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Vacation home co-ownership company Pacaso has expanded into the Baja peninsula of Mexico with its first property availability in vacation hotspot Los Cabos.
Second homebuyers can choose from shares amounting to one-eighth to one-half of the home. Use of the home is scheduled according to share percentage and facilitated calendaring functionality within Pacaso’s homeowner app.
In addition to a number of domestic resort locations and recreation destinations, the company already has home shares available in Marbella, Spain and London.
Pacaso was founded by former Zillow executives Austin Allison and Spencer Rascoff.
The company’s goal in-part is to maximize the usage of second homes and to ensure median-priced housing stock is not affected. The act of splitting the home into shares reduces the number of homes in a particular market dedicated only to vacation use. It also allows agents working with luxury buyers multiple opportunities to earn a commission while employing local property managers and service providers.
The Los Cabos home will ensure owners are in the heart of its local culture but able to enjoy the property’s many included amenities, Allison said in the statement.
“We could not be more excited to have Mexico become the next North American Pacaso destination,” Allison said. “Cabo is a destination full of vibrant culture, breathtaking beaches, world-class golf and ocean adventures, and there has been high demand from current owners and future buyers to bring our co-ownership model to this special destination.”
The modern, hilltop property overlooks the Sea of Cortez on the peninsula’s eastern boundary in the Puerto Los Cabos community, according to the company. It’s a four-bedroom, four-bathroom house that, as is common in the region, blends outdoor living space with its interior amenities.
“The home features a dramatic reflecting pool in the grand foyer, travertine floors, a vast dining table and a gourmet kitchen that opens up to a spacious patio, covered grilling area, pool and spa that look out to the sea,” the company said.
Share owners will be able to take advantage of The Club Fundadores, a private beach recreation resort and spa.
Pacaso’s Mexico expansion won’t be limited to the Puerto Los Cabos property as plans are underway to offer a new construction home in San Jose del Cabo, offering views of Palmilla Bay, Punta Gorda and the San Jose coastline from Caleta Loma.
Owners of the 5-bedroom, 5.5-bathroom home will receive membership to The Club at Palmilla Dunes, a premier family-oriented social, sports and recreational private club. The house also has direct beach access.
Pacaso finds local partners in each of its markets. In Cabo it will work with Ronival Real Estate.
All buyer agents are open to introduce buyers to Pacaso homes. The company pays 3 percent commissions and offers 500 restricted stock units of equity.
Pacaso’s most recent expansion was along the American east coast, specifically with an 11,000 square foot home in Chatham, on Cape Cod.
In June of this year, the company launched a promotional effort with a number of well-known top-producing agents, namely Ryan Serhant and the Altman Brothers.
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