Being a Crew member has its benefits – lots of them, in fact

One year ago, Pacaso officially launched its real estate service with a small Crew and a big mission: To enrich lives by making second home ownership possible and enjoyable for more people. Twelve months later, our Crew has grown to over 120 employees, we’ve achieved unicorn status (and then some), and we’re preparing to enter our first global market, Spain. You could say it’s been quite a year!  We owe our success to many people: Our amazing Pacaso owners, who took a chance on a young company and are now living their second home dreams; our investors, who believed in our model and bet on our ability to deliver; and last but not least, our dedicated, talented Crew, who come together every day across 20 states and 5 countries to collaborate and innovate in support of our mission.  Reflecting on our first year, several of our Crew members shared their thoughts about Pacaso’s exciting milestones and how they see our core values in action every day. Here’s what they had to say. Memorable milestones “I'll never forget October 1, 2020 — Launch Day. Our team had an audacious goal of getting 10,000 inquiries our opening month. We received 10,000 inquiries within that first week. It’s exciting to see how many people now believe second home ownership may be possible for them and their families.” “One of the most memorable moments for me was seeing our mission-driven crew come together at our annual retreat. Although we’re an early stage company, it felt like we’d been working together for decades. The creativity, passion and infinite mindset was really apparent in all the incredible ideas exchanged throughout the week. I feel so lucky to be a part of this diverse and collaborative crew!” “The inaugural company retreat was an especially precious time. Never have I experienced such a moment in my professional life where meeting for the first time was so natural. It's all because we're here for a purpose, with heart and hope. It was truly special.” Showing up and living our core values “The Pacaso Crew is like no other team that I've been a part of! Everyone here is always willing to stop what they are doing to help you out or solve a problem. And it's amazing how often Crew members go above and beyond the responsibilities of their roles to reach our goals. It’s all part of our core value of rowing together.” "It’s been really gratifying to build out Pacaso’s team of home managers as we expand into new markets. The core value of 'communicate constantly' is essential to our function, because home managers are interacting with owners every day and then sharing important information back to the rest of the company. One of the best parts of my job is hearing a team member’s excitement when they receive positive feedback from owners. We really get to feel the impact of Pacaso’s mission first hand." “One of our core values is ‘empty the dishwasher,’ and I see that every day. Whatever the challenge, we will get it done! I have made beds, put together cribs, done landscaping and created marketing presentations. ‘That’s not my job’ is not a phrase that exists at Pacaso. Nothing is too big nor too small.”  “Something I love about working at Pacaso is seeing the diversity of associates across the board, especially as we grow globally. It’s a very inclusive workplace, which will help us support our customers globally.”  Looking back, looking ahead Watch our video for more Crew perspectives, company milestones and owner stories. One year in, we're already enriching the lives of families across the country (and across the globe!), and we can't wait to see what comes next.

You’ve decided it’s time for a second home — a private retreat where you can escape, recharge, and make memories with loved ones. But traditional ownership can be overwhelming, with high costs, maintenance, and scheduling challenges. Short-term rentals are often impersonal, and timeshares can feel restrictive. So, how does Pacaso work? Pacaso reimagines second-home ownership through fully managed What is Pacaso? Pacaso, Each Pacaso home is held in a How does Pacaso work? Owning a second home can be expensive and stressful, with unpredictable maintenance and scheduling conflicts. Pacaso simplifies the process by combining true property ownership with Here’s how Pacaso co-ownership works at a glance: One of the most common questions prospective co-owners ask is: what exactly am I paying each month? The short answer is that Pacaso monthly fees cover everything it takes to maintain a luxury second home at the standard you'd expect, and then some.  There are no mystery line items, no surprise invoices. Just a clear, shared cost structure designed to make ownership as effortless as it is worthwhile. Pacaso budgets for each home's operating expenses annually, then breaks the total into 12 monthly payments. Costs are shared among co-owners on a pro rata basis, meaning you pay only for the share you own. Those payments are deposited directly into the property's LLC account, and Pacaso uses the funds to cover expenses as they arise. Every budget is fully customized for the property and grounded in actual spend, not estimates pulled from thin air. Each budget is reviewed and approved by the homeowners themselves before taking effect, so it always reflects the true cost of maintaining the home. And every quarter, expenses are reconciled. If a home comes in under budget, owners receive credits back. Pacaso monthly fees typically cover: Like any real estate market, operating costs for luxury second homes have evolved. Since 2021, the broader cost of owning and operating a second home in the markets where Pacaso operates has risen roughly 40–50% on average, driven by inflation and rising costs for insurance, labor, and services, particularly in high-demand destinations where skilled vendors are harder to source for large luxury properties.  