You Can Use Bitcoin to Buy a Condo in Columbia Heights
A condo building in Columbia Heights has four units on the market. While this itself may seem unremarkable, there is one element to these listings that makes it all a bit more interesting -- the seller is willing to accept Bitcoin as payment, the Washington Business Journal reported.
“This is a new world, and so we’re trying to speak to the new world, as well,” Alex Venditti of the Alex Venditti Group of Coldwell Banker Residential Brokerage said in the report. This is the group that holds the listing for the property, dubbed the St. James Place Condos. He added that the seller’s willingness to accept this payment has “opened up a new window of potential purchasers.”
Bitcoin is a hard beast to fully understand. The market is constantly in flux, and the decentralized nature of the currency makes mistakes as simple as losing a pin number — something nearly all of us have done at one point — amount to the potential loss of tens of thousands of dollars. Still, Bitcoin seems as though it’s here to stay, and becomes more and more legitimized as traditional markets — including real estate — begin accepting the currency.
Even more, the currency has major value. At the time of writing, Bitcoin is valued at over $9,900 according to Coindesk. It’s no wonder that more and more people desire the currency and are willing to make real estate sales to acquire it.
Savvy investors purchased Bitcoin long ago, when it was far less expensive. Overtime, its value has grown exponentially. This has resulted in an interesting breakdown of Bitcoin owner demographics. Overwhelmingly, those who own Bitcoin are young men between the ages of 18 and 35, Bloomberg reported. Ownership is also considerably diverse, with nearly half of Bitcoin owners being minorities.
“Maybe they’re in the beginning of the game, and they don’t have the type of money that it would take to buy something like this, but they do have Bitcoin,” Venditti told the Washington Business Journal.
The four units are all two-bedroom, two-bathroom homes varying in size and price, according to the Washington Business Journal. The asking prices are $589,900 or 36 bitcoin; $679,900 or 42 bitcoin; $689,900 or 43 bitcoin; and $999,900 or 61 bitcoin.
The single-family home, located at 1471 Girard St. NW, was built in 1914. Coloma River bought the home in 2015 and renovated, maintaining some original details. According to the Washington Business Journal, each unit features white oak hardwood floors, custom steel and frosted-glass walls, and recessed lighting.