Key Takeaways:
– Pacaso, a second home co-ownership solution, is offering zero percent interest on shares in select homes for the first three years of ownership on Black Friday and Cyber Monday.
– The deal will be available only “while supplies last” and include a seven-year pay-off.
– The incentive aims to promote fractional affordability within the second-home market and showcase unique properties.
– Six homes, including Santa Cruz’s Boardwalk and North Lake Tahoe’s Wood Creek, are part of the program.
– Pacaso sells shares of second homes, typically in 1/8 portions, and buyers can purchase a larger share depending on the property.
– Agents are paid commissions and offered restricted stock units in the company.
– Pacaso’s mobile app assists in marketing availability to existing owners and listing agents.
– The company reported a 142 percent increase in funded shares in August 2023 compared to July 2023.
– Hilton Head, South Carolina, leads in gains with a 43.1 percent ROI, followed by Napa and Sonoma, California, with 23.1 percent.
– Pacaso CEO Austin Allison emphasizes the ease of co-ownership of second homes and the company’s streamlined process.
– Pacaso celebrated its third anniversary on October 1st, 2023.
inman:
On Black Friday and the subsequent Cyber Monday annual shopping holidays this year, second home co-ownership solution Pacaso will offer zero percent interest on shares in select homes within its marketplace for the first three years of ownership.
No one can predict the future, but you can prepare. Find out what to prepare for and pick up the tools you’ll need at the immersive Virtual Inman Connect on Nov. 1-2, 2023. And don’t miss Inman Connect New York on Jan. 23-25, 2024, where AI, capital, and more will be center stage. Bet big on the roaring future, and join us at Connect
If you have clients searching for a second home, put a star on your calendar for Nov. 24, 2023.
On Black Friday and the subsequent Cyber Monday annual shopping holidays this year, second-home co-ownership solution Pacaso will offer zero percent interest (0%) on shares in select homes within its marketplace for the first three years of ownership. And, in the tradition of promotional sales parlance, the deal will be available only “while supplies last,” and include a seven-year pay-off.
Pacaso said in an email sent to Inman that it hopes this incentive will further promote fractional affordability within the second-home market, as well as showcase a few of its more unique properties.
Six homes are part of the program, including Santa Cruz’s Boardwalk; North Lake Tahoe’s Wood Creek; Desert Creek in the high desert enclave of Cave Creek, Arizona; South Lake Tahoe’s Monument Peak; Riviera in Santa Barbara; and Bennett in wine country’s coveted Calistoga.
Pacaso sells shares of second homes, typically in 1/8 portions. Buyers, who become co-owners with clear shared use plans, can purchase a larger share, depending on the property.
Agents are paid commissions according to their market’s commonly agreed-upon percentage, as well as offered RSU (restricted stock units) in the company, which also looks to hire teams of local vendors to supply and care for its properties.
Pacaso is evolving into a marketplace of sorts, stimulating additional market activity with the resale of its shares. Its mobile app assists in marketing availability to existing owners first, as do listing agents on record for each home.
The company reported to Inman that “homes in the Pacaso marketplace resale for an average gain of [slightly over] 10 percent.“ Sellers report not using their share enough as the reason they sell, but, according to Pacaso, ”three of four sellers would co-own again in the future.“
“In August 2023, Pacaso recorded its strongest month of the year so far, recording a 142 percent increase in funded shares compared to July 2023,” an email to Inman stated.
Pacaso is tracking its resale market and found that Hilton Head, South Carolina, leads in gains at 43.1 percent, followed by Napa and Sonoma, California, with 23.1 percent. Park City, Utah, and two other California destinations, Palm Springs and Malibu, each offer about 17 percent ROI, Pacaso found.
Pacaso CEO and co-founder Austin Allison commented in September on his company’s resale market, calling its success a reflection of the ease of co-ownership of second homes.
“The markets within our vibrant marketplace are frequently characterized by listing prices that may be out of reach to many aspiring second homeowners,” said Allison. “Our co-ownership model not only reduces the entry threshold for buyers to access these coveted destinations, but with Pacaso, it’s easy to get in, a breeze to own, and easy to get out. All parts of the process are streamlined. Buyers have confidence that, if life changes, they can sell their Pacaso with ease, and historical data shows it’s not just a sale — it’s a gain! A win all around.”
The company celebrated its third anniversary on Oct. 1 of this year.
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Property Chomp's Take:
Are you in the market for a second home? Well, mark your calendar for November 24, 2023, because on Black Friday, Pacaso, a second home co-ownership solution, is offering an exciting deal. For a limited time, you can purchase shares in select homes within Pacaso's marketplace with zero percent interest for the first three years of ownership.
Pacaso aims to promote fractional affordability within the second-home market, and this deal is designed to make owning a second home more accessible. The offer is only available while supplies last and comes with a seven-year pay-off plan.
Six homes are part of this program, including Santa Cruz's Boardwalk, Wood Creek in North Lake Tahoe, Desert Creek in Cave Creek, Arizona, Monument Peak in South Lake Tahoe, Riviera in Santa Barbara, and Bennett in Calistoga wine country.
Pacaso sells shares of second homes, typically in 1/8 portions, allowing buyers to become co-owners with clear shared use plans. Depending on the property, buyers can purchase a larger share. Agents receive commissions based on their market's agreed-upon percentage and are also offered restricted stock units (RSUs) in the company.
Pacaso is evolving into a marketplace, stimulating additional market activity with the resale of its shares. Their mobile app assists in marketing availability to existing owners and listing agents. According to Pacaso, homes in their marketplace resell for an average gain of slightly over 10 percent. Sellers often sell their share because they haven't used it enough, but three out of four sellers would co-own again in the future.
In August 2023, Pacaso experienced its strongest month of the year, with a 142 percent increase in funded shares compared to July. They have also tracked resale gains in various locations, with Hilton Head, South Carolina leading at 43.1 percent, followed by Napa and Sonoma, California at 23.1 percent. Park City, Utah, Palm Springs, and Malibu in California each offer around a 17 percent return on investment (ROI).
Pacaso CEO and co-founder, Austin Allison, believes their success is due to the ease of co-ownership of second homes. Their co-ownership model reduces the entry threshold for buyers and provides a streamlined process for buying, owning, and selling Pacaso shares.
Pacaso celebrated its third anniversary on October 1, 2023, and continues to provide innovative solutions for those looking to enter the second-home market. So, if you're interested in owning a second home, take advantage of Pacaso's zero percent interest offer this Black Friday. It could be the opportunity you've been waiting for to make your second-home dreams come true.
