The IPOs of Zynga (NASDAQ:ZNGA), Pandora (NYSE:P) and LinkedIn (NYSE:LNKD) have created a large group of young millionaires. And the Facebook IPO could mean at least 1,000 more.
One of the results? Real estate prices are surging in Silicon Valley. Mark Zuckerberg, for example, recently plunked down $7 million for a home in Palo Alto, Calif. As you can see, it’s not what you’d expect for $7 million. The drab home offers five bedrooms and 5.5 baths across 5,617 square feet.
Not that Zuckerberg needs the room — he probably spends much of his time at Facebook HQ, building his global empire.
And Menlo Park, Calif. — the home of said headquarters — also has seen surges in real estate values. According to data from Trulia, a top real estate website, the average home price for the area is $1,120,231 — including homes from the less desirable areas of town.
So what can a few million bucks buy for you in this up-and-coming tech town? Trulia helped me out and came up with these options:
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