AgentMarkets & Economy

Cashing in on Facebook’s new millionaires

Silicon Valley real estate already feeling effects from last week's IPO

In April, Facebook Inc. picked Nasdaq over the New York Stock Exchange for its initial public offering, or IPO, as it is know in the financial world. The selection of a stock exchange was globally watched and the decision dissected for wider import by the world's tech community. In Northern California's Silicon Valley, home to the Menlo Park-based social networking company, everything Facebook does is carefully watched, even in the real estate sector. Or, should we say, especially in the real estate sector, because an IPO like Facebook's produces plenty of instant multimillionaires when employee stock options suddenly have trading value. And those multimillionaires will need a place to live, somewhere in Silicon Valley, in driving distance to the corporate headquarters. For example, Facebook founder and CEO Mark Zuckerberg last year bought a $7 million house in Palo Alto, Calif., and his company hadn't even transformed into a public company. It should be noted $7 millio...