Second home co-ownership platform Pacaso has announced in a press release sent to Inman the start of operations in the Florida Keys.
The company has acquired a five-bedroom, three-and-a-half bathroom home in Islamorada on Lower Matecumbe Key, about halfway between the mainland and Key West, 100 miles from Miami.
The property will be under the guidance of Pacaso’s Miami-Ft. Lauderdale based team, which will be expanded to incorporate service providers in proximity to the address.
In addition to hiring at least eight local industry vendors in each market to serve its clients properties, Pacaso partners with any interested agents and brokers with second home buyers enticed by the unique ownership model.
“Real estate agents representing buyers who purchase a share of a Pacaso home receive a 3 percent referral commission, in addition to 500 RSUs (restricted stock units) of Pacaso stock as a referral equity bonus,” according to a press release.
The company was the brainchild of Zillow executives Austin Allison and Spencer Rascoff. It was developed to assist those seeking a more convenient way to own a second home.
“We’re thrilled to be expanding our South Florida presence into the Keys and empowering more second home buyers to own a slice of this coastal haven,” said Pacaso CEO and co-founder, Austin Allison. “Our service helps make more efficient use of available housing stock by creating new inventory, allowing a small group of families to become part of a community as unique as the Florida Keys through co-ownership of a luxury home.”
Properties bought by Pacaso are divided into a number of shares and sold at an appropriate cost with a number of included services, such as ongoing maintenance, interior design and an app to help manage use schedules. Aspiring buyers can purchase as much as a half or as little as an eighth.
Pacaso recently launched services in Europe by purchasing a home in Marbella, Spain, and its most recent domestic property was acquired in Santa Barbara, CA.
The Florida Keys is a worldwide vacation destination and offers residents a unique combination of remote living and Caribbean-like lifestyle. Many of its full-time resident communities are shielded from tourist corridors with easy access to coastal waterways and secluded beaches.