Last month’s Facebook IPO minted more than 1,000 millionaires, many of whom put their newfound wealth into a tangible asset—real estate.
According to real estate website Zillow, the number of million-dollar homes for sale in Menlo Park, Calif., increased 87 per cent in the 3.5-month period between its initial IPO filing and its debut on the stock market.
The company also found a clear “Menlo Park effect”— places near Facebook’s headquarters had median home values of more than $2 million, while similar homes in nearby cities like San Jose and San Francisco could be had for a quarter of those prices.
Take a look at what else Zillow found:
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