If you’re not sick of hearing about them already, you will be soon… MARBELLA is POSITIVELY BUZZING with the arrival of US co-ownership firm Pacaso.
What at first might be reminiscent of a posh reinvention of timeshare …the CEO explains the differences in this interview here
SO THIS IS THE STORY SO FAR:
Pacaso, which is valued at in excess of $1.5 billion and which recently announced $125 million Series C funding round led by SoftBank, has formally entered Europe – via Marbella.
According to Inman: “Pacaso is planning a rapid overseas expansion. Like it does domestically, the company hires a number of local service providers to tend to the homes they buy and sell in parts to eight individual buyers. Each home exists in a stand-alone SL, and revenue is generated from a 12 percent fee that covers ongoing management, LLC setup and buyer acquisition.
SO WTF IS IT?
People who want to buy a luxury holiday home in Marbella can now buy one at 1/8th of the cost by sharing ownership of the property with 8 others.
This co-ownership model was devised by co-founders Austin Allison and former Zillow CEO, Spencer Rascoff.
WHAT’S IN IT FOR AGENTS?
Agents who partner with Pacaso to sell SL shares can earn a 4% commission.
Think about it, you can now sell the same villa 8 times!
Which is somewhat handy for the likes of Solvilla because modern key-ready prime properties in key locations in Marbella are running low…
AS IT HAPPENS…
Torgeir Wemmestad-Haaland, founder and CEO of broker and developer Solvilla – Property Developers & Advisors , has entered into an agreement to partner with Pacaso.
The usually reserved Torgeir said: “…I knew it would be a particularly great fit for Marbella, one of the top second-home destinations in Europe,” according to a press release (link in comments below).
In a post earlier today well-known Marbella agent Sean Woolley the MD of Cloud Nine Spain echoed Torgeir’s confidence: “I think their co-ownership business model, which is already successful in the US, is going to do really well here…”
“The response we’ve had from the real estate and business community in Marbella has been amazing,” said President of Pacaso Global Razor Suleman . “Every Pacaso property is sold fully furnished with professional interior design, and with Pacaso as the property manager, owners can simply show up and enjoy their new holiday home.”
Surely the high-end agencies (and buyers) will suffer? Their buyers can afford their own property. Or am I missing something? The already low stocks of decent high properties will now be accessible to buyers in the mid-range, mass market.
There you go. Let me know if I’ve not understood it right. I’d love to know what you all think…
More to follow, no doubt