Nedd Brockman arriving at North Bondi Surf Life Saving Club in Sydney after spending 46 days running 100km per day from Cottesloe Beach in Perth in 2022. Picture: Richard Dobson

Nedd Brockmann was ‘the closest to death he’d ever been’ but he kept on running because he’d made a decision to raise money to solve homelessness.

His feet had swollen — his shoe size had gone from nine-and-a-half to 12-and-a-half — and they were so infected that he was in agony.

But the 1600km run over 12 days at Sydney Olympic Park last October raised more than $4.7m for the homeless charity Mobilize.

Why did he do it? Because he said he would.

The 26-year-old from Forbes told an enthralled audience at the sold-out REA Conference REAdy25 at Randwick Racecourse on Thursday: “Once you say you’re going to do something, you must go through with it.

“People who I’ve trusted in my life are people who said they were going to do something and they’ve gone through with it …they’ve continued to be a person of their word.

“Making decisions is incredibly important, purely because at the end of all of this, we die.

“We don’t leave here alive.”

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Nedd Brockmann on the cover of Stellar, in February, 2023.

You get the sense of how committed — crazy? — Brockmann is by some of his “decisions”. Like the one to keep on running a 34km race after breaking his ankle at the 8km mark.

He’d said he was going to break the record. So he forced himself to keep running.

“I pulled in 34 seconds ahead of the record and won the race … I then went on to think, ‘oh well, I can heal bones with my head!’ ” he said.

Applauding REA Group’s soon to be announced “Home for All Foundation” to help raise funds for the 122,000 people who experience homelessness each night, Brockmann said he decided he could no longer simply walk past people sleeping rough near Sydney’s Central Station.

“I’d see homelessness on the street, there’d be 10 or so people on Eddy Avenue … it was having a profound effect on me, I had to go and do something.

“And so, I went, well, I have to raise money for them.”

The running had started as a way to lose weight through Covid.

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Brockmann crosses the finish line after the gruelling 1600km run at Sydney Olympic Park last year. Picture: Instagram

He’d been “a tubby little tradie who’d played footy at school” who “looked in the mirror one afternoon, took my shirt off, took my shorts off, starkers in the mirror, going, ‘Geez, ‘you do not look good, you’ve got to do something about this’.”

Wearing his five-year-old joggers with holes in them and his footy shorts, he ran one-and-a-half km down Coogee Bay Rd, and then he ran back. “I remember that feeling of elation,” he said.

Every second day after that he added another 2km. “At the end of that two weeks, I had run my first 21km,” he said.

“Now, physio’s worst nightmare, but naivete is bliss.

“And then I thought, how far can I take this.”

He ran 42km, then $60km, then 103km. “I was just elated.”

Then, it all came together for him. “I was lying in bed thinking ‘I’ve got to try to make a life out of this, feel this feeling, amalgamate something, and make it my life pursuit.”

At the same time as he was thinking this, he was going to TAFE for his electrical apprenticeship close by Central Station when he saw all the homeless people.

Nedd Brockmann has now raised more than $7.5m for Mobilize through his running.

He decided to run 50 marathons in 50 days and raised $100k for the Red Cross. Then he ran nearly 4000 km across Australia which he said was an “out-of-body experience”, from Cottesloe Beach to Bondi Beach, raising $2.6m for Mobilize.

He even inspired a five-year-old girl from Geelong called Charlotte to run a km a day to help feed 10,000 homeless there.

“She raised $5,500, and on top of that the Geelong Advertiser did an article and the local government ended up giving $50k for her to keep the charity open that was going to be shutting down at the end of the year.”

His fundraising efforts running have now raised more than $7.5m for Mobilize, which gives cash directly to the individuals, such as a mum who can’t afford to pay the bond for her rental.

“It’s a direct cash transfer that covers that bond, allowing them to continue on and not be homeless.”

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12 Cabena St, Donvale, has been sold for $2.85m.

