Meet the Real Estate Tech Company Making Your Second Home Goals Actually Achievable
If you own a second home, it is probably collecting dust during the off-season. What if you could own real estate for the fraction of the cost instead of having a property that sits empty for the majority of the year? Meet Pacaso, the tech real estate company offering luxury real estate as shares. Founded in 2020 by Zillow alumni, Austin Allison and Spencer Rascoff, the duo lists high-end real estate destinations from all around the world. Roam an airy, 7,944-square-foot villa in Marbella, Spain, or cozy up for a winter getaway in a $1.2 million home in upstate New York.
Ten years ago, when CEO and co-founder Austin Allion and his wife were fortunate enough to become second homeowners in Lake Tahoe, it changed their lives for the better. "We made new friends, found our favorite hiking and biking trails, local restaurants, family-run coffee shops, etc., and felt a deep sense of community connection," says Allison. "Despite the joy the home gave me and my family, I saw a lot of problems with the old-model of owning a whole second home and knew there had to be a better way to mitigate some ownership issues and provide better value for families and communities."
With the flexibility of work and nomadic living, moving away from the typical short-term rentals or old second home ownership, Pacaso is a fascinating model. From the mountains to the desert, from the west to the east coast, your calendar can reflect your lifestyle year-round.
How Does Pacaso Work?
After looking through Pacaso's curated website and properties, buyers can begin the review process. Up to eight different families can co-own the homes (don't worry, you won't meet the other owners). Once all shares are sold, Picaso maintains its role as the property manager. You don't have to lift a finger from lawn care to pool maintenance.
"We bring together and organize the ownership group; manage the legal and financing process; design and furnish the home, provide the technology so owners can easily and equitably schedule time, manage the home on an ongoing basis, and support a frictionless resell process," Allison explains.
Unlike timeshares focused on hotels, Pacaso chooses homes where consumers pay for what they use. You own the real estate, not just the time. And because it’s a real estate asset, its value will move with the market—which means that any equity realized is yours. There is also the option to own up to 5o percent of the home. Thanks to the "smart stay" tech, all stays will be evenly separated in the calendar year. In certain destinations for peak season, they divide the season and holidays. It is all equally divided unless they own more of the home.
"The average second home is used just 11% of the year compared to the average Pacaso home which is occupied nearly 90% of the year," Allison says. "By consolidating second-home buyers into fewer luxury homes, we unlock many benefits for buyers, owners, and communities."
While there are many tempting reasons to buy a second home property, sole ownership of a second home (especially at the luxury level) comes with steep downsides, including a heavy financial responsibility and time commitment. There are communities pushing back against the model, but Pacaso is making its mark on the real estate industry through best-in-class ownership.
House Beautiful All Access members, Pacaso has an exclusive 6-month deal for you!
Where Are Pacaso Homes Located?
With 40 premier second-home destinations and 4 countries (US, Spain, UK, and Mexico), Pacaso offers homes in popular locations. Locations include sweet escapes to Hilton Head, California beach towns such as Malibu, wine country in Napa, or Colorado mountain towns like Aspen. The website can comb through your preferences until you find a home that suits your style.
Through Pacaso's app, you can set alerts for destinations you're interested in and hop on the waiting list for the properties. Pacaso Access members are able to pre-shop homes before anyone else sees them live on the site and receive closing cost credits. The brand sends an alert when a share is up for resale so you can take action.
Each home is fully furnished and styled by a team of interior designers and maintenance specialists. You can schedule a tour of the property, too. The Pacaso team commits to creating luxurious spaces, while also ensuring that each home is meticulously well-appointed with everything you need to relax and play, so you can just show up and enjoy your time. Plus, the homes are a reflection of the location so you won't find a country farmhouse aesthetic in Scottsdale, Arizona.
Who is Pacaso the perfect fit for?
Post-pandemic changes have struck a cord in homeowners. Pacaso believes their company is perfect for empty nesters rediscovering their favorite adventures, young families looking to create new traditions, or an executive looking for a retreat after a long business trip.
If you've dreamt of owning a second home your family can enjoy, Pacaso opens the doors of ownership by lowering the barrier to entry. "I'm excited about the huge opportunity to reduce hassle in real estate. With Pacaso, I want more people to be able to experience the relaxation and connection that comes from having their own place to escape to," Allison shares.
Pacaso is offering House Beautiful All Access members VIP shopping advantage with Pacaso Access. When you enroll in the program, you'll receive app and email notifications on new listings and previously sold-out homes with newly available shares. Sign up here!
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