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Facebook Housing Boom?
While the rest of the county buzzed Friday about Facebook’s first day as a public company, real estate agent Brian Chancellor saw the effect months earlier.
Chancellor put a client’s house on the market in February for roughly $1.2 million — a bit underpriced, he said. The home in Palo Alto, Calif., sits adjacent to Menlo Park, the home of the social-media darling.
Twenty days and 38 offers later, the house sold for $1.65 million.
“It’s not uncommon that even when somebody goes well over the asking price … they may not get the home,” Chancellor said. “There are people who are putting in phenomenal offers and still not prevailing.”
As Facebook and its social media and tech brethren boom, so, too, does the housing market in Silicon Valley and surrounding areas. In San Mateo and Santa Clara counties, home sales rose 34% and 13% in April from a year earlier, according to San Diego-based DataQuick. San Francisco Bay Area sales as a whole grew 13%.
The Silicon Valley market picked up visibly starting in late January, said local real estate agent Francis Rolland. Reports surfaced around that time of an imminent Facebook IPO.
There just might be a little too ... more

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