Real Estate Industry in South Florida Seeing an Increase in Cryptocurrency Offers
Currently, the property market in South Florida is so aggressive that real estate purchasers from the Northeast are offering cash transactions. Many people are already looking to unconventional methods of home acquisition, such as the use of cryptocurrency to make the purchase.
Currently on the South Florida real estate scene, there’s a new way to purchase property. It can be found on the South Florida MLS, which is a database of real estate listings. Sellers are now able to choose and advertise if they will consider cryptocurrency.
Bitcoin and other cryptocurrencies are increasingly being used to purchase real estate, particularly since the beginning of the coronavirus pandemic. A slew of incredibly tech-savvy and finance titans have flocked to South Florida from places like New York and Silicon Valley and New York to make these cryptocurrency offers.
Is Buying Commercial Property With Cryptocurrency a Smart Move?
Cryptocurrency isn’t only a bold investing tool for the courageous; it’s already becoming a new way to pay for regular necessities. With a search engine that helps you to browse for terms “bitcoin” or “ethereum,” to determine if a seller accepts cryptocurrency, sites like Open Listings are working to make it easier to locate properties you can buy with Bitcoin, etc.
Since the concept of using cryptocurrency to buy property is still very new, novices to the currency may be apprehensive. Many of these concerns may stem from the lack of regulatory guidelines in the cryptocurrency space so far, as well as a lack of awareness of how cryptocurrency profits are taxed.
Some analysts caution that purchasing real estate with cryptocurrency may not be straightforward. If you locate a property owner who is willing and able to take your offer, finding insurance carriers and escrow firms who are familiar with crypto transactions can still be difficult. You may need to cash out your cryptocurrency and make a conventional transaction.
Contact a Seasoned South Florida Commercial Real Estate Lawyer Now
Purchasing commercial property — with cryptocurrency or traditional funds — can be challenging, especially for busy businesses that are still conducting daily operations in the midst of looking for new real estate. You need an experienced legal advocate who can advise you on what purchase decisions are in your best interests.
Mark Schecter can be reached at (954) 779-7009 for immediate assistance. Don’t hesitate to contact us; we’re ready to assist your company with any commercial real estate concerns you may have.