Have you always wanted to own a trophy vacation property, but the headache of upkeep and the cost of the vacant days (not to mention the overall price) change your mind? A new service called Pacaso may have a win/win solution for you.
Pacaso is a new concept of real estate, founded by Austin Allison and Spencer Rascoff, both former Zillow executives. It is based in California, however operates throughout the United States in areas that have high-end homes in vacation markets.
The way that it works is Pacaso will purchase a trophy property and the sells it to groups of investors with a fractional ownership model as part of an LLC. Each of the shares includes the investors’ share of the purchase price, any necessary upgrades, closing costs, and a Pacaso service fee. Each of the co-owners has access to the property for 44 nights per year, booked through Pacaso’s scheduling program. When visiting the property, it is fully furnished, stocked and cleaned prior to arrival.
As an example of a Pacaso deal, the home photographed here recently closed for $15 million in Malibu. It amasses 12,500 interior square feet, 7 bedrooms and 11 bathrooms on a 2-acre lot. That’s an awful lot of keep-up for a home you will only use several weeks per year, even if it is located just minutes from Escondido Beach and is perched on a hill along the Pacific Coast Highway. A fractional ownership of this home is offered for $2.2 million.
The compound is secured by private gates lined with palm trees, and mature olive and fruit trees. It has 30-foot ceilings, a spacious gourmet kitchen with Sub-Zero and Viking appliances, and Caeserstone quartz on the counters. Upstairs, the massive main suite boasts a sitting room, fireplace, dressing room, private balcony and of course, an ocean view. The main bath has a private sauna, spa-like shower and bathtub. Also indoors, the home has a movie theater fit for a Hollywood producer, wet bar, wine cellar and a game room for the youngsters.
Outdoors, the grounds are lushly landscaped by Brown and Associates. The pool and spa are surrounded by a sun deck, sand volleyball court, walking paths, fire pit, and outdoor kitchen. The guest house has also been remodeled and has its own full kitchen. The home really is a retreat in and of itself. Just see for yourself in the photos below!
If you would like to review the details on this Pacaso property or learn more about other properties in their nationwide stable of options, we are happy to assist you. For more info, please reach out to Richard at richard@thelombarigroup.com or (310) 903-6509. We look forward to serving you.
