It is the real estate company specialized in the sale of luxury properties in co-ownership model. Pacaso starts its activity in Spain and operates on the Costa del Sol. After extensive investigations, Pacaso concluded that Spain has important destinations for luxury second homes. The climate, the quality of life, the warmth of its people, as well as the existence of a large number of exclusive properties in holiday destinations, are strong reasons for Pacaso to select Spain to start its international expansion.
As it offers the option of owning a second home at a significantly lower market price, this new model of acquiring a vacation home is truly revolutionary. In this way, Pacaso allows the buyer to own a luxury home for much less than the average price of the market in which it operates.
How does it work?
The U.S. company Pacaso buys luxury detached homes in exclusive locations, such as the Costa del Sol, and then markets them on a co-ownership basis. It is the buyers themselves who decide how much of the property they want to buy, depending on their needs, with the minimum being one-eighth. In other words, each home has a maximum of eight owners. Each owner can use their shared home for up to 44 nights per year, with a maximum of 14 days consecutively. The eight co-owners are managed through an internal platform.
Once the co-ownership of one of the exclusive homes is formed, Pacaso creates a Limited Company for each one of them. Thus, each SL is owned by the new co-owners and is the legal framework and manager of the co-ownership. Through it, the corresponding taxes are paid, and the maintenance of the services of the house is managed, the responsibility for which falls on Pacaso in a continuous way. As shareholders of the SL, the co-owners divide the expenses among the eight shares. Once all the shares of the house have been sold to the new co-owners, Pacaso retains no ownership rights in the house.
Pacaso charges an initial service fee of 12%, and an ongoing monthly fee of €199. This fee includes a concierge service, which provides premium services such as restaurant reservations, and other leisure activities such as private dining arrangements, and even a grocery shopping service, among others.
Each Pacaso property is sold fully furnished with professional interior design. The only thing owners need to worry about is showing up and enjoying their new vacation home.
At Selectiva Real Estate we like to be always up to date with the latest trends in the sector, in order to offer a wide range of purchase possibilities to our clients. That is why, through our management, you will be able to access homes managed under this new purchase regime based on co-ownership.
If you are determined to acquire the co-ownership of a specific Pacaso house, our team will take care of the procedures to consolidate the unit of co-ownership of the purchased house.
One of the fundamental objectives of Pacaso’s co-ownership model is to make more efficient use of second homes throughout the year, especially during the low seasons when these properties tend to remain empty, thus maximizing their use.
In addition, this model of buying vacation homes is not only beneficial for the buyers, who save a large percentage on their sale, but also helps local businesses such as restaurants, beach clubs, or cultural centers, among others, to maintain activity during off-holiday periods.
It is estimated that second homes often remain empty for around 10-11 months a year, seriously damaging the local economy. Pacaso’s model contributes to solving this problem in the destinations where it operates: its homes have a 90% utilization rate.
Would you like to learn more about this new system of selling vacation homes? Would you be interested in seeing one of the properties for sale in co-ownership model? Contact us and we will give you all the details.