Race car driver turned builder James Moffat has sold a Donvale home he custom built for the suburb in a $2.85m deal that slammed the brakes on a planned auction.

The son of Bathurst legend Allan Moffat, he still races in the Trans Am Series with the support of car enthusiast and billionaire LMCT+ boss Adrian Portelli.

But these days he is also revving people up with impressive new home builds, his latest a four-bedroom house at 12 Cabena St that sold just days after being earmarked for a forthcoming auction.

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Moffat described the property as built for himself with all the things he would like.

That turned out to be exactly what three groups were after, with a local family besting two other parties with a purchase near the top of the $2.7m-$2.9m price guide.

Jellis Craig’s Chris Savvides said both the buyers and Moffat were “thrilled” with the result.

The home has an outdoor kitchen alongside its al fresco entertainment space.

The house showcases multiple living zones across its floorplan.

“James is considering a new project in the area,” Mr Savvides said.

“And there’s clearly a market for these, so we’d anticipate that James will do well again. Not many builders are speculating here with this type of home, so there’s not many brand new ones coming to the market.”

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Survey finds affordability and financing are driving more buyers into the second-home market

In today’s economy, traditional ownership is increasingly inaccessible and misaligned with the real estate landscape. Ongoing issues with low inventory, high home prices, elevated mortgage rates, and down payment obstacles make whole-home ownership more challenging, especially for younger buyers. Against that backdrop, new survey data from Pacaso clarifies which levers actually move would-be vacation-home buyers off the sidelines.

Affordability and financing are the decisive drivers. About two‑thirds say they’d be more likely to purchase if they didn’t have to cover 100% of the cost. Flexible financing also increases the likelihood of making a purchase. While inventory remains tight, affordability and financing emerge as the most immediate unlocks for would‑be buyers. The most common obstacles remain upfront costs, ongoing maintenance, and financing hurdles.

At the same time, remote work has untethered many from a single location, allowing buyers to relocate anywhere there’s internet access and making it easier to split time across markets. These dynamics, paired with today’s higher carrying costs, make professionally managed co-ownership a practical alternative for homebuyers, because it offloads maintenance and right-sizes the buy-in. 

Fractional home ownership and affordability collide

Fractional home ownership provides an opportunity for more buyers to enter the market. They split the purchasing and carrying costs, repairs, maintenance, and taxes. Vacation home buyers pay only for the share they own, and because the buy-in is tied to the share, entry costs are lower than whole-home ownership.

Consider a $4 million home: a fractional purchase price tied to one-eighth up to one-half ownership makes entry feasible for households that might otherwise remain on the sidelines, while improving utilization of high-end homes that often sit vacant and underused.

Traditional financing isn’t keeping up

Today’s buyers require loan products with lower down payments and upfront costs, as well as flexible rates and terms, which conflict with traditional mortgage products. The typical 30-year fixed-rate loan contracts are historically for married couples and singles. 

Another obstacle is that lenders may not be able to sell fractional ownership loans on the secondary mortgage market. In a 2023 Consumer Finance Protection Bureau (CFPB) study, originators sold over 82 percent of home purchase loans within the first year. Originators also sold over 75 percent of refinance loans in that same year. If lenders can’t easily sell fractional home ownership loans, it disrupts and slows down regular business.

How Pacaso is taking the lead

While some buyers have tried DIY co‑ownership with friends or family, those arrangements can create exposure if payments are missed or schedules aren’t clearly defined. Over the past few years, the category has begun to formalize, with Pacaso helping to establish a structured market for luxury vacation home co‑ownership. 

Pacaso offers shared ownership homes in the luxury real estate market, enabling buyers to increase their purchasing power by acquiring shares ranging from 12.5% to 50% in high-end properties instead of purchasing the entire home.

