By: Rob Black - Wed, 13 Jun 2012 17:35:35 -0800
Loser: Faceobook Hurt Palo Alto Housing
Prices in Silicon Valley's tony neighborhood soared before the Facebook IPO.
Now inventory is soaring.
You can take the pulse of the prospects of Silicon Valley by checking stock prices, revenues, profits, hiring, even press clippings of various companies. Or instead maybe you should just look at the real estate market in Palo Alto, California. The shortcomings of Facebook, now seem to be taking their toll in Palo Alto.
Before Facebook's May 18 IPO Palo Alto’s housing market was going especially bonkers. Sellers kept their homes off the market.
For the first quarter of this year, for example, the median price of a single-family Palo Alto home went up 11% while inventory declined 57%. All that changed when the Facebook IPO flopped.
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