Second home solution Pacaso has a stake in a new luxury six-bedroom home along Florida’s highly sought-after 30A corridor.
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The Rosemary Beach community in the Florida Panhandle is the latest market for second home solution Pacaso, which provides a co-ownership platform that makes vacation homes more accessible. ⅛ Shares are priced at $840,000, and the latest opportunity also marks the company’s first joint venture with a dedicated homewares partner, Serena and Lilyaccording to a press release sent to Inman.
Rosemary Beach is located approximately equidistant between Fort Walton Beach and Panama City, along Florida’s “30A,” a tourism department term referring to the state’s highway route that has become a luxury An increasingly sought-after location for property owners.this Six-bedroom, six-and-a-half-bathroom home Located on Belize Lane, the property spans over 3,500 square feet and includes a detached two-story carriage house. Built in 2005, the home reflects an older beach house aesthetic with a Craftsman theme and timeless design from the Deep South.
Pacasso’s model is designed to lower the entry point for those who can afford to explore such lifestyle choices. The company essentially modernized the concept of fractional ownership by combining a technology-enabled customer experience with the reality of regular occupancy. This has resulted in fewer vacant homes, the hiring of more local vendors, and a more active secondary home market in the communities in which it operates. Pacasso also stressed the importance of working with local real estate agents and paying them accordingly.
The company was founded by Austin Allison and Spencer Rascoff. Allison created the transaction management system Dotloop, which was acquired by Zillow, which Rascoff co-founded. It’s not like the two don’t know how to make innovative real estate companies work. Allison serves as Pacasso’s chief executive.
Pacasso has traditionally relied on local management partners to create interior experiences for its residences. However, senior interior designer Lauren Farrell says the home evokes Serena & Lily’s “effortlessly chic coastal aesthetic.”
“Its high-quality work will stand the test of time,” Farrell said. “Together we have curated pieces that allow homeowners to truly relax, kick off their shoes and create a home that feels alive.”
Pacasso now offers a resale market for its co-owned homes as early owners look to upgrade or exit the model entirely, or even slightly change its positioning to become a company that helps “people buy, co-own and sell vacation homes.” . “
Marnie Blanco, the company’s senior vice president of industry relations, spoke with Inman earlier this year about Pacaso’s very clear goals for continued growth, citing its expansion into resale.
“A lot of our homes are resale, so they are current owners in Pacasso who are reselling some of their homes and we can do affordable mortgages on those homes as well. Right now, as the mortgage crisis continues , it’s very attractive, not only to agents because they can extend it to clients, but also to buyers,” she said.
The company is currently forming what it calls the Pacaso community internally.
“We have one in Washington, we bought a couple of houses there, and it’s almost going to become a little bit like the Pacasaw neighborhood, for lack of a better word, and we have a couple of Pacasaw homes there, all in The same community,” Blanco said. “We’re doing that in California and looking east. So I think 2024 will be a year of various expansions for Pacaso.”
Pacaso’s second home portfolio extends beyond domestic borders and currently includes homes in Paris; Marbella, Spain; Los Cabos, Mexico, and London.
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