Pacaso’s footprint of luxury vacation homes continues to spread along the revered coastline of California.
A week after announcing it had acquired a luxury vacation home along the misty coast of the Monterey peninsula, the second-home platform announced the acquisition of a home along the Central Coast’s crown jewel, Santa Barbara in a press release.
Pacaso acquires luxury second homes under an LLC, and then sells that LLC in shares, using an in-house developed app to coordinate usage, order maintenance (when needed) and generally oversee aspects of ownership. Investors can own as much as half or as little as one-eighth of a Pacaso home.
Pacaso was co-founded by former Zillow executives Austin Allison and Spencer Rascoff. Per company mission, Pacaso has started hiring a local collective of service professionals to make updates as needed and offer ongoing assistance to those who invest in the home.
Real estate agents remain central to Pacaso’s market success. The company offers 3 percent commissions and 500 shares of restricted stock options as a referral equity bonus to those who sell a part of one of their homes.
Santa Barbara’s winery-laden avenues crisscross the southern end of the revered Santa Ynez valley, and its hilly outskirts offer vacation homeowners ample opportunities to find privacy in one of the state’s more notable tourist draws.
Pacaso has acquired a four-bedroom multilevel contemporary with a pool and outdoor living spaces with far-reaching views of the Pacific. Shares start at $1.08 million.
“With Pacaso, people looking to purchase a second home here now have a new solution. A small group of families can up-level their buying power through co-ownership of a luxury home, said Pacaso co-founder and CEO Austin Allison in the press release. “Not only does this make more efficient use of housing stock, but it also redirects second home buyers away from the mid-tier market, freeing up that inventory for local primary homebuyers.”
Pacaso has had a busy second half of 2021, entering multiple markets around the American West and buying its first home overseas in the coastal resort town of Marbella, Spain.
Agents interested in working with Pacaso can learn more at its website.
Email Craig Rowe.