Across the Pacaso portfolio, actual operating expense increases have tracked closer to 30% over that same period, generally in line with, but slightly below, broader market trends. The biggest individual drivers have been rising insurance premiums and property taxes. Insurance in particular has seen steep increases over the past five years, especially in states like California, Florida, and Colorado, where many Pacaso homes are located.  Carriers have exited markets, reduced coverage, and raised premiums across the board for residential properties, a well-documented industry-wide trend that has affected second-home owners everywhere, not just Pacaso co-owners. That said, Pacaso's property insurance costs have stayed essentially flat in the most recent renewals, even against the backdrop of significant industry losses, including those from the Malibu wildfires. This is a direct result of the strength of the Pacaso portfolio and the disciplined way homes are managed. As Pacaso's track record as a proven property manager has grown, that reputation has been reflected in more competitive coverage and pricing. Pacaso owners were already paying market-rate property management costs from day one. What has changed over time is not the total cost of managing a home, but where those fees go.  In Pacaso's early years, management was handled by third-party vendors whose rates varied and increased annually. As Pacaso scaled, it built an in-house property management team covering property management, accounting, legal support, and full home and vendor coordination, replacing those external providers with a consistent, comprehensive service. During the transition, Pacaso's internal fee was kept intentionally low and has since been gradually brought in line with market rates: approximately 20% from 2022–2023, 8% from 2023–2024, and 14% from 2024–2025. These adjustments represent a reallocation of existing costs from variable third-party vendors to Pacaso at consistent, market-rate pricing, not a net increase in what it costs to run your home. Now that the portfolio is fully transitioned, Pacaso has not raised property management fee tiers over the past two years, and the goal going forward is stable, predictable pricing, a meaningful improvement over the variable annual increases owners experienced under third-party management. Monthly owner expenses may be adjusted to reflect real changes in home costs, whether insurance, taxes, or other market-driven increases. When adjustments are necessary, they are communicated proactively, with backup documentation available upon request. Because the budget process requires owner approval on an annual basis, owners see and vote on cost changes directly. There are no surprises hidden in the fine print. Owners also have meaningful input into the significant decisions affecting their home. While Pacaso handles day-to-day property management on behalf of the LLC, major decisions require a vote of the owners, with thresholds that vary depending on the nature of the decision, ranging from a simple majority to unanimous consent.  On the financial side, Pacaso prepares a proposed annual budget and presents it to owners for review, and that budget must be approved by a majority of ownership interests before it takes effect. Owners aren't involved in routine operational matters, which is by design since that's much of the value Pacaso provides, but they retain real governance rights over the decisions that matter most. It's the kind of financial clarity and owner control that's rare in traditional second-home ownership, and one of the reasons co-owning with Pacaso simply makes sense. What makes Pacaso homes special? Pacaso homes are intentionally designed to feel like true retreats — not just places to stay, but places you genuinely look forward to returning to. Every detail is thoughtfully curated to deliver a consistent, high-end ownership experience across locations. Together, these elements create a second-home experience that is polished, predictable, and easy, so owners can focus on enjoying their time rather than managing the property. How do Pacaso alternatives compare? Many buyers unfamiliar with the Pacaso business model ask the same question: is Pacaso a timeshare? The short answer is no. But to fully understand how the Pacaso business model works, it helps to compare it to the most common second-home options available today. By combining true property ownership with professional management, flexible access, and financial transparency, Pacaso homes offer a modern, stress-free alternative to traditional second-home models — without the limitations of rentals or timeshares. Why is Pacaso the smart way to buy a second home? If you’re wondering, “how does Pacaso work for second home buyers?” The answer lies in its modern approach to luxury second-home ownership — one that blends the rewards of owning a vacation home with professional management, flexibility, and peace of mind. Rather than purchasing a second home on your own, Pacaso allows buyers to co-own a luxury property, sharing costs and responsibilities while still enjoying true, deeded ownership. Being a Pacaso owner is about more than just time in a house — it’s about enjoying a vacation home without the work. Owners benefit from: Owning a Pacaso share isn’t just about a property — it’s about creating a personal getaway filled with memories, comfort, and freedom.

