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Buy Real Estate with Bitcoins? In Dubai, you can.

Buy Real Estate with Bitcoins? In Dubai, you can.

British entrepreneurs and real estate developers Michelle Mone and Doug Barrowman have begun offering units in their 2.4 million square foot buildings in Dubai…for Bitcoins. A studio apartment will go initially for the low, low promotional price of 30 BTC, while the more spacious 1-bedroom units will bring 50 BTC. The prices of the 150 units offered for Bitcoin payment are tied to the US Dollar, so they will fluctuate as the Bitcoin moves. The studio apartment was initially offered at $133,918—but that was when 1 BTC was trading at its high of $4,600.

At today’s prices, 1 Bitcoin is worth $3,850. No, wait: it’s $3,854. Hold on…it’s almost $4,000. Now it’s back to $3,850. It reached a high of $4,683 in August 2017. Bitcoin is somewhat volatile; you might say—this time last year, you could buy 1 BTC for about $600. Interested readers can find the history of Bitcoin prices online.

For anyone not quite familiar with the term,

 

Bitcoin (BTC) is a form of “cryptocurrency.” It first appeared in 2009, introduced by an anonymous person using the name, “Satoshi Nakamoto.” No one knows for sure who this person is.

 

Part of the appeal for many is that transactions conducted in BTC are completely anonymous; the parties are identified using a unique, encrypted digital “key, ” and the transactions occur online. The anonymity of BTC transactions causes a certain amount of anxiety to security experts around the world. Some might consider it to be the equivalent of numbered Swiss bank accounts.

We’re likely to hear more about cryptocurrencies in the future.

It’s not likely that we’ll see Bitcoin used to purchase real estate in the U.S. anytime soon, if ever. Large financial transactions, such as anything involving real estate, requires a detailed accounting of all the funds involved. A wealthy buyer can’t walk into the title company with a wheelbarrow full of cash—or a digital “wallet” full of Bitcoins—and expect to close escrow. A “cash” buyer must document the source of the funds to avoid any possibility of money laundering.

While the units in the Dubai luxury complex will almost certainly sell out quickly to wealthy cash (Bitcoin) buyers, those who hold Bitcoins in the U.S. will still have to settle for paying for their real estate acquisitions with good old dollars.

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PHONE: (303) 649-1245

FAX: (888) 752-8254

ADDRESS: 10700 E Geddes Ave, Suite 155 Englewood, CO 80112

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Terms and Conditions Apply. HOUZ MORTGAGE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet Houz Mortgage’s and/or investor underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Rates and Terms are subject to change at any time without notice and are subject to state restrictions. Licensed by the Colorado Division of Real Estate. Houz Mortgage loans are originated by Colorado Homesmartz, LLC DBA Houz Mortgage, NMLS # 1578407. (www.nmlsconsumeraccess.org)

Lowest rates are reserved for most creditworthy applicants; not all who apply will qualify for the top tiers. Rates and APRs are subject to change and may not be available at the time of lock or loan commitment. Interest rates are subject to potential increases over the life of the loan, once the initial fixed-rate period expires. APR for adjustable rate mortgages are subject to increase after fixed rate period and does not include 3rd party costs or prepaid interest. Please contact one of our Licensed Mortgage Loan Originators at (303) 649-1245 for a customized rate and payment quote.


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COVID-19 Update

March 12: Today, we closed Houz's Englewood office and asked everyone based there to work from home as a precaution due to COVID-19. Houz was prepared for this and is fully functioning during this time. Please do not bring any paperwork to the office and make alternative arrangements by calling (303) 649-1245 or by contacting your personal loan team until further notice.