Pacaso homes spark debate in local communities
MONTECITO, Calif.-People driving through Montecito and Santa Barbara Riviera neighborhoods are likely to see "No Pacaso!" signs along the roadway.
Pacaso isn't spelled like the famous painter Pablo Picasso and has nothing to do with art.
It's a property broker that started buying luxury homes during the pandemic. Pacaso sells the vacation homes to a consortium of eight buyers who each get to use them about six weeks a year.
The company doesn't consider them timeshares since the eight owners, who often spend more than a million dollars on their share, earn equity and can sell their share for a profit after a year.
At least two communities in Northern California's wine country have changed codes to ban the ownership model, but that hasn't happened locally.
Currently there are two local locations.
Marty Neumeier has visited one of them in his neighborhood.
"I've been in the house actually, it seems a bit corporate and not very homey."
He said it seems like a not-in-my-backyard-debate.
"I think they think the houses are going to turn into party houses, and maybe they have had that experience, but so far [I] haven't see that, so wait and see I guess." said Neumeier.
Pacaso's website says buyers must follow a code of conduct to prevent disturbing neighbors.
Residents who stopped by the Montecito Village Shopping Center on Wednesday said they have seen the signs.
They shared a variety of opinions.
Jim Jackson said "I would hope Pacaso is the kind of business that explains everything so nobody gets caught in something they don't really want to be in."
Gene Tyburn said, "I have seen the signs and I found out what is about and I don't like the idea."
It reminds Tyburn of Los Angeles.
"It is turning the whole area into something commercial and we like to think different than that because we moved her out of the jungle."
Helen Fowler said, "It's not a bad idea to bring some new people to the community."
Robin Kneubuhl said "They are able to command such high prices, there is nothing left for the ordinary people."
A local realtor sees both sides of argument.
Adam Mckaig said, "As a Santa Barbara native I have one opinion, but as a realtor I have another opinion, but you have to realize Santa Barbara has been a resort destination for hundreds of years. For that reason I am neutral."
A Pacaso representative was not available to comment.
