Second-home ownership platform Pacaso has acquired its first luxury property in Arizona, a four-bedroom, four-and-a-half-bathroom home in Cave Creek, Arizona, a popular desert resort community north of Scottsdale.
The company shared details of the home in a statement to Inman, noting its modern design, mountain setting, 10-car garage and ease of access to an array of outdoor recreation activities. Its proximity to Scottsdale and parent metro, Phoenix, allow for flexible flight options and virtually countless country clubs from which to choose.
Pacaso hires only local service providers to attend to its homes and has started due diligence on who will help manage the property, offer interior design services and assist with any maintenance concerns.
The company’s model entails securing luxury homes in popular vacation destinations under an LLC, and selling anywhere from 1/8 to 1/2 ownership shares. Aspiring buyers can pay in cryptocurrency if desired or work with Pacaso to finance their share.
The company announced this past week the launch of Pacaso Access, an app that provides users with advance notice of new homes or available shares in existing properties.
While the app requires a one-time fee of $1,000, it also gives buyers closing credits of $2,500 for an 1/8 share, $5,000 for 1/4 and $10,000 for a 1/2 share.
Founded by former Zillow executives Austin Allison and Spencer Rascoff, Pacaso partners with a select local agent to list the property, in this case Marci Nedialkov of Realtor Wehner Group, Real Luxury Living Brokered by eXp Realty.
All agents are encouraged to bring buyers to a Pacaso property, and will be paid a three percent commission in addition to Pacaso equity in the form of 500 restricted stock units.
This is Pacaso’s third new market in 2022, having already announced homes in Maui and the Florida Keys.
“Scottsdale is a vibrant desert city with world-class golf, chef-driven restaurants, countless hiking trails, and exciting entertainment year-round,” said Pacaso CEO and Co-Founder Austin Allison, in the statement. “We’re excited to be increasing the utilization of luxury second homes in this amazing destination where many homes are not used consistently throughout the year.”
The Cave Creek home is further characterized by its hilltop privacy, multiple outdoor living accents, infinity pool and expansive chef’s kitchen.
Nedialkov said she’s been excited about Pacaso’s model since its launch in 2020, and has been hoping for an Arizona expansion.
“This lock-and-leave model for homeownership is brilliant, as owners don’t have to worry about scheduling monthly maintenance, or any hassles while they’re away,” she said in a statement. “They get to come home and relax in their luxury home for a fraction of the price.”