Unicorn start-up Pacaso seeks to capitalize on surging vacation home prices
Summary
As home prices surge, a real estate start-up launched in October by two former Zillow executives sees opportunity. California-based Pacaso purchases luxury single-family vacation homes and then sells them to groups of buyers through a fractional ownership model as part of an LLC, co-founder and CEO Austin Allison told CNBC on Friday. The company also offers integrated financing, interior design, property management and proprietary scheduling technology services. Vacation home prices surged during the Covid pandemic, reaching an average cost of $468,000 in seasonal towns, according to a report from real estate brokerage Redfin. The demand for these second homes was primarily being driven by affluent professionals who were able to work remotely, Redfin CEO Glenn Kelman told CNBC in October 2020.