First Bitcoin Real Estate Purchase Recorded in Texas
Sep 18, 2017, 13:13 ET
AUSTIN, Texas, Sept. 18, 2017 /PRNewswire/ -- Kuper Sotheby's International Realty is now the first brokerage in the State of Texas to close on a home purchased entirely with the popular cryptocurrency, Bitcoin.
Finalized mid-summer and purchased for an undisclosed sum, the newly built custom home boasts grand entertaining areas, a kitchen fit for a chef, lavish master suite and a finely landscaped backyard. Located in the central part of Austin, Texas, the property is just a few miles away from a vibrant and culturally-rich Downtown – widely known as the Live Music Capital of the World and a growing hot spot for technology companies.
Sheryl Lowe, a Broker Associate of Kuper Sotheby's International Realty and the agent who represented the buyer in the sale noted, "In all of my 33 years of closing transactions, I honestly couldn't have expected something so unique to go so smoothly. In a matter of 10 minutes, the Bitcoin was changed to US Dollars and the deal was done!" She continued, "Of course, it helped to have the right team behind this – Laura Pagnozzi of Independence Title was a key player in keeping everything together."
Created in January of 2009 by a collective of anonymous cryptography and computer science experts using the alias "Satoshi Nakamoto", the early years of Bitcoin were steeped in mystery and experienced dramatic price fluctuations. The cryptocurrency gained widespread international attention in 2013 as currency speculators raced to acquire and subsequently profit off the new goldmine, which led to crashes in April and December of that year. For those long term investors who remained faithful, however, Bitcoin is back in the news for reaching record highs and at the time of this writing, one Bitcoin (BTC) is valued at over $3,429 (USD).
J Kuper, Principal Broker of Kuper Sotheby's, couldn't be more ecstatic about the sale. "I'm always impressed by the brilliant work our associates do to service their clients' unique situations," he said. "As Austin matures into becoming the United States' next technology metropolis, our associates at Kuper Sotheby's keep at the forefront of new trends and Sheryl demonstrates this in stellar fashion. Her ability to facilitate this sale is no better proof of that."
About Kuper Sotheby's International Realty: Kuper Sotheby's International Realty is the leading real estate brokerage firm for Central and South Texas. Since its affiliation with Sotheby's International Realty, Kuper Sotheby's International Realty is part of an international collection of real estate companies expressly chosen for their history and reputation for providing high levels of integrity, service and client satisfaction. Whether it be residential, farm & ranch, lake or urban living, the company and its agents are attuned to the local real estate markets and are positioned to serve any and all of our client's needs.
SOURCE Kuper Sotheby's International Realty