Christie’s International Real Estate creates a new department to help with the purchase of high-end real estate with crypto. Such a move marks a milestone for realty as a brokerage forms a department of lawyers, analysts, and crypto specialists.
Such experts currently help with transactions where both buyer and seller favor making payment in cryptocurrency instead of turning to banks. Aaron Kirman, head of Southern California for Christie’s, started this department after a series of successful high-ticket crypto transactions.
One of his record-breaking deals was a $65 million Beverly Hills residence sold entirely in cryptocurrency without using fiat currencies. Kirman observed rising activity within crypto transactions and foretold a future trajectory for high-end buyers and sellers of properties.
His new department would now exclusively handle those high-end crypto-only property transactions. Digital payments are winning more respect in America after a series of recent government initiatives and forging bipartisan support.
Last week, former President Donald Trump signed into law the Genesis Act, which imposes federal regulations for stablecoins backed with a single United States dollar. At the same time, the Clarity Act sailed through the House and would put a lid on excessive digital coin business regulation.
Crypto real estate gains ground with regulatory support
These legislative initiatives have generated interest in digital currencies, particularly from high-net-worth individuals. Trump’s cryptocurrency portfolio reportedly now totals around $7.1 billion. His company, World Liberty Financial, has significantly expanded its operations in recent months.
For real estate agents, this evolution takes the form of new federal regulations. Fannie Mae and Freddie Mac must consider holdings of digital currencies when considering mortgage applications.
Some 14 percent of American adults own digital currencies currently, as Gallup statistics indicate, with ownership rising fastest among high-income families.
Kirman revealed that his active listings for cryptocurrency-ready properties total more than $1 billion. Some of his listings are for La Fin in Bel Air for $118 million, Beverly Hills’ $63 million Nightingale home, and the Invisible House in Joshua Tree for nearly $18 million.
Most of the buyers transact through LLCs, which are funded from cryptocurrency purses as opposed to traditional banks, with increased anonymity.
Kirman forecasts crypto real estate transactions to capture over a third of the United States market within five years due to rapid take-up from high-end investors who crave safe and secretive asset diversification.
