitcoin might change between the day when the offer is accepted and the day when the transfer is actually made.
