Remote work has become an everyday experience for many people and more companies are giving employees the option to work completely or occasionally from home. Untethered from daily commutes, some people have opted to purchase a second home where they can work and vacation. Demand for second homes is on the rise, but cost remains a barrier. Even those who can afford a vacation property may be deterred by the responsibilities of maintaining a second home.
Pacaso, a real estate service that launched in October 2020, strives to change all that. Pacaso brings together buyers to co-own a second home for a fraction of the cost of whole-home ownership and then provides ongoing management to simplify the experience.
The company first set its sights on two of Northern California’s most desirable second-home markets, Napa Valley and Lake Tahoe – regions that Pacaso CEO and co-founder Austin Allison knows well. Allison and his family live in the Napa area. In 2014, he fulfilled a lifelong dream when he and his wife bought a second home in Tahoe. His personal experience of second-home ownership helped inspire the company’s mission to make owning a second home attainable and enjoyable for more people.
Many of the first Pacaso owners hailed from the San Francisco Bay Area and they jumped at the opportunity to own a second home in these popular (and pricey) nearby destinations.
By purchasing a share of a second home, buyers enjoy the benefits of true real estate ownership while getting the amount of access they’ll actually use. A one-eighth share, which offers about six weeks of use per year, makes sense for the majority of owners.
With the flexibility to work from anywhere, why not choose a home with a view? Pacaso second homes are fully equipped for work and leisure, with fast Wi-Fi and comfortable work spaces. As one Napa Valley Pacaso owner put it, “I can sit by the pool and do my Zoom calls and jump in the hot tub between meetings. I open my computer and look out at the vineyards.”
Pacaso makes owning a second home more attainable, but the company doesn’t skimp on the details. Pacaso chooses “wow-worthy” properties and an interior design team outfits each home with high-end furnishings, artwork and home technology. Once the home is sold, Pacaso handles ongoing management, including bill payment, repairs and maintenance.
As Pacaso expands, the company hopes to entice buyers in cities across the country looking for alternatives to their daily routines. Dallas second-home buyers have gravitated toward Pacaso homes in mountainous regions like Tahoe and Colorado and can expect to find homes in more top destinations over the coming months.
To view listings and learn more about co-ownership, visit pacaso.com.