Consumers are using cryptocurrency to pay for all kinds of items, from everyday essentials like clothes and home goods bought on popular ecommerce sites, to big-ticket items like cars and vacations. But what about real estate?
BitPay is excited to announce two partnerships with innovative consumer real estate brands, giving purchasers the ability to buy real estate investments with cryptocurrency.
- Pacaso: Pacaso is the leading real estate platform that helps people buy and co-own a luxury second home. As of October 20th, buyers now have the option to pay for their second home with a wide variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Wrapped Bitcoin (WBTC) and more.
- Condos.com: Similarly, Condos.com, an online platform that helps buyers purchase new and pre-construction condos, announced their partnership with BitPay in September. Condos.com now accepts cryptocurrency transactions for both property deposits and rebates.
As consumer demand for crypto payments increases, more real estate industry companies are adopting crypto. Recently, New York’s Magnum Real Estate announced it would accept Bitcoin as payment for a three-store retail condominium space they’re developing on Manhattan’s East Side — to the tune of $29 million.
Second home sales (and prices) are up
As interest in cryptocurrency for real estate has gained momentum, second home sales as a whole have as well.
The number of people buying second homes during the pandemic soared, peaking at 103.7% year-over-year growth in the fall of 2020, as measured by the number of second home mortgage rate locks. And while demand has fallen more recently, inventory is still historically low and prices are way, way up.
Certain regions and cities have gained new or renewed attention as second home destinations, especially for luxury buyers. One such place is South Florida. Demand was so high with Northeastern buyers during the pandemic that median single-family home prices shot up 30% year over year, according to Berkshire Hathaway.
Pacaso is riding the wave of second home buyer interest in South Florida, offering luxury co-ownership properties including a waterfront Coconut Grove home in the chic Fairhaven neighborhood. With a dockside plunge pool, indoor/outdoor living and smart home features, it’s built for entertaining.
Condos.com also has some awe-inspiring South Florida listings, including the ultra-luxury Una Residences. The 47-story building, currently being constructed, sits on Miami’s Biscayne Bay and will feature 135 luxury residences in an incredible, yacht-inspired high rise.