Changing Real Estate -- One Deed at a Time

[Boomer]

Spencer Rascoff who co-founded Zillow, and wrote the book Zillowtalk: Rewriting the Rules of Real Estate, is at it again.

The following link is about his new company Pacaso and the toll it is taking on full-time homeowners in wine country in California.

Rascoff is now "rewriting the rules of real estate" in another way, as his company starts turning single-family homes, in desirable, vacation areas, into what sure sounds a lot like timeshares. (Fractional ownership of airplanes can sometimes work out well, but neighborhoods with single-family residences owned fractionally could come with a whole lot of issues. The resident homeowners in the neighborhoods are putting up a fight.)

Rascoff's new company looks like it has the potential to grow all kinds of arms and legs. Will it work its way across the entire country?


Pacaso Is Turning Houses Into Corporations : Planet Money : NPR (https://www.npr.org/sections/money/2021/08/24/1030151330/a-unicorn-startup-is-turning-houses-into-corporations)

[Bilyclub]

He's right, it's not a timeshare, it's worse.

If you buy a share in a house, you're able to stay in it 44 nights per year in increments that can't exceed 14 consecutive days per visit. You can also "gift" these stays to friends or family. Pacaso offers an app to handle the logistics of booking stays. It oversees management, maintenance and cleaning of the property. In exchange for all this, it charges 12% of the home's purchase price upfront and monthly fees going forward.

[graciegirl]

Spencer Rascoff who co-founded Zillow, and wrote the book Zillowtalk: Rewriting the Rules of Real Estate, is at it again.

The following link is about his new company Pacaso and the toll it is taking on full-time homeowners in wine country in California.

Rascoff is now "rewriting the rules of real estate" in another way, as his company starts turning single-family homes, in desirable, vacation areas, into what sure sounds a lot like timeshares. (Fractional ownership of airplanes can sometimes work out well, but neighborhoods with single-family residences owned fractionally could come with a whole lot of issues. The resident homeowners in the neighborhoods are putting up a fight.)

Rascoff's new company looks like it has the potential to grow all kinds of arms and legs. Will it work its way across the entire country?


Pacaso Is Turning Houses Into Corporations : Planet Money : NPR (https://www.npr.org/sections/money/2021/08/24/1030151330/a-unicorn-startup-is-turning-houses-into-corporations)

That sounds scary. Is this connected to all to the companies that will buy your house? I am not sure that makes me comfortable either.

[DAVES]

Spencer Rascoff who co-founded Zillow, and wrote the book Zillowtalk: Rewriting the Rules of Real Estate, is at it again.

The following link is about his new company Pacaso and the toll it is taking on full-time homeowners in wine country in California.

Rascoff is now "rewriting the rules of real estate" in another way, as his company starts turning single-family homes, in desirable, vacation areas, into what sure sounds a lot like timeshares. (Fractional ownership of airplanes can sometimes work out well, but neighborhoods with single-family residences owned fractionally could come with a whole lot of issues. The resident homeowners in the neighborhoods are putting up a fight.)

Rascoff's new company looks like it has the potential to grow all kinds of arms and legs. Will it work its way across the entire country?


Pacaso Is Turning Houses Into Corporations : Planet Money : NPR (https://www.npr.org/sections/money/2021/08/24/1030151330/a-unicorn-startup-is-turning-houses-into-corporations)

Not really anything new. There are many here who rent out their homes. Are renters desirable neighbors-often not.

[KsJayhawkers]

Colorado is full of fractional ownerships. He is not reinventing the wheel as it has been going on for decades.

[Topspinmo]

Lots of ——- out there.

[Luggage]

Fractional home ownership is a lot harder to make worthwhile as most vacation areas are seasonal. Not too many people want to go to Vail Colorado in May as an example. And the management fees might be incredibly higher then even timeshares. The people who make out like Bandits obviously the management

[MandoMan]

Spencer Rascoff who co-founded Zillow, and wrote the book Zillowtalk: Rewriting the Rules of Real Estate, is at it again.

The following link is about his new company Pacaso and the toll it is taking on full-time homeowners in wine country in California.

Rascoff is now "rewriting the rules of real estate" in another way, as his company starts turning single-family homes, in desirable, vacation areas, into what sure sounds a lot like timeshares. (Fractional ownership of airplanes can sometimes work out well, but neighborhoods with single-family residences owned fractionally could come with a whole lot of issues. The resident homeowners in the neighborhoods are putting up a fight.)

Rascoff's new company looks like it has the potential to grow all kinds of arms and legs. Will it work its way across the entire country?


Pacaso Is Turning Houses Into Corporations : Planet Money : NPR (https://www.npr.org/sections/money/2021/08/24/1030151330/a-unicorn-startup-is-turning-houses-into-corporations)

Thanks for alerting us to this. I love Zillow—that’s how I found my house in The Villages—and I love the title “Zillowtalk”, but this Pacaso sounds like a horrible idea for all involved except the investors collecting those fees.

[ithos]

If it is anything like Westgate you may regret your purchase. It is the maintenance fees which you have no control over that has created another category of businesses to help you get out of your contract.

Read the fine print carefully.

[jimbomaybe]

Years ago I went to one of those time share presentations that claimed to give you a TV for showing up, I listened, but buy one,, LOL. I would have bought into the company selling those situations
but it was privately held , never saw the free TV , this sound like more of the same with a different twist and another threat to the home owner

[Finchs]

Thanks for posting this. I am a retired realtor, and this new "business model" is very alarming. I do hope they are successful in any and all lawsuits to put an end to it. I have heard that there is another disturbing trend: foreign investment groups have been buying up American homes in large quantities. These become rentals. As home prices continue to increase due to inflation and trade embargos on materials, fewer American families will be able to become homeowners in the near future. I fear a death knell for the "American Dream" of home ownership.

[newgirl]

It is already very common, they are called timeshares.