Study: Pacaso co-owned homes outperform traditional luxury homes

In light of the recent 1. It offers affordability and flexibility 2. It might be a better fit for your lifestyle 3. It is a viable investment 4. Co-ownership reduces financial strain 6. It aligns with market data In today’s market, where the affordability of second homes has declined, and the financial commitment feels increasingly daunting, Pacaso offers a practical, luxurious, and flexible alternative. By enabling co-ownership of high-end properties, Pacaso addresses the needs of affluent buyers looking for a second home, making it an ideal investment for those seeking to enjoy a fantastic lifestyle without the full-time responsibility of traditional home ownership.

As we approach our third birthday (cue the confetti) in October, it’s a great time to reflect on the vibrant marketplace we’ve built at Pacaso, starting with resales. Offering owners the flexibility to seamlessly resell their ownership interest, Pacaso simplifies the process by tapping into an established network of eager buyers, providing comprehensive marketing, and a team of dedicated resale experts to streamline the resale journey for all our valued owners. As the leader in second home co-ownership, we have achieved an impressive historical resale gain, surpassing 10% on resale share prices within our 40-destination marketplace. Now, let's dive into the data and explore the top 10 hottest Pacaso resale markets in company history. These are the markets that are seeing the biggest price gain for the resale of their share.  These are Pacaso’s top historical resale destinations  To determine the top resale markets in the Pacaso marketplace, Pacaso analyzed its second home resale transaction historical data. Here are the top 10 destinations that have the largest percentage of increase to date. 1. Hilton Head, South Carolina  2. Telluride, Colorado  Pacaso homes in 3. Napa and Sonoma, California  Pacaso homes in the 4. Breckenridge, Colorado Pacaso historically averages an impressive 20.1% gain on its resale listings in 5. Palm Springs, California and Park City, Utah  Pacaso homes in Recently, a Pacaso owner resold a share of his Indian Wells, California Pacaso home for a share price change of $83,000. He originally bought a 1/8 share for $267,000 and later sold the same share for $350,000. 6. Malibu, California Pacaso’s co-owned second homes resell for an average 17.3% gain in the popular Los Angeles County beach city of Spencer Rascoff, Pacaso co-founder and former Zillow CEO, is a Pacaso owner himself.  He purchased a 1/8 share of a beachside Pacaso home in Malibu that was a resale listing. The home was originally listed at $485,000 and Spencer purchased the resale for $637,500, a $152,500 share price difference. "I had my sights set on this particular home, and I found myself joining the waitlist because eight fortunate buyers got there before me. But let me tell you, it was worth not only that wait but every penny to secure that resold share,” expressed Spencer Rascoff, Pacaso co-founder and former Zillow CEO. “It's truly incredible to witness the vibrancy of our marketplace, with waitlists for certain homes and the demand for Pacaso properties." 7. Fort Lauderdale, Florida Pacaso homes in 8. Jackson, Wyoming Pacaso's co-owned second homes in 9. Newport Beach, California  Pacaso's second homes boast an impressive 15.6% gain in An owner in Newport Beach originally purchased two 1/8 shares in a Newport Beach home nestled along Corona del Mar’s famed Ocean Boulevard for $1,263,000 each. Our dedicated Pacaso resale experts successfully assisted this owner in selling both shares for $1,375,000 each, resulting in an $112,000 gain on the two shares, totaling $224,000. With these equity gains, this owner was able to seamlessly purchase ownership in the newest Pacaso property in the area, " 10. Lake Tahoe, California and Nevada  Pacaso operates on both sides of the California-Nevada state line in Methodology Pacaso identified the top resale destinations by analyzing the company’s resale data since June 2021, identifying the top ten Pacaso markets with the most significant resale appreciation through August 31, 2023, presented in ascending order. 

