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Using Bitcoin for Cash in Real Estate

by Roger Pettingell

Using Bitcoin for Cash in Real Estate

New Method of Payment is Growing in Popularity

8,406.48 BTC. This beachfront luxury home at 2735 Gulf of Mexico Drive is valued at $6.8 million or 8,406.48 BTC.
8,406.48 BTC. This beachfront luxury home at 2735 Gulf of Mexico Drive, Longboat Key, is valued at $6.8 million, or 8,406.48 BTC in today’s market.

There are many options to transfer money for real estate escrow deposits or to make closing payments, and most have taken decades to gain total acceptance. A bank money order or cashier's check always works if the buyer can deliver in person.

To cover distances Coldwell Banker has a system for escrow accounts. In our office we also have our system of bank wire transfers for escrows. The seller may request a Western Union wire transfer rather than wait for a special delivery.

To send money over distances there are other options available today. Bank transfers through the Automated Clearing House (ACH) system has some advantages over Western Union, but it has its disadvantages. Technologies such as the defunct e-gold system tried to catch hold for large financial transactions. Payments through PayPal, Neteller’s eWallet, or Google Wallet are options but have rather expensive fees.

But what started out as an electronic cash system through peer-to-peer transactions years ago finally was “coined” as Bitcoin in January of 2009. It solved many of the problems of earlier e-cash transactions and is now an accepted standard that is gaining in popularity. Its widespread use is settling into other markets as well. In professional sports the Sacramento Kings of the NBA declared its legitimacy to purchase tickets and licensed apparel through its gift stores starting March 1.

It is simple to understand the basics and the security is tight. You simply purchase Bitcoins (BTCs) on the open market using readily available software, and at the going rate of currency you put into it. Today one BTC is trading at 606.20 Euros and $808.90 USD. Therefore an $8,089 real estate deposit is valued at 10 BTCs, but the wonderful thing is that you don’t care what currency was used to purchase the Bitcoin. The money is sent peer-to-peer, or from software on one computer to software on another computer.

Since Bitcoin is its own currency, the market is open to fluctuation. At this point 21 million Bitcoins will be distributed so they are open to supply and demand. Bitcoin mining, or speculation, has an effect on exchange rates so each day the rate may fluctuate. I checked on buying one BTC locally today at Local Bitcoins and found one location that was selling one BTC for $991.44. If I were turn around and sell it today the best I could find someone willing to buy it locally was a mining merchant paying $717.60 for each BTC, a loss of $273.84.

Buying and selling BTCs online, rather than locally for cash, are closer to the 1:1 ratio. These early miners may be able to make money but with any speculation they may hold one BTC that is valued at much less in the future. So there is risk in mining. And Western Union is in the game so you can generally find them in the market if you buy or sell online. You can do your own comparison at Local Bitcoins. Select your city and both vendor options are displayed with their rates. You might find vendors that are hundreds of dollars apart so comparison shopping is advised.

For the real estate seller Bitcoin has other advantages too. Compared to another form of payment such as credit cards or PayPal, there is no feature to process a chargeback. In the unlikely event of a dispute it is closer to cash than other forms of payment.

With worldwide acceptance a Bitcoin may soon be the most universal payment method. But I don’t see in the near future that luxury homes will be marketed as starting at 1,000 BTCs, for instance. Our office is constantly looking at new technologies and a secure way to accept money for their home or condo for sale. But after all, Western Union still has 160 years of experience in this market.

Please take a look at our most recent listings. We welcome these new sellers to our services here at Roger Pettingell, Coldwell Banker Previews International. If you have any questions, please feel free to contact me at (941) 387-1840.

2735 Gulf of Mexico Drive $6,800,000 Video Photo Slideshow
384 Bunker Hill, The Oaks $999,000 Video Photo Slideshow

 

Hard Work Pays Off in Good Press

by Roger Pettingell

Hard Work Pays Off in Good Press

The year 2013 ended with $61.85 million in closed residential properties; enough to best my previous high mark in 2005 when I closed with $54 million in sales. The sales volume continued my successes in Sarasota and Longboat Key where I have been recognized as the number one single Coldwell Banker agent in all of Florida, the number one REALTOR® on Longboat Key and Bird Key, and the number one REALTOR® for all of Sarasota. These accomplishments were achieved in four of the last six years.

Roger Pettingell - No. 1 Realtor Working as Hard as Ever - Sarasota Herald Tribune

The record was picked up in local newspapers, for which I am grateful. The first article appeared last Wednesday in the Longboat Observer by news editor, Robin Hartill. The second appeared just this morning by Josh Salman in the Herald-Tribune with the headline, “No. 1 Realtor working as hard as ever.”

