By Brian Sherman for The Island Eye News
Is a company that’s offering one-eighth ownership in a 4,331-square-foot house violating Sullivan’s Island’s zoning ordinances? Is there anything the town can do to keep a real estate service founded by former Zillow executives from selling interests in the five-bedroom, 6.5-bath luxury home and possibly other single-family homes on the island? Local officials would say only that “the town’s legal staff is looking into this issue” after a local resident who lives a few blocks from the home in question voiced his concerns at two recent meetings of the Sullivan’s Island Town Council.
On May 17, Ralph Byars, who lives on Middle Street, told Council members that a company called Pacaso was offering one-eighth shares in the house at 3115 Ion Ave. for $902,000. He said a share gives the buyer the right to occupy the home for as long as 14 consecutive nights and a total of 44 nights during the year. Council Member Bachman Smith told Byars that “we will be looking into it further.” According to the Pacaso website, in addition to ocean views, the home includes a rooftop deck, a wet bar, a balcony, a pool and a twobedroom, two-bath guest house. The site also notes that, “Picasso offers homes in some of the most sought-after second home destinations in the U.S. and Spain.”
At the May 17 meeting, the Council also passed the third reading of an ordinance designating Martin Luther King Jr. Day as an observed holiday and on the first reading a measure making Presidents Day a holiday. The Council also adopted the town’s General Fund budget and Water & Sewer Fund budget for the fiscal year beginning July 1, 2022, on the second reading. Water & Sewer Department Manager Greg Gress estimated that bills would increase by 2.1% for the average user.