High end market for investors; a new home model. What’s left as far as a manner remaining to capitalize on the Coachella Valley real estate market? With all the recent law change proposals for Short term vacation rentals, and luxury event site rentals, what’s next??? Call local realtor, Kim Kelly at 760-285-3578.
There is a one year old 1.5 billion company named Pacaso that is buying high end Coachella Valley homes and selling shares in them to investors. Pacaso, (according to the Desert Sun) has bought properties in Palm Springs, Palm Desert, Indian Wells and La Quinta. The idea is the now buyers who want a second home in the Coachella Valley, can now buy a 1/8 share of a luxury home. If Pacaso does succeed, the company will probably be followed by others looking to cash in on this form of fractional home ownership.
Sound like a timeshare?? Does to me also. Timeshares are banned in many areas of the Coachella Valley, and as we have all read, one of their prime problems is that an owner will find it very difficult to sell their time. Pacaso categorically rejects this notion. It says that it’s homes’ shareholders are buying shares in real property, not useage rights. It remains to be seen how this fractional ownership will eventually be classified and if it can expand through our Coachella Valley. In the meantime, take a tour of this lovely small farm that is for sale in Thermal, 20 acres, $1,775,000.