According to NBC 4 New York, two condos in New York City were recently put in contract to sell using Bitcoin. The seller, Ben Shaoul, told media outlets that he hopes more real estate developers start using cryptocurrencies because of their advantages.
Ben Shaoul, a real estate developer and president of the Magnum Real Estate Group, a real estate development and management company, revealed that he sees Bitcoin and other cryptocurrencies as a part of the future, and not just a fad. He said:
“Cryptocurrency has established itself as a force within the marketplace and it’s quickly showing no signs of stopping.”
The two condos in contract are located in Manhattan. One is a 624 square foot studio that had an asking price of $875,000, while the other one is a 989 square foot unit that was going for $1.5 million. Both units are being paid for in Bitcoin.
To process the transaction, Shaoul is reportedly using BitPay so he can have his BTC converted to fiat currency, and to legitimize the sale. Per his words, however, real estate developers should be open to accepting Bitcoin payments.
Shaoul, speaking to BuzzFeed News, argued that a few years ago there was extreme caution around the internet and its adoption in the business world. Like the internet, he noted, cryptocurrencies are here to stay. He added that developers should see crypto as an opportunity to “create a seamless transaction process between buyers and sellers.”
Bitcoin and real estate
Per the real estate developer, the flexibility cryptocurrencies like bitcoin bring to the market is “vital.” These, for example, ease the process of large-scale payments and facilitate cross-border transactions.
“We’re at a huge turning point for real estate to take advantage of the new technology out there for our customers, and I’m excited to be at the forefront. Real estate professionals should be open to the freedoms allotted with cryptocurrency and the platforms available that handle these transactions safely and securely.”
As covered by Core Media, properties around the world started increasingly being bought and sold for cryptocurrencies earlier this year, with reports of such transactions coming from around the glove.
The first American to sell her home using cryptocurrencies, Katherine Purcell, earned her title on February 20 this year, marking a growing, but incredibly recent phenomenon.