Silicon Valley in California is already known as a high-priced area, but an anticipated crop of new Facebook millionaires is expected to send housing prices even higher.
“I’m kind of worried -- a thousand millionaires are going to be buying houses!” says one buyer looking for a home in the area.
Silicon Valley is the home to Facebook, and with Facebook shares soon to be sold to the public, Facebook employees are expected to see a big jump in their paychecks.
Just the anticipation may send home prices higher, The New York Times reports.
Ken DeLeon, a Silicon Valley real estate agent, says the signs are already there: More homes last month sold for more than their asking prices, and by significant amounts above the asking price too.
DeLeon says he plans to market his real estate services to Facebook employees by purchasing ads -- of course, on Facebook.
He expects some sellers will keep their homes off the market until the Facebook rush happens, although he says some investors may want to get a jump on the market by buying up homes now that they plan to tear down and rebuild.
Already, eight of the country’s 20 priciest housing markets are in Silicon Valley or the Bay Area, according to a 2011 Coldwell Banker study.
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2012/02/09/facebook-ipo-heat-up-housing-market-in-silicon-valley
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Facebook IPO to Heat Up Housing Market in Silicon Valley: News GayRealEstate http://gayrealestate.typepad.com/gayrealestate_usa/2012/02/facebook-ipo-to-heat-up-housing-market-in-silicon-valley.html #realtor #realestate
Posted by: Gay Real Estate News ~ GayRealEstate.com | Wednesday, February 22, 2012 at 05:05 AM