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Stop Pacaso Now Update


August 14, 2022
Click here: StopPacasoNow Website
 

Listen now - NPR affiliate KCRW unwraps Pacaso 

Listen to the 9 minute radio/podcast  HERE
Read Greater LA condensed article of the story HERE

A few highlights in the Greater LA podcast:

5 homes and no one was home...
KCRW Reporter Matt Guilhem visited 5 homes in Palm Desert area in search of owners to interview.  With 110+ degree temps no one was in residence.  So much for Pacaso's empty claim that their shareholders use properties 100% of the time, unlike typical second homeowners.

Pacaso states they are 'open to regulations.'  It begs the question, if the LLC shareholders are homeowners, as Pacaso always claims, why would they agree to regulations?

"Pacaso’s Whitney Curry says the company is open to regulations. It’s recently established a government advisory board.

“We’re working with the communities collaboratively to engage in dialogue and are very open to having a discussion around a reasonable regulatory framework that can address co-owned housing,” Curry says.

Like Park City, Pacaso is pausing purchases in the Desert area
"Officials in the desert say talks are happening, and that while they proceed, the company is holding off on buying new homes in their communities."


Notable quotes

Santa Barbara City Council member, Kristen Sneddon: 

“‘Fractional ownership,’ to me, is just a euphemism for ‘timeshare', It just means that you have more of a share to control."

That type of ownership is not allowed in single family home neighborhoods and that's it.  The regular churn of people – the coming and going – doesn’t fit with the zoned use of the area, nor does a professionally managed commercial venture."


Palm Springs City Manager, Justin Clifton: 

“The biggest concern among residents is it will expand that activity that walks and talks and looks like a vacation rental property.  In other words, the owners aren’t in the middle of their regular daily lives but are rather in a more vacation mode.”


Palm Desert City Councilwoman Kathleen Kelly:

“To the average person, it waddles like a timeshare, it quacks like a timeshare, therefore I think it’s entirely appropriate for the city’s regulatory response to pull the Pacaso model of ownership into the timeshare ordinance.”

Kudos to KCRW for listing the cities that have sent Pacaso Cease and Desist orders with links to the actual documents.  All of these can be found on the Sample Documents page of the StopPacasoNow website along with cities who have created ordinance updates to ban Pacaso from neighborhoods.


 

 
Click Here to READ our archived Newsletters
 
Photo taken from the Pacaso Listing on their website


OPEN HOUSE on Wednesday, Olive Tree in Napa

We say "PACASO - Sell it as a Whole House and get out of our neighborhoods"!


It is really disheartening to know that Pacaso learned NOTHING when they purchased homes in neighborhoods in Napa and Sonoma and came up against a huge community backlash that spurred the creation of StopPacasoNow.com and a nationwide movement.

Here, Pacaso has done it again.  Olive Hill is a community of longtime, full-time residents and no place for Pacaso.  And, the Olive Hill community is putting up a fight!



BTW: What kind of advice is the Pacaso Government Advisory Board dispensing???  Or is it the same marketing team that created the smear campaign against St. Helena that is at work here??


 

 
 
Photo of news spot on Twitter

KTLA newscasters taking jabs at Pacaso's model


Click HERE to listen to the news spot on Twitter of the KTLA morning news.  The property, located in Escondido/Malibu and is being listed by Pacaso at $2.32 Million per 1/8 share.  That puts the whole property price at $17,856,000.  Zillow lists the property value at 


Link to the property on the Pacaso website: HERE


IMPORTANT UPDATE:
Thank you to an SPN Supporter in Malibu who has alerted us that there are red flags surrounding this property and that Malibu Code Enforcement opened an active enforcement case and is seeking entry to fully investigate the property.

 
Click Here to READ all of the Press at StopPacasoNow.com
 
Softbank is going down....$23Billion Quarterly Loss
 

The last investment money received by Pacaso was from SoftBank's Vision Fund, $125 Million in September 2021.

Excerpted from Wall Street Journal
By Megumi Fujikawa Updated Aug. 8, 2022 




‘When we were turning out big profits, I became somewhat delirious, and looking back at myself now, I am quite embarrassed and remorseful.’

— SoftBank CEO Masayoshi Son 

 

“I have no choice but to cut a significant number of employees at the Vision Fund,” he said. He also said he would carry out “cost cuts with no sacred cows.”

As of June 30, 2022, the Vision Fund 2  (which funded Pacaso) had made investments totaling $49.65 billion, a majority of which came in a period of just six months between April and September of last year. 

In May of this year, as the losses from those investments began to emerge, Mr. Son said he was switching to a defensive policy.

He said that SoftBank’s Vision Funds approved about $600 million in investments in the April-June quarter, down from a peak of $20.6 billion in the same quarter a year earlier. He said the caution would continue, even though the market’s decline may make some companies a bargain.

The Vision Fund 2 is deep underwater when considering investments still on its balance sheet. SoftBank estimated their value at about $37 billion as of June 30—which it said was $11 billion less than it paid to acquire them.


We can only surmise that in 2022's economy:
1) Pacaso would not have received investment dollars from SoftBank 
2) Pacaso would not have received Unicorn status
3) Pacaso is one of the investments on SoftBank's balance sheet that is worth less today than in 2021


 



 


Contact us at StopPacasoNow@gmail.com

Don't forget to sign the Change.org National Petition for Stop Pacaso Now in EVERY area they do business!
 
Even if you signed a local petition, please sign this one!  Remember, any donations made on the Change.org site goes to Change.org, not the fight against Pacaso.
 
Click Link:  https://chng.it/HypMyJ5Hjv
 
 

 
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