July 15, 2005

Google Money

It's floating around here...

"Across the country, new tales of real-estate froth are bubbling up every day. But Atherton is in a particular lather. The 4.6-square-mile enclave in the heart of Silicon Valley has the most expensive ZIP Code, 94027, in the nation, with a median home price of nearly $2.5 million in 2004, according to a recent survey by Forbes.com. Among the newly arrived Googlers' neighbors is the boss: Google CEO Eric Schmidt is an Atherton homeowner.

Googlers aren't the only newcomers buying in Atherton. Financiers and tech titans continue to be regular buyers. Hewlett-Packard Co.'s new CEO, Mark Hurd, recently purchased an Atherton house for $7.15 million, according to the San Mateo County assessor's public records. Mr. Hurd moved West from a Dayton, Ohio, house that was last valued at $799,520, according to property records from the Montgomery County auditor's office. (An H-P spokesman in Palo Alto says Mr. Hurd has no comment.) And Googlers are buying in other nearby towns, too, including Woodside, Palo Alto and Menlo Park.

But the Google effect stands out in Atherton, agents say. "There's a lot of Google money out there," says Mary Gullixson, a Silicon Valley real-estate broker who says she has sold nearly $130 million in residences this year, the bulk of them in Atherton. "It's turning out to be the best year ever."

Written in Oceanside, CA (on the first sunny day!)

Posted by Pedraum at July 15, 2005 02:00 PM | TrackBack |