The counties examined by Pacaso include Stafford, Hernrico, Fairfax, Greene, Martinsville and Suffolk in Virginia, Morgan County in Utah’s Wasatch Mountains ski corridor, Cass County, North Dakota, Dodge County, Minnesota and Weld County in Colorado, which is outside Denver.
Of the 10 counties, Morgan experienced the most significant growth, 42.7 percent year-over-year. The HPI there climbed by 3.4 percent. This was driven largely by Utah’s growth as a recreation hotbed and nearby Salt Lake’s increasing popularity with a younger, tech-enabled workforce.
Cass County is North Dakota’s most populous, home to Fargo. Its year-over-year co-ownership growth was 21 percent, according to Pacaso. In Minnesota, Dodge County’s uptick was 16 percent, explained by the growth of the Mayo Clinic and the $5 billion campus makeover it has planned.
The report defined co-owned homes as sales “involving various vesting codes and parties as determined through ownership names in public record data, including domestic partners, joint tenants, tenants in common and excludes married couples.”
Pacaso’s 2023 portfolio revenue surpassed $1 billion, according to an annual performance announcement. It has more than 1,500 owners in 40 locations around the world, including Mexico, London, France and Spain. The company’s marketplace, or the resale of shares, grew by 10 percent in 2023, and in November, it reported a 45 percent year-over-year growth of shares sold.
In an interview with Inman, Pacaso’s Senior Vice President of Industry Relations Marnie Blanco said that 2024 will be a year to watch for the company.
“We have a lot of creative financing that we’re able to do. Just recently, we launched a zero percent financing program on many of our homes. A ton of our homes are resales, so they are current Pacaso owners who are reselling their portion of their home and we’re able to do assumable mortgages on those homes as well. Right now, with the crisis of mortgages going on, it’s very appealing not only to agents, because they can extend that to their clients, but to buyers as well.”
Blanco also said the company is launching an agent ambassador program in March. “It’s going to give agents more ways to work with Pacaso, on kind of a local flavor, and something that they’re familiar with. Rather than just bringing us buyers to any of our homes, it’s going to talk to agents a little bit closer to what they’re used to,” she said.