Latest news with #AustinAllison
Forbes
5 days ago
- Business
- Forbes
Home Ownership, The Sharing Economy And Luxury Travel Converge
In an era when luxury consumers are rethinking ownership, travel, and lifestyle experiences, few innovators have captured this shift as effectively as Austin Allison. The co-founder and CEO of Pacaso (pronounced like 'Picasso') isn't just reshaping the second home market—he's redefining what it means to belong somewhere. Allison, who previously founded Dotloop, spotted the inefficiencies of traditional second homeownership long before remote work, rising home prices, and multi-generational travel changed the game. 'Most second homes are used just five weeks a year,' he explained during our recent call. 'That creates a lot of problems—empty homes, affordability challenges, and economic drag on local businesses.' Co-Ownership As The Next Wave In Luxury Travel Pacaso's model is elegantly simple: take a high-end second home, divide it into shares, and allow buyers to purchase the amount of ownership they'll realistically use—typically one-eighth. Unlike timeshares, this is real estate ownership via a dedicated LLC. Each co-owner holds a deeded interest. Pacaso manages the experience from A to Z, including design, furnishing, cleaning, property management, scheduling, and resale. The model works because it blends tech, trust, and timing. A proprietary app called SmartStay ensures equitable distribution of peak, off-peak, and holiday time. 'It's essentially a shared calendar, backed by rules and algorithms,' Allison says. 'If someone wants more control over dates, they can buy a quarter share instead of an eighth.' The result is a seamless blend of flexibility and luxury—ideal for the family that wants to spend a few weeks a year in Aspen or Palm Springs, without the headache (or expense) of owning 100% of the home. Applying Fractional Jet Share For Luxury Homes If this reminds you of fractional jet ownership, it should. 'NetJets is Picasso for planes,' Allison says. 'Or, you could say, Pacaso is NetJets for luxury homes.' Whereas NetJets sells time in flight hours, Pacaso's ownership equates to weeks on the ground. The average 1/8 share gives you about six weeks a year in your chosen destination—whether that's Florence, Paris, or Scottsdale. And if you only want to use two of those weeks? Pacaso's new 'Swap' program lets you trade time in your home for time in someone else's—enabling global, luxury home exchange without the traditional headaches of peer-to-peer swaps. Serving the New Luxury Consumer According to Allison, the ideal Pacaso buyer uses their second home more than once a year, but less than six months. That sweet spot—between vacation rental and full-time residence—is where most aspirational second-home buyers live. Even high-net-worth buyers are opting in. 'We have billionaires who could afford the whole home, but they prefer co-ownership because it's more efficient, sustainable, and hassle-free,' says Allison. 'They just show up, take their things out of the owner's closet, and enjoy.' All maintenance costs are proportionally distributed, and everything is managed through the Pacaso app. Owners never see a repair invoice or property tax bill. It's a turnkey approach for a generation of luxury consumers who value experience over excess. International Growth and the Next Chapter Pacaso's growth strategy now includes aggressive international expansion. New homes are launching in Florence, Milan, the Caribbean, and more destinations across Mexico and Europe. The U.S. still dominates the portfolio, but Allison sees tremendous demand from U.S.-based buyers seeking vacation homes abroad. The Swap feature is also a major strategic focus. 'We only launched it a few quarters ago, and it's growing fast,' says Allison. Enhancements are on the way to make the experience even more seamless—an important factor as luxury travelers continue to seek more authentic, immersive stays. Tapping Into Broader Trends The Pacaso model aligns with three major luxury travel trends Allison believes are here to stay: Co-Ownership Has Gone Mainstream Pacaso isn't a startup playing in a niche. It's a brand riding the tailwinds of powerful cultural and economic forces—remote work, digital nomadism, and experiential living. The company's platform turns what used to be a dream—owning a second (or third) home—into something practical and accessible, without sacrificing luxury. As one of those luxury-minded travelers myself, I get it. I've looked at Aspen. I've rented in Scottsdale. I understand the appeal—and the math—of Pacaso's model. And as the brand continues to scale globally and deepen its tech-enabled concierge experience, it just might become as recognizable in the travel world as NetJets is in the sky. Stay tuned for what's next. Because this is not just about homes—it's about the evolution of luxury itself.
