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Sheri’s Palm Springs Area Blog

Whether it be real estate updates, restaurant reviews, events, or highlights of unique homes in Palm Springs, follow Sheri as she covers all that Palm Springs and the surrounding area has to offer.

After a two-year hiatus, the Indian Wells tennis tournament returns with a different feel

 

The Indian Wells Tennis Garden at sunset during the 2018 BNP Paribas Open.

The sun sets at the Indian Wells Tennis Garden during the 2018 BNP Paribas Open. After a two-year hiatus because of the COVID-19 pandemic, the BNP Paribas Open returns on Monday.
(Allen J. Schaben / Los Angeles Times)

BILL DWYRE

 

The BNP Paribas tennis tournament, like so many things in sports lost to the need for COVID-19-precautions, will have an event for the first time in 19 months, starting this week.

The prestigious event at the Indian Wells Tennis Garden canceled its March event in both 2020 and 2021 and successfully and controversially negotiated to move to October so it wouldn’t lose two full years. The October dates partially conflicted with the Shanghai Masters and smaller tournaments in Asia and Europe, but the governing bodies of tennis eventually decided to allow Indian Wells to go ahead Oct. 6-17. Shanghai eventually canceled its Masters 1,000-level event, citing pandemic concerns.

There is a coincidental element at play. In early 2000, when the Indian Wells tournament was struggling financially, Shanghai pushed to purchase it and move it and its dates to China. Tournament founders Charlie Pasarell and Raymond Moore found new investors in the eleventh hour, retained the event for the desert and turned it into one considered the fifth major in the sport.

Daniil Medvedev, of Russia, reacts after defeating Novak Djokovic, of Serbia.

Tournament qualifying will be held Monday and Tuesday, followed by the start of the women’s main draw Wednesday and men’s main draw Thursday.

This 2021 event, while still one of the biggest stops on the pro tours, will have a different feel on several fronts. The men’s star attractions for years — Roger Federer, Rafael Nadal and Novak Djokovic, each of whom has won 20 major tournaments — will be absent. Federer and Nadal are injured and Djokovic withdrew last week. The women’s star for years, Serena Williams, is also not entered.

But the recent announcement of two wild card entries may have spiced up the field.

Andy Murray, a three-time major champion and once considered a part of the Big Four with Federer, Nadal and Djokovic, has recovered from a long spell of injuries and took a wild card into the tournament. Same for crowd favorite Kim Clijsters, who won four Grand Slam events and won twice in the desert.

Andy Murray reaches to return a shot
Andy Murray returns a shot during his loss to Stefanos Tsitsipas at the U.S. Open on Aug. 30.
(Seth Wenig / Associated Press)

Men’s defending champion Dominic Thiem of Austria will not return. He is still recovering from a wrist injury. But women’s 2019 champion Bianca Andreescu of Canada will play. Andreescu came out of nowhere to win at Indian Wells in 2019, then six months later stunned Serena Williams to win the U.S. Open.

Even bigger attractions may be the success stories from this year’s U.S. Open. Daniil Medvedev of Russia spoiled Djokovic’s quest for a calendar-year Grand Slam, the first since Rod Laver’s in 1969, with a stirring five-set victory in the final in New York. And newcomers Leylah Fernandez and Anna Raducanu played an inspiring U.S. Open final and charmed the packed house in Arthur Ashe Stadium with both their tennis and their post-match warmth. Raducanu became the first qualifier to win the event and Fernandez was equally unheralded coming into the Open. Both are teenagers, Fernandez from Canada and Raducana from England.

As large and prestigious as this event has become, there will be many differences from past years.

Tournament officials say they are shooting for 60% capacity attendance, which would be about 300,000 people over the 12-day event. There will be no paper tickets. Spectators will receive tickets through an app and show them on their phones at the entrances. It will also be a cashless event. All entrants must be vaccinated. No spectators under age 12 will be allowed.

There will be a chair umpire and ball kids for each match, but no line-callers, as was the case at the U.S. Open. The electronic Hawkeye cameras, long ago installed on each court at Indian Wells, will be the final word on line calls.

As a nod to potential hot October weather in the desert, there will also be an emphasis on night matches. Official night matches will be held, as usual, on Center Court and Court 1, but on seven other courts with lights, day sessions will be scheduled with later matches not starting before 6 p.m., pushing many matches on those courts well into the evening and the cooler weather.

Those who purchased tickets for the 2020 event, which was canceled one week before it was to begin, have been given three options: a full refund, the ability to apply their purchase to this October event, or the ability to do the same for the March tournament, which will return the BNP Open to its normal spot on the tennis calendar.

Dining Around the Desert: Joolz in Bend, OR

This August I returned to Bend, OR for the first time in six years with Michael in tow. Bill and I owned a home at Crosswater years ago, and I had friends that I was eager to see – both from Bend and also recent transplants to the area.
 
Our first stop was at one of my all-time favorite restaurants, Joolz on Main St in downtown Bend. Joolz is owned and operated by two of the best people I know, Julie (Joolz), and Ramsey Hamdan. I was so excited to see them and partake of their Middle East Meets The Wild West food. 
 
