This Company Wants To Sell You A Second Home On Maui — Or At Least A Piece Of One …Some residents worry selling luxury homes will drive up the cost of housing for residents but a Hawaii economist says that likely won’t happen because the company is operating in a very high-end market.
KAPALUA, Maui — A startup that buys luxury houses and sells shares in them to buyers interested in owning second homes has started operating on Maui, alarming some local residents who are tired of wealthy investors buying up property on the island.
And at least one County Council member says she’s received a number of complaints from neighbors and is researching whether the business model is legal.
Pacaso, which describes itself as an “innovative luxury second home co-ownership platform,” announced Wednesday that it’s selling its first home in Hawaii, a Kapalua condominium that can be split between either two or four owners starting at $1.45 million per share. It also has three other “prospect” homes advertised on its website — one in Paia and two in South Maui.
