The New Year ushered a confetti blast of crypto real estate news running the gamut from grassroots to grandiose.
As reported in Wired Magazine, Reno, Nev. Mayor Hillary Schieve, a cryptocurrency zealot and investor, envisions unlocking and increasing the value in certain city-owned land parcels. Her entrepreneurial scheme provides Reno citizens cryptocurrency that corresponds to parcel value, which they can buy and sell. If the land is leased, the pool of investors would share in the proceeds. Blockchain smart contracts would seal the deal that could be altered only through shareholder consensus.
On the other end of the spectrum lies the curious tale of “The One,” a 105,000-square-foot Bel-Air, Calif. mega-mansion developed by Nile Niami and designed by Paul McClean. This lavish structure features a rooftop putting green, fifty-car garage, and spa. The property hasn’t found a buyer, and with looming debt, Niami’s development company Crestlloyd filed an agreement in U.S. Bankruptcy Court to auction the estate this February. In a dramatic pivot to avoid the block and gavel, Niami aims to tokenize the property through issuance of a cryptocurrency called “The One Coin,” backed by the home, valued at $325 million.
In a more down to Earth development, Los Angeles luxury mall developer Rick Caruso’s firm began accepting bitcoin as rent payment in its residential and retail properties. Further, he has allocated a portion of its treasury into bitcoin, making a long-term investment in DeFi.
For those looking to move their crypto nut to tangible assets that produce income and offer appreciation, commercial real estate is a good bet. Contracoin’s property exchange lists numerous commercial properties in Australia and Southeast Asia, including luxury multi-family and light industrial. The company is looking to expand its listings in North America and invites property agents and developers to contact them for information.
The firm’s team of world class partners and advisors, help streamline the buying process. Buyers and sellers are connected with published property listings on the Contracoin property exchange. In addition to accepting Bitcoin, the company’s ERC-20 Contracoin token (CTCN) can be leveraged toward a property’s down payment. Ethereum-based smart contracts eliminate human error, excessive transaction fees and complex banking procedures. Uniquely, investors can purchase properties with a combination of cash and digital currency with up to 100% of the purchase price in tokens.
Reach out to Contracoin to begin exploring properties on the exchange. For investment opportunities contact CEO & Founder, Barry Lipscombe.
