In its latest press release, second home ownership platform Pacaso announced the acquisition of a home in the Monterey Bay market, a coastal, sought-after respite in California that boasts some of the nation’s most scenic communities, such as Pebble Beach and Carmel-by-the-Sea.
As is the case with each market in which it does business, Pacaso is building a team of local service providers to oversee needs of the property, such as interior design and physical upkeep. Its goal is to hire at least eight companies.
Pacaso’s newest portfolio property is located a few miles from downtown Carmel, a remote, bluff-supported ocean-side town where Clint Eastwood served as mayor in the late 1980s.
Launched by Dotloop founder Austin Allison and Zillow co-founder and former CEO Spencer Rascoff, Pacaso enables second-home buyers to invest in shares of a home, from one-half to one-eighth. An app helps owners coordinate usage dates, and Pacaso offers an array of services to assist with ongoing needs.
Pacaso also seeks partnerships with local real estate agents to sell home shares, offering 3 percent commissions and 500 shares of restricted stock options as a referral equity bonus.
Shelly Mitchell Lynch of Carmel Realty Company is one such agent in Carmel.
“I worked with the Pacaso team to find its first listing in Monterey Bay, and we found the perfect fit that brings together an extraordinary property, setting, location and lifestyle,” she said. “Working with Pacaso has been an incredibly positive experience.”
A Series C financing round in September netted Allison and Rascoff’s company $125 million.
In October of this year, Pacaso announced it will accept multiple forms of cryptocurrency from aspiring clients, enabling them to fund down payments or entire transaction costs via digital currency.
“From stunning coastline and scenic bluffs, to the quaint downtown of Carmel, Monterey Bay has made a name for itself as a world-class getaway,” Allison said in the press release. “Our service offering allows a small group of families to become part of a community for the long term through co-ownership of a luxury home, and short-term rentals are strictly prohibited.”
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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.