Last month, Niha Singh, a 27-year-old Silicon Valley computer engineer, and her husband tried to buy one of 12 units in a new William Lyon Homes Coyote Creek townhouse development under construction in Milpitas. Even though they'd car-camped outside the developer's office, they ended up on a waiting list. "When we got there on Friday, there was already a line," she said. "People were camping out, some of them for six days before the date of release."This is good news, since condos took a disproportionate hit in the crash. The town homes and condos in Lyon Homes Coyote Creek priced from the low $500,000s.
Russian entrepreneur and venture capitalist Yuri Milner owns a 25,000-square foot, 11 acre Silicon Valley mansion, in Los Altos Hills, California. Yuri Milner bought this single-family home for $100 million, but it would be mistake to think that this home is most expensive property in in San Francisco Bay Area. The real most expensive property located not far away in Santa Clara.
The seats for San Francisco 49ers' new stadium in Santa Clara are on sale and the most expensive club seats near the 50-yard line, cost $80,000 for rights to each seat with season tickets $3,750.
Let's do math! The seating area is approximately 2 square feet and it means that price for one square foot is $40,000, while Yuri paid just $4,000 per square foot for his Los Altos Hills home. In other words the most expensive home in Los Altos would cost one billion dollars, if someone would pay the same price per square foot.
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I drove through Mountain View today, and noticed a googol for sale signs. I have an impression that homeowners were holding back from selling waiting for Facebook IPO. Facebook engineers are buying up property in the Bay Area, adding to the demand from tech workers at nearby companies like Google and LinkedIn. But on the other side, it could be related to the HP layoff of 27,000 workers. |
