The seller of four luxury condominiums at Optima Camelview Village in Scottsdale is accepting cryptocurrency options.
The Huyde Group, a Scottsdale-based family investment group that is selling the four condominiums, will accept bitcoin and ethereum.
Johnathon De Young, luxury estate specialist with Russ Lyon Sotheby’s International Realty who is representing the investment group, said he is marketing each of the four condos separately as turnkey furnished units.
“I can’t wait to see how this plays out,” De Young said. “There’s a good possibility that we’ll have our first local transaction using bitcoin or ethereum.”
Jay Carpenter, founder of Tempe-based Desert Blockchain LLC, said it would be likely that cryptocurrency payment for real estate will happen more often in the future as people use it more frequently.
“In addition, many people see cryptocurrency as a way to build wealth,” Carpenter said. “Many view bitcoin, ethereum, etc., as a form of a savings account. As their cryptocurrency ‘nest eggs’ build, purchasing real estate, which is also a form of savings, will be a likely alternative to diversify into using cryptocurrency holdings, in my opinion.”
Today, a bitcoin is valued in the market at $42,301, Carpenter said.
That means it would take 10 bitcoins to buy a $420,000 home or 100 bitcoins to purchase a $4.2 million home, “just as 10,000 shares of Apple at $145 per share could conceivably purchase a $1.45 million house if both buyer and seller commonly agree on the value of Apple common stock at any given time,” he said.