Buyers and investors will soon have the option to pay in multiple cryptocurrencies for the many real estate developments located in Kitsap district.
Harbor Custom Development Inc. , a Gig Harbor-based real estate company, said it will accept Bitcoin and some other cryptocurrencies as payment to buyers who purchase the company’s real estate assets in Washington state, including its Kitsap County projects, starting Jan. 24. .
Cryptocurrency is a type of digital currency in which transactions are maintained and recorded by a decentralized system written in computer code.
Harbor Custom Development Inc. will accept Also, cryptocurrency as a payment for its projects in California, Texas and Florida after January 24th. Interested home buyers or investors can contact a project listing broker, and the broker will guide them through the buying process, according to the company.
“Accepting cryptocurrency for our real estate offerings is a logical move for Harbor and demonstrates our resilient business model that separates us from our industry peers,” Harbor Chief Operating Officer Jeff Habersitzer said in a December statement.
Harbor Custom Development has six projects on the Kitsap Peninsula. In Bremerton, the company is developing Soundview Estates (25 homes), Mill’s Crossing (36 townhouse apartments) and Broadmoor Commons (32 condos). In Port Orchard, the company plans to build Bridgeview apartments in Port Orchard (138 units). In Poulsbo, plans are being carried out for Westry Village (66 townhouses), and in Belfair, the Olympic Sunset View Apartment project in Belfair (226 units) is planned.
The company said that payment via cryptocurrency will be available to buyers, but not for rental payments.
like a cash transaction
“The process will look very similar to a standard cash real estate transaction,” Jennifer Lange, director of marketing for Harbor Custom Development, said in an email.
The buyer will work with the company’s listing agent to write a sale and purchase agreement. Once the agreement is accepted by both parties, Lang said, the contract will be sent to the escrow company that Harbor Custom Development shares with.
The escrow company will convert the digital currencies paid by the buyer into US dollars. Once the transfer of funds is completed and confirmed by the escrow company, the money is transferred to the seller and the buyer owns the property, Lang said.
There is a transaction fee that the customer has to pay in this process. According to Lang, the fee amounts are set for each project.
According to the Internal Revenue Service, virtual currency transactions are subject to tax by law, and taxpayers who conduct virtual currency transactions may be required to report it on their tax returns.
Harbor Custom Development expects cryptocurrency buyers to be first-time homebuyers looking for condominiums, move-in buyers who need more space for their families, luxury home buyers, institutional investors looking for large tracts of land, or lots of projects. developed or multi-family, according to Lange.
Besides Bitcoin, the world’s first and most popular cryptocurrency, which was launched in 2009, the developer plans to accept 12 more cryptocurrencies: Ethereum, USD Coin, XRP, Dogecoin, SHIBA INU, Binance USD, Wrapped Bitcoin, Litecoin and Dai and Bitcoin Cash, Pax Dollar and Gemini Dollar, according to the statement.
Before January 24, the company may add or subtract certain cryptocurrencies from the list depending on market conditions, according to the statement.
The market capitalization — the total market value of the cryptocurrency supply circulating in the market — of 13 cryptocurrencies lies between $787.8 billion in bitcoin and $164.7 million in Gemini dollars as of January 7, according to CoinMarketCap, a website that provides cryptocurrency. – Related data and analytics founded in 2013.
According to the Seattle Times, the first real estate transaction involving cryptocurrency in the Seattle area is believed to have occurred in 2018, when a 23-year-old design engineer purchased a three-bedroom home in Tukwila using a pool of several cryptocurrencies for a 10% deposit. Cryptocurrencies were converted into US dollars for payment to the seller.
In other states, such as Florida, Texas, New York, and other countries, real estate transactions related to cryptocurrency have made headlines in recent years.
The Kitsap Sun is interested in hearing from Kitsap residents who are listing or buying property with cryptocurrency. Please contact breaking news reporter Peiyu Lin at email@example.com or on Twitter Tweet embed If you have any tips regarding this issue.
Support the local press. Subscribe to kitsapsun.com today.