Home Real Estate Elizabeth Milias: Pacaso — an artful new real estate twist in Aspen

Elizabeth Milias: Pacaso — an artful new real estate twist in Aspen

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When it comes to art, beauty is most certainly in the eyes of the beholder. And while highly collectible and valuable, works by Spanish artist Pablo Picasso (1881-1973) are no exception. However, a new real estate phenomenon named to honor the artist’s legacy of innovation is arguably a controversial movement in its own right, not unlike cubism, surrealism and expressionism were in the art world at the time.

Pacaso, founded in October 2020, has created a new category of second home ownership by turning single-family homes into unlicensed but legal mini multi-user resorts. Designed to capitalize on the high demand for second homes in luxury destinations where the pandemic real estate boom has priced many out of the market, Pacaso’s unique model is relatively straightforward. Pacaso creates a limited liability company (LLC) that purchases a luxury home, lightly refurbishes it,…

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