 Pacaso has pioneered a professionally managed co‑ownership approach, with ownership shares from one‑eighth to one‑half, paired with turnkey design, tech‑enabled scheduling, and full‑service maintenance and resale support. The model simplifies co‑ownership and reduces ongoing friction for second‑home buyers. As an additional key to their whole system, Pacaso offers integrated co-ownership financing, allowing buyers access to market-rate financing.

Innovative approaches to buying shared ownership homes

According to Pacaso CEO, Austin Allison, second-home owners typically only use their vacation properties for one or two months per year. Still, they’re 100% responsible for the expenses, maintenance, and repairs. Vacation property homeowners also often worry about the high underutilization of their homes, as well as the costs of repairs and maintenance. Those problems disappear when Pacaso manages all of the hassle of owning a vacation home, and those same underutilized homes turn into productive assets, used year-round. 

Its co-ownership model is structured through a single limited liability company (LLC), a format familiar to lenders, and includes safeguards like covering buyer defaults to reduce risk for both co-owners and financial institutions. 

Unlike traditional ownership, Pacaso owners don’t know one another, avoiding the interpersonal challenges that often arise when owning with friends and family. The company also handles property management, maintenance, and repairs, making ownership worry-free. Owners can schedule their stays up to two years in advance through the Pacaso app, and even swap time at other Pacaso homes, offering greater flexibility and international vacation options.

Notably, Pacaso also provides financing up to 70%, a valuable benefit in today’s cautious lending environment. 

How real estate agents and lenders may benefit

Agents and lenders can work together to identify clients who are priced out of traditional second‑home financing but would still be great candidates for fractional ownership. Net‑new demand is real: about two‑thirds of Pacaso’s survey respondents say they’d buy within five years if affordability weren’t a concern, clear headroom for solutions that right‑size costs and streamline financing.

Lenders and banks

Pacaso’s shared ownership homes offer distinct advantages for lenders by treating the property as an investment and closing it through a single LLC, a structure lenders are already familiar with. Financing is offered directly through Pacaso’s integrated solution, in partnership with banks, creating a seamless experience from application to closing. The standard 70% loan-to-value (LTV) means buyers have more skin in the game, while lending partners carry less risk.

Pacaso’s streamlined process simplifies underwriting and reduces perceived risk, with the company guaranteeing payment to its banking partners if a buyer defaults. The 30% down payment also removes the need for private mortgage insurance (PMI), further strengthening the financing profile.

Real estate agents

For real estate agents, fractional ownership opens up a fresh avenue to serve clients who want more home for their money or desire second-home access without the full financial burden of whole-home ownership. Agents can guide buyers through the pros and cons of the model, helping them understand how co-ownership can provide greater flexibility and access to luxury properties that may have been out of reach.

 Pacaso also supports agents directly through referral and co-brokerage fees, making it a rewarding financial partnership. With co-ownership, agents can sell the same home time and time again, rather than waiting for that same home to re-emerge on the market many years down the line.

Pacaso provides opportunity for legacy and wealth-building

In addition to making luxury ownership more affordable, Pacaso is addressing some of the financial challenges many face in the modern economy through two wealth-building opportunities. 

One is through the property ownership model. Pacaso homeowners build equity in their real estate asset, just as they would if they owned a whole home. Owners can resell in the future at any price and keep any appreciation. Pacaso offers streamlined resale services and can help guide sellers on current market values and comparables. Shareholders can also pass their shares to beneficiaries, building a legacy. 

Additionally, Pacaso recently opened up a Regulation A+ financing round, which allows both accredited and everyday investors to purchase stock in a venture-backed company. Thousands have participated to date, raising more than $35 million, reflecting clear interest in Pacaso’s model and growth plans. For as little as $1,000.50, individuals can become shareholders and share in potential future upside through an IPO or acquisition.  You don’t need to own a Pacaso home to invest. Interested investors can learn more on their website.