Suffice it to say that absolutely everything on the menu is fabulous. I’ve never been disappointed, and I’ve eaten there a LOT! We actually visited them several times over the course of our stay so what follows was not all in one sitting.
 
 
We started with DUKKAH WITH HOUSE FOCACCIA BREAD 
Hazelnuts, almonds, pistachio, sesame seeds & cumin roasted & crushed, focaccia, olive oil
 
JOOLZ CAULIFLOWER 
Flash-fried cauliflower tossed in lemon and parsley, tahini dipping sauce
 
FALAFEL SIDE 
Three house-ground falafel, fried crisp with tahini sauce and arugula garnish
 
KIBBE  
Lamb meatballs with bulgur wheat, garlic tomato sauce, pine nuts
 
HUMMUS ON THE RANGE  
Hummus topped with sauteed elk, lemon, parsley, olive oil, sumac & pine nuts

For our main courses, I had the dish I had been dreaming of, FORBIDDEN BLACK RICE CHICKEN BOWL 
Moroccan barbecue braised chicken over rich black rice, garlic toasted nuts, chilled tzatziki
 
Michael had the TROPHY ELK CHILI 
Braised organic elk, chickpeas, secret spices, tabbouleh, feta and Frito chip garnish, which as a chili aficionado, blew him away.
 
On the night our friends came along, they had the SMASHED FRIED FINGERLINGS WITH WICKED GARLIC SAUCE
 
- OREGON BEEF Kabobs.
Wicked garlic sauce, Yemeni shoog
 
BEEF SHAWARMA PLATE 
Shawarma spice-rubbed Oregon beef, grilled onion, hummus, tabbouleh, Armenian pickles, naan
 
And even though we were stuffed, we ended it all both nights with the STICKY TOFFEE DATE CAKE  
Our sticky toffee Medjool date cake with warm caramel sauce, whipped cream
 
Joolz also has a delightful wine list that has a lot of affordable, surprising wines, as well as wonderful craft cocktails.
 
Joolz is open Tuesday through Saturday from 5:00PM to 9PM.
 
If you are in Bend, OR, you owe it to yourself to make a reservation and experience this food. You will not be disappointed.
 
Another fave is 900 Wall just a few doors down from Joolz. I’ll save that review for another time, but I will say that on this trip we had the Powdered Sugar Beignets with bittersweet chocolate sauce, raspberry, and vanilla mousse, twice! They were that good.
 

Dining Around the Desert: Larkspur Grill in Palm Desert

One of the casualties of the pandemic was AC3 at Hotel Paseo in Palm Desert. While we were sorry to see it go, the new Larkspur Grill is in its place, and we are loving it! The room has been slightly redone, and they’ve added a stage for live entertainment.

On Thursday nights, they have a fantastic band called Fun With Dick And Jane Band that plays everything from Woodstock to Coachella. On the weekends, they have a jazz group. Hopefully, once season gets here, they’ll add more nights to the lineup.

The first night we went, it was me, Betsy, and Kayla from my team. We started with a cocktail and were brought Skillet Cornbread with a shallot herb butter and roasted jalapenos. It was so good that I will never not order it!

I started with a County Line Harvest Roasted Beet Salad with oranges, quinoa, avocado, toasted hazelnuts, wild arugula, Humbolt fog goat cheese, and a lavender honey citrus vinaigrette.

Betsy had the Organic Mixed Greens with heirloom tomatoes, English cucumber, red onion, and a toasted torn bread sherry vinaigrette.

For entrees, Kayla and I had the Honey Garlic Glazed Skuna Fjord Salmon with toasted fregula, roasted onion, heirloom tomatoes, and season roasted veggies. Betsy tried the Heirloom Tomato & Artichoke Crusted Alaskan Cod with celery root puree, seasonal roasted veggies, and a citrus beurre blanc.

Michael and I have been twice, and we started with Bacon Wrapped Dates stuffed with goat cheese and rosemary honey. This is a quintessential California appetizer and one that I always make for parties. Fabulous!

We’ve also had the Classic Shrimp Cocktail with tangy cocktail sauce, Mary’s Fred Chicken with applewood smoked bacon, braised collard greens, mascarpone mashed potatoes, and a honey thyme jus. Also, a 14 OZ Grilled Herb Brined Pork Chop with those same decadent mashed potatoes, seasonal roasted veggies, balsamic maple-glazed apples, and a celery parsley salad.

The girls and I shared a Crème Brulee. Michael and I were too full to dare.

Everything was prepared wonderfully, came out quickly, and the service has been excellent every time. The general manager is visible, makes his rounds, and the staff has a great attitude, from the hostesses to the bartenders to the servers. Some of which you will no doubt recognize if you go out at all in the desert.

We’ll all be back and are very happy with the new Larkspur Grill. If you go, tell them we sent you!

See menu, drinks, happy hour, and location here...

