Pacaso, a technology-enabled real estate marketplace that helps people buy and co-own a luxury second home, has expanded its service to Maui.
According to the company, Pacaso offers buyers the chance to co-own a quarter to one-half of a second home on Maui that has a whole value of $4 million or more.
In an announcement, Pacaso said it acquires existing contemporary homes with a whole-home value four times the median home value on the island, and does not build homes. The company has started hiring a regional team and is working with a variety of local businesses to support its operations on the Valley Isle.
“Maui is bursting with rich Hawaiian traditions and culture, world-famous beaches, and dramatic sunsets, and many people dream of owning a second home here,” Pacaso CEO and co-founder Austin Allison said in a statement. “We could not be more excited to make that dream a reality for more people by giving families the life-enriching opportunity to become part of this special community with our co-ownership model. Pacaso is focused on helping people purchase an existing, luxury home four or more times the destination’s median home value. Our homes are occupied almost 90% of the year, and we look forward to having Pacaso owners contribute to the local economy and take part in the community year-round.”
Pacaso’s first listing on Maui's northwest coast is a three-bedroom condominium-style home in the 1,650-acre master-planned resort community of Kapalua.
The home, which offers panoramic views of Kapalua Bay and the 17th hole of the Kapalua Bay Course, features an open floor plan, ground-level lanai and modern kitchen. Homeowners also will have access to two tennis courts, a whirlpool, fitness center and game room within the private, gated community.
A company spokesperson said Pacaso curates listings in top second-home destinations and buyers can shop online at pacaso.com or on its app.
"We bring together and organize the ownership group; manage the legal and financing process; design and furnish the home, provide the technology so owners can easily and equitably schedule time, manage the home on an ongoing basis and support a frictionless resell process," the spokesperson said in an email to Pacific Business News.
Pacaso differs from a timeshare in that buyers actually own a real estate asset.
"Your share is real property, not simply a block of time," the spokesperson said. "And because it's a real estate asset, its value will move with the market – which means that any equity realized is yours. When you purchase a timeshare, you typically own the right to use the property for a period of time, not the property itself."
Additionally, in Maui, homes are four times the median price.
"By finding people to co-own the same home, we can get them in a higher price point home rather than a home that's much closer to the median housing price – which is scarce and should be available to people who live in Maui year round," the spokesperson said.
Why Maui?
According to the spokesperson, Pacaso had interest from existing Pacaso owners and new buyers for Maui and is looking to expand the co-ownership model to other islands.
As of Friday, Pacaso has acquired a $4.9 million property on Maui and hired several people on the island and throughout the state, the spokesperson said. The company also has partnered with University of Hawaii Maui College water quality lab Pukoa hinaole with a $10,000 donation and an ongoing monetary donation for each home Pacaso buys on the island.
Pacaso was founded in 2020 and in 2021 earned about $300 million in revenue and raised about $221 million in equity capital.
According to quarterly data last updated Dec. 31, 2021, 87% of Pacaso owners are first-time second home owners and more than 50% of owners have children in their home.
According to the company, Pacaso partners with all interested real estate agents and brokerages in markets where it operates.
Real estate agents representing buyers who purchase a share of a Pacaso home receive a 3% referral commission, plus Pacaso equity in the form of 500 RSUs.
Agents in Hawaii who are interested in working with Pacaso can learn more on the company's website.
