{"id":18247,"date":"2021-06-21T07:38:57","date_gmt":"2021-06-21T14:38:57","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=18247"},"modified":"2021-06-21T07:38:57","modified_gmt":"2021-06-21T14:38:57","slug":"overnight-news-when-is-ninety-dollars-worth-a-thousand-bucks-when-pacaso-says-so","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18247\/overnight-news-when-is-ninety-dollars-worth-a-thousand-bucks-when-pacaso-says-so\/","title":{"rendered":"Overnight News: When is ninety dollars worth a thousand bucks? When Pacaso says\u00a0so."},"content":{"rendered":"

\"Ya

\u201cDogs come home smelling like other dogs. When puppies come home, they always smell like\u00a0perfume.\u201d<\/p><\/div>Time-sharing real estate brokerage Pacaso made The Daily Mail,<\/a> America’s last reliable news source. They’re also in The Wall Street Journal,<\/a> but that link is paywalled.<\/p>\n

Both stories are about efforts in Napa Valley to keep the carpet-bagging time-sharing interlopers out, but my own interest today is broader:<\/p>\n

Why is Pacaso, a very small boutique time-share real estate brokerage, capitalized at $90 million, said to be worth $1 billion? What turns ninety dollars into a thousand bucks?<\/p>\n

Ballyhoo, perhaps? In the Daily Mail article, Pacaso admits to having sold 200 time-shared units, to date. Each unit is one eighth of a time-shared house so Pacaso’s nationwide internet startup time-share real estate brokerage has sold the equivalent of 25 houses, so far.<\/p>\n

Much more than I would have guessed, for what that’s worth. But even assuming I am wrong about all known organisms and their unwillingness to share with strangers,<\/a> Pacaso’s total market consists of a fraction of the one-percent. Even if people actually liked<\/em> sharing intimate things, Pacaso’s pitch is to a niche of a niche.<\/p>\n

Not that they pitch well, anyway. Using CEO Austin Allison as TV spokesmodel was a mistake. His arguments are defensive \u2013 sharing time in a home with strangers is definitely not<\/em> time-sharing! \u2013 and his affect autistic. Nerds are impressed by nerds. Everyone else can change a tire and get a date without staff support.<\/p>\n

The internet angle seems specious to me, too. No form of real estate flipping requires the internet \u2013 as the other iBuyers have already discovered. Accordingly, Pacaso’s web site and smartphone app end up being a national wishbook for underfunded looky-loos \u2013 which is exactly what they brag about in their statistics, web site visitors, not sales.<\/p>\n

The big lawsuits won’t be over neighborhood concerns \u2013 nor over the use of the term “time-share” to describe Pacaso’s time-share business model \u2013 but over the vigorish \u2013 the secret sauce in the management contracts that makes investors think their ninety bucks can be traded for a thousand of your dollars.<\/p>\n

Pacaso’s time-shares Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cDogs come home smelling like other dogs. When puppies come home, they always smell like\u00a0perfume.\u201dTime-sharing real estate brokerage Pacaso made The Daily Mail, America’s last reliable news source. They’re also in The Wall Street Journal, but that link is paywalled. Both stories are about efforts in Napa Valley to keep the carpet-bagging time-sharing interlopers out, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29,26,6,5],"tags":[],"class_list":{"0":"post-18247","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-group-therapy","7":"category-lending","8":"category-marketing","9":"category-real-estate","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":18322,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18322\/overnight-news-bad-news-pacaso-buyers-the-real-estate-market-turns-first-and-worst-on-marginal-products\/","url_meta":{"origin":18247,"position":0},"title":"Overnight News: Bad news, Pacaso buyers: The real estate market turns first and worst on marginal\u00a0products.","author":"Greg Swann","date":"July 17, 2021","format":false,"excerpt":"There's Pacaso news linked below, but it's just a regurgitated press release. I've written a ton about them, but that makes one of me. But if the real estate market is turning, it will turn first and worst on marginal products \u2013 those easiest to do without. That means all\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":18226,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18226\/overnight-news-if-youre-searching-bloodhoundblog-for-pacaso-im-your-huckleberry\/","url_meta":{"origin":18247,"position":1},"title":"Overnight News: If you\u2019re searching BloodhoundBlog for Pacaso \u2013 I\u2019m your\u00a0huckleberry.","author":"Greg Swann","date":"June 12, 2021","format":false,"excerpt":"I told my wife that Pacaso is bragging about having a million visitors to their web site since they launched last October. She is web- but not dev-savvy. Even so, her instant retort: \"What's the bounce rate?\" You lead with your best card. Pacaso isn't bragging about sales, nor even\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":17219,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17219\/dear-spencer-rascoff-how-many-rich-people-do-you-know-who-like-sharing-things\/","url_meta":{"origin":18247,"position":2},"title":"Dear Spencer Rascoff: How many rich people do you know who like sharing things?","author":"Greg Swann","date":"October 1, 2020","format":false,"excerpt":"Looking for a real estate startup that is having its very best day? Launching today, Pacaso \u2013 how many great names were passed over for this? \u2013 wants rich people to buy expensive second homes \u2013 and then share them with other owners. VRBO meets time-shares, except that nobody actually\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/10\/artem-beliaikin-ze_IO-_tcjw-unsplash-480x320.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":17316,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17316\/overnight-news-paperboys-dictate-terms-to-newspaper-founded-by-alexander-hamilton-let-the-okeefing-begin\/","url_meta":{"origin":18247,"position":3},"title":"Overnight News: Paperboys dictate terms to newspaper founded by Alexander Hamilton. Let the O\u2019Keefing\u00a0begin!","author":"Greg Swann","date":"October 15, 2020","format":false,"excerpt":"Reality is whole and uncontradicted, but a lie is a discrete contrary. Liars don't think to misrepresent the whole, typically, but they can't, anyway: There's too much of it. Accordingly, if you want to suss out a lie, look for the tells that the liar would not or could not\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":17995,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17995\/overnight-news-unless-your-objective-is-killing-people-government-is-not-the-answer\/","url_meta":{"origin":18247,"position":4},"title":"Overnight News: Unless your objective is killing people, government is not the\u00a0answer.","author":"Greg Swann","date":"March 24, 2021","format":false,"excerpt":"If you sniff at a glass of tap-water, chances are you'll nose out the scent of chlorine. Your local municipality chlorinates your water supply because they know it's not safe. They're hoping that introducing toxins into the water supply will kill all the stuff still there that might otherwise kill\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":18586,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18586\/overnight-news-whats-the-future-of-ibuying-ask-any-flipper-who-cant-do-the-math\/","url_meta":{"origin":18247,"position":5},"title":"Overnight News: What\u2019s the future of iBuying? Ask any flipper who can\u2019t do the\u00a0math.","author":"Greg Swann","date":"November 8, 2021","format":false,"excerpt":"What will remain of the iBuyers, once the market turns? As noted long ago, iBuying as such is a very stupid idea. A flipper came up with it, and it may be that he didn't really even get the math of flipping, he just started at the perfect time \u2013\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/18247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=18247"}],"version-history":[{"count":2,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/18247\/revisions"}],"predecessor-version":[{"id":18249,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/18247\/revisions\/18249"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=18247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=18247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=18247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}