Pacaso Expands Second Home Ownership Options in Maryland
Pacaso is a real estate management company focused on administering and managing partial ownership of vacation homes. The model is not your typical timeshare. Pacaso works with single-family trophy homes in vacation destinations, not on resort condos. Their program allows buyers to purchase 1/8 to 1/2 of a home, share it with other owners, and schedule their vacations via the company’s mobile app. Pacaso manages the home so owners only need to show up and relax - oh, and pay the management fee.
Currently, the company focuses its efforts in the following 10 major vacation markets:
Aspen, Co
Hilton Head, SC
Lake Tahoe, CA
LA/Orange County/San Diego, CA
Miami, FL
Napa Valley, CA
Park City, UT
Santa Barbara, CA
Sun Valley, ID
Vail, CO
However, similar to Hilton Head, South Carolina, a few Maryland vacation markets are ripe for Pacaso’s business model.
Annapolis, MD
The city of Annapolis has been called the sailing capital of the U.S., is home to the Naval Academy, and was a capital of the British colonies. The historic downtown and seaport attract thousands of visitors annually, and is a short drive from Washington D.C. or Baltimore. Just outside the city, 302 Rugby Cove Rd. is listed for sale at $2,749,900. The nearly 6000 square foot home sits on the banks of the Severn River in Wroxeter on the Severn and includes a 50’ deep water boat slip.
Imagine sharing the home with three other owners and having access for four months of the year! It’s nearly impossible to find even a teardown condition waterfront home in Annapolis for under $1M, but for a cost of approximately $690,000, you could co-own a luxury home and boat on the Chesapeake Bay in all seasons.
St. Michaels, MD
On the Chesapeake Bay side of Maryland’s eastern shore, St. Michaels has been named one of the Ten Best Small Coastal Towns for its historic setting combined with upscale amenities, and proximity to the cities of Washington D.C. and Baltimore. A buyer considering 7112 Sycamore Ln. in nearby Royal Oak, listed for $1,795,000 could go halvsies with Pacaso and purchase home for under $900,000 and live there half the year.
Ocean City, MD
If you think Ocean City is all about a drunken Beach Week, gobs of Thrasher’s Fries, and throwback boardwalk games, think again. 316 North Heron Gull Ct. in the Heron Harbour community offers a waterfront respite from city life and the teen scene, on the Atlantic Ocean. This home, listed at over $2M, could be purchased by two to eight owners with the help of Pacaso.
Let’s consider four owners buying at the list price of $2,299,900. Each owner would pay $574,975 for the home, a 10% fee to Pacaso for setting up the LLC and attracting partners, and a 1% monthly fee for ongoing property management and maintenance. Each owner would have access to the home for up to 13 weeks of the year.
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Pacaso is the key to low-risk home co-ownership. If you’re considering buying a second home, contact me to find out how to get the most for your money while turning your vacation home dreams into reality.