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Digital currency can purchase $5.8M Summerlin home



A Las Vegas couple are accepting cryptocurrency to buy their $ 5.8 million home on The Ridges, Summerlin – and capitalizing on the increasing use of digital currency in real estate transactions in southern Nevada, real estate executives say .

Although valley homeowners have marketed that in the past they would accept cryptocurrencies for their offerings, Las Vegas Realtors said it was rare for direct transactions with Bitcoin or any other digital currency. Instead, people have more often used digital currency as proof of purchase and later converted that into cash before buying the home.

“That happens especially in the luxury segment,” said realtor Zach Walkerlieb, the owner of Willow Manor, which is owned by Keller Williams Realty. “We’re starting to see evidence of funding that says, ‘I can buy this property, but I just need to convert it to cash.’ This is almost the same thing when someone shows me a $ 5 million stock account. All you have to do is convert the stock into cash. This happens more often than you imagine because there are so many people who have made a lot of money with crypto and have not yet made any transactions. I have a friend who owns millions of cryptocurrencies and currently has a $ 70,000 a year job. He has so much in crypto and no other money in stocks. “

Clark County’s property records show the two-story home 14 Drifting Shadow Way was built in 2009 and purchased for $ 2.74 million in November. It has since been extensively remodeled by real estate agent Madison Blau Benshimon, an agent for the Ivan Sher Group of Berkshire Hathaway HomeServices, and her husband Michael Benshimon. She is the listing agent for her home.

The house measures 7,813 square feet with six bedrooms and 6½ bathrooms. The remodel created more open space in the house and new finishes to give it a more modern feel as people are in gray, beige and white, Benshimon said.

Benshimon said they bought the house to live in, but after the renovation decided to take advantage of the market with luxury sales and prices soaring.

“The house was built in 2009 for someone who wants to be on The Ridges, but for all purposes it’s like a new house,” said Benshimon. “Nobody has lived in this house since the renovation. “We updated the style, opened up walls and made the floor plan flow better. We’ve updated everything cosmetically with brand new European oak floors, a brand new kitchen, quartzite worktops, automatic sliding glass doors and lights. “

The master suite has a spa-like bathroom with an oversized shower and tub on a beach pebble bed, she said.

It has a pool, backyard spa, plus an outdoor kitchen in a gazebo, fire pit, and putting green. The house is on almost half an acre.

Benshimon said that the cryptocurrency has entered the selling process because of her background as an investor and several family members involved in buying and selling the digital currency.

“The main benefit of cryptocurrency adoption for the home is expanding the pool of buyers,” Benshimon said. “There are a lot of people who have made a lot of money in cryptocurrency and they may not necessarily want to liquidate that money to make a purchase. With the opening of this new form of payment, there are more people in the crypto space who might not otherwise have done it. “

Title companies are not set up to accept cryptocurrencies, Benshimon said. People have digital wallets to hold their digital currency, but title companies don’t, she said.

“Right now it should work in such a way that the buyer would have to send the money directly into their digital wallet to the seller,” said Benshimon.

Sher said this is the first time his team has included cryptocurrency in its purchase options. He said as more and more companies and individuals interested in investing in digital currencies find their way into the real estate industry more and more.

A number of luxury homes have already made millions in cryptocurrency sales, including the sale of a Miami Beach penthouse that closed this month for $ 22.5 million in digital currency, the largest known cryptocurrency property purchase to date in Florida, according to news reports.

“We’re excited to take a step forward and open our listing to cryptocurrency holders,” said Sher. “Buying a home with crypto has many advantages. It is an especially great opportunity for those with significant cryptocurrency profits to diversify their wealth. “

Aldo Martinez, president of the Las Vegas Realtors Association, said he hadn’t seen cryptocurrency used to buy houses, but he knows that when people closed cryptocurrency they converted cryptocurrency into cash and used the money in their portfolio to make the purchase .

Martinez said when Nevada legalized marijuana, some of the owners of these companies were unable to use the banking system due to federal law against its use. Those owners turned to cryptocurrency instead to park their money, and from there, companies developed a vehicle to take the money out of the digital currency in order to convert it into dollars to make those home purchases, he said.

