Pacaso Establishes New Category of Second Home Ownership and Delivers Strong Growth in Successful First Year
- Generated nearly $300 million in full year 2021 revenue.
- Sold approximately 400 Pacaso units in the company's first year.
- Plans to expand to 30+ new second home destinations in 2022.
- Expects accelerated growth in 2022.
SAN FRANCISCO, Feb. 24, 2022 /PRNewswire/ --Pacaso, the leading technology-enabled real estate marketplace that helps people buy and co-own a luxury second home, today announced that the company generated nearly $300 million in revenue for the year ended December 31, 2021.
"Pacaso's first full year was a success, delivering on our mission to make second home ownership possible and enjoyable for more people and their families," said Austin Allison, Pacaso Co-Founder & CEO. "Our modern approach to second home ownership for ⅛ the cost is resonating with buyers and resulted in nearly 400 Pacaso unit sales last year. We are creating a new category of second home ownership, powered by our technology-enabled marketplace and curated selection of the best second homes in top destinations."
Approximately 87% of Pacaso owners are first-time second home owners who purchased ⅛ to ½ ownership in high-end second homes. With a dedicated home manager as the single point of contact, in-house property management and an easy-to-use owner's app, Pacaso provides a fully-managed, turnkey owner experience. To date, Pacaso owners have overwhelmingly rated their stays positively with a customer satisfaction (CSAT) score of 4.5 / 5 - one of the most important metrics for Pacaso's owner-centric business model.
"In 2022, we will be focused on accelerating growth, while making further investments in technology to enhance the Pacaso owner experience, increasing our supply of luxury listings, expanding into approximately 30 new markets globally and aggregating buyer demand. Pacaso is laying the foundation in these early days to address the massive long-term global opportunity available to the company as we continue to build upon our first-mover advantage," concluded Allison.
Additional 2021 Business Highlights
- Launched 23 new global second home destinations, for a total of 32 markets.
- Booked more than 20,000 owner stays nights.
- Pacaso's homes reached a utilization rate of 87% in 2021.
- Surveyed Americans for a national brand awareness study and found Pacaso brand recall was approximately 30% and aided awareness was approximately 12%.
- Raised approximately $200 million in Series B and C financing rounds, bringing total equity raised to $221 million.
- Increased headcount to nearly 200 Crew members by year end.
- Selected by Glassdoor for as one of its 2022 Best Places to Work and by Fortune for its 100 Best Small Workplaces.
Pacaso Home of the Quarter
Villa Luna in Marbella, Spain. This 5,300+ square foot home features 5 bedrooms / 6 baths and is nestled in the hills above Puerto Banus, located by the most famous golf courses in the region. It is available for $745k per unit.
About Pacaso
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 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 more than 30 top second home destinations around the world. Pacaso has been certified as a Great Place to Work and is recognized as one of Glassdoor's 2022 Best Places to Work.
Learn more about Pacaso and view listings at Pacaso.com and connect with @PacasoHomes on Facebook, Instagram, LinkedIn and Twitter.
Media Contact:
Chrissy Bruchey
cbruchey@pacaso.com
SOURCE Pacaso
FAQs
Pacaso buys amazing single-family homes in top locations and creates an LLC for each home. Buyers purchase the amount of ownership that meets their needs, starting at one-eighth. Each home has a maximum of eight owners, and when the home has been fully sold, Pacaso does not retain any ownership.
How is Pacaso not a timeshare? ›
You own real estate, not time
One of the most significant differences between a timeshare vs. vacation home is what you actually own. With Pacaso, your share is real property, not simply a block of time — you own a real estate asset.
How does Pacaso homes make money? ›
Pacaso fees and a markup on the property's market value are actually how the company turns a profit. Your co-owner group will be paying for property management in the long run, as with any other high-end vacation home.