If you’re considering a Pacaso purchase, you want to know the bottom line. Buyers who purchase a traditional whole home often have zero insight into both the upfront and long-term costs needed to maintain their home.  Rest assured, we’ve got you covered. When you co-own with Pacaso, you can expect both full transparency and fairness in the costs of buying and operating your home. We make sure buyers understand the cost breakdown from the get-go, so there are no surprises later on. Our structured pricing details the intricacies of managing a luxury home so that owners have a clear understanding of their financial commitment. Beyond showing where these costs are going, we also manage your home, so you don’t have to deal with any of the typical hassles of home ownership. Once you find a Pacaso home you love, a Crew member will walk you through the costs associated with the listing. In the meantime, if you’re trying to understand the whole financial picture, our pricing model covers three main areas: Here’s how we approach each cost area. Determining the share price When you browse Pacaso listings, the sale price you see reflects the cost to purchase 1/8  ownership of the home. If you want more ownership, multiply that price by the number of shares you wish to purchase, up to four (1/2 ownership of the home). We determine the sale price of a share by adding these costs: You'll also find curated listings that waiting to become fully furnished Pacaso homes. We use the same criteria to estimate the share price, but the price may change slightly when the home becomes available for co-ownership. For example, we would determine the exact cost of upgrades once we walked through the home with our design team. Keeping the lights on For many people considering a second home purchase, one of the biggest downsides is the burden of owning another property. If you only expect to use your second home a few weeks or months a year, you are likely renting it out or struggling to find reliable local vendors to help with maintenance issues — especially if problems arise while you’re away from the property. When you co-own with Pacaso, you share the cost of maintenance and property management with the other co-owners instead of fronting the bill by yourself as with a traditional whole home. A key benefit of Pacaso is that we relieve you of the hassles of a second home by Because we do this legwork for you and other co-owners, you can always expect your Pacaso experience to be cost-effective, transparent and stress-free.  Monthly costs To get a detailed picture of ongoing costs, we budget for owner expenses annually and break the total into 12 monthly payments. Costs are shared between owners pro rata, based on the number of shares they own. Monthly payments are deposited into the LLC account, and Pacaso uses the funds to cover expenses as needed. Monthly expenses include: Monthly owner expenses may change as needed to cover any increases in the actual costs of the home, such as insurance, taxes or other increased rates. Adjustments are made quarterly, and all cost statements are proactively communicated to owners and backup documentation is available upon request.   Turnover services To make sure the home is always stay-ready for the next owner, we also charge an individual turnover fee after each stay to cover cleaning, home essentials replenishment, inventory assessment and light functionality checks. Providing a hassle-free ownership experience Pacaso is not only committed to providing a stress-free ownership experience, but also to giving you a detailed picture of your bottom line so you know exactly where your money is going. We believe that transparency and meticulous management are the keys to making your second home ownership dreams a reality. With Pacaso, you can truly focus on what matters most: Enjoying your beautiful second home and creating lasting memories.

