First City in California to Recognize Pacaso's Innovative
Co-ownership Model
PALM
SPRINGS, Calif., July 26,
2024 /PRNewswire/ -- Pacaso, the leading real
estate marketplace for co-owned luxury vacation homes, celebrates a
significant milestone with the passage of a new ordinance by the
Palm Springs City Council. This is the first city in California to affirmatively recognize and
regulate co-owned homes, ensuring they are thoughtfully integrated
into the community.
"We are grateful to the Palm Springs City Council for being such
great partners and recognizing the value of co-ownership," said
Pacaso CEO and Co-Founder Austin
Allison. "This milestone sets a precedent for other cities
in California. Co-ownership has
been a pathway to homeownership for families for generations and is
an ever-growing practice that plays an important role in addressing
housing supply and affordability issues."
Co-ownership, up more than 20% year-over-year, is being embraced
as the future of second home ownership. By consolidating home
buyers into fewer luxury homes, Pacaso is relieving the pressure of
second home demand and unlocking benefits for buyers, owners, and
communities. In addition to lowering ownership costs and hassles,
Pacaso homes have an almost 90% occupancy rate compared to 11% for
traditional second homes.
"The families who decide to purchase a home together through the
Pacaso marketplace have an owner's mindset. They are committed to
taking care of their home, their property, and their community,"
continued Allison.
All Pacaso owners follow a Good Neighbor policy, emphasizing
conscientious ownership and respect for the community. The
Palm Springs ordinance outlines
clear rules and penalties for violations designed to protect the
neighborhood's quality of life. Pacaso supports the inclusion of
these provisions and requires its owners to adhere to both the
adopted ordinance and Pacaso's own Good Neighbor policies.
Together, Pacaso owners protect and enhance the experience of their
fellow owners and the local community.
Pacaso is also committed to supporting local communities by
creating job opportunities and collaborating with neighborhood
businesses.
"My wife and I are committed to creating a secure household
while also providing job opportunities for my parents. When COVID
hit, we dedicated countless hours to build our family business,
Luxury Carpet Cleaning," said Moises
Chaidez. "Thanks to Pacaso, we found the financial stability
we needed. Today's announcement allows us to continue our work with
Pacaso in Palm Springs, hire
locally, and give back to our neighborhood."
For more information, please visit Pacaso.com.
About Pacaso
Co-founded by Austin Allison and
Spencer Rascoff in 2020,
Pacaso® is a technology-enabled marketplace that
modernizes real estate co-ownership to make buying, owning, and
selling a vacation home possible and enjoyable for more people.
Pacaso curates luxury listings with premium amenities and high-end
contemporary interior design, offers integrated financing, and,
after purchase, professionally manages the home and supports
seamless resale. Pacaso offers DIY services for real estate
co-owners.
Find out about Pacaso's community efforts by visiting
https://www.pacaso.com/communities
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SOURCE Pacaso