One startup is rewriting the rules of luxury real estate. Pacaso, the brainchild of former Zillow executives Austin Allison and Spencer Rascoff, has created a modern model for second home ownership — one that promises all the prestige, none of the upkeep, and a fraction of the investment.
Launched in late 2020, Pacaso is not a timeshare. Nor is it a rental. It’s a real estate technology company pioneering co-ownership. A streamlined model that allows individuals to collectively own luxury vacation homes through an LLC.
Each buyer purchases a share, typically 1/8 to 1/2 of a high-end property, unlocking weeks of use annually along with a genuine equity stake. Think oceanfront estates, ski-in chalets, and vineyard-view retreats at a price point once out of reach.
“More than 10 years ago, my wife and I became second homeowners in Lake Tahoe. We realized how fortunate we were to have a place for our family and friends to gather and create lasting memories,” says co-founder and CEO Austin Allison.
“This moment, and years of experience in the real estate industry, sparked the vision for Pacaso: to make the joy of vacation home ownership accessible to more families, allowing them to optimize their lives for meaningful experiences with loved ones.”
Luxury, Simplified
For owners, the appeal lies in more than just the address. Pacaso’s SmartStay scheduling system balances fairness and flexibility, while their fully managed service handles everything from cleaning and landscaping to utility bills and repairs. It’s lock-and-leave simplicity, with resort-style service.
A 1/8 share equates to about 44 nights a year, with usage spread across seasons. Unlike vacation rentals, Pacaso homes are curated with design-forward furnishings, high-speed Wi-Fi, and stocked essentials, meant to feel like your own residence from the moment you walk in.
Owners can also sell their share after 12 months, and Pacaso reports that resale values have appreciated on average, often exceeding 10%, depending on the market.
From Napa to Marbella: A Global Footprint
With properties in over 40 premier markets, from Malibu to the Mexican coast, London and Paris to the Colorado Rockies, Pacaso is targeting not just where people vacation, but where they truly want to live, even part-time.
In Napa Valley, buyers can co-own a $5 million vineyard estate for under $700K. In Aspen, that ski-in dream home becomes feasible for a fraction of the full cost. International markets are also part of the expansion, with new homes now available in London and Paris.
“Pacaso recently launched three new European homes, Kings Yard Penthouse and Ebury Street in London, and Beaux Arts in Paris, following the sellout of our first Parisian home, which was the fastest Pacaso property to sell out in 2024,” says Austin Allison.
While Pacaso has faced criticism in some communities, often from concerns over increased foot traffic or transient use, the reality is far from a revolving door. Unlike short-term rentals, Pacaso homes are co-owned by a small group of vetted buyers who use the property as a true second home. The result is a quieter, more consistent presence, more in line with residential living than vacation turnover.
From House to Pacaso
When Pacaso “Pacasos” a home, it’s more than a real estate transaction; it’s a metamorphosis. The company begins by hand-selecting a high-demand luxury property, often an architectural gem in a coveted location.
Then they set about elevating it to a new echelon of style and comfort. They transform every inch of the residence with meticulous attention to detail: refreshing the layout if needed, updating finishes and fixtures, and appointing each room with bespoke furnishings and artwork.
Not a single detail is overlooked, from state-of-the-art appliances in the chef’s kitchen to plush linens in the sunlit bedrooms. By the time Pacaso’s designers and craftspeople are finished, an already desirable house emerges as a fully curated, turnkey second home — one that exudes both the charm of its locale and the polished luxury of a five-star retreat.
The Future of Luxury Living?
Pacaso’s model may very well be a sign of the times. With fractional jet ownership and luxury clubs on the rise, shared access is no longer a compromise; it’s a strategy.
For many, Pacaso offers the best of both worlds: a genuine stake in a multimillion-dollar home and the freedom to enjoy it without the full-time burdens. In the process, it’s redefining not just how we buy homes, but how we live in them.
Because sometimes, owning less means living more.