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Old 12-08-2011, 04:45 PM
 
457 posts, read 587,051 times
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http://www.nytimes.com/reuters/2011/...html?src=busln

The Facebook IPO is coming and looks like everyone in the Valley is going to be a millionaire. If you thought Palo Alto is expensive....
Might as well pack up and move to Modesto now.
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Old 12-08-2011, 05:02 PM
 
2,311 posts, read 2,632,510 times
Reputation: 1216
Quote:
Originally Posted by dmode View Post
http://www.nytimes.com/reuters/2011/...html?src=busln

The Facebook IPO is coming and looks like everyone in the Valley is going to be a millionaire. If you thought Palo Alto is expensive....
Might as well pack up and move to Modesto now.
LMFAO, I can attest from several friends who have sold their dinky start-ups during this bonanza and some from companies that have IPO'd and their options unlocked.. one of the first things they do is run out and grab up a house in the surrounding area .. Most often they do no research, nor care of the direction of housing, or price.. they just buy ..

So, yes .. housing will get even more absurd in the surrounding areas... Rent has already been jacked to the roof due to the explosion in this area of tech.. More money, more problems... Have more?? I guess you can pay more for the same ol' junk found everywhere in America .. a place to put your head at night....
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Old 12-08-2011, 07:43 PM
 
Location: Oakland, CA
1,148 posts, read 2,391,569 times
Reputation: 834
"ZipRealty just completed a study on the millennial home buyer, pointing out that this generation, born after 1982, is the largest in American history, larger even than the Baby Boomer generation. To these buyers, walkability and a vibrant urban community are huge draws in a home purchase. The ZipRealty study seems confirmed by this recent mini-boom in neighborhoods close to SoMa’s flourishing tech industry: newly minted millionaires in their 20s and 30s have the buying power to drive prices up.

Want proof? We’ve got it. The median price of a single-family home in San Francisco County was $745,000 in October, up $10K from October of 2010. In the neighborhoods in question though, the increase is more striking. In Noe Valley this October, the average price-per-square-foot was up 5% from last year for the third month in a row; in SoMa, up 11%; in eastern Potrero Hill, up 16%."

Original article here
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