By now, you’ve heard all about Facebook’s S-1 filing last week – the social networking site’s first steps toward what is expected to be a $5 billion IPO. It’s a fascinating story, and something we’re sure to hear a lot more about over the next three months leading up to the actual offering.
There is also a fascinating real estate story about to unfold. No, not the kind of story in which agents start to find wild success selling homes via Facebook. But the real kind: young Internet minds work hard to build a raving success, take the company public, and get wildly rich in the process. And what’s the inevitable next step? They buy real estate.
That’s right. Our very own Silicon Valley, which is already flush with brilliant tech minds who’ve found amazing success in their careers, is about to be flooded with even more young success stories thanks to Facebook’s IPO. The rippling effect of the wealth about to be made by Mark Zuckerberg and 3,000 Facebook employees on the local economy is expected to spark a jump in real estate sales and also boost the local economy overall for many years.
This is how we know that Americans – regardless of background, age, or current economic standing – still have a healthy appetite for owning their own homes. It’s among the first things we all do when we realize success in our careers.
News stories may have you believe that many Americans are over owning a home – that the wounds of foreclosure, financial hardship and upside down home values have created a huge disconnect in what was once the American Dream. But I’m here to tell you that it’s simply not true, and Facebook is my case in point.
Watch for evidence that the American Dream is alive and well in our local real estate market after this IPO hits Wall Street in May (and leading up to then, too).
This is why I don’t panic when personal finance gurus start to talk about shifting values among America’s young – that our kids are more interested in renting than buying. Because it’s simply not true. Give them success and a healthy income and they will buy a home.
I’m excited to see this generation of dot-coms growing and sustaining, defying the slow growth trend that’s happening in almost every other sector. This is exactly the type of positive news we need right now. Let’s embrace it!
Eight years ago, a young Zuckerberg took a chance and came out to Silicon Valley one summer while enrolled at Harvard. That chance is now paying off, and our local economy is lucky to be a part of it.