“Working as hard as ever,” is a good point. Last week I sent out my monthly newsletter to let my clients know that I am here to work hard to sell their properties and to find a good fit for buyers.

My newsletter was also sent out as a short introduction to those who work hard in the office so that I can concentrate more on building good relationships. Last week I also posted a link on my website so my clients know who is also working hard for them.

I have the backing of the Coldwell Banker Residential Real Estate program and a staff of professionals that help meet the needs of my clients. Stephanie and Saleemah started the year with me and have been very helpful in providing superior support in handling every real estate transaction. Mary Kay and Tom joined our staff this year to help promote my listed properties.

Within this small organization I have developed an efficient process to help sellers and buyers have a great real estate experience. Everyone in this organization helps out to support our clients, but I can rely on each person for their own level of expertise.

Moving forward to 2014 I am confident in the Coldwell Banker system and in these individuals to continue this tradition for delivering high quality real estate transactions in the luxury waterfront market. You can count on me to deliver with every detail of the process. Allow me to combine my 26 years of experience selling real estate here in Sarasota with the experience and knowledge of my staff, so I can complete this year on another record pace.

No. 1 Realtor working as hard as ever
Sarasota Herald-Tribune
By Josh Salman
January 20, 2014

Pettingell ranks No. 1 for sales volume in 2013
Longboat Observer
By Robin Hartill | News Editor
January 15, 2014

Please take a look at our most recent listings. We welcome these sellers to our services here at Roger Pettingell, Coldwell Banker Previews International. Feel free to call the office here at (941) 387-1840 when you are ready to buy or sell property here in the Longboat Key area.

Ritz-Carlton Beach Residences #303 $1,095,000 Photo Slideshow
3030 Grand Bay Blvd #325 $849,000 Photo Slideshow

 

Roger Pettingell With Support Team

Roger Pettingell - Coldwell Banker support team (from left bottom row) Stephanie Ruzgis, Saleemah Stanley, Mary Kay Ryan (from left top row) Tom Briggle and Roger Pettingell.

Roger Pettingell - Coldwell Banker support team (from left bottom row) Stephanie Ruzgis, Saleemah Stanley, Mary Kay Ryan (from left top row) Tom Briggle and Roger Pettingell.

Roger’s Guide to Sarasota Completed

by Roger Pettingell

Roger’s Guide to Sarasota Completed

2014 Annual Guide Expanded With More Local Services

Roger's Guide to Sarasota - 2014 by Roger Pettingell of Longboat Key to include Sarasota, Florida information. Coldwell Banker Realtor/agent/brokerOur annual guide of restaurants is ready for distribution. This year we have added four more pages, a total of 20, in order to add other categories such as local utilities, nightlife, family activities and much more.

The 2014 guide includes listings for 629 services in 26 different categories. The expanded edition features airports, airlines, limousines and other means of transportation in an easy to read format. Each listing includes a phone number and web address for more information.

Under the Family Activities section we have included a short narrative of each listing. In this new format we hope the guide serves as a convenient introduction to each activity before you explore further on the website. The 5.5x8.5 inch size will easily fit into your car glove box.

I think a good use of this information is for the Internet. We will have this list available as a link from our "Area Resources" menu. It will be provided in a format that is intuitive and easy to access phone numbers and website addresses. As we move the information to our mobile site it is our hope that the information is easily accessed, but that you can quickly connect to the listing through your smartphone. Making a dinner reservation on Longboat Key or Sarasota while on the road should be very easy. In the past we have uploaded the guide in PDF format and we will have that format available once again on the desktop version as an option.

Look for the guide soon in the Longboat Key Observer and other outlets. It is one of the services we like to provide as a valuable service to our clients and to residents in the area.

Please take a look at our most recent listing. We welcome this new seller to our services here at Roger Pettingell, Coldwell Banker Previews International. If you have any questions, please feel free to contact us at (941) 387-1840.

7038 Hawks Harbor Circle $1,990,000 Photo Slideshow

 

Golfing the Golf Coast

by Roger Pettingell

Golfing the Golf Coast

Area Abounds with Championship Golf Courses

Grand Bay condo view of golf course on Longboat KeySarasota and Longboat Key are havens for the best in golfing. Get your best game on when playing the links with a choice of championship courses, both private and public. Sarasota County has 80 challenging courses with varying degrees of skill levels. 

