Newport Beach has joined a host of destination cities in California moving to regulate fractional home ownership, in which multiple people own a small share of a neighborhood home that's used as a vacation property.
Now, residents have set their sights on a burgeoning real estate trend known as fractional home ownership, in which multiple people, often strangers, own a small share of a luxury single-family home that they use as a vacation property. It’s a twist on timeshares that, as many locals see it, plays to wealthy out-of-towners looking for a place to party rather than live.The Sugar ‘n Spice sweet shop with its famed frozen banana draws visitors to Balboa Island.
As the practice has accelerated, homeowners have started to mobilize, raising the same concerns about noise and trash that have been levied in calls to regulate Airbnb-style short-term rentals. They paint fractional ownership as just one more scheme for converting neighborhood homes into vacation carousels for rich people who flit in and out with no real stake in a community., a San Francisco-based start-up founded in 2020 that has refined the concept into a lucrative business model.
Fred Levine is among the longtime Newport Beach residents who say they aren’t buying the egalitarian spiel. On Balboa Island, the Gardners now sit just across the street from a Pacaso home. The four-bedroom, four-and-a-half bath contemporary Cape Cod-style home is listed on Pacaso’s website at $940,000 for a one-eighth share. The home has a rooftop deck with a whirlpool bath, foosball table and TV.
Max Gardner, 71, said that when he first heard his neighbor had sold to Pacaso, he was circumspect but open to getting to know the new residents. On their street — Emerald Avenue — the neighbors are so tight-knit they meet for weekly outdoor happy hours and travel on group vacations. They call themselves “the Emeralds.”
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