Rick Cenname, sales manager at Equity Title of Las Vegas, said they get questions “all the time” about using digital currencies like bitcoin – a transaction, if it involves title companies, could be risky due to its volatility in trading. he said.

“We made a retrospective crypto deal because people were smart enough to know they turned it into cash to transfer it to us,” Cenname said. “We don’t have the mechanism to deal with crypto. We’ll walk them through the process to make sure they get it right. When Bitcoin rose to $ 20,000, it was the first wave of people wanting to buy a home before realizing they had to exchange it. It is coming. There will be a mechanism by which we can do that, but I don’t know when it comes into play. We have the demand to use them, but we are not there yet. “

All private transactions that transfer digital currencies come with risk as they are irreversible, said Kim Walker, an accountant based in Las Vegas.

Walker said that digital currency real estate transactions cannot be used as tax evasion. Whenever someone sells or uses their digital currency, a capital gain transaction must be reported on their tax return, she said.

The IRS views Bitcoin the way they conduct stock transactions and it’s tax fraud if not reported and people are targeted if they’re not careful, she said.

“They (the IRS) are not stupid, especially when it comes to Bitcoin,” Walker said. “You’re focused on it right now.”

Walkerlieb said he expects title companies to be able to use digital currency in a secure transaction under a so-called smart contract in five or ten years.

“It will definitely be implemented in the future, and it just depends on when it becomes widespread and federal regulations allow it,” Walkerlieb said.

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Real Estate News

Akins HS students take part in real estate program



Through the program at Akins Early College High School, the students can get their associate degree and their real estate license before they graduate high school.

AUSTIN, Texas — With the continued growth expected across Central Texas, more and more people are going to be looking for places to live.

Some local high school students hope they can be the ones to help people find their new homes in this demanding housing market.

Sophomore Anthony Villegas is one of the students in the real estate program at Akins Early College High School. On Friday they took a trip to the Austin Board of Realtors headquarters to learn more about the industry and what the board does.

“We’re talking to a lot of people trying to understand more about real estate and how ABoR is,” said Villegas.

Students, like Villegas, will earn a two-year Associate of Applied Science degree from Austin Community College and can become certified real estate agents all before they graduate from high school.

“We take business courses, we take computing, then we also have our real estate classes,” said Villegas.

“So once they turn 18, if they’ve met their requirements, they can test, then they will sign up with a real estate brokerage to be sponsored and then they will join the Austin Board of Realtors and become real estate professionals that become realtors ,” explained Kelea Youngblood, with the Austin Board of Realtors.

The ABoR worked with Austin ISD to launch this program back in 2020.

“The beauty of this program is it’s not just about the classes that you need to take to get your license,” shared Youngblood. “It’s about the real-life education, the hands-on experience. We will provide you with shadowing opportunities and internships. And so, they will be very well equipped once they graduate to enter the real estate industry.”

Both the ABoR and AECHS teachers say these real-life experiences are extremely valuable.

“We want to make programs and classroom spaces that are for the child’s needs and wants in the future because we only had them in high school for four years. What’s the next step,” said John Rodriguez, an Academy Coordinator at AECHS.

In this program, the students get their associate’s degree and training at no cost.

“They don’t pay a single thing for themselves,” said Rodriguez. “So, the college courses are paid for, the transportation, the textbooks, you name it.”

Now with the experience he is gaining, Villegas will be ready to help find people homes in Austin’s busy housing market when he graduates in just a couple of years.

“I know people from even Chicago that want to move down here,” said Villegas. “So, it seems like it’s going pretty fast. And hopefully, when I’m into real estate, it stays like that.”

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Global Investors Remain Enthusiastic about the U.S. Commercial Real Estate Market



The US commercial real estate market – with Dallas ranking fourth in the most favored spot – continues to be seen as attractive by global investors over both the short and long term, according to the Association of Foreign Investors in Real Estate (AFIRE) 2022 International Investor Survey Report, released in mid-April.

