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Facebook’s upcoming IPO will create a lot of new millionaires.And Silicon Valley’s already thriving real estate market is gearing up in anticipation of some expensive home purchases by Facebook’s newly monied elite, reports Michael Cooper for The New York Times.
With the help of Facebook, Silicon Valley’s hot market is even expected to rub off on some of the fringe towns in the Bay Area that have struggled to recover from a deflated housing bubble.
Jim Carlton reports in The Wall Street Journal that 72 of 102 cities or towns in the area experienced declines in home prices in the fourth quarter, compared with last year. In contrast, Menlo Park, where Facebook is headquartered, saw a 52.7 per cent uptick in median home sales prices.
That increase could reverberate further out as Facebook cashes in on its new wealth. Lianne Pinkston, a Bay Area broker, told Carlton that there is reason to be optimistic about this.
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