CA: Palo Alto Real Estate Market Booming

Palo Alto Real EstateThe other day as I was getting groceries out of my car an enterprising young man approached me and asked if I was willing to sell my house. “My client, a senior executive at Facebook, is interested in moving into this neighborhood,” he explained.

The man was well dressed, clean cut, and his business card indicated he worked in real estate, so I said, “There is a house down the street selling for $6,3250,000. I’ll sell you mine for an even $6 mil.”

Without even batting an eyelash, he said, “I’ll talk to my client and let you know.” Then he walked off to find the next willing seller. The last time this happened was in the summer of 1999. About once a week, a real estate broker would knock on my door asking if I’d sell. Their clients–Cisco, Yahoo, Ebay executives–wanted to live in the neighborhood and they had money to spare. Six months later the dot-bomb hit and no one knocked again, until now.

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