Thinking about a second home, but hesitating because of the math, the upkeep, and the “is co-ownership worth it?” questions?  With fluctuating interest rates, rising insurance and maintenance costs, and the general hassle of owning a property far from your primary residence, The catch is that a lot of people are still evaluating co-ownership through old, misleading mental models: random strangers, timeshare rules, rigid weeks, complicated logistics, and messy exits. That’s not how modern co-ownership works, and it’s definitely not Myth #1: “Co-ownership means sharing your homes with random people.” This isn’t an open-door situation; it’s a limited set of co-owners who each have a real stake in the property. And because everyone owns, the incentives are aligned: owners treat the home like an asset and a retreat, not a revolving rental. Want to see what that looks like in real life? Myth #2: “This is basically a nice timeshare.” The comparison between With Pacaso, each co-owner holds a When it comes time to sell, owners can list their interest on the open market rather than being limited to selling back to a resort company at unfavorable buyback terms. There are no points systems, no resort affiliations, and no sprawling fee structures disconnected from the actual costs of running that specific home. The proof is in the structure itself, and any prospective buyer who wants to understand the legal and practical distinctions in detail is welcome to walk through them with our team. Myth #3: “You’re stuck with fixed weeks every year.” Pacaso is built for real life — plans change, calendars shift, and flexibility matters. Owners use our proprietary Myth #4: “Home management sounds difficult with multiple owners.” You show up to a well-kept, ready-to-enjoy home. When you leave, you’re not stuck coordinating vendors, troubleshooting issues, or worrying about whether the place is being cared for properly. Part of what makes that possible is thoughtful design. Pacaso's co-ownership model is built for people who want the experience of a second home without the complexity of managing shared relationships directly. Most owners choose Pacaso precisely because they value privacy and prefer not to coordinate with co-owners on day-to-day matters, and the model is structured to make that the default. That said, hands-off doesn't mean left out. While Pacaso handles the day-to-day so owners never have to, the decisions that genuinely matter require owner input. Major choices go to a vote, with approval thresholds that scale with the significance of the decision, from a simple majority to unanimous consent.  On the financial side, owners review and must approve the annual budget before it takes effect. It's a structure designed to give owners exactly the right level of involvement: none of the operational headaches, and all of the meaningful control. Myth #5: “Co-ownership can be messy. What happens when someone wants out?” Selling is straightforward. Owners list their shares directly through Pacaso's marketplace, where we provide pricing guidance based on current market conditions; though each owner ultimately sets their own price, just as they would in a traditional real estate transaction.  Pacaso acts as the listing agent, supporting the process and connecting sellers with qualified buyers. When multiple shares in the same home are listed simultaneously, pricing can vary by owner. Buyers have full transparency into all available shares and can choose based on price or preferred calendar availability, so outcomes are driven by a combination of pricing, timing, and buyer demand. The numbers tell a compelling story. Across several hundred resales since inception, Pacaso shares have averaged 99 days on market, a meaningful advantage when you consider that luxury homes in the $5–10M range (the tier most comparable to Pacaso's portfolio) typically take 120–200+ days to sell, with significant variation by market.  Research from the Concierge Auctions 2025 Luxury Home Index found that ultra-luxury homes take roughly four times longer to sell than the average home, and that properties sitting beyond 180 days tend to close at around 20% below their original listing price.  Pacaso shares, by contrast, have averaged 6% price appreciation at resale, with 73% of all completed resales closing above the original purchase price.  That said, Pacaso markets its properties as luxury second homes, not investment vehicles, and we are deliberate about that distinction. Real estate values fluctuate, and we don't represent otherwise. The primary value of co-ownership is access to a high-quality property at a fraction of the cost of sole ownership, and we encourage buyers to conduct their own due diligence and consult independent advisors when evaluating a purchase. So, is Pacaso worth it? How Pacaso simplifies co-ownership Pacaso owners get the second-home lifestyle without the traditional second-home hassle. Instead of “booking weeks” or rolling the dice on vacation rentals, they build real ownership in a luxury home, alongside a small group of co-owners and a scheduling system designed for flexibility. Unlike Our focus has been on improving the fundamentals of the business: driving more efficient sales, maintaining disciplined inventory levels, and expanding our resale marketplace to enhance liquidity and long-term owner value.  We continue to see strong demand across both domestic and international markets, and we're scaling in a way that balances growth with financial discipline. As a Regulation A reporting company, we provide detailed financials through our public filings, and we're committed to ensuring all investors have equal access to information. If you want a place that feels like yours (because it is), with the freedom to use it throughout the year and the confidence that everything is taken care of, co-ownership through Pacaso is the easiest path. If you’re ready to take the smarter path to second-home ownership,

