"'We're the best thing happening in America,' said one tech entrepreneur"

Everybody’s spending his Facebook IPO money before it’s converted to cash! The Bay Area is going to hell in an Hermes handbasket!

Real estate agent Jeff Appenrodt said a client of his recently was among 51 bidders on a three-bedroom, one-bath Edwardian-style home built in 1903 that was showing its age. The client, a tech entrepreneur, made an all-cash offer 50% over the $849,000 asking price — and got thumped. The house sold for $1.4 million to a rival bidder.

Here’s your other damning quote, from a real-estate-broker-to-the-rich: “Everyone feels confident again.” Muh ha ha, you know what that means. (Comeuppance.)