Newsweek
31-05-2025
- Business
- Newsweek
You Can Now Co-Own a 6-Bed Montecito Mansion
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Luxury homeownership could be within reach as a new mansion in Montecito, California, is being offered with a co-ownership model, giving buyers the chance to own a part of the high-end home. Costing $1,499,000 for a one-eighth share, the six bedroom mansion is on a one acre lot complete with swimming pool, six bathrooms and hot tub. The home is listed by Pacaso, a real estate company co-founded by Austin and Zillow founder Spencer Rascoff to modernize the concept of co-ownership. "At Pacaso, buyers shop from a curated set of vacation-home listings on our marketplace. The company manages everything for its owners—from designing the home and handling scheduling to taking care of household maintenance, upkeep, and repairs—making homeownership as seamless as possible," Pacaso CEO Austin Allison told Newsweek. A picture of 2084 E Valley Rd Unit 1 in Santa Barbara, California. A picture of 2084 E Valley Rd Unit 1 in Santa Barbara, California. Pacaso Pacaso co-ownership allows multiple buyers to divide time at the mansion. With a 1/8 share, you and seven other co-owners would jointly own the property. This share grants you around 44 nights per year, with scheduling managed through Pacaso's app. Owners can hold up to six advance stays at a time. This shift toward co-ownership is gaining momentum, fueled by a growing desire for luxury living with a lower price tag. "We're witnessing a rising trend in vacation home co-ownership," Allison said. "The persistent strong demand fuels our dedication to expanding destinations. We expand and choose new Pacaso markets based on buyer demand—our buyers help us determine which homes to purchase and where." Forbes Magazine consistently ranks Montecito among the wealthiest neighborhoods in the U.S., and it is well-known for its star power, with neighbors like Oprah Winfrey, who owns a 23,000-square-foot mansion with koi pond, tennis courts and multiple orchards. It is also home to Prince Harry and Meghan Markle who own a Mediterranean-style mansion with nine bedrooms, 16 bathrooms, a rose garden and tea house. A view from the balcony in the Montecito home. A view from the balcony in the Montecito home. Pacaso One of the six bedrooms in the Montecito mansion. One of the six bedrooms in the Montecito mansion. Pacaso While the co-ownership model does make things more affordable, this isn't the only reason it has become more popular. According to a 2024 report from Pacaso, there's been a 21 per cent increase in co-ownership across several counties in states like Colorado and Virginia, and Opendoor also reported that a quarter of first-time home buyers did not purchase their house with a significant other but rather looked to friends (11 per cent), siblings (7 per cent), colleagues (3 per cent), and even people they met online (3 per cent). Traditionally, vacation homes often sit empty for much of the year. Pacaso's approach aims to ensure these properties remain active, benefiting both their owners and the local economy. "Co-ownership fosters responsible use of vacation properties," Allison said. "Families are realizing that a vacation home sitting vacant most of the year isn't ideal for anyone. Pacaso's co-ownership model allows you to align your ownership with your usage. You can share the property with other like-minded families, ensuring the home is cared for and contributes more consistently to the local economy throughout the year."
