Flush with cash and stock options, workers at tech companies in the Silicon Valley and San Francisco Bay Area like Google, Yahoo, Facebook, Apple, LinkedIn and Twitter will soon be starting families and flocking to the suburbs in search of more spacious digs and reasonable prices.
So says consultant Carole Rodoni, former president of Alain Pinel Realtors, speaking to Realtors in Pleasanton, a city of 70,000 approximately 30 miles north of San Jose.
While rental housing like Facetown, a $120 million, 394-unit complex going up within walking distance of Facebook’s campus, may keep younger tech workers happy, “crying babies and toddlers won’t fit in,” Rodoni says.
Buyers are paying 30 percent over premium on the Peninsula, the Pleasanton Weekly’s Jeb Bing reports, and sellers in the Tri-Valley (which includes the cities of Pleasanton, Livermore and San Ramon) are seeing multiple offers.
“The millennials are coming,” Rodoni said. “Are you ready?” Source: pleasantonweekly.com