Facebook Employees Jack Up Palo Alto Real Estate 60%

By David Cohen Comment

Facebook Co-Founder and Chief Executive Officer Mark Zuckerberg bought a $7 million home in Palo Alto, California last year, and many newly rich employees of the social network are looking to follow in his footsteps, causing a dramatic upturn in that city’s real estate market.

Silicon Alley Insider reported that the housing market in Palo Alto is experiencing a serious boom, with one resident saying that prices have soared 30 percent to 60 percent over the past six months.

The commute from Palo Alto to Facebook’s headquarters in nearby Menlo Park is short, which also adds to the allure of Palo Alto for employees of the social network.

The Palo Alto resident mentioned above also forwarded a listing to Silicon Alley Insider of an unremarkable “tear-down” four-bedroom home that originally priced at $1.6 million andsold for $2.1 million following 11 bids, seven of which were in cash.

And the resident added that real estate agents are encouraging potential buyers to describe themselves to sellers in order to distinguish themselves, with many of them mentioning their ties to Facebook.

Readers: Are we the only ones wishing we had property for sale in Palo Alto?