“Everyone has the mind-set that their net worth will be higher next year.”įor some, the over-hyped Facebook IPO signals another speculative tech bubble. “Everyone feels confident again,” DeLeon said. He bought one of his brokers a midnight-blue Maserati GranTurismo as a reward for the long hours. Real estate agent Ken DeLeon, a former high-tech lawyer, said he has already sold $100 million worth of houses this year. The result: The home got 38 offers and sold for $450,000 above the asking price. They just strung up construction lights and handed out hard hats at the open house. The listing agents didn’t even bother to stage it. “We’re back to the Kool-Aid-drinking times,” Witt said.Ī ranch-style tear-down in Palo Alto was recently listed for nearly $1.2 million. And the market is only expected to get more heated when Facebook employees can cash in their paper wealth 180 days after the stock starts trading. He has built and sold five houses in the last 20 months. Palo Alto builder James Witt said two technology investors fought over his latest $3-million modern home.
#TONY SHAY LUX DELUX CODE#
In Palo Alto, not far from Facebook’s headquarters, the median home price in the 94306 Zip Code hit a record $1,606,750 in the first quarter, according to DataQuick, a residential real estate information firm in San Diego. “Nowhere in the whole entire United States is there a market like this,” Appenrodt said. The house sold for $1.4 million to a rival bidder.
The client, a tech entrepreneur, made an all-cash offer 50% over the $849,000 asking price - and got thumped. Real estate agent Jeff Appenrodt said a client of his recently was among 51 bidders on a three-bedroom, one-bath Edwardian-style home built in 1903 that was showing its age. Celebrities “might be more famous, but this is where the true value is being created.”įacebook millionaires are expected to put some of that wealth into a red-hot housing market.Īlthough the Bay Area has yet to fully recover the ground it lost since its July 2007 peak, home prices in some of the most desirable parts of San Francisco and Silicon Valley are rivaling the bubble years.įinding a home listed under $2 million is becoming a challenge in the San Francisco neighborhood of Noe Valley, whose sunny microclimate and historic character are attracting techies in T-shirts and jeans carrying fat wallets. “We’re the best thing happening in America,” said one tech entrepreneur, who asked to remain anonymous so he could speak candidly. “Silicon Valley,” a new reality show planned for the Bravo network, is gunning for “Jersey Shore.” Its executive producer is Randi Zuckerberg, Mark Zuckerberg’s sister. Snooki and the Situation would do well to watch their well-tanned backs. The invitation-only travel service books getaways to Las Vegas, providing VIP perks such as tables at the hottest restaurants, rock-star access at shows and penthouse suites at hip hotels. Then there’s Lux Delux, a start-up run by Andy Hsieh, brother of Tony Hsieh, founder of online shoe retailer Zappos. Exec provides freelance go-fers to fetch dry cleaning and run other errands. There’s Uber, which provides young tech titans with on-demand limousine service at the touch of a smartphone app. Venture capitalists are pumping billions into start-ups, including some catering to the rich but time-starved techie elite. A decade after the dot-com crash, a new wave of IPOs - Zynga, LinkedIn, Yelp - has padded fortunes and confidence here. “These data clearly show that there is wealth - and a lot of it - in these counties.”Īnd not just from Facebook. “I have rarely, if ever, seen the luxury mix this high,” said Tom Libby, lead North American forecasting analyst at the Michigan company. That’s almost double the national average, according to automotive research firm Polk. In San Francisco, San Mateo and Santa Clara counties combined, luxury vehicles accounted for nearly 21% of new car registrations from April 2011 to March 2012. Luxury cars are flying off dealers’ lots.
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