CRYPTO REAL ESTATE
Miami's Wolsen Real Estate's owner Denis Smykalov is taking full advantage of the current crypto-real estate wave.
Born in Stavropol, Russia, Denis Smykalov came to America in 2006, at just twenty years old, for a summer and stayed with a dream to achieve. Moving to Miami without knowing much English, Denis had goals far more significant than he imagined! And he completed them at lightning speed. After being a realtor for two years, Smykalov decided to challenge himself and obtain a broker's license at 29.
Denis Smykalov built his career in the real estate industry over the last nine years by following his passion for being innovative and bringing two people together in the ideal environment. Achieving this goal so young, Smykalov decided to open an office in Sunny Isles Beach and become Wolsen Real Estate's owner. Today, 25 agents, a marketing department, social media department, sales department, and three assistants have successfully helped bring in almost 80 million dollars in sales this year.
When he's not at the office at Wolsen Real Estate, Smykalov is thinking of ways to grow. Smykalov wants to get heavily involved with philanthropy. He frequently donates clothes, furniture, and electronic devices to children in Colombia and donates for the removal of plastic in the ocean.
But it's his recent sales that the town is buzzing about - Over $20M in real estate transactions - all in cryptocurrency!
What makes cryptocurrency appealing in real estate transactions?
I think what makes cryptocurrency appealing in real estate transactions is the actual fact that you can pay with it. If you want to buy real estate in Miami, you have to pay with USD; if you're going to buy in Europe, you pay with Euro, in Japan with Yen, etc. But if cryptocurrency is accepted in every country, you can buy real estate anywhere without opening bank accounts.
What do you say the pros and cons are for a seller who would accept crypto and a buyer who would like to pay with crypto?
When you are crypto-friendly, buying or selling real estate is much easier.
If you are a seller trying to accept crypto, there is no risk as companies now offer conversion from crypto to USD, and there is no extra expense for the seller's side. You just need to find an experienced broker who can guide you through the transaction.
You won't have an extra "headache" or anything like that if you decide to accept crypto, but on the flip side, you will have more potential buyers.
For buyers, it gives the option to pay with crypto within the real estate transaction instead of having to convert crypto to USD.
Describe the properties that you recently sold with crypto transactions. Location, Sold Price & Type of Crypto used.
Here are just a few of the latest crypto transactions; all used USDT to pay for real estate.
Waldorf Astoria Residences in Miami
2 bedrooms for $2,560,000
2 bedrooms for $2,011,000
Cipriani Residences in Brickell
2 bedrooms for $2,055,900
2 bedrooms for $2,066,900
St Regis Residences in Sunny Isles Beach
3 bedrooms for $5,450,000
2 bedrooms for $4,312,000
Was your commission paid in crypto as well?
Commissions are usually paid in USD since most sellers prefer to convert crypto to USD at the time of the transaction, and title companies convert the whole amount and distribute payments to every party of the transaction. I also had a couple of transactions when the client paid the seller with crypto and my commission.
Thoughts of real estate NFTs?
I think there is a good chance to see in the future more and more real estate sales as NFT. One of the scenarios is when buyers can acquire investment/ commercial real estate as fractional ownership. But first, crypto has to become mainstream.
For more information about Miami's realestate market and purchasing realestate with cryptocurrency visit www.wolsenrealestate.com