Post by Enter Nations on Jan 4, 2018 16:18:18 GMT
Bitcoin and real estate
There have been scattered reports of homes around the country selling for bitcoin in recent years, including in California, Florida and Texas — but those transactions were typically for the full cost of the house and didn’t involve a loan.
A few home sellers around the country have marketed their properties as being bitcoin-friendly, while a Miami homeowner just listed a condo with the stipulation that it can only be bought with bitcoin (listing price: 33 bitcoins, or about $544,000 at the time of the listing last month).
But there haven’t been any reported home sales with cryptocurrency in the Seattle area. Both Windermere and John L Scott, the top two brokerages locally, said they hadn’t heard of a bitcoin sale here before. The Northwest Multiple Listing Service, which catalogs sales locally, said the same.
In 2014, a professional poker player on Orcas Island made the local news when he asked for bitcoin for his house. But the home never sold (not because of the bitcoin request — it was too expensive in regular dollar terms, the former listing agent said Tuesday).
It’s not possible to buy a house here entirely with bitcoin. Even if the seller were willing to accept cryptocurrency as payment, and there were no real-estate brokerages or mortgage companies involved, government agencies that get taxes on home sales still need traditional cash.
In the Tukwila sale, state and local governments collected $7,392 in taxes, the same as if the house had sold through traditional means.
There have been scattered reports of homes around the country selling for bitcoin in recent years, including in California, Florida and Texas — but those transactions were typically for the full cost of the house and didn’t involve a loan.
A few home sellers around the country have marketed their properties as being bitcoin-friendly, while a Miami homeowner just listed a condo with the stipulation that it can only be bought with bitcoin (listing price: 33 bitcoins, or about $544,000 at the time of the listing last month).
But there haven’t been any reported home sales with cryptocurrency in the Seattle area. Both Windermere and John L Scott, the top two brokerages locally, said they hadn’t heard of a bitcoin sale here before. The Northwest Multiple Listing Service, which catalogs sales locally, said the same.
In 2014, a professional poker player on Orcas Island made the local news when he asked for bitcoin for his house. But the home never sold (not because of the bitcoin request — it was too expensive in regular dollar terms, the former listing agent said Tuesday).
It’s not possible to buy a house here entirely with bitcoin. Even if the seller were willing to accept cryptocurrency as payment, and there were no real-estate brokerages or mortgage companies involved, government agencies that get taxes on home sales still need traditional cash.
In the Tukwila sale, state and local governments collected $7,392 in taxes, the same as if the house had sold through traditional means.
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