Bitcoin will be accepted as payment for this $4.495 million Hewlett Harbor home, says the property’s listing agent.
The 6,500-square-foot waterfront home is part of the growing trend in the luxury real estate market where sellers are offering buyers the option of using the digital currency. Bitcoin and other so-called cryptocurrencies are systems of digital payment secured by encryption techniques. Bitcoin is not issued by a government or central bank.
With Bitcoin recently becoming a payment option in real estate, the owner of this six-bedroom, five–bathroom Colonial was open to the concept, says listing agent Zach Elliott of Nest Seekers International.
“For certain houses that I believe could command or attract a crypto buyer, I bring it up [to the sellers] to see if they are interested in joining the cryptocurrency campaign,” says Elliott, who adds that this is his first listing accepting Bitcoin. “This particular homeowner agreed. He happens to be pretty well-versed in cryptocurrency, and he thought it was a great idea to open up the house to a larger audience, including international buyers.”
The house, which Elliott says recently underwent a gut renovation, includes a foyer that has a bridal staircase and double-height ceilings with a chandelier. The living room opens to the family room, which boasts floor-to-ceiling windows that look out to the yard and Hewlett Harbor. The kitchen features an onyx center island and countertops, with lighting beneath the marble that Elliott says “makes the whole kitchen glow at night.” The main level also includes a temperature-controlled, walk-in wine cellar.
The master bedroom on the upper level has cathedral ceilings, sliding glass doors that open to a private balcony, and a white marble bathroom with LED lighting and a tray ceiling.
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The half-acre property, which includes an attached three-car garage, features an in-ground, heated gunite pool, an 18-person hot tub and a deepwater dock that can accommodate a 200-foot yacht, Elliott says. He adds that the homeowner is also open to packaging his boat, a 72-foot Azimut yacht, with the property.
“We figure with the boat, the house, the way it’s designed, it’s a great package for somebody that is holding cryptocurrency and would like to turn it into a real tangible asset,” Elliott says.
Cointelegraph.com, a website that gathers and analyzes the latest news on cryptocurrency, reported that many industries are capitalizing on the emerging trend, including the New York real estate market.
Newsday reported in 2013 that the owner of a Southampton home on the market for $799,000 was accepting Bitcoin as payment. The house, which the listing agent at the time said was believed to be the first Hamptons home offering a cryptocurrency exchange, ultimately sold through a traditional transaction.
The value of one Bitcoin, $10,924 as of March 6, can fluctuate on a daily basis, Elliott says. Though it may take time, he says he believes there will ultimately be mass adoption of cryptocurrency, particularly in real estate.
“There are people that make a lot of money through cryptocurrency, whether trading or holding,” he says. “They want to convert these imaginary digital assets into something they can own that will appreciate. Real estate is perfect for that.”
Mike Gavin has worked at Newsday since 2007, covering everything from real estate to sports. Born and raised on Long Island, he is a graduate of Stony Brook University.