Click Here

Disclaimer

AN OFFERING STATEMENT REGARDING THIS OFFERING HAS BEEN FILED WITH THE SEC. THE SEC HAS QUALIFIED THAT OFFERING STATEMENT, WHICH ONLY MEANS THAT THE COMPANY MAY MAKE SALES OF THE SECURITIES DESCRIBED BY THE OFFERING STATEMENT. THE OFFERING CIRCULAR THAT IS PART OF THAT OFFERING STATEMENT IS AVAILABLE HERE.

Methodology

This article references a recent survey commissioned by Pacaso and conducted by Pollfish in July 2025. The survey was initially fielded to a broad sample of 500 U.S. adults, followed by an additional 250 responses collected from individuals earning $150,000 or more annually to strengthen representation of higher-income households. Results carry a ±3.6% (percentage points) margin of error at the 95% confidence level. The study was designed to measure public interest and sentiment around second-home ownership, affordability, co-ownership, and perceived barriers.

Housing affordability is taking center stage this fall for the Trump administration. From President Donald Trump’s early executive order ordering the heads of all executive departments and agencies “to deliver emergency price relief,” to Treasury Secretary Scott Bessent highlighting housing affordability as one of his “big projects,” the affordability crisis is clearly top of mind.

While much of the focus is on bolstering housing inventory and lowering interest rates, something else is significantly hampering affordability in many markets across the country. According to data from insurance shopping site Insurify, in 2025, the national average cost of homeowners insurance is projected to rise by 8%, reaching $3,520 annually by the end of the year. This comes after insurance costs rose 9% in 2024 and 20% between 2021 and 2023. 

For existing homeowners, and those looking to become homeowners, this means that as of September 2024, 32% of the average single-family mortgage payment went to property taxes and insurance, according to data from the Intercontinental Exchange. This is the highest rate recorded since Intercontinental Exchange began tracking this data in 2014.

In Louisiana, as of mid-August 2025, on average 18.2% of a homeowner’s monthly mortgage payment was going to insurance alone, according to data from Realtor.com. Florida (17.0%), Oklahoma (14.7%), Mississippi (11.2%), Alabama (11.1%), Texas (10.3%) and Nebraska (10.0%) rounded out the top seven. 

Researchers at New York University, Rice University and the Federal Reserve Bank of Dallas believe these rate increases are responsible for an additional 149,000 mortgages becoming delinquent between mid-2022 and mid-2023 that would otherwise have remained stable. 

Replacement costs skyrocketed

According to the Insurance Information Institute (III) there are a variety of factors that contribute to the rising insurance premium costs.

“A big driver of insurance premiums is replacement costs,” Mark Friedlander, the director of corporate communications at III, says. “We did a study that looked at cumulative replacement costs over a four-year period. If we look at 2019 through 2022, we saw a 55% cumulative replacement cost increase — that is nearly four times the Consumer Price Index increase during that same period.” 

Friedlander attributes much of this increase to the supply chain disruption and labor shortages caused by the pandemic. Data from the III shows that replacement costs have moderated over the past few years, and the organization is projecting a low, single-digit increase in replacement costs. 

Natural disasters and population shifts play a part

Another driver of rising insurance premium costs, according to the III, is the population shifts occurring nationwide.

“More people are living in harm’s way than ever before,” Friedlander says. “We’re seeing the largest growth in coastal areas particularly — Texas, Florida, some Southeast states — more people are moving to areas that are prone to landfalling hurricanes. When you put more people in harm’s way, as the cost to rebuild increases, that is going to raise your costs as well.” 

In 2023, there were 28 weather disasters that cost $1 billion or more. While large weather events like hurricanes and wildfires often steal the spotlight, insurance experts note that some of the costliest disasters include large thunderstorms and convective storms, which can occur anywhere in the country. 

Data from the III shows that $60 billion in damage was caused by severe convective storm losses in 2023, higher than all the combined hurricane damage from that year.

