Is fake money all it’s cracked up to be? Currently, one Bitcoin equates to more than $11,000, making it the world’s largest cryptocurrency by market cap. Despite the threat of a Bitcoin bubble, real estate developers are taking notice in a big way. For the first time, a developer in the nation’s capital is offering up residences for both Bitcoin and conventional dollar prices.
In Columbia Heights, a single-family home has been renovated from top to bottom and converted into four condos. According to a press release, homebuyers can pay with conventional dollars, Bitcoin, or a combination of the two to nab a unit at the St. James Place Condos. The exact Bitcoin prices may vary according to the current trading rate and may need to be adjusted at the time of settlement.
In a statement, developer Coloma River Capital said, “Bitcoin has flourished so dramatically that if an investor had purchased the cryptocurrency at its start, their investment would have soared astronomically at today’s value. That’s why we’re offering the development for purchase with Bitcoin—we see a real value in the investment in the currency and want to provide Bitcoin investors with a chance to turn their currency into a tangible asset.”
Listing agent Alex Venditti said, “This is the first time in Washington, D.C., that we’re aware of that Bitcoin is being accepted as a form of payment within a real estate transaction. The developers recognize that people are changing the way they invest and buy property and are meeting that untapped demand.”
The prices for each unit vary, ranging from $569,000 (36 Bitcoin) for a two-bedroom, two-bathroom condo to $949,000 (84 Bitcoin) for a two-bedroom, three-bathroom condo. Square footage extends from 965 to 1,450. With each one, expect stainless steel appliances, custom cabinetry, and white oak flooring. In the uppermost floor, there is a 306-square-foot rooftop deck included.
The listing agent is The Alex Venditti Group of Coldwell Banker Residential Brokerage.
While this is a first for the District, there are other real estate developers across the nation who are doing the same thing. Already, there have been Bitcoin home purchases in cities like New York, Miami, and Seattle.
• 1471 Girard Street NW #1 [Coldwell Banker]
• 1471 Girard Street NW #2 [Coldwell Banker]
• 1471 Girard Street NW #3 [Coldwell Banker]
• 1471 Girard Street NW #4 [Coldwell Banker]