Owning a Luxury Second Home Just Got a Whole Lot Easier
A timeshare this ain’t. A new way to vacation it very much is.
In partnership with Pacaso
If the past year has taught us anything, it’s the value of getting away — having an escape from our regular living situation to unplug or work remotely has proven très désirable, and recent studies show that Americans’ interest in second home ownership has skyrocketed.
However, the cost and responsibility of maintaining a second home — particularly one in a marquee location — present a significant barrier to entry, especially when one considers the fact that a vacation property typically sits vacant for an overwhelming portion of the year.
Enter Pacaso, a new real-estate concern co-founded by a former Zillow exec looking to upend the second home game via fully managed co-ownership of drop-dead gorgeous properties across the country.
Simply put, Pacaso purchases a luxury home in a place like Aspen, Lake Tahoe or West Palm Beach and then sets up an LLC and sells ownership in one-eighth shares. Each share translates to about six weeks of use per year, and Pacaso manages the property on behalf of the owners to take care of everything from insurance to bill payments to mowing the lawn to cleaning the home after each use and taking care of any necessary repairs.
Right about here is where you’re likely saying to yourself, “Hold on, are you trying to sell me a timeshare?” Understandable, considering we’re discussing a partial share of a vacation property. But a timeshare Pacaso very much ain’t. First, we’re talking one-of-a-kind single-family homes, not a hotel or condo unit. More importantly, a share in a Pacaso property is a true real-estate asset — the share is actual property, not just “right to use” time. Furthermore, with ownership groups limited to eight parties, use of the property is flexible and not locked into a specific time each year.
Long story short, you truly own one-eighth of the home, and because you’re sharing the load with seven other owners, you’re able to kick your feet up in absolutely top-shelf digs (more on that in a moment) for the same price as a moderately priced whole home. And because Pacaso is managing the property, you’re able to do it without the typical hassles of second-home ownership. Win-win.
As for scheduling (our other big question when we first heard about Pacaso), it’s actually super simple — each share equates to about 44 nights a year, and Pacaso’s app features a SmartStay™️ reservation system that makes scheduling easy, flexible and equitable. Owners can see availability in real time and book both “general” stays a ways out or “short-notice” stays for quick getaways. Each owner also gets a “special date” request each year for holidays like 4th of July and Christmas, ensuring that everyone gets their turn over time.
As for the homes themselves, Pacaso carefully chooses truly exceptional properties in some of the most sought-after destinations in the country, and then brings in a team of crack interior designers to take care of all the furnishings, art and amenities. Since seeing is believing, however, we figured we’d go ahead and spotlight a few of our favorite Pacaso properties — read on and decide which best suits your vacation aspirations.
Palm Springs, CA
5 Beds | 7 Baths | 5,073 sq. feet
With a waterfall pool, hot tub, private tennis, putting green and stunning views of the San Jacinto Mountains, this one-acre walled estate in Old Las Palmas is the ideal spot to escape for some fun in the sun with family and friends.
Mountain Village, CO
6 Beds | 7 Baths | 5,325 sq. feet
Situated on just a two minute walk from the Telluride Ski Resort Mountain Village gondola station, this hillside beauty is chockablock full of rustic charm with chalet-style interiors, a gourmet kitchen, cozy media space with a wet bar for apres ski entertainment, jetted hot tub and, of course, breathtaking views of the surrounding Rockies.
Lake Tahoe, CA
4 Beds | 3 Baths | 3,204 sq. feet
Choosing between lake and mountains is 100% unnecessary at this #lodgelife marvel on Lake Tahoe’s western shore — in addition to the jaw-dropping panoramic view from the expansive patio, the house features multiple stone hearths for roaring fires, warm exposed beams and hardwood floors, and a pool table for those few times when you want to keep the entertainment indoors.
3 Beds | 5 Baths | 3,084 sq. feet
Perched atop a gentle knoll on a six-acre property dotted with olive trees, this three-story estate boasts 20+ foot ceilings, sprawling, European-style interiors, a full wine cellar, and copious deck space to soak in views of the surrounding valley’s gorgeous rolling terrain.
4 Beds | 5 Baths | 5,496 sq. feet
Perched above a gorgeous stretch of sand with nothing between you and the Pacific but salty sea air, this waterfront stunner is located in a highly coveted cove and features limestone fireplace, French oak floors, private steps straight to the beach below and floor-to-ceiling glass framing vistas that stretch all the way from Palos Verdes to Point Dume.
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