Pacaso Launches Innovative Luxury Second Home Co-ownership Platform in Aspen, Vail, & Breckenridge - Oct 28, 2021
Pacaso Launches Innovative Luxury Second Home Co-ownership Platform in Aspen, Vail, & Breckenridge
Hires Local Team to Provide Comprehensive Home Management Services

BRECKENRIDGE, Colo., Oct. 28, 2021 /PRNewswire/ -- Pacaso, the leading real estate platform that helps people buy and co-own a luxury second home, today announced that it has expanded its service to Aspen, Vail, and Breckenridge, Colorado. The company has begun hiring a regional team and is working with a variety of local businesses to support its operations. Pacaso employs a minimum of eight local businesses to help care for and maintain each property it manages.

"We're excited to be able to now offer our Pacaso model to families shopping for a second home in Vail, Aspen and Breckenridge," said Pacaso CEO Austin Allison. "Colorado has seen a major influx of buyers this year, and these sought-after mountain towns are no exception - people want to be part of these beautiful communities for the long term. Pacaso makes it possible for a small group of families to co-own a luxury second home together in an area they will visit year after year. Our vetting process and strict rules prohibiting short-term rentals mean that communities gain a small group of invested families with each home."

Pacaso data shows that second home mortgage rate locks, a proxy for transactions, have increased 10.2% and 9.8% from last summer in Summit County (Breckenridge) and Eagle County (Vail), respectively. Pacaso's co-ownership model helps create additional inventory, and enables families to purchase second homes in a manner that better reflects their actual usage of their future second homes.*

Pacaso partners with all interested real estate agents and brokerages in markets where it operates. Real estate agents representing buyers who purchase a share of a Pacaso home receive a 3% commission in addition to 500 RSUs of Pacaso stock as a referral equity bonus. Agents in Vail, Aspen, and Breckenridge who are interested in working with Pacaso can learn more on the company's website

"I'm confident that Pacaso is going to fundamentally change second home ownership," said Zavvie CEO and Co-founder Lane Hornung, who is a Pacaso partner agent in Colorado. "Pacaso fills a need in the market by opening up new inventory, and likewise helps more second home buyers afford luxury homes. Many families who purchase a luxury home through Pacaso were previously competing with local primary home buyers for more moderately priced homes. The Pacaso model just makes sense: right-size your ownership and up-level your buying power."

Pacaso now has listings in Aspen, Vail and Breckenridge like this historic Victorian home on a quiet street near downtown, this contemporary new construction right on the Vail Golf Course, and this five-bedroom chalet in the heart of the Rockies.

To learn more about homes available throughout Colorado, please visit the Pacaso website.

*Second home data is a Pacaso analysis of Optimal Blue mortgage rate lock data for the summer period (June through August) of 2021.

About Pacaso
Pacaso™ (pronounced like "Picasso") modernizes the decades-old practice of co-ownership by creating a marketplace that makes buying, owning and selling a second home easy. From curating the best listings in top second home markets to offering integrated financing, upscale interior design, professional property management and proprietary technology to make scheduling stays simple, Pacaso provides owners with all the benefits of owning a second home without the hassle. After purchase, Pacaso manages the home on an ongoing basis and supports a frictionless resale process in partnership with a licensed real estate professional.

Pacaso was founded by former Zillow executives Austin Allison and Spencer Rascoff.

SOURCE Pacaso

For further information: Amy Musser, Amusser@pacaso.com