Pacaso, the fast-growing platform facilitating co-ownership in vacation homes, announced its expansion into ski community Park City, Utah, Thursday in a press release.
Home to revered Deer Valley on the eastern edge of the Wasatch mountain range, Park City has emerged as a targeted luxury mountain respite in the past decade, making it an ideal location for Pacaso’s model.
Pacaso buys luxury homes in targeted, vacation-minded locations, divides them into separate limited liability companies, then sells off each share.
“The company has begun hiring a regional team and is working with a variety of local businesses to support its operations,” the release stated.
Pacaso generates revenue with a 12 percent fee, which includes finding the other buyers, LLC formation and financing. It then charges $99 per month for property management to each LLC holder. Not every home has the same number of shares.
If needed, Pacaso coordinates interior design services and oversees repairs and ongoing owner convenience needs.
The company also pays local real estate agents market-standard percentages and offers equity for referrals.
Founded by dotloop founder Austin Allison and Zillow co-founder Spencer Rascoff, Pacaso closed on another financing round in September, elevating its valuation to over $1 billion.
“Pacaso helps make more efficient use of available housing stock by creating new inventory,” Pacaso CEO and co-founder Austin Allison said in the release.
“It’s no wonder that so many buyers are drawn to Park City: It has one of the largest and most pristine ski areas in the U.S., nearby outdoor recreation in all seasons, a vibrant downtown, and is home to the internationally renowned Sundance Film Festival.”
Citing data from Optimal Blue, Pacaso reports that median second-home prices in Summit County, where Park City is, have gone up 20.5 percent year over year, bringing the median second-home purchase price to $915,000.
Pacaso, which has faced some blowback when entering new communities, commits to hiring at least eight local service providers to assist in the management of properties it manages.
In Park City, Pacaso has partnered with David Lawson of Lawson Real Estate Team, North America’s top-performing Engel & Völkers franchise, according to Pacaso. The company said it’s open to working with additional agents in the region.
Pacaso currently has customers in 26 markets. Other notable locales include Lake Tahoe, Napa Valley, La Jolla, Vail, Scottsdale, and Palm Beach, among other similar destinations. The company is currently working on its expansion to Europe.
The company’s first listing is a five-bedroom, six-bathroom home located in Park City’s Old Town neighborhood.
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