Isentaeva is working with a few homebuyers involved in the Lyft IPO, which took place in March, and one who is an employee of Airbnb, which could go public by the end of the year. To help employees of these companies make bigger, stronger offers, some mortgage lenders are taking buyers’ prospective stock compensation into consideration when deciding on a loan preapproval amount.
“The Airbnb employee wanted to move quickly because he noticed a lot of buyer demand. He looked at a gorgeous four-bedroom condo listed just above $1.5 million, loved it and put in an offer for $1.8 million three days after it went on the market to try to avoid competition. And it’s a good thing he offered above asking price because the day after he went under contract for the condo, another buyer offered an additional $50,000,” Isentaeva said.
“Another client, an investor in Lyft, is aggressively looking to buy an investment property in San Francisco before the IPO lockup period ends and more cash flows into the city,” she continued. “And still another buyer, who previously worked at Lyft for several years, was recently outbid on a small condo in the Missionneighborhood of San Francisco that had a total of 10 offers. Now he’s looking at properties further away from his ideal location so he can close on a home before even more IPO money enters the city later this year.”
True. I think South Bay prices are more influenced by the plain old stock market. If Nvidia continues to trade at the current low level it’s hard for Santa Clara RE to go gang buster.
Semi can still provide good people with good jobs, but the number of new semi jobs is pretty limited. Other than zoom, there’s no other big IPOs in the South Bay. Will Mountain View and Sunnyvale dry up some day?
