How Cryptocurrency Is Changing Real Estate

We hear from Marc Roberts, owner and founder of E11EVEN Partners, about the rise of buying real estate with cryptocurrency, the factors driving this trend and some of the barriers that are still in the way of further adoption. 
 
How is cryptocurrency playing a role in the real estate industry? 
 
Crypto investors tend to skew younger than traditional stock market investors, on average 38 years old versus 47 years old. The acceptance of cryptocurrency within the real estate industry has attracted their attention and opened the market to a wider audience. With crypto, there is no downtime or waiting for a bank to open to initiate a wire transfer – the currency lends itself to the 24/7 pace that this demographic is accustomed to. 

 

There has been a new proliferation of crypto-friendly listings. What are the factors driving this trend? 
 
The biggest factors are consumer education, understanding and confidence. A few years ago, who would have thought that we would have FTX Arena here in Miami or Crypto.com Arena in Los Angeles? It was fascinating to watch this year’s Super Bowl and see a handful of crypto ads; it is definitely a sign that crypto has moved from the background to a mainstream currency. 
 
How are sellers and developers embracing cryptocurrency? What are the advantages of offering listings for cryptocurrency?
 
We have always been a pioneer in this arena and others have followed suit. Crypto has moved from being a misunderstood buzzword to an attractive convenience for parties on all sides of the transaction. Success in selling a luxury item – whether it is a condominium, a piece of art, or the finest jewelry – is about delivering a VIP experience and exceeding the needs of the buyer. It only makes sense to accept cryptocurrency. 
 
What are some barriers that are standing in the way of more investors buying real estate with cryptocurrencies?  
 
Think about how many people looked up a number in a phone book when a computer was within reach; adoption to new technology and new ways of doing things is never instantaneous. It is purely about education which will continue to deepen consumer confidence. Every month that goes by, crypto becomes more mainstream.   

About Marc Roberts: 

Marc Roberts is a successful developer, entrepreneur and owner and founder of E11EVEN Partners. Together with PMG, E11EVEN Partners was responsible for the sell-out of E11EVEN Hotel & Residences Miami, the country’s fastest selling new development and the first pre-construction project in the US to accept cryptocurrency for deposits and residential transactions. In response to unprecedented market demand, the team announced the project’s second phase before even breaking ground on phase one. With 80% in contract in less than four months, E11EVEN Residences Beyond will offer 461 luxury residences ranging from studios to two-bedrooms, as well as a presidential collection and penthouses. The two 65-story towers will rise simultaneously and represent over $1billion in sales achieved in less than a year.

 

This interview originally appeared in our TradeTalks newsletter. Sign up here to access exclusive market analysis by a new industry expert each week. We also spotlight must-see TradeTalks videos from the past week.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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