Photo: Paragon Real Estate Group
No need to wait for the IPO. Facebook has already had a massive effect on the San Francisco Bay Area real-estate market.That’s according to San Francisco mortgage banker Julian Hebron, who documented the real-estate boom happening here on his blog, The Basis Point.
But Facebook employees and insiders have been making splashy purchases in the expensive market for years.
Menlo Park 4BD/3BA, $2.895 million
This top-level executive used to live in Atherton, a leafy suburb favoured by venture capitalists and executives at Google, where she used to work. But more recently, she and her family moved to Menlo Park--even closer to Facebook's new headquarters.
Anecdotally, we hear from Facebookers that employees' house-hunting spree has as much to do with the company's relocation from a former HP campus near Stanford in Palo Alto to its new campus on the other side of Highway 101 as the long-awaited IPO.
(A note: We found many of these homes on Blockshopper, a site which lists recent sales, but we're not linking to them because the posts contain the owners' names and home addresses.)
Redwood City 4BD/2.5BA, $1.86 million
Redwood City is a relatively more affordable alternative to Menlo Park. Plus this place has views of a lake.
Less sought-after neighborhoods in San Francisco and Peninsula and South Bay cities farther away from Facebook's campus aren't seeing the same kind of frenzied activity, but the action is still hot.
San Francisco (SoMa) 2BD/2BA, $1.75 million
This former top Facebook executive a got a condo in the St. Regis tower in SoMa. Al Gore is a neighbour.
San Francisco (Haight-Ashbury) Unknown BD/3BA, $1.333 million
Victorian and Edwardian flats are characteristic of San Francisco homes--and they're highly desirable. To keep the commute tolerable, young Facebook engineers seek out places close to stops on the company's private shuttle-bus routes.
Facebookers compete with employees of Twitter, Salesforce.com, Zynga, and other San Francisco-based companies for homes in the City. Efforts by San Francisco's government to keep local tech companies from moving out of town have worked--all too well for people trying to buy a place to live.
Menlo Park 6BD/5.5BA, $4 million
Even director-level employees in nontechnical fields who joined at the right time--like this lucky Menlo Park resident--can now afford big homes. She's a former Facebooker, so she doesn't need to shorten her commute, but the Facebook alumni network is strong.
Portola Valley 3BD/3.5BA, $3.225 million
Sometimes you want to get away from it all. Portola Valley, perched in the hills above Stanford University, is a bucolic escape for this former business-side director-level executive at Facebook, who now works at a venture-capital firm.