Technology-rooted and co-ownership driven Pacaso continues to broaden its model for joint ownership of luxury vacation homes along the East Coast.
The company inched further north along the Atlantic coastline in recent weeks, buying homes to resell as shares on the New Jersey Shore and in Cape Cod, Massachusetts.
In New Jersey, Pacaso secured its fourth listing, a six-bedroom, eight-bathroom, in the community of Avalon. The newly built home rests on a corner lot a block away from 7 Mile Beach and merely a few more from the town’s bustling entertainment district. The three-level property boasts a pool, cabana, multiple outdoor showers, sun-soaked interiors and an expansive chef’s kitchen, among other luxuries expected of a new construction home in this market category.
Like all Pacaso homes, the aspiring owners can purchase anywhere from one-eighth to one-half of the home, have it professionally designed and serviced by a team of local service providers and work with their preferred agents to secure their share. Pacaso has chosen to list the home with Joe Butler of A. Lewis Purdy Real Estate Inc., who has a number of clients who are ideal targets for Pacaso’s co-ownership approach, he said in a statement.
“When I saw Pacaso launch in 2020, I contacted them immediately because I knew they would be a perfect fit for the Avalon market and for the New Jersey Shore as a whole,” Butler said. “I have so many clients who rent for an extended period of time and would rather own, but don’t want to worry about maintenance or upkeep.”
The case is the same for Cape Cod agent Tim Waldron of Realty Executives, who is helping Pacaso sell shares of a five-bedroom home on 2.74 acres with ten bathrooms, in Chatham.
“I’m confident buyers will be struck by how hassle-free Pacaso makes second home ownership, so owners can just show up and relax on the Cape,” Waldron said. “Pacaso’s first listing in Chatham speaks to the level of luxury and standards they have for their homes and the service they provide for their owners.”
The 11,000-square-foot Chatham home is Pacaso’s first in New England.
“The renovated retreat has stunning views of Crows Pond, Eastward Ho and Pleasant Bay, and a private boat dock. The open, airy living room and kitchen spaces feature a stone fireplace, a Wolf gas range, a large island with seating, and doors to an expansive deck,” Pacaso said.
There’s also a gym, wine cellar, pool and an elevator, among countless other luxury amenities common to Pacaso’s list of “essentials.”
Pacaso has been busy adding homes, as well as technology, to its lineup of offerings in 2022. Pacaso Access is an app that empowers subscribers to jump on available home shares 24 hours before they reach the general public.
Pacaso also formalized the concept of co-ownership, by working with the Real Estate Standards Organization to encourage the term’s adoption, and through a relationship with Engel & Völkers that will encourage its agents to promote available shares.
The company is also eager to avoid the stigma of disruptor, wanting to ensure agents they’re merely a new company selling a new way to buy second homes. They pay buyer agents three percent commissions and add 500 RSU, or restricted stock units, of Pacaso equity.
It looks to contribute to local philanthropic organizations, when possible, and advertises that its homes are well above the median price threshold to avoid absorbing inventory for local buyers.