Christie’s International Real Estate is shaking up how the ultra‑rich buy homes. A new team of legal experts, crypto analysts and transaction specialists now handles deals where both buyer and seller want to pay in Bitcoin or Ether. It’s the first major US brokerage to offer this kind of service.
According to The New York Times, Christie’s International Real Estate has launched a dedicated crypto real estate division, becoming the first major U.S. brokerage to handle property transactions conducted entirely in cryptocurrency, without relying on traditional banks.…
One standout is an $18 million modernist home in Joshua Tree owned by film producer Chris Hanley. He says that accepting crypto shows he is open to a new generation of buyers who move fast and value discretion.
Many wealthy buyers already use trusts or shell companies to hide their identities. But with online sleuths getting better at tracing ownership, digital currencies offer an extra layer of privacy.
That’s a big draw for celebrities or tech founders who don’t want anyone knowing where they live. Christie’s team even handled sales where the seller never met the buyer face to face.
The firm is also in talks with major banks about letting buyers finance purchases with crypto collateral. In parallel, the Federal Housing Finance Agency has urged Fannie Mae and Freddie Mac to study how to treat cryptocurrencies as reserve assets in mortgage risk evaluations.
Meanwhile, regulators and banks remain concerned with wild price fluctuations and money laundering. Any extensive deployment of mortgages backed by crypto will require new regulations and protection.
In the meantime, most purchasers will keep on paying cash or traditional loans.
Featured image from Unsplash, chart from TradingView
