The luxury ski community of Sun Valley, Idaho, is the newest market to welcome Pacaso, a company that sells shares of high-end second homes.
Resort towns of the mountain west have long been respites for the recreation-minded, and now shares of a four-bedroom, six-bathroom Thunder Spring townhouse are available to purchase under Pacaso’s co-ownership model. Pacaso has acquired homes in similar areas, such as Aspen and Vail in Colorado; Jackson Hole, Wyoming; and California’s Lake Tahoe region.
Pacaso operates by purchasing homes, and then accumulating a team of local service providers as well as a listing agent. It sells shares of the LLC under which the home is owned. Buyers can purchase as much as half or as little as an eighth of the property, which comes fully furnished with professional interior design services and an app called SmartStay for owners to coordinate and manage use.
The company states it has close to 700 owners in its network. Aspiring buyers can use Pacaso Access, a paid app that details listings and offers advance notice alerts for new shares.
The company encourages local agents to bring luxury clients, offering 3 percent commissions and restricted stock units in Pacaso. In Sun Valley, it has partnered with Katherine Rixon, owner of Rixon + Cronin, Keller Williams Sun Valley.
The Sun Valley property’s expansive windows and many exterior decks showcase views of Bald Mountain and its multiple ski runs. The contemporary interior gives way to an established office space, a game room, an elevator and a two-car garage. Share owners will have access to the community health club and spa, Zenergy.
The company is the product of co-founders Austin Allison and Spencer Rascoff, former executives at Zillow.
Allison said in a statement that Sun Valley’s appeal to outdoor enthusiasts should be a major draw to the Thunder Spring home.
“From fly fishing in the summer to hitting the slopes of Bald and Dollar Mountains in the winter, Sun Valley boasts a wide array of outdoor pursuits that has made it a sought-after location for second home buyers,” he said.
He also noted that Pacaso’s model ensures local, median-priced housing stock remains out of view of aspiring luxury buyers.
“Pacaso’s co-ownership model helps preserve affordable housing, as it empowers second home buyers to uplevel their focus toward luxury properties, leaving more affordable and median-priced homes available to others within the local workforce and community.”
Allison expounded on that notion in March 2022’s Connect Now event, telling the audience that co-ownership of luxury inventory “consolidates demand away from the median tier and it moves it into the luxury tier.”
“Every empty second home means another needs to be built to absorb demand,” Allison said.
Agents in Idaho who are interested in working with Pacaso can learn more on the company’s website.