Homes in Silicon Valley are going for way over asking price and are on the market for just a few days before being sold. Bidding wars have returned.
Once Facebook goes public, prices will soar even more, as new millionaires buy homes. Some homeowners are waiting until after the Facebook IPO to put their property on the market, assuming they will get more.
The same thing in happening in San Francisco. An aging 1800 sq ft house in Noe Valley (where the views are admittedly spectacular) went for $1.5 million, 40% over ask.
This is all being fueled by the tech boom. Apple and Google are doing great. Startups, venture capital, and buzz are everywhere.
America, you want to revitalize yourself? Then take a look at what SF Bay Area geeks are doing and emulate it for your own area in your own way. Seriously.