IMG Academies in Bradenton is a training ground for many fine athletic golfers as amateurs and professionals study the game. The public course there is 6,855 yards of challenging, but very playable, golf. It is not uncommon for LPGA and PGA stars to get their start at IMG Academies which features a customizable training regimen. Amateurs relocate to Sarasota to enroll in their programs in order to improve their game.

Finely manicured greens, rich green fairways and many days of sunshine are more reasons to think of this area as a prime location for golfing.

Bent Tree Country Club in Sarasota has been a site for the LPGA Tour. It has also has a successful history as a U.S. Open Qualifier, and for a number of years in the 1980s was home to the Florida High School State Championships.

Arnold Palmer designed the 7,067 yard Legacy Golf Club in Lakewood Ranch. “Arnie’s Island” at the 17th hole is surrounded by water and offers a par 3 delightful challenge at 151 yards. A unique 11th hole has two fairways to choose from; one is a direct a shot to the green.

Just visiting or anxious to play other courses? There are plenty of public courses to challenge your handicap. Oak Ford Golf Club in Sarasota is on an 850 acre preserve and offers 27-holes with natural beautiful surroundings.

Right here on Longboat Key is the Longboat Key Club Harbourside golf course with a total distance of 3,426 yards from the white tees and 27 holes to contend with. Willard Byrd was the original designer but in 2005 Ron Garl was responsible for redesigning the blue course to USGA greens specifications.

Other public courses in Sarasota include Bobby Jones Golf Club, Misty Creek Country Club and Stoneybrook Golf and Country Club.

Bradenton has a few public links as well. Consider River Club Golf Course and River Run Golf Links or The Preserve Golf Club, Waterlefe Golf & River Club and also Timber Creek Golf Club.

If you want to explore outside of the city a bit, Bobcat Trail Golf Club in North Port is worth the trip. Venice has two fine courses in Waterford Golf Club and Capri Isles Golf Club. Calusa Lakes Golf Course in Nokomis is worth considering while the Oaks Golf Club in Osprey should be included on your list. In Parrish there is the River Wilderness Golf & Country Club and University Park has the University Park Country Club.

We have a number of properties for sale that include membership in the private golf clubs. Feel free to contact us at (941) 387-1840. My new guide to Sarasota is nearly complete and includes a section on golf courses. Those courses mentioned above and contact information for others are included from the section of the guide below.

Golfing Guide to Sarasota Area

Public Courses

Bobby Jones Golf Club 1000 Circus Blvd. Sarasota (941) 365-4653
Bobcat Trail Golf Club 1350 Bobcat Trail North Port (941) 429-0501
Calusa Lakes Golf Course 1995 Calusa Lakes Blvd. Nokomis (941) 484-8995
Capri Isles Golf Club 849 Capri Isles Blvd. Venice (941) 485-3371
IMG Academies Golf & CC 4350 El Conquistador Pky Bradenton (941) 758-1466
Longboat Key Club Harbourside 3000 Harbourside Dr. Longboat Key (941) 387-1631
Misty Creek Country Club 8954 Misty Creek Dr. Sarasota (941) 922-2188
Oak Ford Golf Club 1552 Palm View Road Sarasota (941) 371-3680
Oaks Golf Club 301 Mac  Ewen Dr. Osprey (941) 966-2161
River Club Golf Course 6600 River Club Blvd. Bradenton (941) 751-4211
River Run Golf Links 1801 27th St. East Bradenton (941) 708-6331
River Wilderness Golf & CC 2250 Wilderness Blvd Parrish (941) 776-2691
Stoneybrook Golf & CC 8801 Stoneybrook Blvd. Sarasota (941) 966-2711
The Preserve Golf Club 7310 Tara Preserve Lane Bradenton (941) 756-2944 
Timber Creek Golf Club 4550 Timber Lane Bradenton (941) 794-8381
University Park Country Club 7671 The Park Blvd. University Park (941) 355-3888
Waterford Golf Club 1454 Gleneagles Dr. Venice (941) 484-6621
Waterlefe Golf & River Club 995 Fish Hook Cove Bradenton (941) 744-9881

 

Semi-Private Courses

Palm Aire Golf & CC 5601 Country Club Way Sarasota (941) 355-9733
River Isles Golf Course 159 River Isle Bradenton (941) 720-2712

 

