Edgewater Penthouse Accepts Only Bitcoin
December 15, 2017 by Lucas Lechuga
Have you jumped on the Bitcoin Bandwagon yet? If not, you cannot buy this penthouse!
That's right, the seller of the Penthouse 2206 at Edgewater's Platinum Condominium does not want your financed offer, or your cash offer for that matter. They accept ONLY Bitcoin and are asking $33 for the 1 bedroom unit. According to our handy currency conversion tool, this amounts to $542,000 USD.
While I commend the seller for their attempt at profiting from the buzzword of the hour, there are some fundamental flaws in their strategy.
FLAW 1: Alienating Potential Buyers Who Would Pay Cash
Whenever you are offering something for sale, you want that item to be available to as many people as possible. This is the reason Realtors are always saying to remove the clutter and personal items from your home before you put it on the market. In order to achieve maximum profit, you want the potential buyers to be able to see themselves living in the apartment and making it their home (or to see a solid profit in an investment). If you ONLY accept Bitcoin, you alienate all of those who would pay cash or get a mortgage.
FLAW 2: The Price
If you convert the price of $33 Bitcoin to US Dollars, it comes out to $542,000 (as of today). Even the biggest two bedroom in the building isn't offered for that much! Check here to see the other available apartments in the building. They're priced nowhere close to this unit. In fact, over the last 6 months the only two 1 bedroom apartments to sell both went for HALF of the asking price at PH 2206. Even the two bedroom apartments that sold traded for more than $100,000 less than this listing.
This is a hyped-up attempt to get away with overpricing an OK apartment.
FLAW 3: These Photos
Ah, these photos. If you're going to post a listing that is overpriced by double, at least give us some photos that attempt to justify the price. Let's go through them...
This one is great if you want to see a blurry depiction of what the view was like in 2014. Since then, at least 3 towers have been constructed within the frame.
The gym is nice enough, but the image could be sharper.
Same with the pool.
There are lockers and a sauna.
This photo was also taken in 2014. You can see IconBay in the background, but not the other towers that have been built around.
This photo is so blurry, you can't even make out the name of the building behind the front desk.
The kitchen is nice enough.
Apparently there is a rule in this apartment that prohibits hanging photos or wall decorations by tenants.
So, there's a washer/dryer in the apartment. I'm not sure this photo is a testament to how spacious the laundry area is, but at least you know it's there, right?
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All-in-all, I think this listing should serve as a huge warning to bitcoin buyers. This seller is clearly trying to pull one over on the market and profit from the hype. BUYER BEWARE!
Your opinion is similar to mine. At the moment, not enough is known about Bitcoin by the public at large. I can’t see anyone paying the asking price whether it’s in Bitcoin, Roubles or Rupees.
As you say, it’s a gimmick and someone is trying to make a big profit from the gimmick!
they will never sell this apartment for Bitcoin because ANY bitcoin investor (especially the one’s who are in the market for a USD 600k apartment) would sell its Bitcoin first and cash in at market prices (around $ 20.000 now) and would become a cash buyer instead.