Brett
Guest
Homeowners fight to halt timeshares
https://www.wsj.com/articles/napa-v...estate-startup-against-homeowners-11624181404
Pacaso buys high-end homes and sells ownership shares for weekend getaways, alarming some of the neighbors
https://www.pacaso.com
Pacaso, based in San Francisco, was co-founded by Zillow Group founder Spencer Rascoff, and it counts former Starbucks Corp. chief executive Howard Schultz among its earliest investors.
The company claims to have reached unicorn status faster than any company in U.S. history, hitting a $1 billion valuation within six months of launching last year.
“You might not want to buy there,” she said she told the man, who was there to consider investing in the home. “We don’t want our neighborhood to turn into a timeshare neighborhood.
And we are going to do everything in our power to make that not happen.”
“It’s nothing personal,” Mr. Sherrill said. “You might be the nicest people in the world. But we’re going to be angry. Because we’re angry at Pacaso.”
The Covid-19 pandemic was a boon for the business. Remote work inspired many to spend time away from cities, but rising home prices and a short supply of homes meant fewer people could
afford to buy an entire second home of their own.
Napa Valley’s resistance could become a roadblock for Pacaso’s model, which relies on offering luxury-home stays inside traditional residential neighborhoods and away from typical vacation
zones. The company so far has launched in 20 U.S. markets and has plans to expand to Europe.
Every yard now has an anti-Pacaso sign, and some cars parked on the street have them, locals say. When a prospective buyer arrives to tour the property, residents alert each other and then step out of their houses, making their presence known, said Nancy Gardner and Carl Sherrill, retired homeowners opposing Pacaso.
https://www.wsj.com/articles/napa-v...estate-startup-against-homeowners-11624181404
Pacaso buys high-end homes and sells ownership shares for weekend getaways, alarming some of the neighbors
https://www.pacaso.com
Pacaso, based in San Francisco, was co-founded by Zillow Group founder Spencer Rascoff, and it counts former Starbucks Corp. chief executive Howard Schultz among its earliest investors.
The company claims to have reached unicorn status faster than any company in U.S. history, hitting a $1 billion valuation within six months of launching last year.
“You might not want to buy there,” she said she told the man, who was there to consider investing in the home. “We don’t want our neighborhood to turn into a timeshare neighborhood.
And we are going to do everything in our power to make that not happen.”
“It’s nothing personal,” Mr. Sherrill said. “You might be the nicest people in the world. But we’re going to be angry. Because we’re angry at Pacaso.”
The Covid-19 pandemic was a boon for the business. Remote work inspired many to spend time away from cities, but rising home prices and a short supply of homes meant fewer people could
afford to buy an entire second home of their own.
Napa Valley’s resistance could become a roadblock for Pacaso’s model, which relies on offering luxury-home stays inside traditional residential neighborhoods and away from typical vacation
zones. The company so far has launched in 20 U.S. markets and has plans to expand to Europe.
Every yard now has an anti-Pacaso sign, and some cars parked on the street have them, locals say. When a prospective buyer arrives to tour the property, residents alert each other and then step out of their houses, making their presence known, said Nancy Gardner and Carl Sherrill, retired homeowners opposing Pacaso.