Michele Wheeler, President and COO of Jackson Shaw

About 75 percent plan to increase their volume of activity this coming year, and 25 percent anticipate increasing it considerably. Beyond 2022, about 80 percent of investors expect to increase their US exposure over the next three to five years. These are topline results of the annual survey of some 175 organizations in more than 20 countries. CBRE and Holland Partner Group served as underwriters of the research, conducted in February by AFIRE and PwC.

Atlanta is the city most favored for future real estate investment by the respondents (with 37 percent indicating it was their top destination). Atlanta was especially popular among those outside the United States. Austin and Boston tied for second. Dallas took the fourth position, followed by Seattle, New York, Charlotte, Los Angeles, Denver, Raleigh, District of Columbia, Phoenix, and San Francisco.

Factors driving investment in US real estate (by order of priority) include quality of available assets, ability to diversify investment portfolios, income return on investment, and the ease of doing business. All is not golden, however. Inflation, interest rate fluctuations, and uncertain return-to-office trends are the top concerns for those looking to put money in US properties.

According to the report, multifamily is likely the most popular asset category, followed by life sciences, industrial, self-storage, and medical. Senior housing, infrastructure, hotel, and retail are the most likely to see the same level of investment as in the past.

Multifamily in the top spot is especially evident for those of us in North Texas. The Dallas-Fort Worth-Arlington MSA led the country in population growth according to the US Census Bureau estimates for 2021, adding 97,000+ residents. This growth reminds me of the popular quote from the 1989 movie Field of Dreams: “If you build it, they will come.” Though it seems we can’t build fast enough.

Also, not surprisingly, Dallas-Fort Worth’s industrial market continues to set records for construction, rents, and absorption. Led by logistics and e-commerce needs, competition remains strong for available space when and where tenants need it.

American business leader Ray Kroc was spot on when he said, “The two most important requirements for major success are: first, being in the right place at the right time, and second, doing something about it.”

Michele Wheeler is president and chief operating officer for Jackson-Shaw.

Get weekly updates on breaking commercial real estate news and relevant industry reports.

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Real Estate News

Origin Investments Releases Its Multifamily Markets to Watch 2022 | News




Origin Investments, a leading private equity real estate fund manager, today released a new report created using Origin Multilytics, its proprietary suite of machine-learning models, and insights from its expert team of regional deal acquisition officers. Multifamily Markets to Watch 2022 cites Sun Belt markets Phoenix, Tucson, Las Vegas, Austin and Nashville as metro areas having great opportunities for rent growth, investment and development.

This press release features multimedia. View the full release here:

Origin Investments 2022 multifamily real estate markets to watch with the highest potential for private equity real estate investment. (Graphic: Business Wire)

Multilytics evaluated 150 US markets to identify those with the most promising fundamentals for rental rate growth by analyzing billions of data points from a variety of leading independent and government sources. Data included historical rental rates; jobs, population and income growth; supply and demand; recent migration changes; and housing affordability, among others. Origin combines Multilytics data with the expert knowledge of its acquisition officers to develop its investment and acquisition strategy.

“While each market is unique and has its own nuances, there are common themes across our Multifamily Markets to Watch 2022 report,” Origin Executive Managing Director of Acquisitions David Welk said. “There is a job creation spigot that isn’t likely to be turned off anytime soon. We are seeing, and in many cases participating in, tremendous investment and development opportunities in several of these markets.”

The common characteristics of the selected metropolitan areas include business-friendly environments, four-season lifestyles and increasingly diverse and robust job markets that frequently include big tech, Origin’s report explains. The five mid-sized cities also have room to grow and suburban areas that further enhance expansion potential. Average rent grew 3% in each of the five years leading up to the pandemic, Bureau of Labor Statistics data shows. These markets offer high potential opportunities for multifamily real estate investment and growth far beyond that 3%.

