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The Rocky Mountain resort town of Steamboat Springs, Colorado, is the latest recreation destination for Pacaso, a co-living platform that sells shares in luxury homes.
Shares from one-half to one-eighth of a four-bedroom, five-bathroom townhome in the Barn Village community are now available, according to a company statement.
Pacaso has a presence in a number of the Centennial State’s ski towns, such as the wealthy playgrounds of Aspen, Vail and Telluride. It also operates in Jackson Hole, Wyoming; Sun Valley, Idaho; Park City, Utah; and Lake Tahoe, California.
Co-founder Austin Allison, who worked alongside fellow Zillow executive Spencer Rascoff to form the unique vacation home ownership company, said in a statement that, like the other homes in Colorado, recreation opportunities and market demand led to his company’s latest acquisition.
However, Allison noted that outside investment can strain local markets. Pacaso’s model consolidates sellers, and buys well above median home prices.
“The demand for second homes has increased the strain on many mountain towns, including places like Steamboat,” Allison said. “Pacaso homes are owned by an average of six families, who come back over and over again and are invested in the community’s long-term well-being.”
The town’s iconic western appeal and acclaimed year-round recreational opportunities clearly make it an ideal destination for second-home buyers.
Dayna Horton from Aspen Snowmass Sotheby’s is listing the property for Pacaso, and will work with all buyer agents representing aspiring owners. Pacaso pays three percent commissions and awards equity in thee form of 500 RSU, or restricted stock units.
“By turning one unit into eight, this also frees up inventory for locals who have struggled with affordability in expensive resort communities,” Horton said in the announcement.
The company also hires only local property managers, decorators, maintenance professionals and other service providers to oversee the home’s operation. In many cases, existing owners’ associations are leveraged, as well.
Owning a 1/8 share of the Barn Village home will cost $575,000, and will earn families access to the community clubhouse, fitness center and of course, the home’s highly modern chef’s kitchen, loft with wet bar, heated balcony, inspiring scenery and countless other amenities and services associated with being a Pacaso owner.
Pacaso moved in Mexico recently, securing homes in the Baja pennisula, and before that, New England.
The company that managed to make co-living an industry sector has also partnered with some of luxury’s most recognized names, such as Ryan Serhant, the Altman Brothers, Landon Clements and Roh Habibi, to form the basis of the Pacaso Agent Collective, or PAC, to further evangelize luxury co-living.
The company’s role in the luxury market is slowing growing beyond providing inventory, as it’s also using its resources to track sector performance.
In its most recent report, Pacaso found a 25 percent year-over-year increase in luxury home transactions, and that buyers are seeking opportunities in year-round destinations. The most recent standouts include a few markets most might not expect, including, Coeur d’Alene, Idaho; Williamson County, Tennessee; and Kitsap County, Washington.
