Luxury home marketplace Pacaso is reporting its “fastest selling Pacaso” ever.
Pacaso is a home marketplace that enables the acquisition of homes, typically in desirable vacation or travel locations. Co-founded by Austin Allison and Spencer Rascoff, Pacaso currently operates in 40 top second-home destinations.
Pacaso says that a home in Mexico, in the Cabo area, sold out in the “presale phase.”
The home, Esperanza, is located within the Punta Ballena gated community and is a recently renovated four-bedroom, four-and-a-half-bathroom home with an ocean view. Homeowners will have access to a beach club, a two-minute walk, with a gym, restaurant, pool, and jacuzzi.
Esperanza was divided into 8 different ownership fractions at $450,000 each. If you are interested in purchasing ownership on the platform, Pacaso offers financing in partnership with financial firms. If you get tired of the property, you can sell ownership on the secondary market on the platform, and Pacaso claims, on average, a listing resells in less than 12 days, with a 12% gain. The company claims that many properties have a waiting list of buyers.
As an owner of a 1/8 share, buyers have access to 1/8 of the total time available, with a max stay length of 14 nights. If you purchase half a house, you can book 42 consecutive nights.
Pacaso says that due to buyer interest, another Cabo location is in the pipe.
There are additional fees to cover costs after the purchase, but Pacaso also helps with the intricacies of buying in a market like Mexico.
To date, Pacaso reports 1500 owners and over $1 billion in home value sold.
It is an interesting concept in the world of virtual/WFH offices.
