Pacaso, the technology-enabled real estate marketplace that helps people buy, co-own, and sell a luxury second home, announced significant milestones for the year 2023 with cumulative revenue in the Pacaso real estate portfolio surpassing $1 billion.
In 2023, Pacaso claims that it has “grown its thriving community to more than 1,500 satisfied owners spanning 40 global destinations.”
Owners and their guests have “collectively enjoyed over 90,000 nights in Pacaso homes, and the Pacaso marketplace has demonstrated an impressive average historical resale gain of more than 10%, showcasing the vibrant Pacaso marketplace and the ease of buying, owning, and selling with Pacaso.”
Pacaso CEO and Co-Founder Austin Allison said:
“In 2023, we’ve achieved significant milestones—establishing a thriving resale marketplace, expanding in core markets, closing the year with strong demand for co-ownership, and achieving 45% year-over-year growth in shares sold in November. Looking to 2024, Pacaso’s focus is on expanding to new markets, both domestically and internationally, and continuing to provide life enriching experiences to Pacaso owners. Our commitment to making second home ownership possible for more people through innovation remains unwavering as we embrace the opportunities that lie ahead.”
Additional key milestones reached in 2023 include:
- Utah became first-ever state legislature to support Pacaso’s co-ownership model with preemption bill
- Esperanza became fastest Pacaso to sell out in company history
Pacaso Chair and Co-Founder and Zillow Co-Founder and Former CEO Spencer Rascoff said:
“This year, the real estate market grappled with, and still confronts, substantial macroeconomic challenges. As mortgage rates remain high and housing inventory stays at record lows, we are witnessing people gravitate towards our co-ownership model as an alternative to whole-home purchases.”
As noted in the update, Pacaso is a technology-enabled marketplace “that modernizes real estate co-ownership to make owning a second home possible and enjoyable for more people.
Pacaso says that it “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.”