Yahoo
30-04-2025
- Business
- Yahoo
Pacaso Reports Strong Full Year 2024 Results
Vacation home marketplace posts $164.5M in transactions while growing Adjusted Gross Profits by 18% and improving EBITDA loss by 24%. SAN FRANCISCO, April 30, 2025 /PRNewswire/ -- Pacaso, the tech-enabled marketplace for co-owned luxury vacation homes, today released its full-year 2024 financial results, marking strong year-over-year growth in key performance metrics. In conjunction with the release, the Company will host an earnings call at 10:00 a.m. Pacific Time to discuss the business and financial results. Full Year 2024 financial highlights: Adjusted gross profit, excluding the impact of whole home sales, of $23.6 million, which represents 18% year-over-year growth (1) Gross real estate transacted and associated service fees, excluding whole home sales, of $164.5 million, resulting in 16% year-over-year growth (2) Adjusted EBITDA of $(20.4) million down from $(26.8) million (3) Total real estate inventory and real estate investment assets of $59.4 million, down from $85.2 million (4) "Pacaso's 2024 performance reflects the growing demand for our co-ownership model and the strength of our product-market fit," said Austin Allison, Pacaso co-founder and CEO. "As more families embrace smarter, more flexible ways to own a vacation home, we've continued to scale efficiently, deliver value to our owners, and strengthen the foundation for long-term growth." A live earnings conference call with Pacaso CEO Austin Allison and CFO Alvaro Cortes discussing these results with additional comments and details is scheduled for 10:00 AM PDT. Please register here. "In 2024, we made meaningful progress toward profitability by executing a disciplined financial strategy and streamlining operations," said Alvaro Cortes, Pacaso's Chief Financial Officer. "Adjusted EBITDA loss improved by 24%, real estate investments and inventory were reduced by over 30%, and we decreased cash burn — clear indicators that our path to sustainable, profitable growth is well underway." The strong performance follows a series of strategic initiatives focused on expanding Pacaso's home portfolio across desirable second-home markets, investing in product innovation, and enhancing operational efficiency. In late 2024, the company launched a new growth round open to both accredited and non-accredited investors, aimed at accelerating growth and broadening access to luxury second home ownership. To learn more about Pacaso, visit About Pacaso Co-founded by Austin Allison and Spencer Rascoff in 2020, Pacaso® is a technology-enabled marketplace that modernizes real estate co-ownership, enabling families to effortlessly own a luxury vacation home and travel with confidence. Pacaso curates private residences in premier destinations across the U.S. and internationally, with exceptional amenities, luxury interiors and expert design. After purchase, Pacaso professionally manages the home, provides white-glove scheduling and personalized service, and ensures seamless resale. (1)We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for amortization of developed technology, inventory valuation adjustment in the current period, inventory valuation adjustment in prior periods, impairments and write-offs and share-based compensation. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Additionally, we calculate Adjusted Gross Profit Excluding Impact of Whole Homes, which is an indication of the performance of our core business offering of selling and managing co-owned real estate and is a useful measure of the volume of transactions that flow through our platform in a given period. We view this metric as an important measure of business performance, as it captures gross profit performance related to units transacted in a given period and provides comparability across reporting periods. (2) We define Gross real estate transacted and associated service fees, excluding whole home sales, as the total dollar value, less any concessions, of co-ownership transacted during the period which includes co-ownership real estate sales, gain from real estate investments presented gross, real estate services, and the applicable margin on such transactions. We view this metric as an indication of the performance of our core business offering of selling co-owned real estate and is a useful measure of the volume of transactions that flow through our platform in a given period, which ultimately impacts gross profit. (3) We define Adjusted EBITDA as net income or loss adjusted for interest expense, income tax expense, depreciation and amortization, share-based compensation expense, non-recurring expense, unrealized gain or loss on foreign currency, non-recurring impairment and write-offs, derivative expense and restructuring expense. Adjusted EBITDA is also adjusted to align the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue or net gain on real estate investment is recorded in order to improve the comparability of the measure to our non-GAAP financial measure of adjusted gross profit above. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance adjusted for non-recurring or non-cash items. Moreover, we have included Adjusted EBITDA because it is a key measurement used by our management internally to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting. (4)Real estate inventory and real estate investments assets combined represent the total gross asset value, net of valuation adjustments and impairments, excluding the impact of associated debt, as real estate investments are presented net of associated debt on the GAAP Balance Sheet. Certain statements in this release may constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding Pacaso's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "strive," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Readers are cautioned not to put undue reliance on forward-looking statements, and Pacaso assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Pacaso does not give any assurance that Pacaso will achieve its expectations. In addition to financial results presented in accordance with generally accepted accounting principles, this press release may contain financial measures that do not conform to U.S. GAAP if we believe they are useful to investors or if we believe they will help investors to better understand our performance or business trends. Reconciliations of these non-GAAP financial measures to the nearest comparable GAAP measures are included in our Offering Statement which may be obtained from: AN OFFERING STATEMENT REGARDING THIS OFFERING HAS BEEN FILED WITH THE SEC. THE SEC HAS QUALIFIED THAT OFFERING STATEMENT, WHICH ONLY MEANS THAT THE COMPANY MAY MAKE SALES OF THE SECURITIES DESCRIBED BY THE OFFERING STATEMENT. THE OFFERING CIRCULAR THAT IS PART OF THAT OFFERING STATEMENT IS AVAILABLE HERE. View original content to download multimedia: SOURCE Pacaso Sign in to access your portfolio
Associated Press
25-02-2025
- Business
- Associated Press
Pacaso and The Agency Partner to Bring Luxury Vacation Home Co-Ownership to More Buyers
Collaboration provides clients with a smarter, effortless way to own in premier destinations LOS ANGELES, Feb. 25, 2025 /PRNewswire/ -- Pacaso, the tech-enabled marketplace for co-owned luxury vacation homes, today announces a strategic partnership with The Agency, a global real estate brokerage. Through this collaboration, The Agency's agents can now offer Pacaso's luxury co-owned vacation properties to their clients, making vacation homeownership more effortless in premier destinations worldwide. 'The Agency is a globally recognized brokerage with a strong presence in the top real estate markets, offering an impressive portfolio of luxury listings and a team of best-in-class agents,' said Austin Allison, CEO and Co-Founder of Pacaso. 'Through this partnership, we are providing their clients with a smarter, more accessible way to own a luxury vacation home in the world's most sought-after destinations.' Pacaso partners with leading real estate agents and brokerages to help clients buy, sell, and own luxury second homes. Agents representing buyers who purchase a share of a Pacaso home earn a 3% referral commission. Pacaso manages the entire process, from home tours and inspections to financing and property management. 'We're excited to partner with Pacaso, as this collaboration perfectly aligns with The Agency's ethos of offering fresh, forward-thinking solutions for our clients,' says The Agency's President, Rainy Hake Austin. 'Working with like-minded brands that share our commitment to innovation and excellence ensures we can provide exceptional opportunities like this to those seeking their dream vacation home.' Together, Pacaso and The Agency are expanding access to luxury vacation homes in sought-after destinations worldwide—including Miami, Aspen, Paris, Cabo, Vail, London, Kiawah Island, La Jolla, Napa, and more —offering a smarter way to experience second homeownership. Austin Allison will join The Agency Co-Founder and CEO Mauricio Umansky on stage at The Agency Forum in Palm Springs, Calif. on March 18, 2025. For more information about Pacaso listings, visit About Pacaso Co-founded by Austin Allison and Spencer Rascoff in 2020, Pacaso® is a technology-enabled marketplace that modernizes real estate co-ownership, enabling families to effortlessly own a luxury vacation home and travel with confidence. Pacaso curates private residences in premier destinations across the U.S. and internationally, with exceptional amenities, luxury interiors and expert design. After purchase, Pacaso professionally manages the home, provides white-glove scheduling and personalized service, and ensures seamless resale. About The Agency The Agency is an agent-first, tech-driven boutique luxury global brokerage representing clients worldwide in a broad spectrum of classes, including residential, new development, resort real estate, luxury leasing and vacation rentals. Breaking away from the traditional brokerage model, The Agency takes a collaborative approach to the business, fostering a culture of partnership in which all clients and listings are represented in a collaborative environment. Agents and clients benefit from the shared resources and networks of the entire global team, including in-house creative, public relations and cutting-edge technology divisions. The Agency has closed more than $88 billion real estate transactions since 2011, comprising over 130 offices in 12 countries, and counting, as one of the fastest-growing boutique, luxury real estate brands in the world.
