The essence of Pacaso Homes’ novel offering is a modernisation of the well-established co-owning of real estate assets. It does so by creating a marketplace that makes buying, owning and selling a luxury second home easy. From curating the best listings in top second-home markets to offering integrated financing and sales from as little as one-eighth up to half-ownership, upscale interior design and professional property management, Pacaso provides owners with all the advantages of having a second home without any of the hassle of it.
After sale, Pacaso manages the property on an on-going basis and enables frictionless resale of the home when instructed to do so. For this, it works together with handpicked agents, in the case of Marbella Solvilla. The company that has broken through in a big way in the USA and other international markets was co-founded by former Zillow executives Austin Allison and Spencer Rascoff, and was the product of their personal experiences with second home ownership. Razor Suleman was since brought on board as President of Pacaso Global, and is now working on expanding the company’s presence and services in Spain as part of his role in building the brand’s global presence.

How It Works

“Buyers shop from a curated set of second home listings on the Pacaso platform,” says Razor. Ownership is sold in shares and financing is available. Pacaso then creates a property S.L. (Sociedad Limitada) for each home, vets the co-owners and arranges everything from the sale to the subsequent outfitting, maintenance and management of the home. “Given that there are 30 million second homes in the US and Europe that are unoccupied for ten to eleven months of the year, Pacaso makes owning a luxurious second home in a top location more affordable, but it also spreads running costs and looks after the property effectively.”

Villa Vida and Villa Pura are the first two luxury villas brought into the market in this way on the Costa del Sol, and they form part of an expansive growth drive across Spain and Europe. “Pacaso Homes are beautifully fitted and maintained, luxury properties in top locations that basically offer five-star deluxe for the price of a four star. We manage and run everything, optimising value as well as convenience for owners.” In the acquisition of its first two properties in Marbella, Pacaso Homes collaborated with Solvilla, and this relationship has now blossomed further.

A Concept With A Bright Future

“Using holiday homes in this far more efficient manner actually promotes sustainability by reducing wastage and it also greatly benefits the local economy,” says Torgeir Wemmestad-Haaland, founding partner and CEO of Solvilla. He sees it as the second home owning concept of the future, and has partnered up with what he refers to as a US ‘unicorn’. His company is now Pacaso’s designated partner in Spain, with a goal to acquire 100 more homes over the next 24 months. Their strict criteria is focused on turnkey properties with a wow factor in prime locations. “Naturally, we will be working with our network of 1500 collaborating agents,” says Torgeir.

The financing and service options inherent in the Pacaso concept will certainly add to its appeal and growth, as buyers realise that they can achieve the same by owning and paying for the share they use rather than owning it fully and renting it out to offset the running costs. “This way, for the money needed to fully possess one property, you can have the pleasure of part-owning several in different locations,” adds Solvilla Commercial Director, Stacy Welch, who believes this is the ideal formula for holiday home ownership. “Not only that, but you can actually buy the proportion of the property that fits your personal needs, and Pacaso manages everything, so you don’t have to worry about a thing. In your absence, the property will be managed and maintained by professional teams, who also provide the service infrastructure when you are here, to ensure you get the optimal enjoyment and use out of your second home with in reality none of the bother. It’s a winning combination!”

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