1. June: A month of strong demandJune 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 outWe 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 Los Cabos home will soon be available on the Pacaso marketplace. This 3,595-square-foot-home, to be expertly designed by our in-house design team, is located on the ground floor of Las Ventanas, a Rosewood Resort, giving Pacaso owners direct access to the resort’s exceptional amenities.
Pacaso listing: Esperanza — Cabo San Lucas | $450,000 for 1/8 ownership (estimated)
3. Expanding our footprint: Introducing new inventoryIn 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 Home Run and Majestic in Lake Tahoe, West District in Jackson, a forthcoming home in Vail, and Southern California homes Pacific Place and Desert Ridge in the greater Newport Beach and Palm Springs areas.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.
Pacaso listing: Home Run — Truckee, CA | From $487,000 for 1/8 ownership
Looking ahead: Current real estate trendsWhat’s going on in the macroeconomic environment and housing market this summer?
- Recession unlikely: Goldman Sachs recently published a report sharing that the probability of US recession in the next year has fallen to 20%
- Pending home sales are stronger than 2021: As reported by Redfin, seasonally adjusted pending home sales rose 1.9% from a month earlier in June to the highest level since fall, representing the largest monthly increase since October 2021.
- Demand rebounds home prices: Black Knight reported that home prices rose a seasonally-adjusted 0.7% from the previous month, rebounding from a pullback in the second half of last year when a steep rise in mortgage rates cooled demand.