Bitcoin Exchange for California Real Estate: Oakland Home Seller is Now Accepting Cyptocurrency for his Property

“I’ve never had so many people calling from out of area, who have no idea where Oakland even is, except that it’s close to San Francisco,” Beattie said. “They saw ‘bitcoin’ and that’s it.”

Oakland Real Estate Accepting Cyrptocurrencies

California Real Estate Accepting Cyrptocurrencies / This is not a photograph of the property

On the West Coast, we are now seeing a growing trend with home sellers accepting cyptocurrencies in exchange for payment in the real estate industry.

A few days ago, Saturday, January 27th, The Mercury News published a story with Alec Wang, a real estate investor selling his Oakland home and accepting bitcoins or any other cryptocurrencies for exchange, a rarity in the Bay Area.

The article also mentioned, the nearly 400 homes listed for sale on the Bitcoin-RealEstate.com, a brokerage website specializing in the volatile digital currencies. Over sixty homes on the list are from California including the Bay Area.

When real estate broker Sean Beattie of Realty Experts was asked to sell Alec Wang’s house at 2559 Oliver Avenue for bitcoin, litecoin and other cryptocurrencies, he wasn’t sure if it could be done. Before he pursue he contacted his legal department for verification.

After given the green light by his legal team, the responses from would-be buyers have been off the charts. He said after listing the property on Friday, calls and emails have been coming in “every five minutes” from Italy, China and other part of the world.

“I’ve never had so many people calling from out of area, who have no idea where Oakland even is, except that it’s close to San Francisco,” Beattie said. “They saw ‘bitcoin’ and that’s it.”

“This is really cool,” said Angel Teinsovan, a financial consultant for Telegram Hill. She is in the market shopping for a new home, and have seen more financial markets gravitating toward cyrptocurrencies in recent years. “This is the direction a lot of foreign markets are going,” she continued.

“As high-tech as I am, I’m still old school in certain ways,” Tiensovan said.

Wang is not a new comer to buying and selling homes and office buildings. He is a licensed realty broker for 17 years in Bay Area, and is the founder and president of Tana Investment Group, a real estate investment firm. Wang has an extended West Coast real estate portfolio. He had seen the rise of bticoin and other digital currencies in the real estate industries in other countries, but hadn’t seen anyone offering to accept these cyrptocurrencies locally.

So he decided to do it here on the local scene to see how it would work out.

“I try to stay in the lead in terms of how trends are going, and I try to understand new technology,” he said. “There’s a lot to figure out, but I’m willing to be the test case,” he confessed.

It normal to see bitcoin values fluctuates, dropping and rising 30 percent in just a few hours in a day. Wang instructed it good practice to settle on a dollar amount for the price of the home and then agree with a final price at closing. The Oakland home was listed at $648,000.00.

 

Source: The Mercury News

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