Washington, D.C. Gets Its First Bitcoin Luxury Condo Listings
Four new condos in Washington D.C. have been listed for sale and payable fully or in part with bitcoin. As The Washington Post reports, the offer marks a first for the District, according to the real estate broker.
The condos were converted from a single-family home, featuring soapstone counters, recessed lighting, stainless steel appliances and white oak hardwood floors.
One-bedroom condos on the first and second floor go for $569,000 or 50 BTC and $665,000 or 59 BTC. A two-bedroom condo on the third floor is available for $677,000 or 60 BTC, while a two-bedroom penthouse, offering a private roof terrace, is listed at $949,000 or 84 BTC.
The bitcoin prices would have to be adjusted to reflect the negotiated prices.
Residential brokerage Venditti said developers are investing in bitcoin since they recognize that $8,700 worth of bitcoin in 2015 would have appreciated to the extent that it could now purchase the entire building for $3 million.
He said millennials might not have the downpayment for the purchase, but if they invested in bitcoin, they could use it as part of the purchase.
Venditti said the condos represent the first real estate offers in the District to accept bitcoin as payment. He said he wants to be on the cutting edge of new technology, and expects there will be more bitcoin transactions in the future. His group consulted with its internal legal team and a title company to ensure the sale could be transacted in bitcoin.
Buyers interested in using bitcoin need to be sure they are fully approved for any additional financing to ensure the transaction can be made as quickly as possible, as bitcoin’s value changes quickly.
The contract will contain a clause ensuring that both buyers and sellers accept the risk that bitcoin’s value could change from the day of the offer’s acceptance to when the bitcoin transfers from the buyer’s wallet to the seller’s, Venditti said.