Luxury Retailers Eager For Facebook IPO, New Crop Of Millionaires
SAN JOSE (KCBS) – Social networking-giant Facebook filed for its initial public offering Wednesday afternoon, and that has many in shop owners in Silicon Valley excited about the prospect of many new millionaires in the neighborhood.
Luxury car dealers and real estate agents that sell high-end homes are already gearing up to serve the soon-to-be wealthy.
"We're expanding rapidly. We've added another building to handle more service customers, and we added another lot next to our building here, and we're planning to grow our inventory by about 30 percent this year," said Lexus of Stevens Creek president Brendan Harrington.
KCBS' Mike Colgan Reports:
Harrington said that the car that he just got in would be perfect for Facebook CEO Mark Zuckerberg.
"The Lexus LFA is quite the supercar," said Harrington. "It starts at $388,000, so it's not for the light of wallet. It is a unique supercar. There's only a couple made in the world."
Realtor John Pinto also showed off his $1.25 million listing in Redwood City.
"This house is 2,330 square foot house on an 8,200 square foot lot completely renovated by the contractor/owner and it is exactly the kind of house that a Facebook employee would want to buy," said Pinto.
He said the volume of real estate sales increased 26 percent when Google went public in 2004, and he thinks the same thing will happen with Facebook.
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