Is Crypto the Future for Real Estate?
Buyers broke numerous cryptocurrency records in 2021, and 2022 looks bright.
“There is an upward trend of people using digital assets to buy luxury goods,” says Max Dilendorf, partner, Dilendorf Law Firm, who specializes in structuring real estate transactions using cryptocurrencies. “We represent a lot of clients in these transactions as lawyers and escrow agents.”
While Dilendorf recognizes that some sellers may be hesitant to take bitcoin or other cryptocurrencies by virtue of how new they are, “by accepting bitcoin for real estate or any other luxury good, you increase your chance of selling,” he says.
In May, a Miami penthouse made headlines when it sold for the equivalent of US$22.5 million in cryptocurrency. In September, the property hit the market again with some renovations and a US$28 million price tag. Again, the realtors would accept cryptocurrency. But one reason this particular deal made headlines is that at the moment, it’s rare.
In New York City, the seller of a limestone mansion located half a block away from Central Park will accept cryptocurrency. Cathy Taub, senior global real estate advisor, Sotheby’s International Realty–East Side Manhattan Brokerage, represents the seller and said it wouldn’t be the first time her clients have dealt in cryptocurrency.
What does this mean for Park City real estate? Contact us today for an in-depth discussion.