Dining Around the Desert: Flora Farms in San Jose del Cabo, Mexico

Since there hasn't been a lot of new restaurant openings in the Valley lately, I decided to review a fabulous place in San Jose del Cabo, Mexico. Michael and I were down there at the end of April for my birthday, and Flora Farms was the number one place on my list to go.

Flora Farms is a 25-acre organic working farm in the foothills of the Sierra de la Laguna Mountains in San Jose del Cabo, Mexico. Home to Flora’s Field Kitchen, The Farm Bar, Flora Farms Grocery, and Flora Farms Celebrations. The farm is also home to the Shoppes at Flora Farms, the Culinary Cottages & The Haylofts, (their hand-built, straw bale luxury homes for the culinary-inclined), as well as The Farm Spa, an intimate spa and wellness experience achieved through nature-based spa services, in a supremely peaceful setting.

Flora’s Field kitchen is about handmade food using their farm-fresh ingredients. Their goal is to create a healthy family meal with a sense of place.

The original Flora Restaurant was in San Jose del Cabo. After 5 years in town, and the farm serving as the main provider for the restaurant, the owner decided she would rather bring the restaurant to the farm instead of the other way around. Flora’s Field Kitchen strives to only serve what they make, raise and grow.

Their menu is seasonal, with some permanent classics. All meats served at Flora’s Field Kitchen come from their nearby 150-acre ranch where animals are humanely raised on diets that do not include hormones or antibiotics - and they do not offer beef on the menu as it is not sustainable as there is not enough water in Baja.

We started out with a couple of the house specialty margaritas. Michael had the Citrus, while I had the Hibiscus. Both were simply wonderful.

To start, Michael and I shared the Burratta bruschetta, beet salad with goat cheese, and tuna stack in a mango sauce. I cannot give a full description of all the ingredients as I don't fully remember, and they don't have their menu online since it changes all the time.

For our entrees, Michael had the pork shoulder and I continued to work on the starters. We followed it up with key lime pie and carrot cake.

Suffice it to say that I could easily run out of adjectives to describe how delightful not only the food was, but the entire experience. From wandering through the farm ahead of time to just the whole vibe of the property, Flora Farms is a place that will always be one of my stops when I'm in Cabo.

 

 

For more on Flora Farms, click here.

Flora Farms

Animas Bajas, San Jose del Cabo, Baja California Sur, Mx.

Mexico Phone # (+52.624) 142.1000 / 142.1458

US Phone #: 949.200.7342

Email: [email protected]


OPERATING HOURS

Tuesday thru Saturday:

Breakfast 9:00 to 10:30 am

Lunch 11:00 am to 2:00 pm

Dinner 5:00 - 9:00 pm

Sunday Brunch

From 10:00 am to 2:00 pm

The Big Swing

With the latest influx of homebuyers, the desert’s country clubs have a younger look.

JUDD SPICERCURRENT PSL, HOME & DESIGN, REAL ESTATE

 

Todd Hewlin and Lo-Ping Yeh, new owners and members at The Reserve Club in Indian Wells look perfectly at ease seated on their broad patio as the breeze ripples the water in the infinity pool situated between the house and the 12th hole, framed by the dramatic Santa Rosa Mountains. The couple, who moved here from the Bay Area and run a tech consulting firm, reflects a growing demographic of desert residents that are more youthful and working from wherever they want.

Before the pandemic, country clubs were trying to appeal to younger buyers by renovating clubhouses, retooling tennis courts for pickleball, and introducing an extensive variety of programming to keep members engaged on and off the golf course. Now, it appears those investments are paying off.

Although Hewlin and Yeh first experienced the desert in earnest during the winter rainstorms of 2019, a return visit a year later gave them a different impression. “We found it incredible,” Yeh says. “So, we went back to Los Gatos and signed a contract to put our house on the market a week later. Then, the pandemic hit.”

When the Bay Area shelter-in-place order lifted in the summer, she and Hewlin hunted for their ideal concept in indoor-outdoor living. Another visit led them to a spec home still in construction.

reserveclubindianwellsmembership

Lo-Ping Yeh and Todd Hewlin

“When we saw the view, it was, ‘Oh my God,’” says Yeh, who was also thinking about how the residence might accommodate their home office. “A lot of people are feeling this way now — that they can live in a place like this and still work in an effective and efficient manner.”

As they moved into The Reserve in fall 2020, their new neighbors changed the couple’s idea of who exactly lives in the desert. “When we first came here, to be honest, Todd said he thought the area might be too old for us,” she says, smiling toward her husband. (Hewlin and Yeh are 55 and 57, respectively, and active in couples golf.)

vintageclubindianwellscalifornia

The Vintage Club in Indian Wells

“I was completely wrong,” Hewlin replies. “Maybe I had that perception from movies or how the area has been written about by people who don’t live here. But after getting to know people at The Reserve, I started feeling like this is the valley of Benjamin Button: People get all that Vitamin D, are active, physically fit, they eat better. People come here and get younger.”

THE PANDEMIC HAS seen golf’s natural social distancing turn days of lemon into lemonade. As city dwellers look for elbow room in the Coachella Valley, the spike in the number of golf rounds being played reflects the surge in new club memberships. Americans played approximately 60 million more rounds in 2020 than they did in 2019, a 14 percent increase, according to the National Golf Foundation and Golf Datatech. Meanwhile, the nation’s private clubs reported a 19.9 percent rise in play compared to 2019.

andalusiacountryclublaquinta

Andalusia Country Club in La Quinta

Desert residents only need to swivel their collared shirts to see new golf members flocking largely from Los Angeles, San Francisco, Orange County, and the Pacific Northwest.

As Palm Springs Life reported last fall, the first seven months of the pandemic saw single-family home sales in the Coachella Valley rise 56 percent over the same period a year earlier. Subsequently, end-of-year statistics from the California Desert Association of Realtors showed all of the valley’s nine cities with year-over-year increases in home sales.

“The Coachella Valley has become a haven to those who want to escape the cities and have a place where they can enjoy an outdoor lifestyle,” says Julie Bloom, senior vice president of operations for the Sunrise Company, which operates Toscana and Andalusia country clubs. “In addition, since travel is not as easy, people want to have a place to go that feels like a resort and where they can gather their families together.” With the spike in sales and memberships comes a rush of new residents and golfers. A Palm Springs Life survey of 13 luxury country clubs conducted early this year revealed uniform growth when comparing March 2019–January 2020 with the period a year later.

bighorngolfclubpalmdesert

Bighorn Golf Club in Palm Desert

In La Quinta, the 36 holes at The Hideaway Golf Club experienced a 103 percent rise in new members, with a spike from June to December 2020, fueling a record-breaking year in terms of home and membership sales. At the Tradition Golf Club, a 150 percent rise in club tours resulted in a record number of new members, and golf membership sales doubled. “Approximately 80 percent of our new member spouses are beginner golfers,” says Tesha Vann, membership director at Tradition. “Our short course is getting more use than ever, as it’s the perfect venue to learn the game.”

At nearby Rancho La Quinta, the two-course spread saw a 30 percent increase in golf memberships, with home sales jumping 60 percent, and Andalusia Country Club had an 87 percent increase in golf memberships with a jaw-dropping 300 percent increase in home sales.

In Indian Wells, The Vintage Club experienced a 145 percent increase in home sales and a 100 percent gain in new golf memberships. Toscana Country Club gained 34 percent in home sales and its 36 holes drew a 77 percent rise in golf memberships. At The Reserve, Todd Hewlin and Lo-Ping Yeh were among 24 new golf members representing a 120 percent increase in home sales.

bighorngolfclubmembership

Mike Kirby and Sandi Marino

“The trend is more couples,” says Denise Adams, membership director at The Reserve Club. “Both the member and spouse, or significant other, play golf, as do their high school- and college-age children.”

Likewise, at Bighorn Golf Club, “We’re seeing quite a few of our current golf members’ spouses taking up the game through lessons, afternoon play as a couple, and our 9-holer group,” says Kirstin Fossey of Bighorn Properties.

In Palm Desert, the two-course Bighorn Golf Club had a 44 percent increase in new golf memberships and a 28 percent increase in home sales, while Stone Eagle Golf Club reported a 62 percent increase in memberships.

traditiongolfclublaquinta

Tradition Golf Club in La Quinta

In Rancho Mirage, the three-course spread of Mission Hills Country Club has seen an 8 percent uptick in new golf memberships and a 60 percent increase in home sales. And at Tamarisk Country Club, a 9 percent boost in golf members has contributed to a 12 percent rise in overall memberships.

“In many ways, our club has become more important in our members’ lives,” Brett Draper says of Thunderbird Country Club, where he’s general manager. During the pandemic, “activity around the club, namely golf, is up to levels we have not seen in the past 15 years.”

FOR MIKE KIRBY, the desert has always been a home away from home. Long familiar with the valley’s east end by virtue of visiting his parents at La Quinta Country Club and his siblings now in the area, Kirby always figured that, someday, he too would have a desert home.

Someday came a bit sooner than Kirby and his fiancé Sandi Marino expected.

“In the last three or four years, we’ve been thinking we should land someplace out here,” he says. “Now, working from home during COVID [has] been a catalyst for us to make the move.”

Last September, the prime-of-life couple purchased a spec house at Tradition Golf Club, the longtime West Coast base for Arnold Palmer. Kirby is an avid player, and Marino is a beginner who’s refining her game on the club’s nine-hole short course. Their home overlooks the top-handicapped hole 3 on the Palmer-designed course, carved in the bosom of the Santa Rosas. The view also includes the scene-setting stone wall and iron gate, Tradition’s original entrance, marking the end of what is now Washington Street.

Splitting time between La Quinta and Newport Beach, Kirby seamlessly runs his real estate research and analysis firm. “I can work just as well here as I can from Newport,” Kirby says. “I’m not so sure we would’ve pulled the trigger on the purchase this early, but once we had this epiphany that I could still be very effective in my job in the home office I have in our new home, we went for it.”

Marino, who mixes charity and interior design work, believes the club’s on-site marketplace for groceries and take-out and home delivery services offer comfort during the pandemic. “Tradition is low-key and genuine,” she says. “And the amenities are amazing; the club makes it easy to stay.”

Therein lies the prevailing appeal of the Coachella Valley. The weather and lifestyle sell the location, and the ability to work from anywhere seals the deal.

PORTRAIT PHOTOGRAPHS BY TRACY NGUYEN

Bitcoin Basics in 2021

Bitcoin Basics in 2021

Bitcoin Basics for Real Estate Agents in 2021 ( + Expert Predictions)

At Sheri Dettman & Associates, we have always prided ourselves on being ahead of the curve. Bitcoin, and blockchain, although they have been around for a few years, are still something that is not yet widely understood in the Real Estate world. This article makes it easy to understand! We look forward to using blockchain tech and being your go-to agents with, as always, the latest, and best technology along with the best personal service.

February 4, 2021/Courtesy of Emile L'Eplattenier

One of the most common questions we get from real estate agents these days is when, or even if, bitcoin will finally make its way into real estate transactions.

Of course, if agents are asking us that, it means their buyers and sellers are probably asking them. So it’s only a matter of time before understanding how this technology works will be necessary for any agent who doesn’t want to get left in the dust of yet another disruptive technology for real estate.

The only problem is that bitcoin is—and there’s no other way to say it—confusing. Don’t worry, though. Even people who are so-called experts in the field can have a hard time explaining it.

That’s why we put together this quick explainer on bitcoin for real estate agents and also talked to a few agents and brokers who have already taken the leap to get their take on how they think bitcoin will transform the real estate industry in 2021 and beyond.

Can My Buyers Purchase a Home With Bitcoin Yet?

Coding

Kind of. However, almost all real estate transactions using bitcoin have used a service called BitPay to convert bitcoin to U.S. dollars (USD) to transfer funds to the seller.

As far as “bitcoin-to-bitcoin” transactions go, where title changes hands and the bitcoin is never converted into USD—they still remain very rare. The sticking point is generally title companies and lawyers, both of whom are still somewhat reluctant to use the digital currency.

Douglas Elliman’s Stephan Burke and Carol Cassis sold the first property using bitcoin wallets in 2017, as well as a $6 million transaction after that, the largest fully bitcoin translation to date. Since then, they have closed more than $34 million in volume using cryptocurrency converted to cash.

However, while it has been slow going here, where bitcoin and blockchain show the most promise is for overseas transactions.

Over at the always-excellent Mansion Global, EminGun Sirer, associate professor of computer science and co-director of the Initiative for Cryptocurrencies and Smart Contracts at Cornell University, weighed in on why cryptocurrencies are ideal for foreign buyers:

EminGun Sirer Initiative for Cryptocurrencies and Smart Contracts

“Cryptocurrencies enable the quick, frictionless transfer of value across the globe. This enables someone in Russia to be able to easily send bitcoins to purchase land in Belize.”

Should I Advise My Sellers to Accept Bitcoin?

In today’s market, bitcoin may not be ready for prime time, but there is one thing that is undeniable. Offering your listing for sale in bitcoin will get you instant free press. Remember the first listings that had drone videos? Imagine that times 10. Here’s Seattle Realtor, Sam Debord:

Sam Debord Seattle Realtor“I’ll sell my house for bitcoin” is the latest marketing tactic, and it’s working … at least for publicity.”

In order to accept bitcoin, you can either have the seller transfer into USD, work with a title company that will accept bitcoin, or have a lawyer write up a contract that covers all risks from bitcoin. At this point, most people will avoid actually paying in bitcoin, but the free press might be a good trade-off.

Can My Buyers Get a Loan With Bitcoin?

Yes. Startups like Unchained Capital allow people who hold bitcoin to borrow up to $1 million with no credit check and interest rates between 10% and 14%. However, these are not long-term loans; Unchained offers loan lengths ranging from three months to three years.

While not for everyone, hardcore bitcoin owners use services like this to get quick liquidity without cashing in their bitcoin portfolios. Think down payments, or maybe even bridge loans.

There Must Be a Catch … Is There Capital Gains Tax for Transferring Bitcoin to USD?

Yes. As of January 1, 2018, the federal government considers cryptocurrency as property and anyone selling (or trading bitcoin for U.S. dollars) will be hit with capital gains tax on the amount their bitcoins appreciated since they purchased or mined them.

Are Bitcoin & Blockchain the Same Thing?

No. While bitcoin is a digital currency that you can exchange for goods and services, blockchain is the underlying technology that stores bitcoin or other cryptocurrency transactions in a digital ledger.

Bitcoin

Okay, Then What Is Bitcoin Exactly?

Bitcoin is a fully digital currency created in 2009 by an anonymous person who goes by the name Satoshi Nakamoto online.

Like any other currency, bitcoin can be used to pay for goods and services, transfer funds, or as an investment. Currently, over 15,000 vendors accept bitcoin, from Microsoft to small businesses.

The main difference between bitcoin and say, an ACH transfer through a traditional bank is that there is no middleman in the transaction. The entire transaction from buyer to seller takes place on the Bitcoin network. Since a bitcoin transaction bypasses the different bank policies, or different regional banking laws that are part of any other transaction, transfers are much faster.

Since there is no bank or government to get in the way, bitcoin can be a great way to transfer money or make purchases overseas. Foreign buyers may find bitcoin’s speed and simplicity ideal for buying property in the United States.

Bitcoin is an example of a fiat currency; its value is not backed up by gold or other tangible assets. Instead, bitcoin relies on something called blockchain to verify transactions.

Got It. So What’s Blockchain?

Although blockchain is very complex, the best way to describe it to your clients is to compare it to ACH, the technology that lets you “wire” money from one bank to another. The main difference is that blockchain does not rely on banks to verify transactions have been completed. Instead, once a transaction is completed, it is stored in an encrypted digital ledger that is distributed among everyone on the blockchain.

This means that instead of relying on trusted institutions like banks to verify transactions, the verification is done very quickly by algorithms that check the stored transaction data on the millions of users on the blockchain.

What makes blockchain so powerful is that the ledger is stored on every single computer (node) in the system. This makes faking a transaction virtually impossible. Since the blockchain is extremely secure, it has many applications beyond verifying and storing bitcoin transactions. Everything from contracts to voting records can theoretically be stored on blockchain.

Which Technology Will Have a Bigger Impact in the Real Estate Market, Bitcoin or Blockchain?

According to most experts, blockchain will have a bigger impact on real estate than bitcoin or other cryptocurrencies. Here’s why: Transaction speed is not a very pressing problem for real estate transactions, but record-keeping and middlemen are. Here’s Jason Shepherd, co-founder of Atlas Real Estate Group, on why he thinks blockchain technology, particularly smart contracts and other applications built on Ethereum, an alternative to bitcoin, will change the real estate market:

Jason Shepherd Atlas Real Estate Group

“It is important to separate the cryptocurrency from the underlying blockchain technology when discussing real estate disruption. The disruption in real estate will come from the blockchain technology (distributed ledger) and smart contracts like those found on the Ethereum platform.”

So What Are Smart Contracts?

Smart contracts are contracts between two parties that are verified and stored on the blockchain. Today, most smart contracts are built with the blockchain protocol behind Ethereum, another cryptocurrency.

The main benefit behind smart contracts is that there is no need for a middleman in the transaction. Everything is verified and stored on the blockchain.

In the future, blockchain can be used to store records of a transaction all the way from a blockchain-enabled MLS, to escrow, inspections, title, and sales contracts. Leases and other commercial real estate contracts could also be on the blockchain.

While smart contracts haven’t yet hit the mainstream for real estate, startups like Propy and Ubiquity.io are changing that.

To learn more about smart contracts, check out this excellent guide over on Block Geeks.

What Is This ‘Mining’ for Bitcoins I Keep Hearing About?

Man Mining

OK, from here on in, the process gets a bit more technical, and therefore much harder to explain. While it’s unlikely your buyers or sellers will grill you about this, having a basic understanding can help.

Remember how we talked about how transactions on the blockchain are verified by other users? Well, bitcoin mining is the process that verifies transactions and adds them to the public ledger.

Bitcoin “miners” are rewarded with bitcoin for using their computer’s processing power to verify transactions. Before you get too excited and start mining bitcoin out of your broker’s office, understand that in most places, the payment for mining bitcoin will probably be less than the electricity costs to run computers long enough to verify transactions.

What Advantages Do Other Cryptocurrencies like Ethereum, Litecoin & Ripple Have Over Bitcoin?

OK, now we’re getting a little too far into the weeds. Worse, the crypto industry changes so fast that by the time you read this, something will have inevitably changed. If you’re feeling brave, check out this cool infographic from Visual Capitalist:

Infographic Bitcoin Ethereum Comparison

How 10 Real Estate Experts Think Bitcoin Will Disrupt the Industry

So now that you have a basic understanding of bitcoin, here’s how 10 real estate industry experts see bitcoin transforming the real estate market in the coming years.

1. Jason Penner, Douglas Elliman, New York City

Jason Penner Douglas Elliman

“A brief way that I explain bitcoin is, it’s as if technology and finance had a baby. Humans survived for hundreds of thousands of years (if not longer) without money. Money is a relatively new concept to humans, and to think that the current financial system is the peak evolution of money and the storage of value is nothing short of naive. Bitcoin and cryptocurrencies represent that next step in the evolution of storing and exchanging value.”

2. Jim Merrion, Coldwell Banker Realty, Colorado

Jim Merrion Coldwell Banker Realty

“The real estate industry’s appetite for using bitcoin to purchase real estate seems to be coming back in a big way in 2021! Being a Realtor who has helped a buyer purchase developable land using bitcoin converted to cash and marketed several listings willing to accept bitcoin as payment, bitcoin investors are finding me online and reaching out with plans to purchase property using these funds in 2021.

 

“Currently, I have one bitcoin investor looking to buy a 35+ acre ranch property and have spoken to several others over the past few months about how the process could successfully work for them.

 

“And Smart Contracts are starting to be seriously considered by at least one title company in Colorado now. With their inherent security and ability to prevent wire fraud, there is a lot of motivation by the transaction processing entities to find new technology solutions that reduce their risk and enhance the efficiency of the closing process.”

3. Tristan Ahumada, Realtor, Speaker & Co-founder of LabCoatAgents

Tristan Ahumada LabCoatAgents

“So far, most of the bitcoin transactions in the real estate world have had only one party dealing in cryptocurrency and the other one doing it the traditional way. The deal can still take place, but the cryptocurrency has to be turned into cash. I do envision cryptocurrency catching on more, but our society has to start using the bitcoin/blockchain technology more. I do see it becoming normalized—it’s just a matter of people getting used to it. It is just as easy as people using credit cards and Apple pay.

“For now, there are companies like BitPay and some other international banks that allow people to convert their bitcoin into cash.”

4. Jason Shepherd, Co-founder of Atlas Real Estate Group

Jason Shepherd Atlas Real Estate Group

“The disruption in real estate will come from the blockchain technology (distributed ledger) and smart contracts like those found on the Ethereum platform. The escrow process will be replaced by a smart contract, using code as the intermediary to distribute earnest money. Imagine a real estate transaction where all of our inspection and due diligence information can be found in one public ledger on the blockchain—ownership, encumbrances, repair receipts, improvements, liens—all viewable and indisputable on the distributed ledger.

 

“This transparency reduces the need for title insurance and truncates the purchase timeline for a home from 30 days to a few days. Title and escrow will be the first layer of disruption, but increasing transparency will allow the public to access more information and be less reliant on real estate brokers. This won’t replace brokers, but it will warrant a repricing for what brokers can charge their clients.”

5. John Gilbert, Co-founder/Director Prime-EX

John Gilbert Prime EX

“The acceptance of cryptocurrencies into mainstream investment portfolios equals more buyers this year for major ticket items, such as houses. Many purchases are coming from people who have never purchased real estate before. This equals more sales for real estate agents who are willing to learn about cryptocurrencies, more sales for real estate agents who are willing to market to people who are invested in cryptocurrencies, and more sales for real estate agents who are willing to specialize in educating their home sellers on how to accept cryptocurrencies as payment in kind for their real estate.

 

“The cryptocurrency genie will not be put back into the bottle.”

6. Avani Desai, CEO & Co-founder of MyCryptoAlert

Avani Desai MyCryptoAlert

“Crypto will allow a homebuyer to gather funds quickly, sometimes in less than 60 seconds, and into the hands of the seller, instantaneously. All of this is done on the blockchain, so the transaction is recorded in an open distributed ledger using encryption techniques that ensure that a transaction was complete and accurate and can never be retroactively changed. I believe what brokers and agents are going to see aside from transactions being done with crypto are technology platforms that are built on the blockchain. Therefore, understanding the two most known and built on blockchains that are out there—the bitcoin blockchain and the Ethereum blockchain—is crucial. Agents will see everything from smart contracts executed, to title storage, to international money exchanges.”

7. Alan Lewis, Chief Investment Officer at DiversyFund

Alan Lewis DiversyFund

“We are already seeing real estate sellers finding creative ways to accept crypto from a buyer in order to expand the pool of potential purchasers. As a real estate investment platform, our online customers have prompted us to look into accepting crypto and also launch an Initial Coin Offering (ICO) that is backed by real estate assets, which creates a perfect marriage of old and new asset classes.”

8. Sheryl Lowe, Broker Associate, Kuper Sotheby’s International Realty

Sheryl Lowe Kuper Sotheby's International Realty

“In all of my 33 years of closing transactions, I honestly couldn’t have expected something so unique to go so smoothly. In a matter of 10 minutes, the bitcoin was changed to U.S. dollars and the deal was done!

 

“Of course, it helped to have the right team behind this—Laura Pagnozzi of Independence Title was a key player in keeping everything together.”

9. Hyun Lee, Communications & Marketing Director, Mothership Foundation

Hyun Lee Mothership Foundation

“With Ethereum, there are companies that wish to build smart contracts around existing services, including real estate. This allows for a fully digital real estate transaction. In fact, the first real estate transaction using only the Ethereum blockchain already happened. Michael Arrington, co-founder of TechCrunch, recently purchased a Kiev studio apartment for $60,000 via smart contracts on the Ethereum blockchain.

 

“In this case, the smart contract allowed the sale of the property. If this template was to be copied and applied to all future sales, I would imagine real estate agents would need to pick up on using smart contracts.”

10. Dr. Lucas Lu, Founder/CEO, 5miles

Dr. Lucas Lu 5miles

“Fractional ownership. The high cost of home ownership in more and more markets has priced out many potential homebuyers, leaving them on the sidelines.

 

“Just as USD can be bought and sold in fractions, in a similar way the number of whole bitcoins (BTCs), for example, has a limit and can be used fractionally. This means that cryptocurrency holders can see the value of their currency rise, but also can pool their crypto resources with owners to purchase properties collectively, as investments.”

