By YUKARI IWATANI KANE, The Wall Street Journal, June 30th, 2011
The resurgence in the Silicon Valley tech industry is leading to a new boom in the area’s real estate market, with rising rents and a scarce supply of homes to buy.
When Ann Schneider (photo, right) advertised her 1,782-square-foot, three-bedroom town home in Mountain View for rent on online classifieds site Craigslist earlier this month, she was surprised to get nearly a dozen responses right away.
The modest house has a two-car garage and a backyard, and she had redone the master bath and repainted the walls so it looks in better shape than comparable units in the complex. But she also raised the rent 60% to $4,000 a month.
Caption from another picture: Rents in Palo Alto are up 11% as landlords, sellers and buyers ride the “Facebook bubble.” Yukari Kane talks to Stacey Delo about the beginnings of another housing bubble in Silicon Valley.
The Wall Street Journal says Facebook Effect, must be true!
This is an Open Thread, and it may have to last the entire holiday weekend. Renting out your townhouse for $4,000 a month ought to start some fireworks.