Fractional Homeownership is Under Fire
Business Wars Daily
Wondery
4.6 • 716 Ratings
🗓️ 2 April 2024
⏱️ 5 minutes
🧾️ Download transcript
Summary
Today is Tuesday, April 2, and we're looking at Ember vs. Pacaso.
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Transcript
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| 0:00.0 | Wonderly Plus subscribers can listen to Business Wars daily ad-free right now. |
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| 0:08.5 | If you or someone you care about has cancer, |
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| 0:49.2 | Thank you. From Wondery, I'm David Brown, and this is Business Wars Daily on this Tuesday, April 2nd. |
| 1:05.3 | Over the past few years, home buying has gotten tougher. |
| 1:09.1 | Low inventory made it tougher to find a home, and rising prices and interest rates made it tougher to afford one. |
| 1:15.6 | But for those seeking a vacation home, an emerging trend may have made that process a bit easier. |
| 1:21.4 | A group of so-called property tech or prop tech companies started pushing fractional home ownership, |
| 1:29.1 | where a vacation home might have several owners who share the property. That way you're not paying full price for a place you're |
| 1:34.1 | only going to visit once or twice a year. One of those companies is Ember, which launched two years |
| 1:39.6 | ago. PayPal co-founder Peter Thiel led Ember's funding round. The company focused on buying or building high-end professionally designed vacation homes in popular destinations. |
| 1:51.6 | Ember creates a property-specific limited liability company or LLC, and owners purchase a one-eighth share of that entity which actually owns the property. Each owner can use |
| 2:02.5 | the property for up to 45 nights per year. Ember provides, quote, white glove property management |
| 2:08.8 | services according to a company release and an easy-to-use app. The end goal, the company says, |
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