Pacaso, one of the leading brands in the vacation home co-ownership sector recently announced the purchase of two new Cabo properties. The homes are located within the private Puerto Los Cabos community on a hilltop that overlooks the Sea of Cortez. Puerto Los Cabos is widely regarded as one of the best residential areas in all of San Jose del Cabo. With a private marina and golf course nearby it essentially features all of the amenities that tourists who travel to Los Cabos have come to expect. Co-owners of the home in Puerto Los Cabos will be granted access to the exclusive The Club Fundadores.
The San Jose del Cabo homes bought by Pacaso represent the group’s first attempt at expansion into Mexico. Pacaso is a company founded by two former Zillow executives who want to rejuvenate the home co-ownership concept. The group owns several properties throughout the United States, Mexico is the fourth country that the company will feature a presence in. It currently owns properties in London in the UK, and Marbella Spain to go along with their US based portfolio. Austin Allison one of the co founders had this to say about the company’s Cabo expansion,
“Cabo is a destination full of vibrant culture, breathtaking beaches, world-class golf and ocean adventures, and there has been high demand from current owners and future buyers to bring our co-ownership model to this special destination.”
How To Become A Co-Owner Of This High End Cabo Property
While the company didn’t exactly go into detail about the cost of purchasing a stake in their Cabo properties they did mention that ⅛ ownership, and up to ½ ownership shares of the home would be going up for sale through their agents and their app in the coming days. Co-owners of other Pacaso properties may very well get the chance to buy shares of the new Cabo properties before the general public.
The Cabo properties will be on sale through the Pacaso system that they’ve implemented in their other properties. As previously stated co-owners can purchase ⅛ of the home at minimum, with ½ of the home being the most that can be sold to a single owner. Each home can have a maximum of 8 owners. When the entire home is sold Pacaso will not retain ownership of the home instead the home will be owned by an LLC with all of the partial owners as members.
Essentially Pacaso becomes the property manager of that particular home once the shares are sold. Choosing dates as a homeowner is a process that can be done through the Pacaso app with preference on dates being given to those with majority ownership of the home.
Pacaso’s Expansion Into Cabo Is Not Set To Be Limited To Two Properties
Pacaso is also in the market for a brand new home in the Palmilla Dunes region in San Jose del Cabo. That particular property is set to be a 5 bedroom home with 5.5 bathrooms. It potentially may feature even better amenities than what is offered by the two Puerto Los Cabos properties. The co-owners of the home in Palmilla Dunes are going to be granted a membership to the golf club at Palmilla Dunes with their purchase of the stake in the home.
There are also plans to promote the homes through a local real estate firm besides the internal promotion that has already been sent to current Pacaso homeowners. The company has decided to partner with Ronival Real Estate to promote their Cabo properties amongst frequent Cabo travelers. External promotion is also going to be accepted, with Pacaso saying that any agent that brings in a part owner of one of their properties can stand to make 3% of the total sale’s price.