A real estate startup that has sparked controversy in other resort communities has landed in Jackson Hole. Some Jacksonites are worried.
“I am very concerned about it,” Jackson Vice Mayor Arne Jorgensen said. “It’s another mechanism that puts upward pressure on our market, and that’s not good for community housing.”
But a representative for Pacaso, who said the company recently bought a house in Spring Creek for $9.5 million and is listing eight ownership stakes in the property for roughly $1.4 million apiece, argues that the company could actually be a boon for local home buyers.
The Pacaso representative also said the company doesn’t provide timeshares.
That’s a bone California residents picked when the startup came to wine country, and a tree some Jacksonites shook when they heard the news.
By encouraging multiple second-home owners to go in on one expensive property rather than buying their own individual vacation properties, Ellen Haberle, Pacaso’s director of government and community relations, argued her firm would alleviate competition at the lower ends of the market.
“Overall, we see this as a benefit to the housing market,” she told the News&Guide. “We’re literally redirecting demand from those lower price points to luxury homes.”
Read more about how Pacaso works — and the debate here and elsewhere about the startup — in this week's News&Guide. You can also read online at JHNewsAndGuide.com.