There's A New Real Estate Trend For Silicon - Business Insider

Silicon Valley's tech crowd thinks it's time for something new and modern.

Modern homes, that is.

Techies in the Palo Alto and San Francisco areas are reportedly buying traditional houses, ripping them down and building new sleek homes with clean lines in the architecture, according to Pui-Wing Tam and Nancy Keates of The Wall Street Journal.?

And the market for teardowns is hot.

Ken DeLeon, a Palo Alto Broker, told The WSJ:

"Homes are getting 15 offers each just to be torn down, with many bids $400,000 over asking. Mediterranean homes are now very out, and contemporary overall is in."

A slew of tech industry are following the trend, which only caught on in the around around 2010. To name a few:

• Facebook Chief Operating Officer Sheryl Sandberg is currently building a 9,200-square-foot glass-and-wood contemporary mansion in Menlo Park, Calif., after buying and ripping down a 2,900-square-foot house on the half-acre lot.

• Steve Lawrence, creator of Google Desktop, and Jim Miller, vice president of world-wide operations, have bought tear downs and re-built modern homes.

• Danis Dayanov, formerly of LinkedIn and current CEO of Talkatone, plans to build a 5,000-square-foot home in Los Altos Hills, Calif. He paid around $2.1 million for the home he tore down and the land.

Silicon Valley's love for all things modern has even extended to real estate.

DON'T MISS: YouTube Cofounder Steve Chen Lists His San Francisco Penthouse For $8 Million

Source: http://www.businessinsider.com/silicon-valley-techies-buy-teardowns-2012-10

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