Real estate consumers are still turning to cryptocurrency despite the FTX collapse. Now is the perfect time for real estate investors to use their properties to obtain assets-backed crypto.
That second generation consists of cryptocurrencies that are publicly transparent, audited and backed by assets to bring back the gold standard. Nobody can guarantee it, but like real estate, it has its economic cycles. Recessions are inevitable, but you also know that after each recession, you have the upswing.
Denis Smykalov, who sells luxury properties at Wolsen Real Estate in Miami, is seeing interest grow in crypto, especially from his international clients.
With Russia’s invasion of Ukraine, both nations have made it harder for their citizens to get money out of the country, says Smykalov, so now crypto is an alternative to acquiring foreign real estate. 15% of Smykalov’s transactions are in crypto.
“It’s growing steadily. Crypto was, five years ago, something nobody knew,” he said. “A year ago, everybody started accepting it. They’re not concerned about FTX at all.”
Crypto is here to stay, so it’s best to try to understand it while it’s being recalibrated throughout the bumps along the road. Some of these bumps are substantial, but it doesn’t mean that because FTX has fallen, that crypto has gone with it.
Denis Smykalov of Wolsen Real Estate, who’s brokerage sold $100m this year in luxury residential real estate, $30m which has been in crypto currency. Wolsen has seen a surge in requests from buyers looking to purchase property in Miami with digital cash, especially among international clientele, which eliminates time, exchange of monies, and is easier to do.
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“Beyond saving interest fees from traditional loans, you also bypass the 30 day loan and 14 day inspection contingencies.” noted Smykalov.
Denis’s expertise lies in the current state of Miami residential real estate as recession looms and inflation continues. With crypto gaining speed and home sales strong with increasing interest rates, he advises buyers and sellers whether now is a good time to buy as well as and why you should buy a home with digital currency. He knows the checklist and what you need before you purchase a property using cryptocurrency.
Denis has done over $30 million with re-sales and pre-construction projects such as Cipriani Residences, a three-bedroom unit for $5,450,000 in cryptocurrency at the St Regis Residences Sunny Isles Beach, and pre-construction at Waldorf Astoria for over $2,500,000.
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More about Denis:
Born in Stavropol, Russia, Denis came to America in 2006, at just twenty years old for a summer and stayed. Moving to Miami without knowing much English, Denis got his real estate license in 2012 and broker’s license at 29. Smykalov opened an office in Sunny Isles Beach as owner of Wolsen Real Estate. With business on the rise, he had 65 agents. Currently at 25 agents, a marketing department, social media department sales department and 3 assistants, he has brought in almost 80 million dollars in sales this year. His most notable accomplishments with Wolsen Real Estate were many crypto transactions.