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More homebuyers turning to fractional ownership

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Everyone knows that the cost of living is high on the Central Coast.

Home prices here may seem unattainable, but we’re a fraction of the way some people are buying a second home to get a slice of paradise. I investigated in detail in.

“Ownership of the second home stays here,” Whitney Curry said. Pakaso Chief Marketing Officer. “As a society, we are changing the way we work and the way we live quite radically. The ability to work from home is more than ever for more people to make primary places and secondary homes. That’s what I want to have. “

Prices are rising, but the desire to own a second or luxury home hasn’t diminished. Especially in popular areas along the Central Coast.

Some buyers are currently looking at split ownership where 6-8 people create an LLC and buy a home together.

That’s where a company called Pacaso comes in. This is to facilitate the sale and management of the property.

“Thanks to Pakaso, we were able to meet that demand and provide a solution that better leverages our existing housing stock through sharing,” Curry said.

Cal Poly graduates have become real estate specialists. Kate HendricksonCall this a creative way to expand the pool of buyers looking for luxury real estate.

“This is not a new concept. Pacaso has adopted it and introduced it to the platform, which streamlines the process, is taken from acquisitions, and streamlines the management of post-acquisition assets. Therefore, it is actually implemented. It’s just been done. I put it in a nice little box, “Hendrickson said.

“Many people want to have villas in Aspen, Tahoe, and even Edna Valley, but they don’t have to spend $ 4 million. This really makes them enter these markets and own beautiful luxury homes. It gives us the opportunity to have the right, “Hendrickson said.

However, not everyone is participating.

Many opponents compare it to some kind of timeshare in their neighborhood.

Bradday began investigating Pakaso when his street house was listed on the site-and helped initiate an effort called. “Stop Pacaso right now.”

“It’s really a” commercialized “housing America. And before you knew it, you lost the sense of that community, and it’s really, really, hard to get back. “

He and his neighbors are now trying to stop their efforts through organized protests. Change.org petition Contact the local government.

“If you’re trying to raise a family, or have a sense of community like this, and if you have one or more homes like revolving doors for people coming in and out, it’s not a community. It’s just a glorious hotel, “Day said.

But Hendrickson takes a different perspective, stating that the industry has a place for this type of business model.

“Pakaso tends to focus on the high demand for second-home homes, and the Central Coast is certainly one of those areas,” said Hendrickson.

“I think the platform shines in these areas where there are no CC & Rs, no restrictions, and no one is affected by this sales,” says Hendrickson.

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