Investors reject purchasing crypto house

Investors reject purchasing crypto house

According to recent news reports, the famous crypto house, located in Los Angeles, meters away from North Hollywood, has been rejected by investors for vast reasons. The property’s price has slumped from $1.2 million to $949,000 since its listing.

Crypto house’s price plummets

Yesterday, reports surfaced on social platforms suggesting that the price of a prominent crypto house has dropped. The drawdown of the prices is suggested as a cause of investor refusal to buy the property despite the location, which is described as near North Hollywood.

The house is described to contain four bedrooms with three family bathrooms and is centrally located in Los Angeles, where the price of the estates in the area seems quite high. The real estate property is surrounded by an assemblage of entertainment, dining, and shops. The owners have recently renovated the kitchen, which gives access to a wide dining area and vaulted ceilings.

The house agents describe the property as follows:

“Incredible opportunity for first-time home buyers, developers, and/or investors…The bonus structure / 4th bedroom can be converted into an ADU for supplemental income. Ideal family home or income property for savvy investors, this property is primed for the right buyer. Conveniently located near the North Hollywood shopping center, with an array of shops, dining, and entertainment options.”

The crypto house was listed in October 2022 with a price tag ranging from $1.2 million; however, due to a complete absence of enthusiasm, its buying price surged to $949,000 in recent weeks. As per information rolled up, the property is listed on Airbnb with a 100% vacancy. Space at the house is always free whenever a client seeks to utilize it since they are still waiting to be ready to live there temporarily.  

The price index suggests that the house was sold for $520,000 in 2016 and was later sold to the current owners with no indicated price in 2021. The owners have tried selling and renting the property, even as a content environment for crypto influencers, for $960,000. This figure is more than its asking price ($885k) from December 2022.

A popular Tiktok video by a crypto enthusiast said that the house contains a painting of Non-Fungible Tokens (NFTs) on the walls, particularly Bored Ape and Doge faces. In addition, there is a huge neon light next to the kitchen featuring the logo “Crypto House”. One room is particularly themed with famous tweets promoting the crypto ecosphere, while another has a Bitcoin logo around it.

NFTs in real estate

NFTs have penetrated the real estate industry, gaining vast traction globally both in the physical and digital worlds. In the case of virtual real estate, one of the first NFTs was sold to Michael Arrington, TechCrunch founder, in 2017. The property is said to be a tech-forward platform that aims to revolutionize the home purchase society. In 2021, Michael auctioned his Kyiv-based studio for 36 ethereum.

In May, João Marques also sold an apartment in the Northern city of Braga, Portugal. He passed the wallet address to a buyer who transferred roughly €110,000, which is suggested to be less than three Bitcoin at that period. Carlos Santos, chief officer at the Portuguese real estate organization, was the hands behind the brokerage sale as Jorge Silver, CEO Portuguese chamber of notaries, witnessed the event.

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