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If I got rich in an IPO (and stilly lived in silly con valley), I'd move far far way .
bmwman91
2011 Jul 31, 5:13am
I always get a chuckle at this. Yes, prices are going to shoot up a bit in PA/MV, probably in the next year or so thanks to a flurry of IPOs. However, it is "dumb money." What the hell else would it be...a bunch of late-20-somethings suddenly coming to fat wads of cash. These folks are very smart at their jobs, but from what I can tell they really aren't any better than any other person their age when it comes to money. One look in the parking lots of these places tells you exactly what will happen with the IPO spoils when these folks turn their attention to houses.
And FB moving to Menlo Park means that MV will probably reap minimal price inflation from the FB IPO. I think that PA/MP/Belmont will bear the brunt of the insanity. MV will just have to subsist on the silly money coming from Google.
http://www.bloomberg.com/news/2011-06-15/tech-ipos-boost-demand-for-silicon-valley-million-dollar-homes.html
Does anyone agree with the assertion in the article that Palo Alto prices have increased 20%? Mountain View almost 4% over last year and the trend is just starting. Basically anything within 15 miles of the penninsula will climb, as one guy on the article asserts. I don't really buy that and I don't really see that from last year. But surprised this is on Bloomberg. Thoughts?