Pacaso, the real estate platform that helps people buy and co-own a luxury second home, shares a significant moment for co-ownership with the passage of Utah SB 271.
The passage of the bill, sponsored by Sen. Michael McKell and Rep. Val Peterson, means the benefits of Pacaso’s second home co-ownership model can be “offered freely throughout the entire state of Utah, opening the door for more people to second home ownership.”
Austin Allison, Pacaso CEO and co-founder, said:
“This is the first time state legislators have passed co-ownership legislation, but won’t be the last. We are grateful to the Utah legislature for recognizing the value and legality of co-ownership. This bill reaffirms that individuals, friends, and families have the right to co-own and enjoy a home together without interference.”
Senate bill sponsor Sen. Michael McKell said:
“Utah has always been a state that has protected property rights and the right to own and enjoy a home. I’m proud our State is willing to preserve and stand behind this right by supporting this legislation.”
Co-ownership is being “embraced as the future of second home ownership.”
By consolidating home buyers into fewer luxury homes, Pacaso is “relieving the pressure of second home demand and unlocking benefits across the board for buyers, owners and communities.”
In addition to lowering ownership costs and hassles, Pacaso homes “have an almost 90% occupancy rate compared to 11% for traditional second homes.”
According to trusted economic firm EBP, this year-round “use decreases competition for single-family homes and increases tax revenue and spending at local businesses.”
Experts found that Pacaso homes “generate 10 times more support for local businesses than a traditional second home.”
At Pacaso, second home demand “has been off to an active start in 2023.”
Deposits have “increased 90% in the first two months of 2023, compared to the last two months of 2022.”
This is “an encouraging indicator for their business.”
As noted in the update, Pacaso is “a technology-enabled marketplace that modernizes real estate co-ownership to make second homes possible and enjoyable for more people.”
Pacaso curates luxury listings “with premium amenities and high-end contemporary interior design, offers ⅛ to ½ ownership with integrated financing, and, after purchase, professionally manages the home and supports seamless resale.”
Co-founded by Austin Allison and Spencer Rascoff in 2020, Pacaso operates “in 40 top second home destinations around the world.”