Silicon Valley Primed for Facebook Real Estate Boom

Silicon Valley real estate agents and residents are primed for the potential rush of "newly minted Facebook millionaires," now that the company is on its way to becoming publicly traded.

The area has weathered nationwide dips in home prices relatively well, and it is surmised that with the anticipated influx of Facebook employees, already-high prices could go higher still as demand remains strong.

"In recent weeks, [Real Estate Agent Ken DeLeon] said, there have been signs that the market has been heating up more: 10 homes in Palo Alto sold for more than their asking prices last month, some by large amounts.

Now, with the long-expected Facebook public offering a step closer to reality, Mr. DeLeon said he expected to see several things happen: some sellers may keep their homes off the market until they judge the time is right, some speculators may snap up old houses to tear down and rebuild, and some buyers may feel pressure to make offers before the deluge hits."

Full Story: If Silicon Valley Costs a Lot Now, Wait Until the Facebook Update

Comments

Build Your Own Paper Block City

Urban Fold is an all-inclusive kit that allows anyone to build the city of their dreams with a few simple folds.
$24.95
building block set

NEW! Build the world you want to see

Irresistible block set for adults when placed on a coffee table or desk, and great fun for kids.
$25

City Coasters

Hand-drawn engraved maps of your favorite neighborhoods are divided up across 4 coasters making each one unique.
$36.00
Book cover of the Guide to Graduate Planning Programs 4th Edition

Thinking about Grad School?

The Planetizen Guide to Graduate Urban Planning Programs is the only comprehensive ranking and listing of graduate urban planning programs available.
Starting at $24.95