Naples luxury home contractor offers buyers bitcoin payment option

NAPLES, Fla. – As more and more people look to buy luxury homes in Naples, one general contracting and custom home company is giving buyers a new way to pay.

In 2015, Steven Sunquist founded Naples Luxury Builders. Over the past six years, Sunquist’s company has built homes in more than a dozen areas in Collier County.

One of Naples Luxury Builders’ newest projects is a spec home, or move-in ready home, located off Harbour Drive, about a mile and a half from Moorings Beach.

In just a few weeks, their team will break ground on the $4.9 million, 4,001 square-foot Naples home, which comes fully loaded with four to five bedrooms, four bathrooms and a four-car garage.

Although, the features of the home are not what make the project unique — all forms of payment for the home’s construction will be accepted.

“Every single spec we do from here on out we will accept bitcoin or any sort of cryptocurrency that’s approved by us,” Sunquist said.

While cash, checks and credit cards are certainly welcome, cryptocurrency will also be accepted.

“Since being in it I’ve seen it grow and year-over-year I’ve seen our net worth grow just because of being in cryptocurrencies,” Sunquist said.

For the contracting company as a whole, it seems as though this new business decision is already paying off.

Hans Haedelt, the listing agent with Compass for the new property, said interested bitcoin buyers are calling him every week.

“Over the course of the last three weeks I’ve probably gotten probably two to three calls a week from people specifically asking about the payment of Bitcoin,” Haedelt said.

When it comes to accepting cryptocurrencies for this home, bitcoin is certainly at the top of their list. But Sunquist said other cryptocurrencies will certainly be considered as well.

“Ethereum, Link…those sorts of things that we would definitely consider taking,” he said.

So to break things down from their business perspective, more options to pay means more prospective buyers and ultimately more money. But with cryptocurrency so new and unfamiliar in the real estate marketplace, the question remains if certain cryptocurrencies like bitcoin will continue to hold their value in the years to come.

“Really a lot of it has to do with who got in the game first and it’s sort of the bitcoin world,” Tom Smythe, an economics professor at Florida Gulf Coast University, said.

Based on the information and data that’s available, Smythe said bitcoin will likely remain the top cryptocurrency unless something drastic happens.

“I think bitcoin’s first mover effect is the thing that’s probably going to drive it as a primary source for a significant amount of time,” he said.

But as bitcoin becomes more widely used in everyday life in places like restaurants, shops and grocery stores, the value will begin to level off.

“‘As it becomes more transaction oriented we’ll likely start to see the value of bitcoin start to smooth out quite a bit,” Smythe said.

In the long run, this could be good news for Sunquist and Naples Luxury Builders. Since they invested at the right time, they’ve potentially set themselves up for huge success down the road.

“There are some people suggesting that it may actually take the place of gold as a safe haven asset,” Smythe said.