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FBN's Adam Shapiro on the expected success of the Facebook IPO and the possible real-estate boom it can create.
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Mitt Romney obviously -- another mix right wanna tell you about everybody.
Space back in the day -- FaceBook shares start trading.
Silicon Valley we'll be home to about 01000.
Newly minted millionaires and businesses are already getting ready to cash and on the social networks success out of Shapiro.
Joins us live from the construction site of -- thirteen million dollar home.
Does -- have a buyer -- them.
Metal buyer yet but let me tell you what's just happened just a little -- out there in Palo Alto.
You know the average sale price -- -- -- -- a record high I'd just shy of two million dollars sells are up four to 5% and most listings are going up over -- -- has less time mirrored that the United States take a look at this how -- thirteen million dollars did you can -- in the house they're Dallas.
Thirteen million dollars is going to get share.
Six bedrooms seven bathrooms two patter of -- come -- the house I wanna show you what we're talking about here thirteen million bucks don't be surprised if someone comes in pays cash is something like this.
But to get a Sauna a steam room a swimming pool full kitchen and totally automated I want to introduce you to the developer of this property thirteen million bucks let him as -- -- Is building there's and it went IB IPO was announced with FaceBook what were people in in your industry talking about.
All the rural talking about a number of multimillionaires.
That would be instantly created in the area.
It's good for real estate it's good for business it's great for Bay Area.
And I'm gonna let Dallas show what you're building here you don't have a buyer yet you go ahead and get off I mean -- on the house but.
-- think's gonna buy this house will be one of these tech millionaires.
Well we hope for the it would be but we would sell it to anyone who who can afford it so it's a beautiful house.
In a grade area walking distance to Burlingame.
Downtown.
I think it will sell -- The other thing that's going on in this part of the world is it almost a real estate boom down -- Palo Alto.
Average sale price is up four to 5% they're selling homes over list price is that gonna just drive prices up for everybody maybe create a property bubble.
I don't think it's gonna create a property bubble quite -- I think it will drive the prices up.
We hope we'll have a multiple law friend that house and not.
A lot of real estate people hope real estate will go up.
-- when you decided to build this property it was before the FaceBook IPO was announced with your stomach -- a little bit on knots and then when they announce it make you feel a lot better.
Of course we took direct quite a bit of risk buying the property in 2009 -- economy -- -- the -- But I guess that's when you want to body.
Yet and and we I we yes that's right hopefully there will be.
A great buyer for this great house.
Terrific Leonard thank you very much we wish you the best again it's going to be about a thousand FaceBook millionaires it's not just.
Construction that is going crazy but we're gonna say the next hour.
Like the Porsche dealer in this area is getting ready to make some major bucks -- back -- you were gonna make our -- the major bucks right now based on this topic -- thank you very much in Silicon Valley.