Communities across the U.S. are experiencing troubling housing inventory shortages, and this problem has only intensified over the past year — particularly in second home communities. Buyer This supply and demand imbalance is understandably frustrating for local residents in search of affordable, moderately priced homes. It also creates a challenge for aspiring second home buyers hoping to unlock the dream of second home ownership and secure a higher-end home in these desirable communities.  Enter Pacaso.  Pacaso launched in October 2020 with a mission to make second home ownership possible for more people. Our fully managed co-ownership model is helping a broader pool of aspiring second home buyers purchase real estate in a second home community for ⅛ the price and enjoy the home throughout the year.  Because a fully managed co-ownership model is new to many people, we often encounter questions and misconceptions from neighbors and local community members about the potential impacts to their community.  To shed light on these misperceptions, here are common myths about Pacaso — and the reality behind our model and owners. Myth: Pacaso is a timeshare While Pacaso’s fully managed co-ownership service is new, “DIY” co-ownership is not. It’s common for groups of friends or family members to buy a second home together. While feasible, self-organized co-ownership can be a hassle to set up and manage on an ongoing basis. Myth: Pacaso will drive up home prices and take away homes needed by the local workforce Pacaso helps preserve affordable and middle-tier inventory by enabling eight aspiring buyers to instead co-own a single second home. Now, instead of applying their original budget to a lower priced whole home, Pacaso buyers can co-own a home at a higher price point. This redirects buyers toward luxury, above-median homes and consolidates buyer demand. Said another way, each Pacaso home removes eight second home buyers from the market as active shoppers. This reduces overall competition in the market, creating opportunities for local buyers shopping in for moderately priced homes. Austin Allison, Pacaso co-founder and CEO, explains Pacaso's positive impact on local housing markets. Myth: Pacaso’s math doesn’t make sense — cumulative shares add up to more than the whole home price Myth: Pacaso owners will negatively impact my local community Pacaso also supports greater diversity in the community by lowering the barriers to second home ownership. We’re proud that 25% of Pacaso’s owners are nonwhite or identify as LGBTQ+, and many owners are families who are now able to enjoy second home ownership for the first time. Myth: A Pacaso in my neighborhood will be disruptive   Myth:  Pacaso homes are the same as short-term rentals Community perspectives Here’s what local community members are saying about Pacaso’s positive impacts:  — — — —

When you’re traveling, where you Enter another option: a Pacaso second home. Here’s why co-owning a second home is a better option for your vacations than a The unexpected value of a Pacaso People have compared Pacaso to a hotel, Airbnb or a While Pacaso offers a unique form of co-ownership through an LLC, traditional co-ownership models like But it's not just about these practical advantages. A Pacaso offers valuable benefits that can only be experienced as an owner. Here’s what our owners have to say.   1. You can just show up and enjoy your home While hotels and short-term rentals can vary widely in quality, you can expect your Pacaso to be fully appointed and pristine — every time you return. Your home is taken care of by a 2. It’s easy to host your favorite people Making memories with friends and family is one of the most life-enriching parts of a vacation. And with your Pacaso, it’s easy to do just that. From outdoor kitchens and al fresco gathering spaces to open grand rooms and game rooms, Pacaso has the space, features and details to help the ones you love feel comfortable and enjoy quality time together.  — 3. You have the whole place to yourself (and your guests!) At your Pacaso, you always have the whole space to yourself. Your home belongs to you. Our homes feature large gathering spaces, and many also have spacious outdoor areas, patios, balconies and decks. Whether you want to relax, work from home or throw a celebration, you’ll have plenty of space for your whole crew. And it’s not just about space — unlike hotels and Airbnbs, all your guests are welcome at your Pacaso (even your dog!).  — 4. You get to live like a local When you own a Pacaso, you become part of a community. You’re not bouncing through different hotels, homes and places — you return to a neighborhood where every aspect is familiar, from your favorite place for breakfast to local museums. Being able to call a place you know and love home makes for a seamless (and special) vacation every time.  5. You won’t have to stress about your vacation Staying at your own Pacaso offers a different experience from the typical vacation. Rather than having to plan things to do and places to eat at, you have all the — 6. You have all the conveniences of home When you come to your Pacaso, there’s no need to pack the small things. Bathrooms are stocked with towels, hair dryers, a scale, magnifying mirror and basic toiletries. Your home has high-speed WiFi and 7. Every detail is luxurious One of the standout things about owning a Pacaso is having luxurious touches throughout your home, allowing you to vacation in style. In addition to our standard amenities and features, you’ll find high quality linens, Turkish towels, premium kitchen products (including Cuisinart, Le Creuset, Ninja and more), porcelain tableware and a Peloton in select homes. These are the small details that make your vacation special.  — Vacations (and memories) made better When you co-own a Pacaso, you enjoy hassle-free time at a place that feels like your home (because it is). You have the amenities and convenient experiences of a hotel, the wow factor of a luxury Airbnb, and the space and privacy of a vacation home — plus, all the benefits of home ownership. This is what sets Pacaso apart.  Ready to shift into vacation mode and start making lifelong memories? Check out our