Private Courses

Bent Tree Country Club 4700 Bent Tree Blvd Sarasota (941) 371-8200
Buffalo Creek Golf Course 8100 Erie Road Palmetto (941) 776-2611
Founders Club 3001 Founders Club Dr. Sarasota (941) 404-3107
Gator Creek Golf Club 9000 Gator Creek Dr. Sarasota (941) 924-1111
Groves at Meadows CC 3101 Longmeadow Sarasota (941) 371-6000
Heron Creek Golf & CC 3401 South Sumter Blvd North Port (941) 423-6955
Lakewood Ranch Golf & CC 7650 Legacy Blvd. Bradenton (941) 907-4700
Laurel Oak Country Club 2700 Gary Player Blvd. Sarasota (941) 378-3608
Legacy Golf at Lakewood Ranch 8255 Legacy Blvd. Bradenton (941) 907-7920
Longboat Key Club Islandside 361 Longboat Key Club Rd Longboat Key (941) 387-1632
Sara Bay Country Club 7011 Willow St. Sarasota (941) 355-7658
TPC Prestancia Club 4409 Tournament Players Clb Dr Sarasota (941) 922-2800

Good Economic News to Ring in the New Year

by Roger Pettingell

Good Economic News to Ring in New Year

Based on Some Indicators, 2014 Should be a Good Year

Longboat Key Club golf course. The resort was rated among the top 500 in 2014 by readers of Travel + Leisure Magazine.Happy new year!

Yesterday on New Year’s Day I was greeted with good economic news from a few fronts. This news was especially good for the housing market in Florida and for luxury items in the retail sector.

The first was a report by the University of Florida Bureau of Economic and Business Research which predicted that Sarasota and Manatee counties would increase in population by over 21,000 in 2015 over the current level.

Our two counties are also expected to follow Florida in general with a solid economic performance growth. The state is forecast to lead the nation in economic indicators such as job growth and sales across many channels.

One follows the other according to Moody’s Analytics economists, as the population grows with retirees here in Southwest Florida, they predict a solid performance in other indicators.

Baby boomers and retirees are spending more on luxury items compared to products sold at the Targets, Wal-marts, Kmarts, Sears, JC Penneys and other big box stores. This pace reflects good growth in the stock market according to industry analysts. Record tourism in 2013 was also a boost to the retail, service, hotel and restaurant industries.

The new year brought more recognition for the area. The Longboat Key Club was rated among the world’s top 500 resorts by readers of Travel + Leisure Magazine. The 2014 poll is the 18th year to rate this distinction among all world lodgings.

Optimism abounds at many levels, we wish for you a prosperous and safe 2014.

Please take a look at our most recent listings. We welcome these sellers to our services here at Roger Pettingell, Coldwell Banker Previews International.

415 L'Ambiance Dr #301 $2,495,000 Photo Slideshow
3060 Grand Bay Blvd #121 $1,200,000 Photo Slideshow
511 Bowsprit Lane $1,095,000 Photo Slideshow
7890 Esperanza Cir, Sarasota $749,900 Photo Slideshow
1902 Harbour Links Cir., #16 $699,000 Photo Slideshow
1701 Gulf Of Mexico Dr #602 $649,000 Photo Slideshow
1701 Gulf Of Mexico Dr #402 $575,000 Photo Slideshow

 

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Why Choose
Roger Pettingell?

Experience

  • Over 33 years as a top producing REALTOR® on Longboat Key and in Sarasota.

Achievements

  • Number 1 single Coldwell Banker agent in all of Florida for 2008, 2010, 2012, 2013, 2014, 2015, 2016 and 2017
  • Number 1 Realtor on Longboat Key and Bird Key for 2008, 2010, 2012, 2013, 2014, 2015, 2016, 2017 and 2018
  • Number 1 Realtor for all Sarasota in 2008, 2010, 2012, 2013, 2014, 2015, 2016, 2017 and 2018
  • Coldwell Banker Society of Excellence award in 2013, 2014 and 2016
  • Ranked among the top 250 agents in the country for 2014, 2016 and 2017 by REAL Trends as reported in the Wall Street Journal.

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About Roger Pettingell

Roger Pettingell of Coldwell Banker Residential Real Estate is your Longboat Key, Florida Luxury Real Estate Specialist. Roger provides his real estate expertise to sellers, investors, developers, and buyers in the Sarasota area including Anna Maria, Bird Key, Bradenton Beach, Casey Key, Cortez, Grand Bay, Holmes Beach, Longboat Key, Marina Bay, Osprey and Siesta Key. Search for homes, luxury homes, condominiums, investment property, development property, and vacant land and lots on the Longboat Key, Florida and the surrounding area.