Zuckerberg refinances home at 1.05% interest

zuck.jpgIt's a 30-year adjustable loan so the Facebook CEO is subject to monthly increases if rates ever take off. But rates are not likely take off for a long, long time. Zuckerberg, who took out a $5.95-million mortgage, is borrowing at a rate well below inflation, which means that he's essentially borrowing for free. The average rate on a one-year adjustable mortgage is 2.69 percent. From Bloomberg:

The Palo Alto house cost $7 million in March of last year, purchased in the name of a limited liability company, according to a deed filed with the Santa Clara County Clerk-Recorder. Zuckerberg's address was published by Palo Alto Online and Burbed.com, a Silicon Valley real estate blog. Three neighbors reached by phone at their homes said Zuckerberg lives at the address. They asked that their names not be used because of concerns for their privacy. The five-bedroom, 5-1/2-bath house was built in 1903 on a 9,011 square-foot (837 square-meter) lot, according to Redfin Corp. The two-floor white wood-sided home is ensconced behind a gated drive and a wall of groomed shrubbery, about three miles from Stanford University and three miles from Facebook's Menlo Park headquarters.

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent Wealth stories:
Catchy hed: Beijing has more billionaires than LA
Home flipping by and for the favored few
Silicon Valley, then and now
Universal Studios theme park offers $299 VIP ticket
Los Angeles Magazine snags Carlos Slim for new video series*

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner


Advertisement
Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook