TechCrunch founder Michael Arrington has made waves in the San Francisco real estate space by selling a luxury apartment using Propy’s platform. The $1.6 million deal for the 1,762 square foot loft is another early success for Propy in this competitive market, following a recent $2.4 million sale in San Francisco’s Jordan Park/Laurel Village area.
Who Is Michael Arrington?
Michael Arrington founded TechCrunch, a technology news company, in 2005. Today, Arrington runs CrunchFund, a venture capital firm based in San Francisco, as well as Arrington XRP Capital, a blockchain digital asset management firm. CrunchFund owned the property in question, and the use of Propy’s platform represents Arrington’s more general interest in blockchain technology and investment.
Arrington had this to say about Propy’s place in the modern real estate sector: “The traditional real estate sale process is arduous and broken… It’s an opaque, dated, and unnecessarily lengthy process, full of risks such as wire fraud.” Arrington went on to say that Propy is ahead of a real estate industry that must inevitably adopt technologies like blockchain to modernize the property transaction experience.
Why Target Sales in San Francisco?
San Francisco’s real estate prices have risen dramatically in recent decades and especially in the past few years. The region’s climate and geography are some of the most hospitable anywhere, and high-paying local tech jobs (Uber, Airbnb, Lyft, etc.) within a short range make the limited local real estate inventory very expensive. With so much demand for high-quality properties, any real estate platform that can succeed in this market must emphasize speed, affordability, and security. If Propy can successfully facilitate real estate transactions in the area, it can do so anywhere.
As Propy becomes more popular in other real estate markets, headlines from sales in and around San Francisco will increase the company’s national and international recognition. We are excited to report our association with prominent markets such as San Francisco, and we look forward to announcing even more updates in the months to come.