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Miami Luxury Real Estate First Bitcoin to Bitcoin Sale

In the High Pines area of Miami, the first luxury real estate bitcoin to bitcoin sale has taken place. The seller, Michael Komaransky, asked his real estate agent to include bitcoin as an accepted method of payment for the multi-million dollar property. Both the seller and the buyer are early bitcoin investors. The property sold for 455 bitcoin which was supposedly worth $6M at the time of contract. Closing took place on February 2nd. I checked the price of bitcoin yesterday ($7,652.02) and today (up at $8,519.34) and it appears those same 455 bitcoin are worth less than $4M today. OUCH to the seller. It seems the buyer bought at a great time.

If you have some spare bitcoin and would like to make a home purchase in our fair city of Miami, there are other sellers accepting bitcoin for the purchase of their properties.  As of right now, there are 19 properties in Miami-Dade county which, according to the MLS, are accepting bitcoin. Ten are condos and the other 9 are single family residences. You can see the 9 single family Miami homes available for purchase by bitcoin by clicking on the link.  Please note that due to website settings, only active homes will show up on the link. As of today, 2/8/18, all 9 are for sale. If you are reading this much later, they may all be gone, but I can find you another! =)

The most expensive of the 9 is a 5 bedroom, 5 bath home with almost 4,200 square feet of living space offered at $5M.  The least expensive is a 3 bedroom, 2 bath home with a modest 1,751 square feet in the City Beautiful aka Coral Gables asking $675K. This particular home is the furthest inland of all, with the other 9 being in close proximity to water. Patricia Delinois, TV personality, philanthropist and past president of our Miami Realtors board, is listed as the owner of this Coral Gables home.

Apparently offering bitcoin as an extra term considered can help the sale of a home, although I wouldn’t go as far as saying it creates urgency. The 9 homes above have been on the market a range of a respectable 24 days to just over 2 years for the one on the market the longest. And if you look at the condos, one of those has been on the market an astounding five years.

As always, if you need help with the sale or purchase of a home, either one of the bitcoin ones above, or any other, feel free to reach out to me, your friendly neighborhood real estate broker. Peace.

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These articles are not intended to give legal or tax advice, and you should consult your attorney or financial advisor for additional information.

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