For sale: Professionally decorated and furnished, 1,463-square-foot penthouse with amazing views within walking distance to Fashion Square and Old Town.
Features: hardwood floors, ceiling-to-floor windows, gourmet kitchen with marble counter tops and quiet balcony.
Cost: Not necessarily one red cent of hard currency.
Instead of cold hard cash, it can set you back roughly 47 bitcoins, or about 683 ethereum.
The ultra-luxurious unit is one of four condos for sale in the Optima Camelview Village by Russ Lyon Sotheby’s International Realty with an option for paying in cryptocurrency.
“The seller realizes bitcoin, ethereum and digital assets, in general, are becoming a mainstream asset class,” said Johnathon De Young, a Realtor with Russ Lyon Sotheby’s International Realty.
“And it seems only appropriate for a substantial investment group to begin dipping its toes in what is likely some of the greatest financial innovation of our lifetime,” he added.
Bitcoin and ethereum are two of the most prevalent forms of cryptocurrency.
Cryptocurrency can be thought of as digital dollars. It only exists virtually with no central issuing or regulating agency backing it. Its value is not based on anything other than its scarcity, which is protected solely by cryptography.
Of course, you can pay with traditional money, if you insist on living in the dark ages, but that route will cost you $2,048,200 for the penthouse model.
No one really knows how many real estate transactions around the world have used cryptocurrency but it’s exceedingly rare, De Young said.
Cryptocurrency offers a level of anonymity in transactions – something much valued by buyers of high-end real estate, who often purchase property through limited liability corporations for privacy reasons.
Aside from privacy, such buyers also are looking for properties with contemporary decor that are move-in ready.
“They don’t want to do a lot of work,” De Young said.
The Hudye Group is selling the four homes, which range in price from about $1.6 million to just over $2 million each.
“At Hudye Group, we realize that digital assets and cryptocurrencies are becoming more and more commonplace for investors and buyers around the world,” said Ben Hudye.
“We want to help facilitate a transaction that is mutually beneficial to all parties involved so we are extremely pleased that we can offer some of the finest in luxury high-rise condominiums for sale, with the flexibility that bitcoin and ethereum provide,” he explained.
“These are properties that are highly sought after and will attract a wide range of buyers locally, nationally, and even internationally.”
The four units have had his phone ringing, De Young said.
“Inventory is very lean and there is a tremendous amount of demand right now for this type of product,” he said.
“When you combine the quality and desirability of these particular condos, along with the walkability, shopping, dining, ease to the airports, it is very well possible we could see our first real estate transaction in Scottsdale using a digital asset.”
But maybe more appropriately, the real interest in the properties is coming in from the internet.
“They’re getting a tremendous number of clicks,” he said.
There are nuances to a cryptocurrency transaction involving real estate, such as having a title company well versed in how to process the deal.
Stewart Title, which has experience in Bitcoin transactions, will serve as the escrow company for the transactions at.
To date there’s been one real estate transaction that involved cryptocurrency in Arizona, and Stewart Title handled that transaction.
No matter how luxurious the condominiums are or how novel the currency used to purchase them is, keep in mind that they are adjacent Old Town which means parking is at a premium.
It shouldn’t come as too much of a surprise that $2 million, whether in cryptocurrency or cash, only gets the buyer one parking space.