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wo oceanfront properties in Avalon and Stone Harbor are now open to cryptocurrency payments, with sellers targeting roughly $25 million each. If finalized, the transaction would mark the first crypto‑based sale in Cape May County.
The market for crypto‑enabled real estate is still niche but expanding. In 2021 a Miami Beach penthouse changed hands for $22.5 million entirely in digital currency. Earlier this year, a studio at Rider Residences in Miami closed for $528,900 in bitcoin, touted as the first direct “wallet‑to‑wallet” deal. The transaction drew praise from Miami’s mayor, who highlighted it as evidence of the city’s forward‑looking real‑estate scene.
A wallet‑to‑wallet transfer means the buyer sends bitcoin directly from their wallet to the seller’s, with legal safeguards that protect the seller if the token’s value shifts during closing. Cape May broker Jack Vizzard of BHHS Fox Roach Realtors announced the potential deals on a new‑construction home on Dune Drive (Avalon) and a double‑lot estate in Stone Harbor’s south end. He cited speed, the elimination of banks, no wire‑transfer or currency‑exchange hurdles, and increased privacy as key advantages. Vizzard believes the move will broaden the buyer pool to include international clients who value anonymity and avoid bank fees and exchange complications. He expects such sales to become routine, especially for affluent buyers looking to convert volatile crypto holdings into stable, tangible assets. Sellers can choose to keep the cryptocurrency or convert it to cash after settlement.
Cryptocurrency, originating in the 1970s, has evolved into a peer‑to‑peer system that operates independently of banks and governments. Blockchain technology, leveraging millions of computers worldwide, prevents double‑spending, while cryptographic techniques scramble transaction data, ensuring speed and privacy. The 2008 financial crisis spurred distrust in traditional banking, accelerating the adoption of digital currencies. Today, the digital‑currency ecosystem continues to grow, encompassing everything from non‑fungible tokens to digital art. In Cape May County, this trend could bring ultraluxury real‑estate listings that accept crypto.
For more information, contact Vince Conti at [email protected].
