Think the Bay Area real estate market can’t get any more inflated, speculative, and discriminatory to anyone outside the tech bro community? Enter Bitcoin, the celebrated cryptocurrency that’s created a few overnight millionaires and untold legions of wannabes, speculators, and mansplainers who can’t shut up about it. An Oakland home near San Leandro is on the market and available for Bitcoin, and the real estate agents said in the first days since the home’s listing he’s received calls on the property “every five minutes.”
Since the four-bedroom at 2559 Oliver Ave. was listed Friday, the phenomenon of the “Bitcoin house” has been covered by the East Bay Times, the San Francisco Business Times, and FOX 2. But despite the supposed cryptocurrency-fueled feeding frenzy, the asking price of the property remains unchanged at its initial $648,000.
Though for all SF Weekly knows, higher offers may have rolled in unreported. “I’ve never had so many people calling from out of the area, who have no idea where Oakland even is, except that it’s close to San Francisco,” realtor Sean Beattie told Bay Area News Group. “They saw ‘bitcoin’ and that’s it.” (SF Weekly has reached out to Beattie on the unchanged asking price, and we’ll update this article with any response.)
The Bay Area News Group reports that offers have come in from “Italy, China and elsewhere across the globe.” If an international investor buys that home, you can bet your bottom Bitcoin that the property is going straight to Airbnb and will not be occupied by locals.
The seller, though, is a Fremont native, and a real estate investor himself. “I try to stay in the lead in terms of how trends are going, and I try to understand new technology,” seller Eric Wang told Bay Area News Group. “There’s a lot to figure out, but I’m willing to be the test case.”
This is not the first home in the Bay Area to be offered for cryptocurrency. According to Mashable, “Carina Isentaeva, a Redfin agent in San Francisco, is in the center of the crypto-mania. In a call she said it’s all about ‘crypto homes’ now. She had a deal that fell through because the buyer’s ICO flopped.”
That last sentence seems to undermine the entire premise of selling a home for cryptocoin. But hey, maybe SF Weekly is just too old school. Admittedly, we find this whole tulip mania to be rather cryptic.