HOME AND DESIGN
Pacaso | November 26, 2021
Pacaso, the leading real estate platform that helps people buy and co-own a luxury second home, announced that it has expanded its service to Santa Barbara, California. The company has begun hiring a regional team and is working with a variety of local businesses to support its operations.
"We're thrilled to be expanding our service into Santa Barbara, Known for its beautiful beaches and gorgeous Mediterranean-style homes, along with the backdrop of the Santa Ynez Mountains, Santa Barbara has long been a dream destination for buyers. However, many are left waiting on the sidelines due to escalating prices and a lack of homes for sale. With Pacaso, people looking to purchase a second home here now have a new solution. A small group of families can up-level their buying power through co-ownership of a luxury home. Not only does this make more efficient use of housing stock, but it also redirects second home buyers away from the mid-tier market, freeing up that inventory for local primary homebuyers."
- Pacaso CEO and co-founder, Austin Allison.
"Working with the Pacaso has been a pleasure, and it's obvious to me that the Pacaso team has a passion for their business, and goes above and beyond for their customers, Pacaso brings something new to the table: they only purchase luxury homes in second home destinations, and because they offer up to eight shares of ownership per home, their model actually helps increase inventory in the area."
- Sotheby's International real estate agent Tyler Mearce.
Pacaso partners with all interested real estate agents and brokerages in markets where it operates. Real estate agents representing buyers who purchase a share of a Pacaso home receive a 3% referral commission in addition to 500 RSUs of Pacaso stock as a referral equity bonus. Agents in Santa Barbara who are interested in working with Pacaso can learn more on the company's website.
Pacaso's first listing in the area is a contemporary four-bedroom situated in the hills of Santa Barbara that features stunning ocean, harbor, and mountain views.
About Pacaso
Pacaso® (pronounced like "Picasso") modernizes the decades-old practice of co-ownership by creating a marketplace that makes buying, owning, and selling a luxury second home easy. From curating the best listings in top second home markets to offering integrated financing and sales from as little as ⅛ to as much as ½ ownership; upscale interior design; and professional property management, Pacaso provides owners with all the benefits of owning a second home with less hassle. After purchase, Pacaso manages the home on an ongoing basis and supports a frictionless resale process in partnership with a licensed real estate professional.
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REAL ESTATE INVESTMENT
LA City Planning | November 25, 2021
The Los Angeles City Council approved revisions to City Planning's Housing Element that will establish one of the most ambitious rezoning programs in the nation and address the systemic inequity in planning and land use policies that has contributed to the city's current housing crisis.
The proposed changes will set new citywide strategies in motion to achieve a more equitable distribution of affordable housing across Los Angeles. The ambitious rezoning program would rezone parts of the city, in order to allow for over 250,000 new housing units within three years of the plan's adoption. This plan puts Los Angeles on track to meet the state's request for nearly 500,000 new units by 2029.
"The Plan to House LA is designed to protect the most vulnerable Angelenos from displacement, eviction, and homelessness, It centers racial equity and environmental justice at the forefront of our planning considerations, aligning Los Angeles' citywide land use strategies to improve future access to housing, preservation, and production."
- Director of City Planning Vince Bertoni.
In addition to housing production, the plan also focuses on preventing displacement and advancing racial equity and opportunity. The Housing Element includes anti-displacement strategy studies, eviction defense programs, inclusionary zoning studies, a Citywide Housing Needs Assessment, and a focus on rezoning in higher opportunity areas.
The California-mandated Regional Housing Needs Assessment (RHNA) allocation will be focused on high-opportunity areas of the city near jobs and transit, expanding existing programs that give incentives for developers to include affordable housing in new buildings and ensuring that Community Plan updates have housing goals based on equity and combat the concerning housing shortage.
For decades, the City, surrounding region, and the State have alarmingly underbuilt housing. This shortage has led to LA having some of the highest rents and home prices in the nation. The biggest impact of LA's housing shortage is on working class families of all backgrounds, who find themselves facing exorbitant rents putting upward mobility out of reach.
The city will have three years to create ordinances to put these policies into effect. Technical amendments to the City's Safety and Health Elements were also passed to reflect the update of the Housing Element in accordance with state laws. Rezoning will take effect through active community and neighborhood planning efforts, citywide rezoning efforts, and affordable housing incentive programs.
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REAL ESTATE INVESTMENT
MG Properties Group | November 24, 2021
MG Properties Group, a private San Diego-based real estate investor and operator, is further expanding its presence in the Bay Area, today announcing the acquisition of Maris at Martinez, formerly known as Terra Martinez.
Located in the East Bay hills, this 168-unit community offers an ideal location off State Route 4, connecting it to endless shopping, dining, and recreation options. The increasingly strengthened hybrid work environment allows Martinez to flourish as a viable option for Bay Area commuters.
"We are pleased to be further growing our long-term presence in the Bay Area, This is a market that has strong opportunity due to its economic growth, affordability, and convenience."
- Mark Gleiberman, MG Properties Group's Founder & CEO.
This class "B" property was constructed in 1985 and has continued to be an increasingly popular destination for Bay Area residents to call home.
The sellers were represented by Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni, and Alexander Tartaglia from Institutional Property Advisors. Mortgage financing for the acquisition was provided by institutional investors advised by JP Morgan Asset Management and arranged by Bryan Frazier, Andrew Schoene and Blake Hockenbury at Walker & Dunlop.
Rebranded as Maris at Martinez, this community is the 19th acquisition in the last year for the company overall – totaling over $1.6 billion in combined value. MG Properties is continuing to target further acquisitions in Washington, Oregon, California, Arizona, Nevada, Utah, Colorado, and Texas.
About MG Properties Group
MG Properties Group is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG's current portfolio is comprised of over 23,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 79 communities.
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