By Linde Hyder
Cubism was a revolutionary new approach to representing reality, in which different views of subjects were brought together in the same picture. This unconventional art form has been considered the most influential art movement of the 20th century. It is this distinctive art style that inspired a company to revolutionize the second-home industry.
“Pacaso exists to make second-home ownership possible for a broader audience,” states Pacaso CEO, Austin Allison, who helped establish Pacaso after achieving his personal goal of owning a second home. Bringing all of the pieces together to create a memorable experience for more individuals is what Pacaso is all about.
According to the company’s Second Home Sentiment Report, nearly half of the people who desire to own a second home are unable to afford one.
Another 50 percent cannot justify the purchase of a home they will only use a few weeks out of the year. Pacaso enables families to own a share of a second home — from 1/8 to 1/2 ownership — based on expected usage.
While co-ownership of real estate together has been occurring for generations, Pacaso aims to simplify the process, which is typically complicated and very personal. “We create a property LLC for each home, find and vet co-owners and handle all the sales details,” says Allison. “At closing, co-owners together enjoy complete ownership of the home – Pacaso does not retain any shares.”
Using the company’s SmartStay app, homeowners can reserve their property with as little as two days’ notice any time of year. The app distributes reservations equitably according to ownership percentage and even accounts for holidays. Pacaso luxury homes are located in destinations where people aspire to have a vacation home. Prices start at $200,000 per share.
Pacaso partners with leading banks around the country to assist owners in obtaining financing for their share. Owners can also sell their portion of a Pacaso property easily, as the company facilitates all aspects of the sales transaction. Furthermore, Pacaso takes care of furnishings, repairs, utilities and property management.
Allison says it is Pacaso’s mission to enrich lives by making second-home ownership possible and enjoyable for more people. And that makes the Pacaso experience a true work-of-art!