“We are seeing an increase in the number and severity of convective storms,” Lauren Menuey, the managing director of Goosehead Insurance Agency, says. “Those storms have really high winds, severe thunder and lightning and really big hail, and the hail is getting larger. What may have been a storm with just pea-sized hail a few years ago is now a storm with baseball-sized hail, and the losses are much greater.”

There is some good news

Although insurance experts only anticipate insurance premiums to continue rising, there is some good news. 

“Earlier this week the 15th new insurer entered Florida. This is more than any other state,” says Friedlander. “We’ve seen legislative reforms passed in Florida, and the state has shown a great turnaround compared to the risk crisis the state was facing for so many years.”

Friedlander says Florida recorded the lowest average premium increase (1.7%) in the country in 2024 because of these changes. 

But Florida is not the only state experiencing some relief, Menuey says rates across the country are beginning to stabilize. 

“Carriers are getting to a point where they are starting to feel a bit more stable, but in order to get there, over the last 24 months, they’ve taken multiple rate increases, a lot of which were double-digit increases,” Menuey said. “While consumers may still see some increases as their policy renewal cycle catches up with the increases, depending on what carrier they are with, they could see those increases start to level off towards Q4 this year and into next year.” 

While this is good news, Sean Kent, the senior vice president of insurance at FirstService Financial/FS Insurance Brokers, has some concerns.

“It is great that rates are going down and that we are seeing increased interest from carriers in places that were underserved in the past, but you need to be aware of their AM best rating,” Kent says. “There are a lot of newer carriers that are looking to fill a void, and I think homeowners just need to be a bit more savvy and understand who the carrier is and how financially stable they are.” 

CrossCountry Mortgage (CCM), a branch manager in Georgia and a former employee have reached a settlement in a sexual harassment lawsuit, according to court filings.

The case began in June 2023 when former processor Christina Nielsen alleged that branch manager Steven Bocca subjected her and other female employees to sexual comments, unwanted touching and inappropriate solicitations.

Neither Bocca nor Nielsen’s attorney responded to HousingWire‘s requests for comment. CCM said it does not comment on legal matters.

On Aug. 18, the parties notified the court that they had reached a settlement, and Judge Michael L. Brown directed the clerk to close the case. The judge noted the parties must file a dismissal, but if the settlement falls through, they may move to reopen the case.  

The lawsuit, filed in the U.S. District Court for the Northern District of Georgia‘s Atlanta Division, followed a complaint Nielsen filed with the Equal Employment Opportunity Commission (EEOC) in May 2022 and a right-to-sue notice in February 2023.

Nielsen joined CCM’s branch in Alpharetta, Georgia, in July 2018. Two and a half years later, she began reporting to Bocca, with whom she had daily interactions. In her lawsuit, she claimed she was repeatedly subjected to sexually inappropriate comments and advances.

“Plaintiff began to notice that Bocca’s leadership style was to intimidate, manipulate, and verbally abuse, and he commonly sexually harassed his female staff,” Nielsen’s attorney wrote in the lawsuit. 

Nielsen also alleged CCM retaliated against her after she raised complaints with human resources during a call on May 18, 2022. The company first reassigned her to work from home, then cut off her email access and effectively ended her ability to work, according to court documents.

“On July 5, 2022, Plaintiff was informed that CCM had accepted her termination during the Call on May 18 and that her last day of pay would be July 1, 2022,” the lawsuit states. “CCM had no basis to fire Plaintiff except for retaliation from her complaint of sexual harassment.”

The lawsuit stated that the company never investigated Bocca’s alleged conduct nor questioned other women at the branch. According to the lender’s website, Bocca remains a branch manager at CCM in Georgia.

CCM is the nation’s eighth-largest mortgage lender, with $23 billion in volume in the first half of 2025. according to Inside Mortgage Finance. That figure represents year-over-year growth of 32.5%.

The company was recently ordered to pay $2.1 million in a age discrimination case in Ohio, and it still faces another case with similar allegations in Pennsylvania.