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HomeMy WebLinkAboutSS3 - Fractional Home Ownership - PowerPoint (Pacaso)� % 09 4r 01 �v Al Pacaso Co -ownership, simplified zv�4 0 c� U n Co -ownership: An age-old practice For generations, small groups of friends and family members have been sharing ownership of second homes. • Property record data suggests that co - ownership is common in Newport Beach o As of 2020,31% (5,951) of homes were non owner -occupied and owned in an LLC ortrust, which easilyenable multiple owner arrangements • In reflection ofthis practice, the Real Estate Standards Organization in October 2021announced it will add "co -ownership" as a dedicated property sub -type to its data standards Newport Beach property ownership 4,604 5,951 lkw 8.834 0 Non owner -occupied and owned in LLC or trust Othernon owner -occupied 0 Owner -occupied Source: ATTOMdata Pacaso: G®wnership, simplified Though co -ownership is common, owning and sharing a second home is labor intensive. Pacaso simplifies the process. With Pacaso, between two and eight families: • Together co-own and control 100% of a luxury home • Employ Pacaso as a full-service property managerto reduce the hassle of second home ownership 'O VJ (10 U (6 a 0 How it works 1. Pacaso works with local agents to acquire luxury homes and market them on the MLS 2. Pacaso establishes a property -specific LLC and manages sales details 3. After closing, co-owners enjoy 100% ownership 4. Pacaso is employed by owners as property manager to provide a seamless experience �l. I�z f INV I'M How it works 1. Pacaso works with local agents to acquire luxury homes and market them on the MLS 2. Pacaso establishes a property -specific LLC and manages sales details 3. After closing, co-owners enjoy 100% ownership 4. Pacaso is employed by owners as property manager to provide a seamless experience Fully -managed experience As Property Manager, Pacaso takes care of the details so that owners can enjoy their second home without the hassle. Pacaso supports owners with: • Interior design and furnishings • Ongoing property management (ex: cleaning, maintenance, landscaping, etc.) • Streamlined billpay • Scheduling tools • Home policy enforcement 'A// the things that Pacaso does are the things that / don't want to do. / don't want to worry about upkeep —/ want to spend time with my sons, my daughters, my wife. ' p - Nkem and Angela Cn c� U (6 a do—,- Owners, not vacation renters Unlike vacation renters, co -owners make a large investment and return to their home throughout the year, just like any other second home owner. Most families we serve (based on survey data): • Have children in the home • Are first-time second home buyers All fa m ilie s: • Pay property taxes • Put 30% cash down • Clear criminal background check 'Pacaso is so different from a short - term rental of somebody else's house. It s ownership, with significant capital outlay, so there's just a different mindset and duty of care. We're looking forward to ,being part of the neighborhood. " - Susan and Jason Policies and enforcement Pacaso takes neighbor relations seriously and has policies in place that reflect our commitment . All owners agree to Pacaso's Code of Conduct • No rental of the property • No large events orparties • Quiet hours: 9 pm - 7 am • No commercialuse of the home • Street parking discouraged Each home is supported by a local home manager who is available to neighbors seven days a week. If Pacaso learns that the policies have been violated, Pacaso takes action and has the right to suspend owner stay rights. l r Questions?