Google Employees Affect Real Estate Prices in California Town

The Wall Street Journal story (free to non-subscribers): Searching for a Home In Atherton, Calif.? Look Out for Googlers, reports on the booming price of real estate in this California town due in part to Googlers taking profits from stock sales and using the money to purchase homes.

More than half a dozen Google employees have bought Atherton houses for between $3.5 million and $17.8 million since September, say local brokers, and another dozen Googlers are still looking to buy in the town. "There's been an obvious Google effect," says Tom Dallas, a local broker who specializes in homes in Atherton and neighboring towns. "I estimate 25% to 35% of recent upper-end home sales, meaning sales over $7 million, are from Google people."

The article also lists home or property sale prices for a few Google employees:

  • Omid Kordestani, a senior vice president at Google, paid $17.8 million for a 16,000-square-foot Atherton home.
  • Aydin Senkut, a Google business-development manager, paid $5.7 million for an Atherton property.
  • Salar Kamangar, a 28-year-old Google product-management director, purchased a 12,400-square-foot Atherton estate for $10 million. The property is now back on the market with an asking price of $11.65 million.