Following are snapshots of each of Origin’s markets to watch:

Phoenix is ​​Rising

Phoenix offers a California lifestyle without the price tag, and that affordability for businesses and individuals is driving demographically and economically diverse growth. Logistics and tech manufacturing serve as growth engines as companies seek to avoid California prices while remaining within one day transit of 33 million people. Semiconductor chip manufacturers have $32 billion in investments underground, while electric-vehicle startups including Lucid, Nikola and ElectraMeccanica aim to turn the area south of Phoenix into an electric-vehicle manufacturing center.

Tucson Is an Up-and-Comer

The stature of Tucson, long considered Arizona’s second city, is rising as an affordable alternative to Phoenix – close enough to capitalize on the proximity without ceding its own distinct identity. As the city’s northwest submarkets emerge as viable alternatives for employees of Phoenix’s southernmost companies, the connection to the state capital could become smoother in coming years with a potential passenger rail route. Expected growth sectors include those that support the city’s largest private employer, Raytheon Missile Defense, such as logistics and information technology. Virginia-based aerospace/defense company Leonardo Electronics is expanding in Tucson with a new, $100 million semiconductor laser manufacturing facility.

Las Vegas Offers a Solid Bet

Las Vegas is outgrowing its reputation as a gambling mecca and becoming established as an affordable, business-friendly alternative. This is attracting out-of-state investment focused on building a more diverse and dependable long-term economy by embracing industries from health care and financial services to logistics and information technology. California-based machine toolmaker Haas Automation is building a $327 million manufacturing facility in Henderson; the US Department of the Interior is building the $1 Billion Gemini Solar Project, the nation’s largest solar farm, northeast of the city; and hotel and casino projects totaling $4.7 billion will be completed within two years. With jobs and income on the rise, rent growth has a long trajectory.

Austin Shows No Signs of Cooling

The Texas capital remains highly attractive and comparatively affordable to the tech giants flocking there and making significant investments. Oracle, Samsung, Apple, Facebook and Tesla are pouring in billions of dollars and creating thousands of well-paying jobs. The city has a long runway for growth, especially considering that there will also be an influx of companies to support these big-name firms. Austin has the highest income growth and third-highest job growth of all markets studied, but despite its popularity it continues to be comparatively affordable.

Nashville is the Superstar of the South

Nashville’s pro-business, lifestyle-friendly climate with a big-city vibe and world-class culture continues to drive impressive growth. According to the Multilytics analysis, this established market, currently experiencing tight housing supply, is expected to continue its steady job and income growth as planned tech and other industries enter the market. Nearly 200 restaurants, bars and coffee shops, along with 23 hotels, opened in 2020 and 2021. The Tennessee Titans football team is in talks to build a $1.2 billion replacement stadium, and city’s soccer club just opened North America’s largest soccer stadium. Alliance Bernstein, Amazon, Oracle and General Motors are among the companies spending billions and bringing thousands of jobs to the city. All are good signs of continued success there.

Origin Investments is increasingly committed to using artificial intelligence and machine learning to help guide informed decision-making at all stages of the investment, management and disposition lifecycle.

“There is no single metric that any prudent real estate investor or fund manager should rely on when investing tens of millions of dollars in a project,” said Origin Co-CEO David Scherer. “Instead, it’s the compilation of data and intense boots-on-the-ground intelligence that guide which markets to investigate more thoroughly before making any commitments.”

About Origin Investments

Origin Investments helps high-net-worth investors, family offices and registered investment advisors grow and preserve wealth by providing best-in-class real estate solutions. They are a private real estate manager that builds, buys and lends to multifamily real estate projects in fast-growing markets throughout the US Since its founding in 2007, Origin has executed more than $2.6 billion in real estate transactions and its principals have invested more than $75 million alongside investors. Origin prides itself on offering unparalleled service to investors and its performance ranks the firm in the top decile of the best performing private real estate fund managers ranked globally by Preqin, an independent provider of data on alternative investments. firm is currently accepting new investors for its open Growth Fund IV, IncomePlus, Multifamily Credit and QOZ II Funds. To learn more, visit

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CONTACT: Michael Millar, Open Slate Communications




SOURCE: Origin Investments

Copyright Business Wire 2022.

PUB: 05/10/2022 02:37 PM / DISC: 05/10/2022 02:37 PM

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