Brave New World: Bitcoin for Costa Mesa Homes for Sale?
Local homeowners with Costa Mesa homes for sale may be tradition-bound when it comes to how they plan on being paid (that is, with money)—but not every homeowner is equally old-fashioned. As CNBC pointed out last week, dollars aren’t the only option. Their report, “Real estate catches onto the crypto craze as people buy homes with bitcoin,” promised to examine how real estate agents “are pivoting to work with the cryptocurrency…”
The three-minute report that aired earlier this month did deliver on part of the premise, but fell short in verifying that much actual ‘pivoting’ has yet taken place. Boiled down to its verifiable elements, they reported—
- Cryptocurrencies are cited as a growing trend for Realtors® buying and selling homes with Bitcoin. Party-poopers might point out that since no number is given for either before or after, a “trend” might mean only a couple of actual transactions. That would constitute a trend if zero is the starting point.
- Crypto market capitalization is now pegged at $1.9 trillion. Party-poopers would have a hard time explaining that—even after last week’s $200 billion Bitcoin price plunge.
- CNBC’s Diana Olek (who has been reporting on cryptos for years) says that only three years ago, “selling a home with Bitcoin was almost impossible.”
As it digs deeper into the “craze,” CNBC does back off of adjectives like “mania,” preferring descriptions like “seeping” or “trickling in” to its effect on real estate. It turns out that “more and more” home sellers are “asking how to go about using Bitcoin as the form of currency.” In other words, “asking how” seems to be the actual trend that’s on “a steep incline”—while literally completing a sale may be a relative rarity. One reason is that in order to complete a sale, you need a crypto-real estate attorney and third-party escrow firm “experienced in how to transfer and hold the token.”
Despite the hurdles, few observers question the future of cryptocurrencies—or that of government-issued digital currencies. Especially at the high end of the luxury market, international buyers may be attracted by listings that include a price tag in Bitcoin. Admittedly, even those properties usually wind up being purchased with the less speculative alternative: cash.
A Bitcoin price tag might be an attention-getter, but that’s just one piece of the marketing mix. If you will be putting your own Costa Mesa home for sale anytime soon, do call to discuss what to expect in today’s market!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
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