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In Calistoga, where Pacaso has not yet been active, city officials are revising their own regulations after finding out that the company has acquired a house not far from the city limits.
The city is reviewing its regulations and preparing for a possible request for roommates within the city limits.
Pacaso has posted a property for sale at 3380 Route 128, near Bennett Lane. Since the property is located outside the city limits, any licensing issues would have to go through Napa County. However, the city is monitoring the situation closely, said planning director Zac Tusinger, as any proposal from Pacaso within Calistoga would have to go to the city’s planning commission.
The planners work with the city attorney’s office and also look at how other jurisdictions deal with starting fractional ownership.
“To some extent, it’s an open question as to how to regulate it,” Tusinger said. “This is an evolving situation, and we are monitoring it very closely.
Records show that 3380 Calistoga LLC. was incorporated in April 2018, the same date the property was sold. At that time, the property was listed as a 3 bedroom, 2 bath, 1,004 square foot single family home in need of restoration. It sold for $ 1,050,000.
On Pacaso’s website, the property is now listed for sale as an 8,300-square-foot, 7-bedroom, 8-bath home, priced at $ 10.5 million, “or you can own an eighth of the property for $ 1,480,000… The outlook is for entire home listings that meet Pacaso’s very selective criteria: epic homes in amazing locations. If enough buyers are interested in becoming co-owners of this house, we will buy it and turn it into Pacaso.
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