The Madeleine Brand Show

The Madeleine Brand Show is a daily, two-hour program that looks at news and culture through the lens of Southern California. Hosted by Madeleine Brand

Will Facebook's new crop of millionaires be a boon to Silicon Valley real estate?

by The Madeleine Brand Show

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The Nasdaq board in Times Square advertises Facebook which is set to debut on the Nasdaq Stock Market today on May 18, 2012 in New York, United States. The social network site is set to begin trading at roughly 11:00 a.m. ET and on Thursday priced 421 million shares at $38 each. Facebook, a Menlo Park, California based company, will have a valuation exceeding $100 billion. Spencer Platt/Getty Images

The highly anticipated IPO of the social media giant Facebook takes place today, and many people expect the public offering to rank as one of the biggest ever.

But others have been waiting for the IPO, as well – people hoping to make a fortune from newly minted Facebook millionaires.

Miles McCormick, a real estate agent in Palo Alto, joins the show to discuss what's ahead for real estate in the Silicon Valley.

He cautions the culture of Facebook, set by the hoodie-wearing Mark Zuckerberg - who lives in a modest ranch-style home and drives an Acura - is less about conspicuous consumption and more about practicality.

Miles McCormick is a real estate agent with Keller Williams in Palo Alto, Calif.

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