How does Pacaso financing work? ›
Financing a Pacaso second home
Buyers can pay for their co-ownership share in a few different ways. You can pay with cash, cryptocurrency, a HELOC or personal line of credit, or special financing. Through our banking partners, you can access competitive loan rates and enjoy a fast and easy application process.
What are the benefits of Pacaso? ›
Picasso jasper is known for its ability to alleviate bone and joint disorders, offering natural relief to those suffering from arthritis, osteoporosis, and similar conditions. It is reputed for its eye benefits, aiding in relieving eye fatigue and preventing vision problems.
Is Pacaso true real estate ownership? ›
Owning a Pacaso is true real estate ownership. You purchase a share in a property-specific LLC. The home is fully managed and designed specifically for co-ownership. Can I finance my purchase?
Is Pacaso making money? ›
SAN FRANCISCO, Dec. 14, 2023 /PRNewswire/ -- Pacaso, the technology-enabled real estate marketplace that helps people buy, co-own, and sell a luxury second home, today announced significant milestones for the year 2023 with cumulative revenue in the Pacaso real estate portfolio surpassing $1 billion.
Can you rent out Pacaso? ›
Pacaso homes are designed solely for the personal use and enjoyment of owners and their personal guests. Rental of Pacaso homes is strictly prohibited. Large events or parties that would cause disruption for the neighborhood are prohibited.
Who are Pacaso competitors? ›
Top 3 Competitors & Alternatives to pacaso.com
The closest competitor to pacaso.com are arrived.com, wesleyfinancialgroup.com and bookinglayer.com. To understand more about pacaso.com and its competitors, sign up for a free account to explore Semrush's Traffic Analytics and Market Explorer tools.
Is Pacaso like a timeshare? ›
With Pacaso co-ownership, you enjoy the benefits of second home ownership without the hassles. Unlike timeshares, a Pacaso is a fully managed vacation home with a property-specific LLC controlled by the two to eight co-owners of the home.
Pacaso offers:
A smaller owner group; instead of up to 52 owners with timeshares, a Pacaso has a maximum of eight. Exclusive use of the home by vetted owners and their guests through an equitable scheduling system, with no third-party rentals allowed. Lower operating costs on items such as property management and ...
What is the unicorn status of Pacaso? ›
Six months after launch, the business scored a $1 billion valuation, record timing in the startup world for achieving coveted unicorn status.
What is the interest rate for Pacaso? ›
We offer interest rates under 5% on select listings. Plus, we facilitate the process, so it's fast and simple.
Who owns Pacaso? ›
In 2014, Several years before Austin Allison came up with the idea for Pacaso, he and his wife bought a second home in Lake Tahoe. Owning a second home was a lifelong dream for Austin, co-founder and CEO of Pacaso, but it was a stretch financially, and challenging to manage.
What is the annual revenue of Pacaso? ›
According to Vacasa's latest financial reports the company's current revenue (TTM ) is $1.11 B. In 2022 the company made a revenue of $1.18 B an increase over the years 2021 revenue that were of $0.88 B. The revenue is the total amount of income that a company generates by the sale of goods or services.
Is Pacaso just a time share? ›
With Pacaso co-ownership, you enjoy the benefits of second home ownership without the hassles. Unlike timeshares, a Pacaso is a fully managed vacation home with a property-specific LLC controlled by the two to eight co-owners of the home.
How is timeshare ownership typically split? ›
Each buyer usually purchases a certain period of time in a particular unit. Timeshares typically divide the property into one- to two-week periods.
How does co-ownership of a vacation house work? ›
What is Vacation Home Co-ownership? Co-ownership of vacation homes is when two or more people own a property together. This type of ownership, also called fractional ownership property ( NOT to be confused with timeshare – more on this later), allows individuals to share the purchase cost and maintenance expenses.
How does ownership share work? ›
The new co-owner-to-be can pay the original owner a lump sum to assume a percentage ownership in the equity (the value of the home, less what the owner owes on it), and the co-owners will share mortgage payments in the same percentage.