Bottom Line

No matter how much you fight it, bitcoin and the blockchain technology it runs on will revolutionize the real estate industry. Since your buyers and sellers will be curious about the potential of bitcoin for their transactions, agents need to have a basic understanding of how this technology works. This will not only allow them to represent their clients better, but also help attract and retain tech-savvy buyers and sellers, and create a buzz with marketing.

About Emile L'Eplattenier

As Managing Editor for The Close, Emile is responsible for the editorial direction of the site’s real estate content as well as curating actionable insights from top producing agents and brokerages from across the country. A licensed New York City Real Estate Agent and veteran of the marketing department at Tishman Speyer, Emile has been involved in every aspect of residential real estate from branding new developments to pre-war rentals and resales. Emile also regularly provides market insights and commentary for publications like The New York Times, Realtor.com, Apartment Therapy, Fox News, Yahoo, and US News & World Report. When he’s not writing or editing, Emile enjoys collecting vintage furniture and playing his guitar.

Alex Proba’s Graphic Swimming Pools are a Celebration of Color and Pattern

Alex Proba’s Graphic Swimming Pools are a Celebration of Color and Pattern

Hand Painted Pools

Courtesy of Palm Springs Life: Jane Englefield

Designer Alex Proba hand-paints swimming pools with graphic murals, including the pools of two Palm Springs houses and a mural on the deck of a public pool on Manhattan's Roosevelt Island.

These three designs showcase Proba's signature shapes and playful use of colour. One painted pool belongs to Marrow House, a private residence in Rancho Mirage in California.

The hand-painted swimming pool at Marrow House by Alex Proba
Top and above: the painted pool at Marrow House

The Rancho Mirage pool's design is an explosion of colourful curving shapes to contrast the geometrical mid-century house designed by American architect Donald Wexler, and the angular shape of the pool itself.

At the shallow end, oversized chartreuse-coloured petal-like shapes twist towards a large pink and orange orb tumbling down the pool's steps.

Painted details of the Marrow House pool by Alex Proba
The Marrow House pool's decorated steps

The deep end is painted in peaceful turquoise shades which are offset by a pronged pink shape that takes cues from Atomic Age signage.

Discussing her various choices of colour and shapes, Proba said, "it's trial and error. Most of the time it is a natural inclination for me to choose one colour or pattern over another and I do not overthink it."

Proba's painted Palm Springs pool blends with its setting
Hill House's curved pool

Another painted pool by Proba is at Hill House, an Airbnb in Palm Springs, with a curved pool that perfectly compliments Proba's style.

"The shape of the pool is organic and it blends well with my work. I just tried to connect all of the aspects together," Proba told Dezeen.

The Hill House pool blends with its setting
Organic shapes twist around Hill House's pool

The curved pool is decorated in bright pinks and oranges, painted on top of each other to form a cluster of colour alongside blue and purple plant-like shapes.

Some shapes have a single hue, while others are intricately decorated with delicate speckles. Thin black lines snake across the colourful shapes, adding subtle detail to the bold designs.

Plain coloured and speckled graphic shapes decorate Alex Proba's Hill House pool in Palm Springs
Details of Hill House's vividly painted pool

Painting the outdoor pools can be a gruelling process, said Proba.

"You are mostly in a weird position, hunched down. My knees were hurting," she said. "Palm Springs tends to get very hot too, so sometimes our paint trays melted."

The Manhattan pool's graphic mural by Alex Proba
Proba's mural on the deck of a Roosevelt Island pool in Manhattan

For Roosevelt Island in Manhattan, Proba painted a vivid mural on the deck of a public pool for a project curated by K&CO and Pliskin Architecture.

A kaleidoscope-like mural of contrasting colours, Proba described her Manhattan mural as "a shape party."

Alex Proba's hand-painted graphic mural in Manhattan
Proba's colourful mural transforms the public pool's deck

The public pool's unique design also offers a playful solution to wayfinding. Visitors can plan to meet each other at a splash of turquoise, or in the middle of a speckled blob.

Painted during 2020, the mural also intends to be celebratory and hopeful during the midst of a global pandemic.

The hand-painted Alex Proba swimming pool mural in Manhattan
The Manhattan pool's unique shapes act as wayfinding devices

While each of Proba's pool designs is unique, all three projects are led by her instinctive desire to create dynamic visuals.

"I trust my gut, and 99 percent of the time I go with my first pattern or colour. The times when I question myself and go back and change them is when the design actually fails."

Alex Proba swimming pools
Water catches the sunlight at Hill House

Designers everywhere are celebrating the potential of swimming pools in public and private spaces alike. In Stockholm, Folkform has installed a glass and ceramic muralwith over 1,000 individual pieces in an indoor public swimming pool. Lost House, a property in London by David Adjaye, has a bedroom with its own pool on a plinth.

Founded in 2013, Studio Proba is a New York-based multidisciplinary design studio led by Alex Proba.

Photography is by Madeline Tolle and Max Touhey.

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