What is a Pacaso resale? A Pacaso resale occurs when an existing owner sells their ownership interest in a Pacaso home to a new buyer. While this differs from purchasing a new Pacaso share at initial launch, the ownership structure remains the same. All Because of this model, selling a Pacaso share is simpler than selling a traditional home. There’s no need for staging, showings, or home prep, no due diligence period, and no title or escrow process. Ownership is reassigned through the LLC, allowing for faster, more streamlined closings. Resales are a built-in feature of Pacaso’s How does the Pacaso resale process work? What does Pacaso’s role in the resale look like? Pacaso facilitates the resale process by helping source buyers, coordinating marketing efforts, and managing the administrative and legal steps required to complete the transaction. This support significantly reduces the friction typically associated with selling real estate. Owners can list their shares directly through Pacaso's marketplace, where we provide pricing guidance based on current market conditions. Ultimately, each owner sets their own price, similar to a traditional real estate transaction. Pacaso acts as the listing agent within our marketplace, supporting the process and connecting sellers with qualified buyers. Owners also have the option to work with a third-party agent if they prefer. Pacaso is the expert in co-ownership. We know these assets inside and out, from the scheduling and property history to the operating structure, and we process the sale on our own documents. That positions us better than anyone to facilitate the resale of shares in these homes effectively and efficiently for all parties. To ensure transparency, Pacaso maintains separate representation on the listing side and the buy side of every transaction. Our operating agreements make the structure of that relationship clear from the outset, and owners are always free to engage their own independent legal or financial counsel. We encourage them to do so. If any owner has a specific concern about a potential conflict of interest, we would absolutely engage with them on it directly. When multiple shares in the same home are listed, pricing can vary by owner. Buyers have full transparency into all available shares and can choose based on price or preferred calendar availability. As a result, outcomes are driven by a combination of pricing, timing, and buyer demand. How long does a Pacaso resale take? Pacaso homes typically close much faster than traditional home sales.  Factors such as buyer financing and market demand may influence the exact timeline. How has Pacaso resale performed? According to RCLCO’s findings, from 2021 through 2024, shares of Pacaso homes achieved an average Compound Annual Growth Rate (CAGR) of 9.7%—4.7% higher than traditional luxury homes in the same markets. In several luxury destinations, from California to the Carolinas, Pacaso resales have consistently outperformed regional averages. From 2021 through 2024, Pacaso share appreciation exceeded market benchmarks in each destination, with Pacaso resales averaging a 10% overall gain. From inception through the end of 2025, Pacaso has completed over 400 resales. Across those transactions, the average time owned was 2 years, the average time on market was 99 days, and the average resale share price appreciation was 6%. 73% of all over 400 resales appreciated in value. Pacaso shares sell faster and perform better than comparable luxury homes. While the widely cited luxury median of 78 to 89 days on market includes homes starting around $1M+, isolating the $5M to $10M tier where Pacaso homes compete shows 120 to 200+ days as more typical.  What are the fees and costs associated with a Pacaso resale? Compared to traditional real estate, resale-related costs are streamlined. Overall, the Pacaso resale process eliminates many of the unpredictable expenses associated with selling a traditional home. What are tax considerations for Pacaso resales? Selling a Pacaso share may result in capital gains, depending on your individual situation. Because Pacaso resales involve the transfer of an LLC membership interest rather than a traditional deeded sale, tax treatment may differ from a standard home sale. This information is provided for general guidance only. Owners should consult a qualified tax professional to understand how a Pacaso resale may impact their personal tax situation. What are other options for Pacaso owners? If your needs change, selling your entire share isn’t your only option. Owners who find they’re using less time than anticipated can right-size their ownership by selling a portion of their interest. A selldown follows the same process as a resale, allowing you to retain partial ownership while freeing up capital and flexibility. Is Pacaso a good investment? On average, Pacaso homes have appreciated in value, often outperforming traditional luxury homes in their markets. With a built-in resale marketplace and streamlined ownership transfer through the LLC, selling a Pacaso share is faster and simpler than a traditional second home, providing liquidity and flexibility. Beyond potential financial gains, owners enjoy a Pacaso markets its properties as luxury second homes, not as investment vehicles, and we are deliberate about that distinction. Our materials focus on the lifestyle value of co-ownership, access to a high-quality property at a fraction of the cost of sole ownership, rather than projecting financial returns. Real estate values fluctuate, and we don't represent otherwise. We encourage buyers to conduct their own due diligence and consult independent advisors when evaluating their purchase. A flexible, transparent way to sell Pacaso gives owners an exceptional level of flexibility, control, and peace of mind when it comes time to sell. With a built-in marketplace, professional marketing support, and a simplified transaction process, reselling Pacaso shares is designed to be as effortless as ownership itself.

