Real Estate

Pacaso Enters Luxury Second-Home Market In Spain

Aspiring owners in Jackson Hole, Wyoming, can now take advantage of the unique ownership model devised by co-founders Austin Allison, who developed dotloop and sold it to Zillow, and former Zillow CEO, Spencer Rascoff.

The appeal of western ski-resort towns as luxury home destinations has prompted second home ownership platform Pacaso to focus on them in its domestic expansion plans.

On the heels of securing homes in Park City, Utah, as well as Vail, Aspen and Breckenridge in Colorado, the well-funded company founded by proptech executives Austin Alison and Spencer Rascoff announced in a press release that it has started operations in Jackson Hole, Wyoming, perhaps the northern Rockies’ most affluent second home destination.

Pacaso buys luxury homes to resell them under an LLC in shares to aspiring second home owners. People can invest in one-eighth or up to one-half of the LLC. The company handles management of the property by securing a network of local vendors and uses a proprietary software product to help share owners coordinate usage.

The company also seeks local agent participation to help them market and sell the shares. In addition to 3 percent commissions, Pacaso offers agents 500 restricted stock options as a referral equity bonus.

After receiving blowback from local homeowners in one California market, Pacaso has doubled down on its commitment to listen to its neighbors and contribute both commercially and philanthropically to the markets in which it operates.

As is the case in most of the Rocky Mountain West’s ski towns, Jackson is plagued by a severe shortage of housing availability for its local residents and business owners.

Pacaso plans to support the Community Housing Fund and Teton Habitat for Humanity, according to the release.

An upfront donation of $10,000 has been made to the Jackson’s Community Housing Fund, and $5,000 will be contributed on an ongoing basis for each home the company buys.

Pacaso plans to appeal to each agent it works with to match their donation, as well as become voice for housing equality in the town. It will also donate “lightly used” furniture by Pacaso residents directly to Teton Habitat for Humanity.

Allison said in the press release that affluent buyers able to work remotely has added additional stress to an already challenging home affordability problem in Jackson. The short-term rental industry is also a contributor.

“Jackson Hole’s majestic beauty coupled with its wide array of year-round outdoor recreational activities has made it a highly desirable location for second home buyers, many of whom are looking to enjoy their newfound remote work flexibility from the mountains,” he said. “As in many mountain towns, this demand has increased the strain on housing inventory needed by the workforce. Pacaso offers a better way; co-ownership empowers buyers to uplevel their focus toward luxury properties, and away from lower price points.”

Pacaso has reached Europe, as well, announcing last week it’s acquired a home in Marbella, Spain. It also operates in a number of luxury coastal markets, such as south Florida and Malibu.

The company listed its first property in Jackson alongside plans to support the Community Housing Fund and Teton Habitat for Humanity.

Have a technology product you would like to discuss? Email Craig Rowe

Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman.

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