New Facebook millionaires may be out to spend money
MENLO PARK, Calif. (KGO) -- Facebook had a lot of friends cheering its status Wednesday. They like the fact that Facebook is going to make a $5 billion stock market debut.
Those in real estate anticipate big sales.
"I just started a new company, virtuous real estate, and we're looking for salesmen for the Facebook real estate boom," Mark Taylor of Virtuous Real Estate said.
Boom time? He's taking advantage of a languishing housing market, which could be making a rip roaring comeback.
"We're looking for 50 agents to get the Spring selling season coming up; we're hoping to have 300 agents before they go IPO," Taylor said. "They're cash heavy," Mike Bui, with Intero Real Estate, said. "They definitely have the purchasing power."
Some in the real estate industry think the new buyers will proceed slowly.
"I don't think they'll flood it immediately; they will definitely have the money ready and all of the clientele for Facebook will do their research for it," Bui said.
"I think the upcoming millionaires at Facebook, which we have a lot of friends there, that have already started conversations about purchasing homes," Manly Danh, with Intero Real Estate, said.
Homes and of course the pricey sports car. Carlsen Porsche felt a sales surge with Google millionaires. They think they'll soon be seeing Facebook drivers.
"You do get a nice little wave that comes through and it helps," Carlsen Porsche sales consultant Doug Rubi said.
But the new millionaires have to be smart with their money.
"Making sure that they put away; we get a first slug out to take care of all their needs, get the house, after that there is always a slush fund to come out," Vista Wealth Management CEO Michael Spector said.
Some of the newly minted millionaires may also develop a philanthropic path. It is good business. Mark Zuckerberg is a role model. He gave $100 million to New Jersey schools.
facebook, wall street, IPO, business, don sanchez
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