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,

To better understand the precise impact that Pacaso homes and their co-owners have on local communities, we asked the experts at EBP, a trusted economic research firm, to model and estimate the economic impact of Pacaso homes in five top second home destinations across the United States. Here’s what they found. Economic impact: Key findings Download the full report Pacaso homes bring more revenue to local markets “Our study found that Pacaso’s unique approach to housing co-ownership provides multiple benefits for the communities it operates in,” said Glen Weisbrod, Chair of the Board of Directors at EBP. “This includes additional household spending going to local stores and services as well as additional tax revenue, compared with other second homes. We also concluded that in all likelihood, by consolidating multiple owners into luxury homes, Pacaso is providing a new option to second homeowners without disrupting local housing markets.” Due to high demand and low inventory, many destination communities throughout the United States are struggling with high costs for single-family homes. “These results reinforce the problem with second homes today and how Pacaso’s co-ownership model can help,” said Pacaso Co-Founder and CEO Austin Allison. “The average second home sits empty for ten months out of the year, which is a wasteful use of single-family homes in destination communities. Through co-ownership, Pacaso concentrates demand into fewer, high-end homes and, because the homes are occupied eleven months out of the year, the owners spend more at local businesses.” Consolidating demand into top-tier properties Following the shift to work from home, there are higher levels of demand for homes in destination communities. This demand on top of short supply has driven up home prices to unprecedented levels. Instead of eight second home buyers buying eight separate median-priced homes, which drives up prices even further, Pacaso consolidates those eight buyers into just one luxury home, which alleviates pressure at the median-priced tier. At a time when housing affordability is a real concern to many families throughout the country, EBP’s research shows how Pacaso helps reduce competition for primary homes. The study describes the ‘mitigating effect’ that Pacaso has on local housing market dynamics: By offering out-of-town buyers a desirable alternative to buying a single-family home (that would sit empty for most of the year), Pacaso helps concentrate buyer demand into fewer, top-tier homes. A comparison of second home properties by EBP shows that Pacaso homes, which are typically high-end, turnkey properties in sought-after locations, on average cost six times more than the average second home and seven times more than the average year-round home. As a result, the company is unlikely to compete with middle-class or lower-income home buyers in the five markets EBP studied. In other words, Pacaso isn’t in the business of buying or competing for single-family homes or even typical second homes. Co-ownership means year-round use, more support for local businesses The average second home sits empty over 10 months out of the year. By comparison, the average Pacaso home is occupied nearly 90% of the year — almost 11 months. Since the average Pacaso home is occupied more months of the year than other second homes, their owners spend more money in the community. Based on an analysis of data from the Bureau of Labor Statistics on consumer expenditures, Census Bureau Data, and Pacaso home occupancy data, EBP found that Pacaso homes contribute nearly 10x as much to local economic activity than typical second homes. The average Pacaso home generates $48,390 in annual spending compared with a typical second home, benefiting local restaurants, stores and many other businesses. In Colorado, for example, the average second home contributes $4,960 in local spending per year. By contrast, a typical Pacaso home that is occupied almost all year  spends $54,610 in Colorado mountain communities like Telluride or Aspen – more than ten times as much. In practice, that means money spent at ski resorts, local ice rinks or in the local movie theater. People staying in their second homes year-round means more income for local businesses. Pacaso owners make significant tax contributions At Pacaso, we’re sometimes asked if Pacaso owners contribute to local taxes in the destinations in which we operate. The answer is a resounding yes. On top of paying all applicable property taxes, the study by EBP also found that Pacaso owners do more than support local businesses through consumer spending. Across the five markets analyzed, Pacaso owners contributed more local and state tax revenue than a typical second home owner, which benefits important local services such as schools, fire stations and local parks. In the San Francisco Bay Area, which includes top second home destinations like Napa and Sonoma, the average Pacaso home generates an additional $3,710 in state taxes and an additional $1,580 in local sales taxes compared to a typical second home. Methodology The study findings are grounded on a combination of sources including a Pacaso survey of home utilization, along with broader data sources on local real estate prices, household spending and tax rates.

Amidst a continuously fluctuating housing market, Pacaso has been hard at work  solidifying our leading co-ownership platform and upholding our commitment to innovation and exceptional owner experiences. As we dive deeper into the summer. I'm excited to share some recent developments and achievements at Pacaso. 1. June: A month of strong demand June 2023 proved to be a strong month for Pacaso, as we experienced a 59% increase in funded shares over May 2023. The enthusiasm from our community also resulted in year-over-year growth compared to June 2022. These impressive figures reflect our commitment to providing exceptional ownership opportunities and reinforce buyer demand for second homes despite a fluctuating market. 2. Esperanza: The fastest Pacaso to sell out We are proud to share the tremendous success of our Los Cabos listing, Esperanza. All ownership interests for Esperanza were sold during the presale phase before it even hit the marketplace. This achievement not only showcases the allure of international real estate but also demonstrates the growing popularity of co-ownership as a contemporary and sought-after approach to owning a luxury second home. In response to buyer demand, a new three-bedroom 3. Expanding our footprint: Introducing new inventory In response to buyer demand and our ongoing dedication to offering a diverse range of properties, we are thrilled to introduce new inventory in some of the most coveted destinations this summer including Since our launch in October 2020, Pacaso has transformed and streamlined the way people buy and own second homes through our tech-enabled marketplace. Today, we proudly operate in 40 destination communities worldwide. The combined value of Pacaso homes is $1 billion in cumulative revenue, and our community of over 1,500 happy owners has collectively enjoyed over 56,000 cumulative nights in their Pacaso homes. Looking ahead: Current real estate trends What’s going on in the macroeconomic environment and housing market this summer? We'll continue to check in with any new updates, and encourage you to contact us with any questions about a market of interest. Ready to take advantage of this market momentum and start your second home journey? Browse our