The Keyes Company announced the third Bitcoin-only real estate transaction in Florida closed this week.
The Keyes Company’s Elizabeth Perez Team completed the sale of a Miami townhouse on Wednesday. This is believed to be the third such transaction to close in Florida as both real estate buyers and sellers are starting to embrace cryptocurrency, the company said.
Manuel Perez of the Coral Gables, Fla.-based Elizabeth Perez Team listed the 1,321-square-foot townhouse on behalf of the seller and closed the sale for 41.35 Bitcoin, or $338,878, at the time of sale. The transaction's seller and buyer were not disclosed.
In recent weeks, the price of Bitcoin has fluctuated dramatically, so how was this transaction safe from those wild swings?
Perez told HousingWire that to protect both sides of the transaction, there was a fluctuation limit in place during the transfer period for the money.
"The value was set in dollars, and the number of bitcoins was determined at the moment of the closing,” Perez explained. “We negotiated with the buyer to have a fluctuation limit during the period of transfer, as a safeguard for both sides against a sudden crash or spike. Luckily, while there was some fluctuation, it was minimal by the time of receipt and everyone walked away happy."
“We congratulate the Elizabeth Perez Team for successfully navigating the new world of cryptocurrency in completing this sale,” said Mike Pappas, CEO of The Keyes Company. “At Keyes, we strive to be ahead of the curve when it comes to changes in the industry. We are well-positioned to accommodate buyers and sellers who want to use cryptocurrencies in transactions.”
Yaramis Caminero represented the buyer in the deal and South Miami attorney Jonathan Coto handled the closing, according to a release from Keyes.
Perez said this transaction shows that cryptocurrencies are becoming “mainstream” in the real estate industry and business world. Perez is also handling a Miami Beach condominium in which the owner is willing to accept both Bitcoin and Ethereum currencies.
“Real estate sales using Bitcoin or Ethereum are adding legitimacy to the use of cryptocurrencies in the real world,” he said. “Our team is seeing interest from other buyers and sellers in these kinds of transactions. We look forward to continuing to facilitate such deals.”