Demand for second homes has skyrocketed, with more Americans than ever seeking the dream of their own special getaway — a place to make memories, take refuge from crowded cities, or enjoy a change of scenery with their newfound freedom to work from anywhere. Second homes in popular destinations are being snatched up, with prices surging due to outsized demand and limited supply. Real estate agents have clients eager to live the good life, but buyers often find their budgets don’t match the prices in these hot markets, or there simply isn’t enough inventory to go around.
Enter Pacaso.
It’s not a timeshare. It’s a game-changer.
Launched in October 2020, Pacaso is a real estate service that strives to make second homeownership more attainable and enjoyable for more people, by lowering the barriers to entry within the luxury market while providing a fully managed ownership experience.
Simply put, Pacaso offers second home co-ownership. Pacaso buys a luxury home, retitles it into a property-specific LLC, then sells ownership to a maximum of eight buyers who can choose to purchase between ⅛ and ½ ownership in the home. Pacaso provides ongoing management, maintenance, scheduling support and LLC oversight. While co-ownership of real estate is nothing new,
Pacaso simplifies the process and removes potential friction.
“Pacaso exists to make second homeownership possible for a broader audience,” says CEO Austin Allison, who co-founded Pacaso after achieving his personal goal of owning a second home.
Pacaso research has found that nearly half the people who wish to own a second home either can’t afford one or can’t justify the purchase of a home they’ll use infrequently. Pacaso’s co-ownership model enables buyers to purchase the amount of ownership they’ll actually use, starting at ⅛, at a price point they can afford. Unlike a timeshare, Pacaso’s offering is true real estate ownership of a single-family home, and resale is streamlined. Resale data indicates shares sell within two weeks, on average, at prices consistent with area whole home market trends.
One sale with up to 8 buyers? Yes!
In addition to making second home ownership accessible to more buyers, Pacaso creates additive sales opportunities for agents by opening up new inventory in some of the most competitive markets. Josh Altman, a Los Angeles luxury real estate agent and star of “Million Dollar Listing LA,” described Pacaso as a game changer for agents. “Not only can you sell Pacaso the house, but you can also then sell it up to eight times to the individual buyers. You get a commission on the sale of all those shares. Pacaso looks out for the agent and makes sure they get paid what they deserve,” said Altman.
The company is rapidly adding markets across the U.S. with plans to expand internationally, and agent partnerships are key to the company’s growth and success.
Pacaso is the modern way to buy and own a second home. We bring together buyers to purchase and collectively own a second home, and provide a fully managed, end-to-end service. We’re making second home ownership possible and enjoyable for more people.
