Want a second home during COVID? These Zillow vets have invented a radically less expensive way to buy one

There’s an old truism about vacation homes: Nature wants them back.



Austin Allison wearing a suit and tie: Pacasso's co-founder Austin Allison


© Courtesy of Pacaso
Pacasso’s co-founder Austin Allison

Indeed between the maintenance, upkeep, taxes, hassle of finding short-term renters, and typically small number of days per year homeowners are actually in residence, vacation homes are generally a great way to make memories—and a poor way to invest your money.

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Now two veterans of Zillow have a new spin on second homes—they want to pair you up with likeminded buyers to own just the amount of the house you’ll actually use. Their company, called Pacaso (pronounced like the painter), launched this week. Pacaso’s chairman is Zillow cofounder and former CEO Spencer Rascoff; its CEO is Dotloop founder and former Zillow executive Austin Allison. The company says it has raised $17 million in Series A funding, from investors including Maveron, Crosscut, Global Founders Capital, Howard Schultz, and other Zillow

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Buy Zillow Stock, Analysts Say, Because the Home-Flipping Market Might Be Undervalued

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Jefferies analyst Brent Thill advised investors to be “opportunistic on a pullback in the shares” of Zillow.


Chris Goodney/Bloomberg


Zillow

shares hit a record high Thursday morning as a trio of analysts lifted their price targets for the online real-estate firm, amid a booming housing market in many parts of the country. In particular, they are bullish on the company’s increasing focus on buying, repairing and reselling houses—the so-called iBuyer market.

That market has attracted new attention after Zillow rival Opendoor announced plans to go public via a reverse merger into a SPAC, or special purpose acquisition company. The terms of the deal have spurred analysts and investors to reassess their views on Zillow’s growing role in that market—and they see an expanding business that might be undervalued.

Truist analyst Naved Khan repeated his Buy rating on Zillow shares (ticker: Z), upping his price target on the stock

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