Co-ownership platform Pacaso announced in a press release that its latest market for aspiring second homeowners is Bend, Oregon.
The centrally located, the woodsy city has been one of the Pacific Northwest’s most popular locations for relocation in the past decade, growing by almost 26 percent in that time, according to the U.S. Census.
Pacaso buys a home in an LLC and sells percentages of ownership, allowing second homebuyers to access a high-end home in desirable locations without the type of major investment common to luxury vacation homes. Buyers can also use different forms of cryptocurrency.
The rise of remote work and lifestyle-based relocation has buoyed Pacaso’s rapid growth. Austin Allison and Spencer Rascoff, serial proptech entrepreneurs and former Zillow executives, are its founders.
Per its business model, Pacaso is actively hiring a team of at least eight local service providers to carry out an array of services to its second homeowners. The company handles ongoing maintenance, interior design, furnishing repairs and ongoing usage collaboration via its SmartStay software.
Real estate agents representing buyers who purchase a share of a Pacaso home receive a 3 percent referral commission, in addition to 500 RSUs (restricted stock units) of Pacaso stock as a referral equity bonus.
Pacaso’s Chief Revenue Officer, Andreas Madsen, is a resident of Bend.
“I have seen all the area has to offer, and I’m thrilled our service offering at Pacaso allows more families to become part of this special community and destination for the long term,” Madsen said in the release.
“It’s known for its vibrant craft brewing scene, unparalleled access to millions of acres of national forest for outdoor recreation year-round and is a sought-after location for second homebuyers.”
Now available in as little as a one-eighth ownership stake is a seven-bedroom, seven-and-a-half bathroom home totaling 4,540 square feet. It has a three-car garage and is move-in ready, fully furnished and professionally decorated. Pacaso has made a Matterport tour available.
In total, a one-eighth share will allow an owner 44 nights of occupancy at an estimated total of $2,023 per month. If desired, investors can buy a larger stake in the Bend home.
Pacaso has been targeting a number of popular outdoor-minded luxury markets in the United States over the past year. It has homes in Jackson Hole, Wyoming, Aspen, Colorado, Park City, Utah, and Lake Tahoe, California. It’s also marketing home shares for sale in the Florida Keys and Santa Barbara, California, among other markets.
In 2020, Pacaso launched its first Europen location in Marbella, Spain, with plans to expand into other common second-home markets there.
Chad Pasinetti, owner of Pasinetti Group NW at eXp Realty, will be spearheading the listing of the Bend property. All local agents are encouraged to bring buyers.